The cost of freedom is high, but Americans have always paid it.

John F. Kennedy

In general language, the word ‘cost’ means many things. The above quote from John F. Kennedy suggests there is a price for freedom. But what is that price is another question. In accounting, the term cost is a little more concrete in that it will have measurable value, i.e. it has a monetary value.

In this chapter you’ll learn some concepts from the management accounting branch of accounting. This branch of accounting is less concerned with the preparation of ...

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