Multiple Choice
It is inappropriate to assume that accounting costs are equal to total costs of a particular item or activity because
A) accounting costs do not necessarily include the forgone benefits of the next-best alternative.
B) total costs are expressed only in monetary terms.
C) accounting costs include opportunity costs.
D) accounting costs overstate the tradeoffs involved.
E) total costs do not include direct, out-of-pocket expenses.
Correct Answer:
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