ENGINEERED COSTS Definition

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ENGINEERED COSTS are those costs having a clear linkage to output, e.g., direct materials costs.

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OBJECT COST is the total cost of producing an item: direct cost (labor & material) + overhead cost = Total Object Cost.

HISTORICAL COST ACCOUNTING is an accounting principle requiring all financial statement items to be based on original cost. It is usually based upon the dollar amount originally exchanged in an arms-length transaction; an amount assumed to reflect the fair market value of an item at the transaction date.

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