Which of the following statements is (are)false? (1).In general,the term expense is used for managerial purposes,while the term cost refers to external financial reports.(2).An opportunity cost is the benefit forgone by selecting one alternative over another.
A)Only (1)is false.
B)Only (2)is false.
C)Both (1)and (2)are false.
D)Neither (1)nor (2)are false.

Question

Quizplus · Accepted Answer

Statement (1) is false because both expense and cost are used for managerial and external financial reporting purposes. Statement (2) is true as opportunity cost is the benefit forgone by selecting one alternative over another.

Which of the Following Statements Is (Are)false? (1)