RELEVANT COST Definition

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RELEVANT COST, in managerial accounting decision-making situations, is any negative-implications phenomenon which is consequent upon the production process, whether it is denominated in money terms or not.

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PRIME COST is equal to the sum of DIRECT MATERIAL plus DIRECT LABOR.

RECEIVING REPORT is a document completed in the receiving department, which identifies the purchase order that initiated the purchase, and the date, quantity, and condition of goods received.

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