OBJECT COST Definition

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

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CONTINGENCY is an existing condition involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) that will be resolved by future events. Estimates, such as the useful life of an asset, are not contingencies. Eventual expiration of the asset's utility is not uncertain.

COBOL is Common Business Oriented Language.

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