Indicate whether each of the following statements is true or false.A cost that is relevant to one decision may be irrelevant to another._____To be relevant in decision making, cost information need not be exactly correct._____When making decisions in business, information that cannot be quantified (expressed in numbers) generally is not relevant._____Eliminating a segment of a business may eliminate some facility-level costs._____The sacrifice represented by a lost opportunity is an opportunity cost._____
What will be an ideal response?
| A cost that is relevant to one decision may be irrelevant to another. | T |
| To be relevant in decision making, cost information need not be exactly correct. | T |
| When making decisions in business, information that cannot be quantified (expressed in numbers) generally is not relevant. | F |
| Eliminating a segment of a business may eliminate some facility-level costs. | T |
| The sacrifice represented by a lost opportunity is an opportunity cost. | T |
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