provide accounting options answer. Costs that are expended during the period in which the costs are incurredare called: Select one:a. indirect costs.b. inventoriable costs.c. period costs.d. product costs.e. All of the abovef. None of the above

The correct answer is:c. period costs. ExplanationPeriod Costs:These are costs that are expensed in…

Answered: Costs that are expended during the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 5PB: Using the costs listed in the previous problem, classify the costs as either product costs or period...

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Similar questions

In the cost equation Y=a+bx, Y represents which of the following? A. fixed costs B. variable costs C. total costs D. units of production
Which of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expense
Under the weighted average method, how are prior-period costs and output treated? How are they treated under the FIFO method?
For which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard cost
In assigning costs to goods transferred out, how do the weighted average and FIFO methods differ?
Which costs are assigned using the weighted-average method?
What is a direct cost? An indirect cost? Can the same cost be direct for one purpose and indirect for another? Give an example.
The distinction between indirect and direct costs depends on: Select one: a. whether a cost differs between alternatives. b. whether a cost is variable or fixed. c. whether a cost is a product or a period cost. d. whether a cost can be easily traced to the cost object under consideration. e. all of the above statements are correct.
In CVP Analysis, total costs are defined as costs derived from product costs and period costs. TRUE FALSE
Research and development costs are classified as: O a. Inventoriable costs. O b. Product costs. O c. Period costs. O d. Cost of goods sold.
A cost objective is: Select one: O A. Confined to direct costs O B. The purpose for which costs are accumulated O C. Relevant only to the manufacturing situation O D. All of the above
Which of the following summarizes the weighted average cost flow assumption? Weighted average assumes that costs flow in the reverse order incurred. O Weighted average assumes that cost flow is allocated by the physical weight of items purchased. O Weighted average assumes that costs flow at an average of the costs available. O Weighted average assumes that costs flow in the order incurred.

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Costs that are expended during the period in which the costs are incurred are called: Select one: a. indirect costs. b. inventoriable costs. c. period costs. d. product costs. e. All of the above f. None of the above