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Fill in the Blank(s)
-Risk is reduced when_______ is identified and applied.
Relevant Cost
A cost that should be considered when making decisions.
Avoidable Costs
Costs that can be eliminated if a particular decision is made, such as discontinuing a product line.
Irrelevant Costs
Costs that will not be affected by a decision and therefore should not be considered when making that decision.
Asset
Resources owned or controlled by a business that are expected to provide future economic benefits.
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