Question

explain meaning and significance of cost concept​

Answer 1

The term ‘cost’ is most widely used as the ‘money cost’ of production which relates to the money expenditure of a firm on:

(i) Wages and salaries paid to the labour.

(ii) Payment incurred on machinery and equipment.

(iii) Payment for materials, power, light, fuel, transportation etc.

(iv) Payments for rent and insurance.

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Answer 2

Answer:

The cost concept of accounting states that all acquisition of items ( such as assets or things needed for expending) should be recorded and retianed in books at cost