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Relevant Costs for Decisions

In: Cost Accounting

Author

Listed:
  • W. Armand Layne

    (University of the West Indies)

Abstract

The dictionary defines the word ‘relevant’ to mean, ‘bearing upon, connected with, pertinent to, the matter in hand’. The definition clarifies the concept, but what is needed is an operational statement for accounting purposes. Horngren (1977) provides such a statement: ‘For a cost or revenue to be relevant to a particular decision, it must meet two criteria: (i) It must be an expected future cost; and (ii) it must be an element of difference between alternatives.

Suggested Citation

  • W. Armand Layne, 1984. "Relevant Costs for Decisions," Palgrave Macmillan Books, in: Cost Accounting, chapter 0, pages 169-186, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17691-5_11
    DOI: 10.1007/978-1-349-17691-5_11
    as

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