Problem: For each statement indicate the accounting term or terms described:
A. Examination of differences between costs to be incurred and revenue to be earned under different courses of action.
B. A cost incurred in the past that cannot be changed as a result of future actions.
C. Costs and Revenue that are expected to vary depending on the course of action.
D. The benefit foregone by not pursuing an alternative course of action.
E. Products made from common raw materials and shared production processes.
F. A cost yet to be incurred that will require future payment and may vary among alternative course of action.
G. The point at which manufacturing costs are split equally between ending inventory and cost of goods sold.
Use the following accounting terms:
- Opportunity cost
- Out of pocket cost
- Joint products
- Incremental analysis
- Sunk cost
- Split off point
- Relevant information