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Key Difference – Costing vs Cost Accounting Costs and revenue are the two deciding elements of profits. By growing the revenue base and maintaining costs at an acceptable level, companies can make higher profits. Costing and cost accounting is used to manage and arrive at decisions regarding costs. The key difference between costing and […]
Fixed Cost vs Sunk Cost Sunk costs and fixed costs are two types of costs that a business incurs in the various business activities carried out. While sunk costs and fixed costs both result in an outflow of cash, sunk costs and fixed costs are quite different in terms of the manner in which […]
Variable vs Fixed Costs The aim of any private firm is to make a profit. In order to maximize profitability, the firm must aim to raise revenues and minimize costs. In order to reduce these costs, a firm must be able to identify and measure costs included in the factors of production such as wages, […]
Absorption Costing vs Marginal Costing The system of computing the cost of production is known as costing. The main purpose of any costing system is to identify the cost incurred for the production of a unit output. In a manufacturing company, identifying the cost associated with a unit product is very important to price the […]
Price vs Cost Price and Cost are two words that appear alike due to the similarity in their connotations. Strictly speaking there is difference between the two words. Price is the amount of money or goods for which a thing is bought or sold. In other words it can be said that price is the […]
