SOLVED ASSIGNMENT # 01 CODE 462 COST ACCOUNTING SPRING 2015
Solved # 01 aiou assignment for code 462 for cost accounting semester spring 2015, this book is one of the accounting bundles. Course 462 cost accounting elaborates the basics of costing, in which we try to calculate cost of product per unit.
This assignment comprises on two assignments because this subject is half course which is being thought to B.com student of Open University.
When we read about cost accounting we should have knowledge about cost, we mean what mean by cost, “COST” is an amount that has to be paid or given up in order to get something. In business, cost is usually a monetary valuation of effort, material, resources, time and utilities consumed, risks incurred, and opportunity foregone in production and delivery of a good or services. All expenses are costs, but not all costs (Such as those incurred in acquisition of an income-generating asset) are expenses.
An accounting person should know difference b/w cost and expenses. A cost might be an expense or it might be an asset. An expense is a cost that has expired or was necessary in order to earn revenues.
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