_______________ Represents the Resources Given Up That Are Expected to Bring

question 2

Multiple Choice

_______________ represents the resources given up that are expected to bring a current or future benefit to the organization.

• A) Cost
• B) Expired cost
• C) Expense
• D) Loss

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Definitions:

General Rule

A principle or guideline that applies broadly and is considered to be of general use or value.

External Sales

Sales made to parties outside of the company, as opposed to internal transactions.

Variable Cost

Costs that vary directly with the level of production or volume of output.

Excess Capacity

The situation where a company's production facilities can produce more goods than currently demanded by its market.