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Question
Define the term 'cost'.
Solution
An amount that must be paid or taken in order to receive something. In business, the cost is usually a monetary valuation of (a) effort, (b) material, (c) resources, (d) time and utilities consumed, (e) risks incurred and (f) opportunity forgone in the production and delivery of a good or service. All expenses are costs, but not all costs are expenses.
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