Managerial Accounting Chapter 1
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Cost Concepts
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10 Terms
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Cost
Any resource sacrificed to achieve a particular objective.
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Cost Object
Anything for which you can assign measure or assign a cost.
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Opportunity Cost
By choosing one alternative you give up another.
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Direct Cost
A cost that is easily traceable to a cost object.
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Indirect Cost
A cost that is not directly traceable.
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Product Cost
Costs incurred to make a product.
(expensed when product is SOLD)
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Manufacturing Costs
Direct Labor, Direct Material, Manufacturing Overhead
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Period Costs
A cost that is not a product cost.
e.g. marketing, salary (expensed when INCURRED)
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Sunk Cost
A cost that is already incurred and cannot be recovered.
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