Homework Answers
The correct Statement is
Different Cost Concepts and classifications are used for different purposes.
Explanation : The cost does not have same meaning in all situations and it varies from firm to firm and product to product.
There are different types of costs that can be incurred by different organizations. There are various types of costs such as direct and indirect costs, product and period costs, controlleable and uncontrolleable cost, incremental and opportunity costs etc.
Cost Classification are done on the basis of different products and industries. So this is false statement that cost data once classified for specific application are appropriate for use in any application.
There are several costs which are meaningful for decision making but some are not. So, the statement the cost incurred in one year are always meaningful in the following year is also false.
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