APSC 221 Cost Concepts Questions with complete solution 2024/2025
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Course
APSC 221
Institution
APSC 221
APSC 221 Cost Concepts Questions with complete solution 2024/2025 APSC 221 Cost Concepts
fixed costs - correct answer Costs that do not vary with the quantity of output produced
variable costs - correct answer costs that vary with the quantity of output produced
Incremental cost - co...
APSC 221 Cost Concepts
fixed costs - correct answer ✔Costs that do not vary with the quantity of
output produced
variable costs - correct answer ✔costs that vary with the quantity of output
produced
Incremental cost - correct answer ✔Additional Cost (or rev) that results from
increasing the output of a system
Direct Costs - correct answer ✔costs that can be easily and accurately
traced to a cost object
indirect costs - correct answer ✔Costs that cannot be easily and accurately
traced to a cost object.
cash cost/cash flow - correct answer ✔a cost that involves a payment of
cash
Book Cost (Noncash Cost) - correct answer ✔a cost that does not involve a
cash transaction but is reflected in the accounting system
sunk cost - correct answer ✔a cost that has already been committed and
cannot be recovered
oppurtunity cost - correct answer ✔the most desirable alternative given up as
the result of a decision
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