Accounting > Class Notes > COST ACCOUNTING MIDTERM I (TERMS AND DEFINITIONS) (All)

COST ACCOUNTING MIDTERM I (TERMS AND DEFINITIONS)

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1. marginal cost - extra cost incurred when one additional unit is produced. 2. opportunity cost - the contribution to operating incomes that is forgone by not using a limited resource in its next be... st alternative use. 3. average cost - calculated by dividing the total cost by the related number of units produced. 4. out of pocket costs - actual dollar expenditures. 5. relevant cost - expected future costs that differ among the alternative courses of action being considered. 6. sunk cost - past cost, unavoidable and cannot be changed no matter what action is taken. 7. variable cost - changes in total proportion to changes in the related level of total activity or volume of output produced, does not vary in per unit cost depending on total unit produced. 8. fixed cost - remains uncharged in total for a given time period, despite wide changes in related level of total activity or volume of output produced, varies in per unit costs. 9. direct costs - related to the particular cost object and can be traced to it an economically feasible. [Show More]

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