write short notes on cost concept
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Answer:
The concept of cost is a key concept in Economics. It refers to the amount of payment made to acquire any goods and services. In a simpler way, the concept of cost is a financial valuation of resources, materials, undergone risks, time and utilities consumed to purchase goods and services.
Answer :
By Me
When there is a trade-in, a company can get a great deal of a car. ... When recording on the balance sheet, the company will use $15,000 as the actual amount paid even though the car has a value of $20,000.
Answer by spammers
The concept of cost is a key concept in Economics. It refers to the amount of payment made to acquire any goods and services. In a simpler way, the concept of cost is a financial valuation of resources, materials, undergone risks, time and utilities consumed to purchase goods and services.