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Title: ACC220 HULT Outline Chap 2 Costs and Benefits for Decision Making
Description: Instead of Reading the Long and Boring book, just download this outline ! 100% in the in class quizzes and for the final !
Description: Instead of Reading the Long and Boring book, just download this outline ! 100% in the in class quizzes and for the final !
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HULT International Business School
Managerial Accounting (ACC220)
Outline of the Required Book
Chapter 2 - Relevant costs and benefits for decision making
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➔ Relevant costs = satisfy all 3 of the criteria:
- must relate to the objectives of the business (must have a effect on the wealth of the
business)
- must be a future cost
- must vary with the decision
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Sunk cost fallacy
➔ Sunk cost fallacy: the refusal to abandon an attachment to an irrevocable investment (behavioral
economics)
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Non measurable costs and benefits
[1] only actual increase of the cost should be taken into account as a result of accepting a new project
[2] general overheads (rent, utility cost, admin, etc) should always be ignored in the company’s policy of
allowing of the cost (fair share allocation)
Title: ACC220 HULT Outline Chap 2 Costs and Benefits for Decision Making
Description: Instead of Reading the Long and Boring book, just download this outline ! 100% in the in class quizzes and for the final !
Description: Instead of Reading the Long and Boring book, just download this outline ! 100% in the in class quizzes and for the final !