A Cost That Has Already Been Incurred and Cannot Be

question 69

Multiple Choice

A cost that has already been incurred and cannot be changed is called a(n) :

• A)Opportunity cost.
• B)Out-of-pocket cost.
• C)Joint cost.
• D)Sunk cost.

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Definitions:

Misc. Expense

Miscellaneous Expenses, generally small or irregular costs that don't fit into other categories of a company's financial statements.

Petty Cash Fund

A small amount of cash kept on hand for minor, incidental expenses.

Replenishment

The process of replenishing inventory or stock to ensure that the optimal inventory level is maintained.

Auxiliary Petty Cash Record

A detailed ledger used to track the small cash expenditures handled through a petty cash fund.