The term cost refers to ________.
A. the present value of future benefits
B. the value of sacrifice made to acquire goods or services
C. an asset that has given benefit but now expired
D. the price of products sold or services rendered
Answer: Option B
Solution(By Examveda Team)
The term cost refers to the value of sacrifice made to acquire goods or services. The price of product sold or services rendered.Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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