Practice Based on Relevance for Decision-Making - 20.2.5 | 20. Cost Accounting Basics – Types of Costs | Management 1 (Organizational Behaviour/Finance & Accounting)
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20.2.5 - Based on Relevance for Decision-Making

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What are relevant costs?

💡 Hint: Think about costs that affect your choices moving forward.

Question 2

Easy

True or False: Sunk costs are applicable to future decisions.

💡 Hint: Remember, these costs are already spent.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What are relevant costs?

💡 Hint: Focus on costs that change with your decisions.

Question 2

True or False: Irrelevant costs can affect decision outcomes.

  • True
  • False

💡 Hint: Think about costs that can be ignored in future planning.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A startup has already spent $10,000 on a failed marketing campaign. They are considering launching a new campaign that would cost an additional $15,000. Should they take the sunk cost into account when making their decision?

💡 Hint: Review what sunk costs mean and their influence on future decisions.

Question 2

A company has a choice between two suppliers that offer different pricing. Supplier A has a recurring annual fee of $5,000 while Supplier B has an initial setup cost of $8,000 but a recurring fee of only $3,000. Calculate which supplier has a relevant cost advantage over three years.

💡 Hint: Consider all costs that will repeat or change over time as relevant costs.

Challenge and get performance evaluation