Which of the following statements is NOT true?
A) A cost may be defined as a sacrifice or giving up of resources for a particular purpose.
B) Costs are frequently measured by the monetary units that must be paid for goods and services.
C) Costs are shown on the income statement.
D) Costs are initially recorded in elementary form.

Question

Quizplus · Accepted Answer

Costs are not always shown on the income statement, as some costs may be capitalized as assets (such as land or equipment) and then later expensed through depreciation or amortization.

Which of the Following Statements Is NOT True