Fundamentals of Cost Accounting Study Set 3
Quiz 2: Cost Concepts and Behavior
The cost of an item is the sacrifice of resources made to acquire it.
Explore answers and all related questions
An expense is a cost charged against revenue in an accounting period.
If a cost is recorded as an asset (for example, prepaid rent for an office building), it becomes an expense when the asset has been consumed.
Accounting systems typically record opportunity costs as assets and treat them as intangible items on the financial statements.
Explore all questions
How it work
Terms And Conditions
© 2020 QuizPlus. All Right Reserved