Stakeholders Are Individuals or Groups Who Have a Stake in or Are

question 50

True/False

Stakeholders are individuals or groups who have a stake in or are significantly influenced by an organization's decisions and actions and who, in turn, can influence the organization.

---

Definitions:

Sunk Costs

Costs that have already been incurred and cannot be recovered, which should not influence future business decisions since they cannot be changed.

Split-off

A point in a production process where multiple products are generated from a single input, each having its own identifiable market.

Joint Production Costs

Costs incurred during the process of producing multiple products simultaneously where the costs cannot be attributed to individual products easily.

Relative Sales Value Method

A method used to allocate joint costs based on the relative sales value of the products produced from the same process or operation.