COMM 112 Lecture Notes - Cost Driver, Fixed Cost, Variable Cost

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Managerial accounting: is the provision of accounting information for a company"s internal users (internal focused, no mandatory rules, subjective information possible, emphasis on the future0. Cost object: any item such as a product, customer, department, project, geographic region, plant and so on, for which a cost are measured and assigned. Cost classification a coast is a payment of cash or the commitment to pay cash ion the future for the purpose of generating revenues. Direct costs are those coasts that can be easily and accurately traced to a cost object. Fixed cost is a cost that does not increase in total as output increase and does not decrease in total as output decreases. Indirect cost are costs that cannot be easily and accurately traced to a cost object. Variable cost is a cost that does not increase in total as output increase and does not decreases in total as output decreases.

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