Which method is used in hospital for determining cost
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In traditional cost accounting systems, the volume-based costing (VBC) is the most popular cost accounting method. In this method, the indirect costs are allocated to each cost object (services or units of a hospital) using a single indicator named a cost driver (e.g., Labor hours, revenues or the number of patients).
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Concept Introduction:-
Cost is a type of expenditure which is required to create and also sell products and services, or to acquire assets.
Explanation:-
We have been given to determine cost that is used in hospital.
We have to find the methoed which is used in hspital for determinig cost.
Final Answer:-
The final answer is activity based costing (ABC Methord) is used to determine cost in hospital.
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