Why are costs associated with a cost object?

2. What assumptions accountants make about cost behavior, and why are

these assumptions necessary?

3. How are costs classi! ed on the ! nancial statements, and why are such

classifications useful?

4. How does the conversion process occur in manufacturing and service

companies?

5. What are the product cost categories, and what items comprise those

categories?

6. How and why does overhead need to be allocated to products?

7. How is cost of goods manufactured calculated and used in preparing an

income statement?

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