A Cost That Has Already Been Incurred and Is Irrelevant

question 63

Short Answer

A cost that has already been incurred and is irrelevant for decision-making purposes is called a(n)----------cost.

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Definitions:

March 31

The date which marks the end of the first quarter in the calendar year for many financial and academic institutions.

Accounting Equation

The fundamental principle of accounting that states assets equal liabilities plus owner's equity, providing the basis for double-entry bookkeeping.

Electric Bill

A monthly statement that quantifies and charges for electricity consumption.

Balance Sheet

A financial statement showing a company's assets, liabilities, and shareholders' equity at a specific point in time.