商洛学院经济与管理学院管理会计课件Chapter 1 Cost Terms,Concepts and Classifications.pptVIP

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商洛学院经济与管理学院管理会计课件Chapter 1 Cost Terms,Concepts and Classifications.ppt

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3-* * It is important to realize that every decision involves a choice between at least two alternatives. The goal of making decisions is to identify those costs that are either relevant or irrelevant to the decision. Costs and benefits that differ between alternatives are relevant in a decision. All other costs and benefits are irrelevant and can and should be ignored. To make decisions, it is essential to have a grasp on three concepts: differential costs, opportunity costs, and sunk costs. 3-* * Differential costs (or incremental costs) is a difference in cost between any two alternatives. Differential costs can be either fixed or variable. A difference in revenue between two alternatives is called differential revenue. For example, assume you have a job paying $1,500 per month in your hometown. You have a job offer in a neighboring city that pays $2,000 per month. The commuting cost to the city is $300 per month. In this example, the differential revenue is $500 and the differential cost is $300. 3-* * Opportunity cost is the potential benefit that is given up when one alternative is selected over another. These costs are not usually entered into the accounting records of an organization, but must be explicitly considered in all decisions. 3-* * A sunk cost is a cost that has already been incurred and that cannot be changed by any decision made now or in the future. Since sunk costs cannot be changed and therefore cannot be differential costs, they should be ignored in decision making. While students usually accept the idea that sunk costs should be ignored on an abstract level, like most people, they often have difficulty putting this idea into practice. 3-* * Take a minute and read the information on this slide. Should the cost of the train ticket affect the decision of whether you drive or take the train to Portland? 3-* * Yes, it should because the cost of the train ticket is relevant. 3-* * Take a minute and read the information on this slide