Consultant Frank Alvarez recently commented that the mostcommon error made by his clients is ignoring opportunitycosts associated with business decisions. The costs Alvarezwas referring to are:a. Benefits foregone by selecting one course of actionover another.b. The out-of-pocket costs of implementing a particularbusiness decision.c. Costs that make future opportunities possible.d. Costs that have made past opportunities possible.

Principles of Accounting Volume 2
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Chapter1: Accounting As A Tool For Managers
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Problem 23MC: Which of the following is not true regarding continuous improvement? It applies to both service and...
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Consultant Frank Alvarez recently commented that the most
common error made by his clients is ignoring opportunity
costs associated with business decisions. The costs Alvarez
was referring to are:
a. Benefits foregone by selecting one course of action
over another.
b. The out-of-pocket costs of implementing a particular
business decision.
c. Costs that make future opportunities possible.
d. Costs that have made past opportunities possible.

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