SHORT TERM DECISION MAKING

Costs that has been occurred in past are also known as

• unrecorded costs

• recorded costs

• sunk costs

• bunked costs

An example of quantitative factor is

• employee behavior at workplace

• employee satisfaction

• employee morale

• cost of materials

relevant costs are classified in relevance concepts as

• expected future costs

• serial costs

• parallel costs

• abnormal costs

Financial factors measured in numerical terms, having some monetary value are considered as

• qualitative factors

• quantitative factors

• expected factors

• recorded factors

Forgone contribution of resources, into revenues because of not using resources, in next best use is classified as

• in-source cost

• opportunity cost

• offshore cost

• outsource cost

Costs such as book value of old machines are $25000 can be a classified as an example of

• salvages

• relevant

• irrelevant

• depreciated cost

An example of qualitative factor is

• employee morale

• cost of materials

• cost of workers

• cost of marketing

Formal method of making choices, considering help of quantitative and qualitative analysis is classified as

• quantitative analysis

• decision method

• qualitative method

• linearity method

Type of outcomes, which can never be measured in numerical terms in books of accounts are classified as

• expected factors

• recorded factors

• qualitative factors

• quantitative factors

Decision making process involves the following steps.

• identify problems --> identify alternatives ---> garther relevant information ---> take action ---> choose among alternatives

• identify alternatives ---> garther relevant information ---> take action ---> choose among alternatives

• identify the decision --> garther relevant information --> identify alternatives --> Choose among alternatives ----> take action

• identify problems ---> identify alternatives ----> choose among alternatives ---> garther information ----> take action