Question: Explain the difference between the following terms in cost accounting production cost and period cost sunk cost and relevant cost incremental and sunk cost fixed

Explain the difference between the following terms in cost accounting

  1. production cost and period cost
  2. sunk cost and relevant cost
  3. incremental and sunk cost
  4. fixed and variable cost
  5. avoidable and unavoidable cost
  6. controllable and uncontrollable cost
  7. direct and indirect cost

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