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Cost Acct. Ch.10 Def

TermDefinition
ad hoc discount a price concession made under competitive pressure (real or imagined) that does not relate to quantity purchased
differential cost a cost that differs in amount among the alternatives being considered
differential revenue a revenue that differs in amount among alternatives being considered
incremental cost the cost resulting from the production or sale of an additional contemplated quantity of output
incremental revenue the revenue resulting from an additional contemplated sales quantity; a cost that must be allocated or assigned to products or services because of its non-traceability
linear programming (LP) a method of mathematical programming used to solve a problem that involves an objective function and multiple limiting factors or constraints
make-or-buy decision a decision that compares the cost of internally manufacturing a component of a final product (or providing a service function) with the cost of purchasing it from outside suppliers (outsourcing) or from another division of the company at a specified trans
mathematical programming a variety of techniques used to allocate limited resources among activities to achieve a specific objective
offshoring an outsourcing of jobs formerly performed in the home country to foreign countries
opportunity cost a potential benefit that is forgone because one course of action is chosen over another
outsourcing the use, by one company, of an external provider of a service or manufacturer of a component
outsourcing decision see make-or-buy decision
relevant costing a process that compares, to the extent possible and practical, the incremental revenues and incremental costs of alternative decisions
Robinson-Patman Act a law that prohibits companies from pricing the same products at different amounts when those amounts do not reflect related cost differences
sales mix the relative combination of the various products’ sales quantities that comprise a company’s total sales
scarce resource a resource that is essential to production activity, but is available only in some limited quantity
segment margin the excess of revenues over direct variable expenses and avoidable fixed expenses for a particular segment
special order decision a situation in which management must determine a sales price to charge for manufacturing or service jobs outside the company’s normal production/service market
sunk cost a cost incurred in the past and not relevant to any future courses of action; the historical or past cost associated with the acquisition of an asset or a resource
Created by: sfrase