Question

conclusion on "concept of cost"
in atleast 150 to 200 words​

Answer 1

Answer:

The costs of production are the best basis for determining the selling price. The selling price should always be higher than the costs; the difference between costs and selling price is known as profit.

The higher the selling price, the higher the profit and the greater your gain.

As we have seen, cost is a complex subject that reaches far beyond the individual budget of any given project. Different areas of the company use cost information in different ways, and the information must be formulated to suit the company area that it serves.

When project managers are planning a project, and in particular are creating a project budget, knowledge of the different kinds of costs that the project will incur is essential to successful budgeting. In addition, an understanding of overall cost at a particular company in a specific industry will help project managers create budgets that take cost into proper consideration and deliver winning results

Answer 2

Explanation:

• The best way for determining the selling price is to use the production expenditures.
• Always set your selling price high than your costs; the difference between the two is what you call profit.
• The major the profit and your gain, the high the selling price.
• Cost, in common use, the fiscal value of goods and services that producers and consumers purchase.
• In a introductory profitable sense, cost is the measure of the indispensable chances foregone in the choice of one good or activity over others.
• This elementary cost is ordinarily referred to as opportunity cost.
• In order to create company methodologies, management uses cost accounting to forecast the cost price and selling price of a good or service.
• The management can develop methods to control expenditures with the goal of achieving maximum profitability by using cost value as a reference.

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