Final answer:
Statement (1) is incorrect as non-cash costs, such as implicit costs, can still be relevant. Statement (2) is correct as relevant costs must align with the business's objectives. Hence, the correct answer is B. 2 only.
Step-by-step explanation:
When evaluating costs in terms of business decisions, it is important to understand the concepts of relevant and irrelevant costs. A relevant cost is a cost that will be affected by a decision in question and is associated with future events. It is indeed crucial that it relates to the objectives of the business, as the second statement correctly suggests. On the other hand, an irrelevant cost is one that will not be affected by the decision; however, this does not necessarily mean any cost that doesn't involve cash outlay is irrelevant. Implicit costs, like opportunity costs, do not always result in a cash outlay but are still very relevant in measuring economic profit as they represent the costs of utilizing resources the business already owns.
Therefore, statement (1) A cost that does not result in an outlay of cash is an irrelevant cost, is incorrect because implicit costs are non-cash but still relevant. Statement (2) A relevant cost must relate to the objectives of the business, is correct. The accurate answer to which of these statements is/are correct is B. 2 only.