[amp_mcq option1=”actual cost” option2=”budgeted cost” option3=”past cost” option4=”incurred cost” correct=”option4″]<\/p>\n
The correct answer is: D. incurred cost<\/strong><\/p>\n Incurred cost is the cost that has been paid or is payable for goods or services that have been received or used. It is also known as actual cost or historical cost. Incurred costs are recorded in the financial statements of a company.<\/p>\n Actual cost is the cost that is actually incurred in the production of a product or service. It is calculated by adding up the direct costs and indirect costs associated with the production of the product or service.<\/p>\n Budgeted cost is the cost that is estimated to be incurred in the production of a product or service. It is calculated by multiplying the estimated quantity of output by the estimated unit cost.<\/p>\n Past cost is the cost that has been incurred in the past. It is not relevant to the current financial statements of a company.<\/p>\n I hope this helps!<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”actual cost” option2=”budgeted cost” option3=”past cost” option4=”incurred cost” correct=”option4″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-56113","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"\n