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Past costs can play an important role in making future cost budgets. The previous costs can help individuals budget how much money they will need for future production of similar objects.
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Are sunk costs ever relevant for decision-making purposes?
NO, its cost which was wasted in past we can not recover it so it is not relevant for decision making.
Marginal costing is useful in?
Marginal costing is one of the technique of costing and is usefull for the decision making process. As in decision making process decision are always made for the future activities and not for past activities so if exept marginal costing any other costing method for example absorption costing method is used then there is a chance of making wrong decisions as in future decision making past decision and past data is not relevent for decision making.
Why is the sunk cost is unavoidable cost?
Sunk cost is that cost which is incurred in past and it is unavoidable because any past decision or action cannot be reversed.
What is the past participle and past tense of cost?
COSTBase form: CostPast simple: CostPast participle: CostThird-person singular: CostsPresent participle and gerund: Costing
Is fixed cost the same as sunk cost?
Sunk cost is that cost which is incurred in past so in decision making process any cost which is incurred in past has no effect on future events and due to which all fixed cost which are also incurred in past has no effect in future that's why it is not relevent for decision making process, so for decsion making point of view yes fixed cost is sunk cost.
Are sunk costs ever relevant for decision-making purposes?
NO, its cost which was wasted in past we can not recover it so it is not relevant for decision making.
Marginal costing is useful in?
Marginal costing is one of the technique of costing and is usefull for the decision making process. As in decision making process decision are always made for the future activities and not for past activities so if exept marginal costing any other costing method for example absorption costing method is used then there is a chance of making wrong decisions as in future decision making past decision and past data is not relevent for decision making.
What is the past participle cost?
As the present is 'I cost' the simple past is also 'I cost'. The past perfect continuous is 'I had been costing' - the past continuous is 'I was costing' - the past perfect is 'I had cost'
What is the present tense of cost?
present-cost present participle-costing past-cost past participle-cost
Are all future cost are relevant in decision making?
Future costs are relevant in decision making if the decision will affect their amounts. For example, suppose you're trying to decide whether to drive to work or take the bus. Relevant future costs information includes (1) the cost of gasoline and tolls needed to drive to and from work and (2) the cost of bus fare because both of these costs depend on your decision. However, future costs that won't change - such next month's rent on your apartment - are not relevant because, regardless of your decision, they will not change. Note that past costs are never relevant in decision making.
All future costs are relevant in decision making?
Future costs are relevant in decision making if the decision will affect their amounts. For example, suppose you're trying to decide whether to drive to work or take the bus. Relevant future costs information includes (1) the cost of gasoline and tolls needed to drive to and from work and (2) the cost of bus fare because both of these costs depend on your decision. However, future costs that won't change - such next month's rent on your apartment - are not relevant because, regardless of your decision, they will not change. Note that past costs are never relevant in decision making.
The book value of old equipment is not a relevant cost in a decision?
That's correct. The book value of old equipment represents its historical cost and accumulated depreciation, which is not relevant for decision-making because it does not reflect the current market value or the future costs and benefits associated with the equipment. When making decisions, it's important to focus on relevant future costs and benefits rather than past historical costs.
Why is the sunk cost is unavoidable cost?
Sunk cost is that cost which is incurred in past and it is unavoidable because any past decision or action cannot be reversed.
What is the past participle and past tense of cost?
COSTBase form: CostPast simple: CostPast participle: CostThird-person singular: CostsPresent participle and gerund: Costing
Is fixed cost the same as sunk cost?
Sunk cost is that cost which is incurred in past so in decision making process any cost which is incurred in past has no effect on future events and due to which all fixed cost which are also incurred in past has no effect in future that's why it is not relevent for decision making process, so for decsion making point of view yes fixed cost is sunk cost.
How is marginal and differential costing used as a tool for decision making?
The Marginal or differential accounting has the basic rule that this accounting method donot consider decisions made previously and only considers the decisions effecting the future so only that information is used for future decision making which is going to effect or change the future decisions and don't considers the decisions made before. So past information is not relevent for future decision making and this is also the main rule which is used by this accounting method if we use other accounting methods like absorption costing for decision making in the end there is a chance to make wrong decisions.
Is costed a word?
noAnother answer:It is a form of the verb "to cost (out)" only in the sense of "to estimate or set the cost of something." Note the last definition in this listing:http://www.merriam-webster.com/dictionary/costedThe normal past tense and past participate of "to cost" are otherwise "cost."
