QUESTION 13 Which of the following statements are true? 1. In a manufacturing company, all costs are period costs. 2. Selling and administrative expenses are period costs under generally accepted accounting principles. 3. The cost of shipping parts from a supplier is considered a period cost. Statements I and III are true. Only statement II is true. Statements I and II are true. Only statement I is true.

QUESTION 13 Which of the following statements are true? 1. In a manufacturing company, all costs are period costs. 2. Selling and administrative expenses are period costs under generally accepted accounting principles. 3. The cost of shipping parts from a supplier is considered a period cost. Statements I and III are true. Only statement II is true. Statements I and II are true. Only statement I is true.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 1SEQ: Which 01 the following is not considered a cost of manufacturing a product A. Direct materials cost...

See similar textbooks

Similar questions

[S1] Costs that are expensed when incurred are called period costs. [S2] In financial accounting, all manufacturing costs are product costs. a. both are trueb. both are falsec. S1 is trued. S2 is true
On a manufacturing company's income statement, which of the following is true? 1. Direct labor is separately listed as an expense. 2. Direct materials is separately listed as an expense. Only statement I is true. Neither statement is true. Only statement II is true. Both statements I and II are true. O O O O
Which of the following statements is false? O a. Product costs are inventoriable costs O b. Product costs show up on the income statement in cost of goods sold O c. Product costs are automatically deducted and expensed during the current accou period O d. Product costs become expenses when the units are sold
The largest expense of most manufacturing firms is?a. Salaries Expenseb. Amortization Expensec. Rent Expensed. Cost of Goods Sold
1. Product costs are expensed on the balance sheet statement in the period incurred (true or false). 2. Direct labor is period Cost (true or false) 3. Non-manufacturing costs are not treated as period costs (true or false)
19 The operating expenses is deducted from Gross profit but the company should figure out which are the expenses to be categorized as _____. Variable and Fixed expenses Direct materials, indirect materials Indirect materials and indirect labor Direct labor, indirect labor
How much is total cost of goods manufactured? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)
Why are product costs sometimes called inventoriable costs? Describe the flow of such costs ina manufacturing company from the point of incurrence until they finally become expenses on theincome statement.
• (1) Manufacturing costs are regarded as expenses of the current period and are expensed when incurred (2) raw materials inventory refers to the direct materials on hand and available for use in the manufacturing process. a. BOTH statements are TRUE b. 1st statement TRUE c. statement FALSE d. BOTH statements are FALSE
1. State whether the following questions is True (T) or False (F): a. Cost accounting looks at the company as a whole and not at the various units, jobs or processes. b. Financial accounting is concerned with how and why profits arise. c. Cost accounting depends entirely on historical information.
1. Which one of the following could not be used to describe a summary of a company's assets, liabilities, and capital at a specific date?a. Profit and loss accountb. Balance sheetc. Position statementd. Statement of financial condition 2. All indirect factory costs are recorded under the costing head?a. Prime costb. FOH costc. Direct labor costd. None of the above
Statement 1: Cost Accounting relates to the conventional costing methods and techniques in accumulating the cost of a product, process, project or service, including both product and period cost in accumulating cost.Statement 2: Cost Accounting aims to reflect the correct complete financial picture/information of the entity to the different shareholders. a. Statement 1 is False, Statement 2 is True b. Statement 1 is True, Statement 2 is False c. Both statements are true d. Both statements are false