Greetings @neelofar

1.- You have shared your concept and importance about the cost. Every business must be clear about the money that is invested in it, especially the one related to the production of goods, as this gives you to know the minimum rate that must be sold in the future, as well as some performance indicators.

2.- You have determined the difference between costs and expenses. It is important to identify the disbursement in each area to achieve an effective determination of costs.

3.- You have named a series of benefits that good costing provides, so we are clear that every business must be properly managed, taking into account the recording of costs and expenses, which must be analyzed according to production needs.

4.- You have shared your way of determining costs. It is important to know the difference between management, planning and costing of a project. Every entrepreneur can develop actions to promote the growth of his business, these can be even prior to the disbursement of capital. The determination of costs is directed to the classification by area of the money spent, to know the direct impact on the production of goods or provision of services.

Below I share the evaluation summary.

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