Practice Other Special Types of Costs - 20.3 | 20. Cost Accounting Basics – Types of Costs | Management 1 (Organizational Behaviour/Finance & Accounting)
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20.3 - Other Special Types of Costs

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is opportunity cost?

💡 Hint: Think about a situation where you choose between two job offers.

Question 2

Easy

Define sunk cost.

💡 Hint: Relate it to past investments.

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 does opportunity cost refer to?

  • Benefit from choosing an alternative
  • Cost incurred that cannot be recovered
  • Additional cost from producing more

💡 Hint: Think about what you give up.

Question 2

True or False: Sunk costs should influence future financial decisions.

  • True
  • False

💡 Hint: Consider a scenario where a company invests in additional training.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company has spent ₹100,000 on research and development for a product that was supposed to launch. However, market conditions have changed, and they foresee a better opportunity in an alternative product. How should they account for the ₹100,000 in their decision-making?

💡 Hint: Consider which costs are recoverable.

Question 2

A bakery calculates that to produce an additional batch of cookies, this incurs ₹200 in raw materials and labor. However, signing a new contract for a larger order means increased production costs. Calculate the marginal cost and assess if production should be increased.

💡 Hint: Review pricing strategies and profit margins.

Challenge and get performance evaluation