What is the difference between direct and indirect costs?
An example of an AI chatbot conversation about distinguishing direct and indirect costs in business.
Can you explain the difference between direct and indirect costs?
Sure! Direct costs are expenses that can be directly attributed to a specific project or product, like materials or labor.
What about indirect costs?
Indirect costs are expenses that are not directly tied to a specific project, such as utilities or administrative salaries.
Can you give me examples of each?
Of course! An example of a direct cost is the cost of raw materials for manufacturing, while an indirect cost could be the rent for the factory.
How do businesses manage these costs?
Businesses often use budgeting and accounting methods to track and allocate both direct and indirect costs effectively.
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