Explain the concept of relevant costs.

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The concept of relevant costs refers to the costs that will change based on a specific decision or action. In other words, relevant costs are the costs that will have an impact on the decision-making process of a company or organization. These costs are important because they help in determining whether a particular decision or action will be beneficial or not. The following is a detailed explanation of relevant costs.

Definition of Relevant Costs

Relevant costs are the costs that will be affected by a specific decision or action. These costs can be both fixed and variable costs. Relevant costs are important in decision-making because they help in determining the benefits and costs of a particular decision. In other words, relevant costs help in determining the incremental costs and incremental revenues associated with a specific decision. Relevant costs can be classified into two categories: avoidable costs and unavoidable costs.

Avoidable Costs

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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : BACHELOR IN COMMERCE CHOICE BASED CREDIT SYSTEM
Course Code : B.Com(G) CBCS
Subject Name : MANAGEMENT ACCOUNTING
Subject Code : BCOE 142
Year : 2022 2023