Opportunity Costs Refer to Time, Money, and Other Resources That

question 101

True/False

Opportunity costs refer to time, money, and other resources that are given up when a decision is made.

---

Definitions:

Accounts Receivable

Financial dues from customers to an organization for products or services that have been dispensed but not reimbursed.

Allowance for Doubtful Accounts

A contra asset account used to estimate the portion of a company's receivables that may not be collectible.

Bad Debts Expense

This is an expense reported on the income statement, reflecting the cost of credit sales that a company does not expect to collect.

Lesbians

Women who are emotionally, romantically, or sexually attracted to other women.