Greetings @rishabh99946

1.- You have presented a concept about cost, and named the importance. The cost is the "money invested in a product" that will later be sold with the intention of making a profit.

2.- You have mentioned the difference between costs and expenses. It seems to me to be a business where labor costs are highlighted. The expenses for using Google may be related to the internet service.

3.- You have pointed out the benefits of a good costing process. It is important to consider every outlay made, especially if it goes into the production process. Cost reports can provide details that will allow you to adjust both the investment and the production of products and/or services.

4.- You have shared your way of determining costs if you run a business. It is important to indicate in detail each element in the corresponding type of cost.

Below I share the evaluation summary.

Thanks for joining the contest.