Actual Cost

(redirected from Actual Costs)
Also found in: Encyclopedia.

Actual Cost

The cost a company pays or is paid for a good or service. The actual cost may be more or less than the estimated cost. For example, a car shop may estimate that repairs will cost $700, but the actual cost may in fact be $800. One often is not informed of the actual cost until it is incurred.
References in periodicals archive ?
Actual cost or percentage of the actual cost (There is an actual cost to be borne by one or few units)
The harm caused by this practice is that the military and Congress have no way of knowing what the actual cost of a proposed program will be.
The discrepancy between actual costs and bills has been termed "waived cost" by the RSB.
However, that high percentage is based upon a mixture of actual costs, estimated costs, and new reporting programs.
The CHST provides each province with an annual lump sum payment, determined by a complex formula that is unrelated to the actual cost of the program.
The actual costs of courthouse construction projects exceeded the estimated costs submitted to Congress at the design and construction phases by an average of 17 percent and 5 percent, respectively, and the reasons for the cost changes were not consistently explained.
Also available to the group is the cost report, which identifies by specific patient actual costs during the same time period.
The most effective way of achieving these tax benefits is to track and document actual costs during construction or at the time of acquisition.
Staff who use their car for their employer's business can currently claim tax relief either on the actual costs they incur or, under a simplified scheme, at mileage rates based on published average costs of motoring, ranging up to 63p per mile.
If they don't do so, they will very likely underestimate their actual costs, and the more complex their patients' medical needs, the larger the errors will get.
Figure 6, for example, compares the actual costs of treating pediatric patients in Wetaskiwin Hospital with those of a large tertiary teaching facility for the same RGNS.
However, an internal audit department may not be effective even when the plan is followed or when actual costs are less than budgeted costs.