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What is the difference between "Past cost" & "Sunk cost" ? Which is most likely to be "Irrelevant cost" in decision making?

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Question added by Zeeshan Ahmad , Accountant , Tech Petroleum LLC
Date Posted: 2014/10/19
Deleted user
by Deleted user

The major difference is that Sunk Costs are100% loss, means there shall be no recovery.

Why you are saying that these are not relevant, indirectly these are relevant for further planning 

rene salimbot
by rene salimbot , Warehouse Supervisor , daelim philippines imcorporated

sunk cork is nearly salvage cost

Mohammed  Mohammed
by Mohammed Mohammed , Senior SAP Consultant , Abyat Mega Store

I think both costs are one and the same. In decision making sunk costs are irrelevant.

LABIB KOOLI
by LABIB KOOLI , Director of the Sectoral Center for Training in Hotel Technologies at Southern Hammamet , Tunisian Vocational Training Agency (ATFP)

A past cost is an out of use price so it is an irrelevant cost 

The amount paid to purchase something is a sunk cost 

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