Meaning of Cost
Cost is defined as the price paid for something.
Thank you for reading this post, don't forget to subscribe!• In cost accounting, Cost is the amount of resources given up in exchange for some goods or services.
Importance of Cost:
- It helps in preparation of business plan, without cost, a business plan is incomplete.
- It helps in competition.
- It helps in fixation of selling price.
- It helps in evaluation of performance.
- Ultimately, it helps in achievement in business goal.