--%>

Define Opportunity Cost

Opportunity Cost: The value of the substitutes foregone by approving a particular strategy or utilizing resources in a particular manner. Al so termed as Alternative Cost or Economic Cost.

   Related Questions in Managerial Accounting

  • Q : Describe Trust Accounting Trust

    Trust Accounting: It is the "accounting of each and every item of income and expenditures which are employed to find out the amount that certain beneficiaries will obtain from the trust each year." Actually, it is equivalent to all the revenues receiv

  • Q : Key performance indicators or KPI What

    What do you mean by the term key performance indicators or KPI? Explain in brief?

  • Q : Define Profit or Loss Analysis Profit

    Profit or Loss (P&L) Analysis: A financial statement which summarizes the revenues, costs and expenses acquired during a particular period of time - in general a fiscal quarter or year. Such records give information which exhibits the capability o

  • Q : Reliability-Accounting information What

    What do you mean by the term Reliability which is accounting information?

  • Q : Conditions in which fixed capital of

    Give circumstances in which the fixed capital of partners might change. Answer: Two circumstances in which the fixed capital of Partners might change are as follows:

  • Q : Define the term Strategic management

    Briefly define the term Strategic management and also state the reason why it is designed?

  • Q : Define partnership A partnership is

    A partnership is stated as ‘the relationship which subsists among persons carrying on business in common with a view togain or profit’

  • Q : Deficiency of a partnership deed In the

    In the deficiency of a partnership deed, how are mutual relations of partners managed? Answer: In the absence of Partnership deed, the mutual relations are managed b

  • Q : Define Unit Cost Unit Cost : The cost

    Unit Cost: The cost of a chosen unit of a good or service. Illustrations comprise dollar cost perton, machine hour, labor hour, and department hour.

  • Q : Changing business landscape What do you

    What do you mean by the term changing business landscape?