Accounting Dictionary - Letter L

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Life cycle
is movement of a product (or company) through the following stages: development, growth, expansion, maturity, saturation, and decline. Not all products go through all stages of the life cycle. The concept of life cycle is used in analysis, budgeting and costing. Life-cycle analysis refers to forecasts of new product growth based on S-curve. Life-cycle budgeting and life-cycle costing refer to estimating revenues and expenses over a product's entire life cycle. Life-cycle budgeting uses life-cycle cost approach.
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