Selling and administrative expenses incurred in generating revenues during the current period are often referred to as

Product costs

Period costs

Manufacturing costs

None of the above

Manufacturing overhead consists of:

all manufacturing costs other than direct materials and direct labor

indirect materials but not indirect labor

all manufacturing costs including direct materials and direct labor

None of the above

When the level of activity increases, total fixed costs will increase.

True

False

There are three integral parts to the accumulation of total product cost. They are:

direct materials, indirect materials and direct labor

direct materials, direct labor, and factory overhead

direct labor, indirect materials and factory overhead

None of the above

Managerial accounting helps a company evaluate the performance of company decisions

True

False