GB 519 RANK Career Path Begins/gb519rank.com GB 519 RANK Career Path Begins/gb519rank.com | Page 40

Question 3. Question : All the following are characteristic of
relevant costs except:
Student Answer:
They are generally variable.
They are not committed.
They are different in amount for different options.
They are costs that will be incurred in the future.
They are inventory-related costs.
UNIT 4 QUIZ
Question 4. Question : Which of the following statements
regarding "opportunity costs"
is TRUE?
Student Answer:
These costs are recorded routinely by cost accounting
systems.
These costs relate to the benefit lost or foregone when a
chosen option (course of action) precludes the benefits from an
alternative option.
These costs are generally deductible for federal income tax
purposes.