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Questions
Give one difference between product cost and period cost.
Distinguish between:
Production cost and period cost.
Distinguish Between
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Solution
| Basis of Distinction | Product Cost | Period Cost |
| Association | Product costs are those costs which are associated with production and which become part of the cost of a product. | Period costs are those costs that are associated with the period for which they are incurred. |
| Example | Sugarcane is used in producing sugar. | Rent of a telephone. |
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Controllable and Uncontrollable Costs
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RELATED QUESTIONS
Abnormal costs are not recorded as part of production cost. Justify for or against.
Distinguish between implicit costs and explicit costs.
Give one difference between normal cost and abnormal cost.
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Write short notes on opportunity costs.
Explain the following with an example:
Marginal cost.
Explain the following with an example:
opportunity cost.
Explain the following Concept:
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Explain the following:
Notional or imputed cost.
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