Question

what is the difference between pre determined and standard cost?can you also tell how to identify direct and overhead expenses?can you also explain it using an example of a restaurant for a better understanding

Answer 1

Answer:

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Explanation:

Predetermined costs suggests - COST WHICH MAY BE. Standard Costing suggests what COST SHOULD BE. In predetermined costs - it determines the future cost (in given circumstances

Expenses can be divided into several different types, including equipment costs, inventory, and facilities costs. These business expenses can be further divided into overhead or operating costs, each of which depends on the nature of the business being run.

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