difference between total cost concept and total system concept
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Total cost is a concept in which the total price or the selling price of the product is determined.
Explanation:
- In this case, the selling price of the product is calculated depending upon the profit levels of the business.
- The concept of total system cost involves the fact that the total cost of the system is determined by the cost of the product that begins from the manufacturing, production, supply, and the cost of final delivery to the customer.
TO KNOW MORE:
The systems support and security phase is an important component of tco (total cost of ownership) because ongoing maintenance expenses can determine the economic life of a system.
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What do you mean by the term Cost, Costing and Cost Accounting ? State the advantages and disadvantages of Cost Accounting.
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