Question

What do you mean by accounting costs?

Answer 1

Answer:

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Explanation:

$<p style="color:black;">The <strong>Economic cost </strong>is the monetary value of all resources employed in the course of business. ... <strong>Accounting costs</strong>, on the other hand, are based on explicit costs incurred by the business. <strong>Explicit costs</strong> are costs incurred in normal market <strong>transactions</strong>. For instance, wages paid to workers are an explicit cost$

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Answer 2

Accounting costs are maintained on the ledgers of a business so that they are recorded in the financial statements.

What are the elements of accounting costs?

Inventory:

• The raw materials which are used in markets for making the product are known as direct inventory
• The finished products which are used for production and transport in the market is known as indirect inventory

Labor:

• The wages given to laborers for production and transportation is known as direct labors
• Wages are also used for maintenance of any product