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.   b.  Feedback is often used to (improve, direct) operations.   c.  Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).   d.  A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object).   e.  The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).   f.  Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.   g.  The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.

Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 5E: From the choices presented in parentheses, choose the appropriate term for completing each of the...
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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 sentence
a.  Advertising costs are usually viewed as (period, product) costs.  
b.  Feedback is often used to (improve, direct) operations.  
c.  Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).  
d.  A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object).  
e.  The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).  
f.  Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.  
g.  The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.
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