What does it mean to state that a cost is a relevant cost?


Question Description:

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What does it mean to state that a cost is a sunk cost? What does it mean to state that a cost is a relevant cost? What does it mean when a firm has an offer to sell its product or service at a special price and is operating with idle capacity? What does it mean when a cost is avoidable in the make or buy decision? What does it mean when fixed expenses allocated to a segment are considered to be common corporate expenses? What does it mean to have a capital budget?

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