In business, cost terms is a monetary valuation involving effort, material, sources, time and utilities consumed, risks incurred, and opportunity forgone within production and delivery of good or service. All expenses usually are costs, but only a few costs are charges. Be able to define and explain each cost terms or concepts in this lecture and to prepare a Cost of Goods Manufactured statement. Understand the flow of costs through the accounting system.
Lecture on Cost Terms Concepts
