Corporation, Cosign, Cost, Cost Accounting




Corporation, Cosign, Cost, Cost Accounting :




Corporation : a separate legal unit : It has a life of its own, apart from the owners and is registered with the government. The advantages of a corporation are that with the death of any owner or shareholder the unit will not come to an end, the shareholder face a limited liability and easy transfer of ownership through the sale of bulk stocks.



Cosign : when a person signs a contract accepting the responsibility of a liability along with two or more people



Cost : The expenses incurred in terms of investment, time spent, effort made etc. during the completion of a particular project : The amount that has to be paid for an asset, material or service or the cost incurred in manufacturing a particular product : amount to be paid by the party that lost the lawsuit



Cost Accounting : When all the expenses related with the production of a product are calculated, collected, recorded, reported and analysed




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