They mean the same thing and can be used interchangeably. In accounting terms, however, a fine distinction is made at times between cost and price. For accounting purposes, price denotes the retail value or amount of money to paid to procure a product. ... In other words, cost is price minus profit.Total cost in economics, unlike in cost accounting, includes the total opportunity cost of each factor of production as part of its fixed or variable costs. The rate at which total cost changes as the amount produced changes is called marginal cost.The primary difference between quality and value is that value often includes price but quality is price-independent. The usefulness or worth of something relative to price.Costing is the process of ascertaining costs whereas cost accounting is the process of recording various costs in a systematic manner, in order to prepare statistical date to ascertain cost.ABSTRACT Cost is the amount of resources sacrificed or given up to achieve a specific objective which may be the acquisition of goods or services. Efficient execution of a project depends considerably on effective control of costs and costs can only be controlled if they have been previously analyzed and so identified.
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They mean the same thing and can be used interchangeably. In accounting terms, however, a fine distinction is made at times between cost and price. For accounting purposes, price denotes the retail value or amount of money to paid to procure a product. ... In other words, cost is price minus profit.Total cost in economics, unlike in cost accounting, includes the total opportunity cost of each factor of production as part of its fixed or variable costs. The rate at which total cost changes as the amount produced changes is called marginal cost.The primary difference between quality and value is that value often includes price but quality is price-independent. The usefulness or worth of something relative to price.Costing is the process of ascertaining costs whereas cost accounting is the process of recording various costs in a systematic manner, in order to prepare statistical date to ascertain cost.ABSTRACT Cost is the amount of resources sacrificed or given up to achieve a specific objective which may be the acquisition of goods or services. Efficient execution of a project depends considerably on effective control of costs and costs can only be controlled if they have been previously analyzed and so identified.
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