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ACCTG Exam 3

Exam 3

TermDefinition
Assumptions of cvp analysis 1. Linear behavior patterns 2. Costs are variable or fixed 3. Activity changes cost 4. All units produced are sold 5. Sales mix is constant
Cost Behavior Analysis The study of how specific costs respond to changes in the level of business activity
Variable costing products DM, DL, VOH
Absorbtion costing products DM, DL, VOH, FOH
Incremental costs The process used to identify the financial data that change under alternative courses of action
Sunk costs Costs that have already been incurred and will not be changed or avoided by any decisions in the present or future (NOT RELEVENT)
Avoidable costs Costs eliminated by making a choice (ALWAYS RELEVANT)
Opportunity costs Benefits lost by choosing another alternative or course of action (ALWAYS RELEVANT)
Relevant costs Data are relevant if they will vary in the future among the possible alternatives
Out of pocket costs Future outlay of cash (always revelent)
Relevant vs Not Relevant Variable costs are relevant and Fixed are not relevant
Created by: sekavecr
 

 



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