[Abhishek Patel]

Indian GAAP is the former accounting standard used in India issued by ICAI whereas Ind AS are the new standards aligned to IFRS issued by MCA. Ind AS provides more relevant and reliable financial information compared to Indian GAAP.

[Abhishek Patel]

Total cost is the sum of all costs i.e. fixed cost + variable cost. Fixed cost remain same irrespective of the production volume while variable cost changes with production.

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