Cornerstones of Managerial Accounting Study Set 2
Quiz 2: Basic Managerial Accounting Concepts
Cost Is a Dollar Measure of the Resources Used to Achieve
Cost is a dollar measure of the resources used to achieve a given benefit.
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Expired costs are called assets.
Reducing the cost required to achieve a given benefit means that a company is becoming less efficient.
Costs incurred to produce future benefits would generally be categorized as liabilities.
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