Which statement is FALSE?
A)A cost may be defined as a sacrifice or giving up of resources for a particular purpose.
B)Costs are frequently measured by the monetary units that must be paid for goods and services.
C)Only manufacturing firms need some form of cost accounting.
D)The first step in a cost accounting system is the collection of costs by some category.

Question

Quizplus · Accepted Answer

All types of firms, including service and trading firms, may benefit from cost accounting to manage their expenses and improve decision-making.

Which Statement Is FALSE