Introduction to cost terms and concepts
8 important questions on Introduction to cost terms and concepts
Costs that can be specifically and exclusively identified with a given cost object
The process of assigning costs to cost objects where a direct measure of the resources consumed by these cost objects does not exist
Costs that remain constant within specified activity levels for a given amount of time
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Those costs that can be saved by not adopting a given alternative
The costs of resources already acquired and are unaffected by the choice between various alternatives
Are irrelevent costs sunk costs?
A cost that measures the opportunity that is lost or sacrificed when the choice of one course of action requires that an alternative is given up
Are opportunity costs recorded in accounting systems
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