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- Basics of Accountingaccounting-mcqs › cost-accounting-mcqs › basics-of-accounting
- Published
- 26 Apr 2023
- Last updated
- 28 May 2026
In accounting terms, what is the term for the resources given up to accomplish a particular goal?
Multiple choice question for Basics of Accounting. Select an option, then review the explanation below.
Explanation
In accounting, the term 'cost' refers to the value of resources that are sacrificed or used to achieve a specific objective.
More Basics of Accounting MCQs
Practice related questions from the same subject.
- 1.What term is used to describe the item or material for which costs are determined?
- 2.In accounting terminology, what is the term for the cost recorded in previous financial records?
- 3.What term describes the process of assigning direct costs to a particular cost object?
- 4.In a production environment, what term is used to describe factors like the level or volume of company operations that influence costs?
- 5.Which type of cost is associated with a particular cost object but cannot be traced to it in an economical manner?