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Cost Concept MCQs
What is the Cost Concept?
1. What is the Cost Concept?
- Financial Valuation of resources
- Authentic Payments made by an entrepreneur
- Costs related to a certain product
- Expenses that cannot be traced back
Answer: A) Financial Valuation of resources
Explanation:
Cost Concept refers to the amount of payment made to acquire goods or the financial valuations of goods and resources.