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Questions
Give one difference between product cost and period cost.
Distinguish between:
Production cost and period cost.
Distinguish Between
Solution
| Basis of Distinction | Product Cost | Period Cost |
| Association | Product costs are those costs which are associated with production and which become part of the cost of a product. | Period costs are those costs that are associated with the period for which they are incurred. |
| Example | Sugarcane is used in producing sugar. | Rent of a telephone. |
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Controllable and Uncontrollable Costs
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