An opportunity cost is ________.
A) the cost incurred to gain the opportunity to make a sale
B) the benefit gained by choosing a certain course of action
C) the benefit given up by choosing an alternative course of action
D) costs that have been incurred in the past
C) the benefit given up by choosing an alternative course of action
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Which of the following contingencies is usually accrued?
A) risk of loss from fire B) expected proceeds from insurance settlement C) bad debts D) discovery of possible mineral reserves on company property
The auditor need not inform the audit committee about adjustments arising from the audit that were considered to be material
a. True b. False Indicate whether the statement is true or false
The biggest challenge in computing the total cost per unit of a product is determining the amount of overhead cost that should be assigned to each unit.
Answer the following statement true (T) or false (F)
In a constraint, the ________ variable represents unused resources
Fill in the blank with correct word.