Chapter 23, Problem 6DQ

To determine

Decision-making process:

Decision making can be defined as the process of making choices through the identification of a decision, collecting information, and assessing alternative resolutions. The implementation of a step-by-step process of decision making helps in making deliberate and effective decisions through proper organization of relevant information and defining alternatives.

To define: The meaning of an out-of pocket cost, an opportunity cost, and whether opportunity costs are recorded in the accounting records.