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  • Cost Accounting Test
  • Directions: Choose the correct option and complete the se...
Multiple choice

Directions: Choose the correct option and complete the sentence.

Amount of resources given in exchange for some goods or service is called

  1. expense

  2. asset

  3. liability

  4. cost

  5. loss

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A cost is the amount of resources (measured in monetary terms) given up or sacrificed to acquire goods or services.

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