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Explain the difference between a procedural language and a nonprocedural language.Give at least one example of each type of language.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision, representing what is sacrificed as a result of choosing one option over another.
Sunk Cost
Costs that have already been incurred and cannot be recovered, which should not affect future business decisions.
Indirect Cost
A cost that cannot be easily and conveniently traced to a specified cost object.
Cost Of Goods Sold
The total cost directly associated with producing the goods sold by a company, including materials and labor.
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