10. Total of all direct costs is termed asA. prime costB. works costC. cost of salesD. cost of production

Option a: This option is correct because prime cost in accounting refers to the total direct costs…

Answered: 10. Total of all direct costs is termed…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

7
Direct labour cost is an element of_________ a. All of the given options b. Prime cost c. Conversion cost d. Factory overhead
Question A(iii) and B please
How is the cost per equivalent unit of production calculated?
What is the purpose of cost allocation in terms of economic decisions, motivation and justifying costs? Answer in 250 words.
Which of the following correctly describes the term cost driver? a.The primary factor which is correlated with the amount of cost incurred to produce a product b.The total material, labor, and overhead cost of a completed job c.The inflation rate which causes costs to rise d.The initial purchase price of direct materials
In cost terms, direct labor cost is included inA. Manufacturing costsB. Prime costsC. Conversion costsD. B and CE. A, B and C
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4. Which of the following are period costs? a. Raw materials b. Direct materials and direct labor c. Direct labor and manufacturing overhead d. Selling expenses
3.Activity based costing (ABC) is a method of allocating the indirect costs of sales commissions to products. A. true b. false
Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year 60 24 24 $ 528,000 22 8 $4 $ 105,000 11 la. Assume the company uses absorption costing. Determine its product cost per unit. Absorption costing Per unit product cost using:
Define the terms Cost Costing Cost Accounting Cost Accountancy Management Accounting Financial Accounting Product vs Period Cost Manufacturing vs Non-Manufacturing Direct vs Indirect Cost Opportunity cost Sunk cost Differential cost Prime cost Conversion Cost

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10. Total of all direct costs is termed as A. prime cost B. works cost C. cost of sales D. cost of production