A/An _____ Is Defined as the Cost of the Next

question 53

Multiple Choice

A/An _____ is defined as the cost of the next best alternative.

• A)operating cost
• B)purchase price
• C)net present value
• D)usage cost
• E)opportunity cost

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Definitions:

Trial Balance

An accounting report that lists the balances of all ledgers accounts to check the mathematical accuracy of the bookkeeping entries.

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.

Accounts Classified

The organization of accounts into categories within financial statements, typically as assets, liabilities, equity, revenue, and expenses.

Ledger

A book or collection of financial accounts where all transactions are recorded, usually divided into debits and credits.