GLOSSARY of Costing & Management Accounting Terms-Alphabet N

July 26th, 2007 Comments off
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Normal loss

Unavoidable loss arising due to the nature of the material or the process

Normal standard

An average standard which can be attained over a period long enough to cover a trade cycle.

Notional cost

Cost that is not incurred but are introduced into the cost accounts to give a more realistic production cost figure. Also called imputed cost.

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