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 any application.
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 because costs are analyzed and interpreted differently depending on the context, such as for budgeting, accounting, or project management.

Which of the Following Statements Is True