👉 "Costs" is a fundamental concept in accounting and finance. It refers to all expenses incurred by an organization, including salaries, equipment costs, rent, utilities, marketing, and other direct or indirect expenditures that are not directly related to the production of goods or services. Costing is crucial for any business as it helps managers make informed decisions about how best to allocate resources and ensure financial sustainability. In accounting, costing refers to the process of recording and reporting these costs in a manner that align