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Different Costs

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Different Costs

  • This topic has 1 reply, 2 voices, and was last updated 9 months ago by John Moffat.
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    Posts
  • September 11, 2021 at 8:41 pm #635539
    Imran.Sajjad
    • Topics: 24
    • Replies: 7
    • ☆

    Hello. I am new here and I am looking for the answer to this question. Is there anyone to help?

    Could you please explain me the difference between these costs such as:
    1) Purchase cost
    2) Replacement cost
    3) Net realizable value
    4) Opportunity cost

    September 12, 2021 at 8:52 am #635569
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49598
    • ☆☆☆☆☆

    The purchase cost is whatever was paid for the goods.

    The replacement cost is how much it would cost to replace the item (i.e. what the purchase cost now it).

    The realisable value is how much you could sell the item for.

    The opportunity cost is the mount of any income that would be lost from not using the item as it is currently used.

    I am assuming you are referring to questions on relevant costing, in which case all these terms are explained (with examples) in my free lectures. The lectures are a complete free course for Paper PM and cover everything needed to be able to pass the exam well.

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