Accountants define cost as the value of what is given up in exchange for something else.

Name: Accountants define cost as the value of what is given up in exchange for something else.
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This definition of cost is correct and widely accepted by accountants. It is based on the concept of opportunity cost, which refers to the value of the next best alternative that is forgone as a result of choosing one option over another.

Accountants Define Cost as the Value of What Is Given