Fill in each of the blanks below with the correct term. 1. Relevant costs are also known
Question:
1. Relevant costs are also known as .
2. An requires a future outlay of cash and is relevant for current and future decision making.
3. An is the potential benefit lost by taking a specific action when two or more alternative choices are available.
4. A arises from a past decision and cannot be avoided or changed; it is irrelevant to future decisions.
5. Refer to the incremental revenue generated from taking one particular action over another.
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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