An actual cost is the cost incurred (a historical or past cost),as distinguished from a budgeted cost,which is a predicted or forecasted cost (a future cost).

Question

Quizplus · Accepted Answer

An actual cost refers to the cost that has been already incurred in the past, while a budgeted cost is a forecasted cost of future expenses or costs. Hence, the given statement is true.

An Actual Cost Is the Cost Incurred (A Historical or Past