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actual cost

A cost accounting method in which budgets are established using data from previous accounting cycles or periods. This method can help companies avoid budgeting errors due to incorrect cost estimation. However, it may also result in cost overruns if costs vary drastically from previous accounting periods, resulting in problems for the company.

Related information about actual cost:
  1. What is actual cost? definition and meaning
    Definition of actual cost: An actual amount paid or incurred, as opposed to estimated cost or standard cost. In contracting, actual costs amount includes direct ...
     
  2. Actual Cost - Financial Dictionary - The Free Dictionary
    The cost a company pays or is paid for a good or service. The actual cost may be more or less than the estimated cost. For example, a car shop may estimate ...
     
  3. Project Management Knowledge Actual Cost » Project Management ...
    The actual cost of a project represents the true total and final costs accrued during the process of completing all work during the pre-determined period of time ...
     
  4. What Is an Actual Cost?
    An actual cost is the total amount of materials, labor costs, and any directly associated overhead costs that can be charged to a...
     
  5. Actual Cost Estimation Method [ACQuipedia]
    The actual cost estimation method is one of the four cost estimating methods recommended by the Cost Analysis Improvement Group (CAIG). This method uses ...
     
  6. Cost price - Wikipedia, the free encyclopedia
    1 Forms. 1.1 Cost Price; 1.2 Actual Cost; 1.3 Cost; 1.4 Average Cost ... Cost prices appear in several forms, such as Actual Cost, Last Cost, Average Cost and Net ...
     
  7. Actual cost | Define Actual cost at Dictionary.com
    the cost of a product based on incurred costs of material and labor required in its production. Relevant Questions. What Do Dealers Really P... What Is Actual ...
     
  8. Actual Cost: Definition from Answers.com
    Amount paid for an asset; not its market value, insurable value, or retail value. It generally includes freight-in and installation costs, but not interest.