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Comm 2020
Managerial Accounting
9
Accounting
Undergraduate 2
02/17/2010

Additional Accounting Flashcards

 


 

Cards

Term
Accounting Cost
Definition
Actual expenses plus depreciation charges for capital equipment
Term
Market
Definition
Collection of buyer and sellers that, through their actual or potential interaction, determine the price of a product or set of products
Term
Economic Cost
Definition
Cost to a firm of utilizing economic resources in production, including opportunity cost
Term
substitutes
Definition
Two goods for which an increase in the price of one leads to an increase in the quantity demanded of the other
Term
Complements
Definition
Two goods for which an increase in the price of one lead to a decrease in the quantity demanded of the other
Term
fixed cost FC
Definition
Cost that does not vary with the level of output and that can be eliminated only by shutting down.
Term
PED
Definition
Percent change in quantity demanded of a good resulting from a 1% increase in price
Term
Variable Cost VC
Definition
Cost that varies as output varies
Term
IED
Definition
Percent change in quantity demanded of a good resulting from a 1% increase in income.
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