Cost

Cost in United States

Cost Definition

The price actually paid for goods. 18 N. Y. 337.

Cost in Foreign Legal Encyclopedias

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Cost Cost in the Constitutional Law Portal of the American Encyclopedia of Law.
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Legal Issue for Attorneys

The price actually paid for goods. 18 N. Y. 337.

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Notice

This definition of Cost is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Cost in the Federal Budget Process

Meaning of Cost in the congressional and executive budget processes (GAO source): The price or cash value of the resources used to produce a program, project, or activity. This term is used in many different contexts. When used in connection with federal credit programs, the term means the estimated long-term cost to the government of a direct loan or loan guarantee, calculated on a net present value basis over the life of the loan, excluding administrative costs and any incidental effects on governmental receipts or outlays. (See also Credit Subsidy Cost under Federal Credit; Expense.)

For federal proprietary accounting, the monetary value of resources used or sacrificed or the liabilities incurred to achieve an objective.

In economic terms, it is a measure of what must be given up in order to obtain something, whether by purchase, exchange, or production. Economists generally use the concept of opportunity cost, which is the value of all of the things that must be forgone or given up in obtaining something. The opportunity cost measure may, but will not always, equal the money outlays used to measure accounting costs. Economists sometimes distinguish between the private costs of a good or activity to the consumer or producer and the social costs imposed on the community as a whole.

Resources

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Further Reading

  • Legislatures and the budget process: the myth of fiscal control

    (J Wehner, 2010)

  • Reconcilable Differences?: Congress, the Budget Process, and the Deficit (JB Gilmour, 1990)
  • Fiscal institutions and fiscal performance

    (JM Poterba, J von Hagen, 2008)

Historic Cost Principle in the International Business Landscape

Definition of Historic Cost Principle in the context of U.S. international business and public trade policy: Accounting principle founded on the assumption that the currency unit used to report financial results is not losing its value due to inflation.


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