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Questions
Give one difference between money cost and real cost.
Differentiate between money cost and real cost.
Solution
Money Costs: Money cost means the amount of money that a producer spends on the production of a particular commodity.
Real Costs: Real cost means the sacrifice, discomfort, and pain involved in supplying the factors of production by their owners.
RELATED QUESTIONS
Abnormal costs are not recorded as part of production cost. Justify for or against.
Give one difference between normal cost and abnormal cost.
Give one difference between product cost and period cost.
State one difference between Historical costs and Predetermined costs.
Differentiate between expired and unexpired costs.
Write short notes on opportunity costs.
Explain the following with an example:
opportunity cost.
Explain the following:
Out of pocket cost.
Explain the following:
Differential cost
Explain the following:
Notional or imputed cost.
