{"id":613,"date":"2015-10-20T21:48:20","date_gmt":"2015-10-20T21:48:20","guid":{"rendered":"https:\/\/courses.candelalearning.com\/managacct2x10xmaster\/?post_type=chapter&p=613"},"modified":"2015-10-20T21:48:20","modified_gmt":"2015-10-20T21:48:20","slug":"glossary-10","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-managacct\/chapter\/glossary-10\/","title":{"raw":"Glossary","rendered":"Glossary"},"content":{"raw":"

\u00a0GLOSSARY<\/h3>\r\n
\r\n
\r\n

By-products<\/span><\/strong> Additional products resulting from the production of a main product. By-products generally have a small market value compared to the main product.<\/p>\r\n

Committed fixed costs<\/span> <\/strong>Costs relating to the basic facilities and organizational structure that a company must have to continue operations.<\/p>\r\n

Differential analysis<\/span> <\/strong>An analysis of the different costs and benefits that would arise from alternative solutions to a particular problem.<\/p>\r\n

Differential cost or expense<\/span> <\/strong>The difference between the amounts of relevant costs for two alternatives.<\/p>\r\n

Differential revenue<\/span> <\/strong>The difference between the amounts of relevant revenues for two alternatives.<\/p>\r\n

Discretionary fixed costs<\/span> <\/strong>Fixed costs subject to management control from year to year; an example is advertising expense.<\/p>\r\n

Joint costs<\/span><\/strong> Those production costs incurred up to the point where the joint products split off from each other.<\/p>\r\n

Joint products<\/span> <\/strong>Two or more products resulting from a common raw material or production process.<\/p>\r\n

Make-or-buy decision<\/span> <\/strong>A decision concerning whether to manufacture or purchase a part or material used in manufacturing another product.<\/p>\r\n

Opportunity cost<\/strong><\/span> The potential benefit that is forgone from not following the next best alternative course of action.<\/p>\r\n

Relevant revenues or costs<\/strong><\/span> Revenues or costs that will differ in the future depending on which alternative course of action is selected.<\/p>\r\n

Sunk costs<\/strong><\/span> Past costs that are not relevant in decision making because they have already been incurred.<\/p>\r\n\r\n<\/div>\r\n<\/section><\/div>","rendered":"

\u00a0GLOSSARY<\/h3>\n
\n
\n
\n

By-products<\/span><\/strong> Additional products resulting from the production of a main product. By-products generally have a small market value compared to the main product.<\/p>\n

Committed fixed costs<\/span> <\/strong>Costs relating to the basic facilities and organizational structure that a company must have to continue operations.<\/p>\n

Differential analysis<\/span> <\/strong>An analysis of the different costs and benefits that would arise from alternative solutions to a particular problem.<\/p>\n

Differential cost or expense<\/span> <\/strong>The difference between the amounts of relevant costs for two alternatives.<\/p>\n

Differential revenue<\/span> <\/strong>The difference between the amounts of relevant revenues for two alternatives.<\/p>\n

Discretionary fixed costs<\/span> <\/strong>Fixed costs subject to management control from year to year; an example is advertising expense.<\/p>\n

Joint costs<\/span><\/strong> Those production costs incurred up to the point where the joint products split off from each other.<\/p>\n

Joint products<\/span> <\/strong>Two or more products resulting from a common raw material or production process.<\/p>\n

Make-or-buy decision<\/span> <\/strong>A decision concerning whether to manufacture or purchase a part or material used in manufacturing another product.<\/p>\n

Opportunity cost<\/strong><\/span> The potential benefit that is forgone from not following the next best alternative course of action.<\/p>\n

Relevant revenues or costs<\/strong><\/span> Revenues or costs that will differ in the future depending on which alternative course of action is selected.<\/p>\n

Sunk costs<\/strong><\/span> Past costs that are not relevant in decision making because they have already been incurred.<\/p>\n<\/div>\n<\/section>\n<\/div>\n","protected":false},"author":1195,"menu_order":7,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-613","chapter","type-chapter","status-publish","hentry"],"part":23,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/users\/1195"}],"version-history":[{"count":1,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/613\/revisions"}],"predecessor-version":[{"id":614,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/613\/revisions\/614"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/parts\/23"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/613\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/media?parent=613"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapter-type?post=613"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/contributor?post=613"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/license?post=613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}