In principle,a cost is
A)a sacrifice of resources.
B)something used up to produce revenues in a particular accounting period.
C)only comprised of direct material and direct labor.
D)something measured in conformity with generally accepted accounting principles.

Question

Quizplus · Accepted Answer

A cost is typically defined as a sacrifice of resources, such as money, time, or effort, that is incurred in order to achieve a particular goal or objective. This definition is broad enough to encompass a wide range of expenditures, including both direct and indirect costs, and it reflects the fact that costs are an essential aspect of any economic or business activity.

In Principle,a Cost Is