(a) Distinguish between out-of-pocket cost and opportunity cost. (b) Explain and illustrate the distinction between 'direct cost' and 'indirect cost'...
Question:
(a) Distinguish between out-of-pocket cost and opportunity cost.
(b) Explain and illustrate the distinction between 'direct cost' and 'indirect cost' specially from the point of view of decision making.
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Step by Step Answer:
a Out of Pocket Cost Out of pocket costs refer to actual monetary payments made for goods services or resources These costs involve tangible cash outflows from the organization Out of pocket costs are …View the full answer
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Chapter #
2- COST CONCEPTS AND CLASSIFICATIONS
Section: Theory Questions
Problem: 13
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Question Posted: August 30, 2023 14:06:39