CURRENT COST ACCOUNTING Definition

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CURRENT COST ACCOUNTING is a system of accounting which adjusts for changing pricing.

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DIRECT COST is that portion of cost that is directly expended in providing a product or service for sale and is included in the calculation of COST OF GOODS SOLD, e.g. labor and inventory (it can be traced to a given cost object in an economically feasible manner). Opposite of indirect cost.

EXCHANGE RATE is the rate at which one currency can be traded for another.

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