COST ACCOUNTING
INTRODUCTION TO COST ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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expense
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cost
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revenue
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value
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Detailed explanation-1: -COST ACCOUNTING-AN INTRODUCTION. Cost means the amount of expenditure ( actual or notional) incurred on, or attributable to, a given thing.
Detailed explanation-2: -According to the. terminology of British Institute of Cost and Works Accountants, ‘’Cost is the amount of expenditure (actual or notional) incurred on or attributable to a given thing”.
Detailed explanation-3: -Answer: A unit cost is a total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service.
Detailed explanation-4: -In economics, an implicit cost, also called an imputed cost, implied cost, or notional cost, is the opportunity cost equal to what a firm must give up in order to use a factor of production for which it already owns and thus does not pay rent. It is the opposite of an explicit cost, which is borne directly.
Detailed explanation-5: -Notional spending occurs when services or goods are given to a candidate for free or at a discount.