59 Question 1. Which of the following statements is true? A. The word cost has the same meaning in all situations in which it is used. B. Cost data, once classified and recorded, can be used for any purpose. C. Different cost concepts and classifications are used for different purposes. D. All organisations incur the same types of costs. E. None of the above. Question 2. Which of the following statements is true? A cost is: A. Always an expense. B. Always an asset. C. Something quite different from either an expense or an asset. D. Can be either an expense or an asset. E. Always a liability. Question 3. Management accountants have concentrated mainly on cost data because: A. Cost data is all that is needed for planning and control purposes. B. Qualitative information is not readily available. 2-59 C. Qualitative information is not relevant for planning and control purposes. D. Cost data is readily available from the accounting information system E. All of the above.