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# 会计代写|管理会计代考MANAGEMENT ACCOUNTING代写|ACC1165 WHAT IS MEANT BY ‘COST’?

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## 会计代写|管理会计代考MANAGEMENT ACCOUNTING代写|WHAT IS MEANT BY ‘COST’?

The term ‘cost’ is a slippery concept. Although a very broad description was given earlier when discussing cost-benefit analysis, it can be defined in different ways. Managers therefore need to be clear what it means in the context of decision making. This is an important issue to which we now turn.

Identifying and measuring cost may seem, at first sight, to be pretty straightforward: it is simply the amount paid for the goods supplied or the service provided. When measuring cost for decision-making purposes, however, things are not quite that simple. The following activity illustrates why this is the case.

We can see that the cost of retaining the car is not the same as the purchase price. In one sense, of course, the cost of the car in Activity $2.2$ is $£ 5,000$ because that is how much was paid for it. However, this cost, which for obvious reasons is known as the historic cost, is only of academic interest. It cannot logically ever be used to make a decision on the car’s future. If we disagree with this point, we should ask ourselves how we should assess an offer of $£ 5,500$, from another person, for the car – assuming that the original offer still stood. The answer is that we should compare the offer price of $£ 5,500$ with the opportunity cost of ${6,000$. This should lead us to reject the offer, as it is less than the $£ 6,000$ opportunity cost. In these circumstances, it would not be logical to accept the offer of $£ 5,500$ on the basis that it was more than the $£ 5,000$ that we originally paid. The only other figure that should concern us is the value to us, in terms of pleasure, usefulness and so on, of retaining the car. If we valued this more highly than the $£ 6,000$ opportunity cost, we should reject both offers.

We may still feel, however, that the $£ 5,000$ is relevant here because it will help us in assessing the profitability of the decision. If we sold the car, we should make a profit of either $£ 500(£ 5,500-£ 5,000)$ or $£ 1,000(£ 6,000-£ 5,000)$ depending on which offer we accept. Since we should seek to make the higher profit, the right decision is to sell the car for $£ 6,000$. However, we do not need to know the historic cost of the car to make the right decision. What decision should we make if the car cost us $£ 4,000$ to buy? Clearly, we should still sell the car for $£ 6,000$ rather than for $£ 5,500$ as the important comparison is between the offer price and the opportunity cost. We should reach the same conclusion whatever the historic cost of the car.

## 会计代写|管理会计代考MANAGEMENT ACCOUNTING代写|RELEVANT COSTS: OPPORTUNITY AND OUTLAY COSTS

We have just seen that, when we are making decisions concerning the future, past costs (that is, historic costs) are irrelevant. It is future opportunity costs and future outlay costs that are of concern. An opportunity cost can be defined as the value, in monetary terms, of being deprived of the next best opportunity in order to pursue the particular objective. An outlay cost is an amount of money that will have to be spent to achieve an objective. We shall shortly meet plenty of examples of both of these types of future cost.

To be relevant to a particular decision, a future outlay cost, or opportunity cost, must satisfy all three of the following criteria:
1 It must relate to the objectives of the business. Most businesses have enhancing owners’ (shareholders’) wealth as their key strategic objective. That is, they are trying to become richer (see Chapter 1). Thus, to be relevant to a particular decision, a cost must have an effect on the wealth of the business.
2 It must be a future cost. Past costs cannot be relevant to decisions being made about the future.
3 It must vary with the decision. Only costs that are different between outcomes can be used to distinguish between them. Take, for example, a road haulage business that has decided that it will buy a new additional lorry and the decision lies between two different models. The purchase price, the load capacity, the fuel and maintenance costs are different for each lorry. The potential costs and benefits associated with these are relevant items. The lorry will require a driver, so the business will need to employ one, but a suitably qualified driver could drive either lorry equally well, for the same wage. The cost of employing the driver is thus irrelevant to the decision as to which lorry to buy. This is despite the fact that this cost is a future one.

## 会计代写|管理会计代考MANAGEMENT ACCOUNTING代写|WHAT IS MEANT BY ‘COST’?

“成本”这个词是一个樭葫的概念。尽管之前在讨论成本效益分析时给出了非常广泛的描述，但它可以以不同的方式定义。因此，管 理人员需要清楚它在决策背景下的含义。这是我们现在要讨论的一个重要问题。 并不那么简单。以下活动说明了为什么会出现这种情呪。

. Thisshouldleadustorejecttheoffer, asitislessthanthe£ 6,000
opportunitycost. Inthesecircumstances, itwouldnotbelogicaltoaccepttheof ferofe 5,500
onthebasisthatitwasmorethanthe£ 5,000
thatweoriginallypaid. Theonlyother figurethatshouldconcernusisthevaluetous, intermsofpleasure, use fulnessandsoon, ofretainingthecar. If 6,000 英镑的机会成本，我们应该拍绝这两个提议。

## 会计代写管理会计代考MANAGEMENT ACCOUNTING代写|RELEVANT COSTS:OPPORTUNITY AND OUTLAY COSTS

1 它必须与业务目标相关。大多数企业都将墁加所有者 (股东) 的财富作为他们的主要战略目标。也就是脱，他们正试图变得更富

2 它必须是末来的成本。过去的成本与末来的決策无关。

## MATLAB代写

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