General Management Accounting Terms Flashcards
1
Q
Define cost
A
Includes labor, capital, materials, bills, salaries, worker wages, marketing, distribution, shipping
Typically the expense incurred for creating a product or service a company sells
Amount of inputs incurred in producing a product
Involves seller’s money to produce values
2
Q
Define price
A
What you pay for goods and services you acquire
Money given to the sell for the product
3
Q
Define value
A
What goods or services oay you i.e. worth
4
Q
What are price, costs and values calculated in terms of?
A
price & cost -> numerical terms
Value cannot be
5
Q
Are price, cost and value the same for all customers?
A
No, price and cost are but value is not for all customers
