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Accounting Cost vs. Economic Cost: How (& When) to Use Each | T…
The economic cost includes accounting cost, but also takes into account opportunity cost. Therefore, economic will include, in addition to accounting cost, an extra $24,000 because Joe gave up $24,000 by not renting the building , and an extra $10,000 because he paid himself a salary $10,000 below market ($50,000-$40,000).
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[DOCX File]About EDConfidence
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The opportunity cost of doing accounting work is the time not spent in other ways, i.e., time such as running a small business or participating in leisure activity. The economic cost of doing accounting work is measured by computing the monetary amount that the time would be worth in its next best use. 3.
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[DOC File]Bureaucracies, Budgets and Decision-Making
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A cost-sharing contract is a cost-reimbursement contract in which the contractor receives no fee and is reimbursed only for an agreed-upon portion of its allowable costs. A cost-sharing contract may be used when the contractor agrees to absorb a portion of the costs, in the expectation of substantial compensating benefits.
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[DOC File]CHAPTER 7
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Defined Economic (Opportunity) Cost, accounting cost, sunk cost . Derived the Forms of Competition . Derived Implication: Life is Not Fair ! 3. Reviewed ten economic principles in the areas of: (chapter 1) A. Individual Decision making . B. How people interact . C. The Economy as a whole . 3. Applied the principle of opportunity cost to production
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[DOC File]CHAPTER 7
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Accounting vs. Economic Profit. Economic Cost: All costs, both those that must be paid as well as those incurred in the form of forgone opportunities, of a business. Accounting Cost: Only those costs that must be explicitly paid by the owner of a business. Production. Production Function: a …
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[DOC File]ECON 1: Topical Review for First Midterm (Chapters 1 - 5)
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Managerial Accounting. Cost behavior. Fixed cost. Total cost remains constant. Cost per unit deceases as volume increases. Variable cost. Total cost increases as volume increases. Cost per unit remains constant. Mixed cost. A fixed cost plus a variable cost. E.g., an electric bill might be $20 + $2 per kwh. Step cost
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[DOC File]Chapter 5
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Accounting vs Economic Profit. 1. All of the following are included in the calculation of accounting profit EXCEPT which of option? a. explicit costs b. variable costs c. total revenue d. fixed cost e. implicit costs. 2. Which of the following best describes what a firm’s objective is? a. maximize accounting profit b.
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[DOC File]Tentative Outline for ETS Accounting Review
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a. Budget: Recurrent vs. Capital (Development) Budgets. b. Financial Management- Incrementalism and Satisficing vs. Zero Based Budgeting (Planning Systems) c. Accounting- Cost and Benefit vs. profit and loss. d. Auditing- Quantitative vs. Qualitative. e. Evaluating- Assessment vs. Judgement. f. Budgeting: Two themes- Reforming and Decision-making
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[DOCX File]Comparison of Major Contract Types
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Document relevant cost accounting information as appropriate e.g. CAS violations, disclosure statement adequacy, and status of contractor systems. Document use of …
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[DOCX File]HQ AFMC PRICE NEGOTIATION MEMORANDUM CHECKLIST
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10.The liability for claim reserves and claim liabilities, unpaid losses, and loss/claim adjustment expenses shall be based upon the estimated ultimate cost of settling the claims (including the effects of inflation and other societal and economic factors), using past experience adjusted for current trends, and any other factors that would ...
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Accounting cost vs economic cost