Reference no: EM13981663

Listed below are seven technical accounting terms introduced or emphasized in this chapter.
Opportunity cost
Out-of-pocket cost 
Joint products 
Incremental analysis
Sunk cost 
Split-off point 
Relevant information 
Each of the following statements may (or may not) describe one of these terms. For each statement, indicate the accounting term or terms described, or answer one if the statement does not correctly describe any of these terms.

a. Examination of differences between costs to be incurred and revenue to be earned under different courses of action. 

b. A cost incurred in the past that cannot be changed as a result of future actions. 

c. Costs and revenue that are expected to vary, depending on the course of action decided on. 

d. The benefit foregone by not pursuing an alternative course of action. 

e. Products made from common raw materials and shared production processes. 

f. A cost yet to be incurred that will require future payment and may vary among alternative courses of action. 

g. The point at which manufacturing costs are split equally between ending inventory and cost of goods sold.