GLOSSARY of Costing & Management Accounting Terms-Alphabet N
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Normal loss |
Unavoidable loss arising due to the nature of the material or the process |
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Normal standard |
An average standard which can be attained over a period long enough to cover a trade cycle. |
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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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