Concepts of Cost: Homework Help for Students
What is cost?
All the functions which are performed in a business organization such as production, accounting, retail or research, money requires to be invested and this amount which is required for performing any task and which cannot be redeemed is known as the ‘cost’. Any form of expenditure which might be required to continue unhindered functioning of a company is known as cost. It might also be an expense which has been incurred to acquire a new asset.
Economics or accounting students need to know all about the concepts of cost. The homework which academic institutes assign them help a good deal to clarify their conceptions and simultaneously, the assignments are treasured helping hand when it comes to scoring high grades. When you score high grades in assignments, the pressure of scoring excessively high grades in exam decreases. Therefore, when students find themselves struggling with cost homework, they must eke out cost assignment help without delay.
Types of cost:
Costs incurred by a business organization can be varied and our cost assignment help experts willingly provide you with a basic introduction into the various forms of cost involved:
- Accounting cost: these are the costs incurred on production, purchase of raw material, factors of production, assets, services, supplies and equipment. This is the price of things which is recorded in accounting books as expenditure or as an asset.
- Opportunity cost: Also known as economic cost, the opportunity cost is defined as the best possible alternative of the present venture. That is, the venture which is being subverted in order to carry on with the present venture.
- Private cost: the direct price which a consumer pays to the seller for a good or service.
- External cost: this is the cost which people who are not the direct consumer of a good or commodity is forced to pay to the seller. The cost as such can both be monetary or non monetary, the latter being difficult to estimate.
- Social cost: this is the price which the society has to pay because of the production of a certain commodity. An instance can be pollution caused by automobile industry where the society suffers and pays as a consequence of the pollution.
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