Define the following terms (a) Contribution (b) Relevant costs (c) Irrelevant costs (d) Sunk costs (e) Opportunity

Question:

Define the following terms

(a) Contribution

(b) Relevant costs

(c) Irrelevant costs

(d) Sunk costs

(e) Opportunity cost

(f) Break-even point

(g) Margin of safety

(h) Target profit

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