Which of the following statements is true?
A)The word "cost" has the same meaning in all situations in which it is used.
B)Cost data, once classiﬁed and recorded for a speciﬁc application, are appropriate for use in
C)Different cost concepts and classiﬁcations are used for different purposes.
D)All organizations incur the same types of costs.
E)Costs incurred in one year are always meaningful in the following year.

Question

Quizplus · Accepted Answer

Different cost concepts and classifications are used for different purposes. Cost accounting is a diverse field that involves the accumulation, analysis, and interpretation of cost data. Cost concepts and classifications may differ based on the particular use of the cost information, such as financial reporting or decision-making. Therefore, it is important to choose the appropriate cost accounting method for a specific purpose.

Which of the Following Statements Is True