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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Concepts and terminology
From the choices presented in the parentheses, choose the appropriate term for completing each of the following sentences:
a. Advertising expenses are usually sieved as (period, product) costs.
b. An example of factory overhead is (plant depreciation. sun office depreciation).
c. Direct materials costs and direct labor cists are called (prime, conversion) costs.
d. Implementing automatic factory robotics equipment normally (increases, decreases) the factory overhead component of product costs.
e. Materials that are an integral part of the manufactured product are classified as (direct materials. factory overhead).
1. An oil refinery would normally use a (job order process) cost accounting system.
g. The balance sheet of a manufacturer would include an account for (cost at goods sold work-in-process inventory).
h. The sages of an assembly worker are normally considered a (period, product) cost

To determine

Concept Introduction:

The present question has various aspects like product cost and period cost, direct material, direct labor, Factory overhead expenses, prime cost and conversion cost, Job costing and process costing Etc. If a cost is incurred due to production of a product it is product cost and if cost is incurred due to passes of time it is called period cost. Some product are produced by following a particular process and petrol is one of them. Direct materials and direct labor cost are called prime cost and overhead cost is called conversion cost.

To Prepare:

To decide various aspects of cost and accounting.

Explanation
    S.NO.Description
    a.Advertising expenses are incurred due to passes of time so it's a period cost.
    b.Plant depreciation is an example of factory overhead
    c.Direct material and direct labor are called prime cost.
    d.Implementing automatic robotic equipment normally decreases the factory overhead component of product cost...

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