(Mt) – MGT 321 Saudi Electronic University Direct Indirect Cost Discussion

Attached.ACCOUNTING1AccountingStudent’s NameInstitutional AffiliationACCOUNTING2AccountingQuestion 1Answer:According to Bragg, S., & Bragg, S., direct costs are perceptible to cost objects whileindirect costs are not (2019). Costs objects refer to substances such as customers and projectswhich compile a cost. The costs are only referred to as direct or indirect if their purpose is to beused for productive purposes and not for administrative purposes.The concept is often used to determine the costs of specific services, activities orproducts. It is because direct costs can be used to determine a substance’s cost analysis whileindirect costs aren’t. Thus, the derivation of a methodology that is cost-effective on assigningindirect costs has proved difficult. Consequently, indirect costs exist only if a specific activitydoesn’t occur or failure to create a product. It is considered part of either production or corporateoverhead. An example of indirect cost is depreciation while that of direct cost is commission.Question 2Answer:An economic system refers to a network of goods distribution, production and theallocation of resources within a given geographic area such as a country. It is used to control thefive production factors; Entrepreneurs, information resources, capital, physical resources andlabor. There exist three distinct economic systems recognized by economists, namely traditional,command and market economies. They all have similar attributes as well as different attributes.SimilaritiesTraditional and Command EconomiesACCOUNTING•3Each economy outlaws individual economic production due to rigidity in permissiblekinds of works.•ulation of a specific kind of social order in the economies, where indivi…

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