Final answer:
Sunk cost is not a type of cost, while fixed costs and variable costs are crucial in cost accounting.
Explanation:
Sunk cost is not a type of cost in cost accounting. A sunk cost is a cost that has already been incurred and cannot be recovered, and it should not impact future decisions as it is in the past and unchangeable. On the other hand, fixed costs and variable costs are essential types of costs in cost accounting. Fixed costs are incurred regardless of the level of output produced, while variable costs depend on the level of output.
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