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Compare economic cost and accounting cost.
The major differences between economic cost and accounting cost are as follows −
It has monetary value of all resources.
It refers to opportunity cost.
It focuses more on implicit cost.
It is relevant for decision making.
It is forward looking.
It is not objectively verified.
It estimates the cost of alternatives sacrificed.
It is based on explicit costs.
It is present in the financial statements.
It is backward looking.
It is objectively verifiable.
It tells about financial position of a firm.
It is used to make tax payments.
- Compare costing and cost accounting
- Differentiate between cost accounting and financial accounting.
- Compare cost inflation and deflation.
- Write the difference between cost accounting and management accounting.
- Differentiate between direct cost and indirect cost.
- Distinguish between period cost and product cost.
- Compare between accounting concepts and accounting convections.
- Write the difference between accounting profit and economic profit.
- Compare accounting and financial management.
- Compare between accounting and bookkeeping.
- Cost of External Equity Vs. Cost of Internal Equity
- Min Cost Path
- Differentiate between price, value and cost
- Compare accounting depreciation and tax depreciation.
- Minimum Cost Polygon Triangulation