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What role do past cost play in relevant costing decision?
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.
What is expired cost?
Expired cost refers to expenses that have already been incurred and are no longer relevant for future decision-making. These costs are recognized as part of the financial statements during the accounting period in which they occurred, but they do not impact future operations or expenditures. Common examples include costs of goods sold and depreciation on assets that have already been utilized. Understanding expired costs helps businesses assess their past performance and manage future financial planning.
Costs that were incurred in the past which are never incremental costs are called?
sunk cost
What is the difference between standard cost and estimated cost?
Estimates are the expressions of of opinion based upon past experiences whereas the standard costs are based upon standard rate that are very carefully developed and set as scientifically as possible. However, both estimated costs and standard costs are related to future period of time but there are some significant differences between them. Some major differences between standard costs and estimated costs are listed below:1. Estimated costs are the expressions of opinion based upon experience. Standard costs are based upon standard rates that are carefully developed and set as scientifically as possible.2. Estimated costs are used by those firms that follow historical costing system. Standard costs are used by those organizations that follow standard costing.3. Estimated costs are based on actual costs and anticipated costs. Standard costs are fixed after scientific analysis of relevant cost elements.4. Estimated costs are based on approximation. Standard costs are based upon specifications.5. Estimated costs are normally used as guideline for price determination, quoting the selling price etc. Main purpose of standard costs is to serve as a tool for cost control.
What is business managemen have to do with accounting?
Accounting is like the tail on a dog - it points to where the dog has been. So good accounting tells you where the company has been. That can be useful to know. Accounting answers questions about past profitability, levels of assets and liabilities, and breaks down what the costs of doing business were. The real challenge in business management is to know where to go next. Companies too focused on the past are like a dog chasing its tail - going in circles and getting nowhere. Good management requires the other end of the dog: looking at the future, hearing about trends, and smelling opportunities.
What is the difference between past and future?
the past tense is used for the action completed in the past and the future rense is used to indicate the sction to be completed in future
What role do past cost play in relevant costing decision?
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.
What is difference between find and found?
they have no difference...... I'm adding on to that... They do have a difference..... FIND is present or future tense, and FOUND is past tense.
What is difference between the past and future tense?
The past tense is used to talk about things that have already happened.The future tense is used to talk about things that have not already happened but will happen at some point in the future.
What is the difference between history and education?
History reminds people of the past. Education prepares them for the future.
Is there a past present or future?
There is a past, present, and future. There was a past; there is a present and there will be a future.
What is the difference between past passed and pass?
The man passed the salt. The man drove past the sign post.Passed is the past tense for passing somebody.Past is refering to the past as in oposite to the future
Difference in meaning between remember to past a letter and remember posting it?
'remember to post' is future tense 'remember posting' is past tense
What is the past present and future tense of is?
Past - was Present - is Future - will be
What are the past and future tense for past and future?
are and was
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.
What is the difference between past and future participles?
First of all know what is participles . The third form of the verb is called a participles. So in the mode of tenses it will be changed . With present tense it is present participle and with future tense it will be future participle.
