Inefficiency and Product Costing (CPA) Discuss the following quotation from the standpoint of:

1. The places in the accounting procedure at which wastes may be most readily recognized, measured, and analyzed.

2. The accounting techniques available to aid in isolating these wastes:

Gradually, the older belief that every expense incurred in the factory must be considered a cost of the products of the factory is giving way to the more logical one that recognizes that some of the expenditures . . . are costs of goods and some are costs of idleness, of wasted time and materials, and of general inefficiency. . lop4