Past Costs Can Be Used for Estimating Future Cost Behaviour

question 80

True/False

Past costs can be used for estimating future cost behaviour.

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Definitions:

Intangible Assets

Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.

Long-Lived Assets

Assets that are expected to provide economic benefits to a company for a period longer than one year.

Physical Substance

An attribute indicating that an asset has tangible form and can be perceived by the senses.

Copyright

A legal right granting the creator of an original work exclusive rights to its use and distribution, typically for a limited time.