Answered: Opportunity cost represents ? 1) An…

Opportunity cost represents ? 1) An actual cost II) A sunk cost III) The benefit foregone from the next best alternative IV) A fixed cost

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 4DQ: What is a direct cost? An indirect cost? Can the same cost be direct for one purpose and indirect...

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Opportunity cost represents ?
1) An actual cost
II) A sunk cost
III)
The benefit foregone from the next best
alternative
IV) A fixed cost

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Future costs that differ across alternatives are: a. Opportunity costsb. Sunk costsc. Relevant costsd. Variable costs
Which of the following is an irrelevant cost? Group of answer choices An avoidable cost An incremental cost A sunk cost An opportunity cost
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An opportunity cost may be described as: a. a foregone benefit. b. a historical cost. c. a specialized type of variable cost. d. a specialized type of fixed cost.
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For decision making purposes, relevant costs are:a. variable past costsb. all fixed and variable costsc. anticipated future costs that will differ among various alternativesd. costs incurred within the relevant range of productione. Discretionary costs refer to those costs which
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What is the difference between a direct cost and an opportunity cost. Can you show the difference of these costs by sharing one (1) out-of-pocket cost and one (1) opportunity cost?