The concept, which states that resources are used to meet particular goals is ____________?
Correct answer: A. cost incurrence
- A. cost incurrence
- B. valued incurrence
- C. locked incurrence
- D. non valued incurrence
Explanation
Cost incurrence occurs when resources are actually consumed to accomplish a particular objective, such as producing a product or providing a service. This differs from committing to a future cost before the resources are used.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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