Question

Opportunity costs are not found in accounting records because they are not relevant to decisions.

Answer 1

The following statement "Opportunity costs are not found in accounting records because they are not relevant to decisions" is false.

The opportunity cost is the time spent learning and the money that might have been used for something else. When a farmer decides to grow wheat, there is an opportunity cost associated with not doing so or using the resources in another way (land and farm equipment).

The apparent advantage of not selecting the next best alternative when resources are limited is what is commonly referred to as opportunity cost. Opportunity costs are not just monetary or financial expenses. An opportunity cost is also the real price of missed productivity, time, or any other for-profit gain.

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