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Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Sentence Appropriate term for completing
Concepts and Terminology
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:
Sentence | Appropriate term for completing sentence |
a. Advertising costs are usually viewed as (period, product) costs. | periodproduct |
b. Feedback is often used to (improve, direct) operations. | improvedirect |
c. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses). | expensescosts |
d. A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object). | cost objectdirect cost |
e. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory). | cost of goods soldwork in process inventory |
f. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs. | primeconversion |
g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs. | increasesdecreases |
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