Choose one correct answer by writing down the question number and the letter representing the answer next to it. e.g 1.b 1.Direct Costs are costs that: a. are traceable to a product b. are classified as product costs c. are also regarded as prime costs d. All of the above are correct
Choose one correct answer by writing down the question number and the letter representing the answer next to it. e.g 1.b 1.Direct Costs are costs that: a. are traceable to a product b. are classified as product costs c. are also regarded as prime costs d. All of the above are correct
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Choose one correct answer by writing down the question number and the letter representing the answer next to it. e.g 1.b
1.Direct Costs are costs that:
a. are traceable to a product
b. are classified as product costs
c. are also regarded as prime costs
d. All of the above are correct
Expert Solution
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Step 1
Costs are classified as direct and indirect costs.
Direct costs are a cost which is directly related to the production of goods
Indirect cost refers to costs is that incurred indirectly in the production of goods and services.
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