The Opportunity Cost of an Action Is

question 192

Multiple Choice

The opportunity cost of an action is

• A) the monetary payment the action required.
• B) the total time spent by all parties in carrying out the action.
• C) the value of the best opportunity that must be sacrificed in order to take the action.
• D) the cost of all alternative actions that could have been taken, added together.

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Definitions:

Ethical Issues

Dilemmas or situations requiring a choice between actions that may be considered right or wrong based on moral principles.

GAAP

Generally Accepted Accounting Principles, which are a set of rules and standards designed to improve the clarity, consistency, and comparability of financial reporting across industries.

Insider Trading

The illegal practice of trading a company's stock or other securities by individuals with access to non-public, material information about the company.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide how financial statements are prepared and presented globally.