--%>

Define Common Cost

Common Cost: It is the cost of resources used jointly in the production of two or more outputs and the cost can’t be directly traced to any one of those outcomes.

   Related Questions in Managerial Accounting

  • Q : Explain Cost Allocation Cost Allocation

    Cost Allocation: This is a technique of assigning costs to activities, outputs, or other cost objects. The allocation base employed to assign a cost to objects is not essentially the cause of the cost. For illustration, assigning the

  • Q : Partners-firm and firms name What do

    What do you understand by the terms partners, firm and firms name? Answer: The persons who have entered into a Partnership with each other are individually termed 'P

  • Q : Reliability-Accounting information What

    What do you mean by the term Reliability which is accounting information?

  • Q : Characteristics which accounting

    What are the key qualities or characteristics which accounting information should possess?

  • Q : Describe fluctuating capital of partners

    Describe fluctuating capital of partners? Answer: Partner‘s capital is stated to be fluctuating if capital modifies with every transaction in the capital accou

  • Q : Illustrations of unethical and

    Write down a brief note on the illustrations of unethical and unacceptable actions?

  • Q : Define Cost Object Cost Object (also

    Cost Object (also referred to as Cost Objective): It is an activity, item, or output whose cost is to be computed. In a wide sense, a cost object can be an organizational division, task, a function, product, service, or a customer.

  • Q : Cash budget A plan for the cash coming

    A plan for the cash coming into and going out of a business. Based on the sale forecast,  the timing and amounts of  cash receipts. Based on forecast of resources necessary to  meet the sale forecast, management budgets the cash disbursements. This proc

  • Q : Capital account An account used in a

    An account used in a partnership to record an individual partner's investment in the partnership plus the indi- vidual's share of any undistributed partnership income. In a corpo- ration, the equity sections have two parts: the contributed capital and retained earning

  • Q : Basic accounting principles or concepts

    ACCOUNTING CONCEPTS: Presented below are basic accounting principles or concepts, with which hospital managers should be familiar and that they should understand i