For inventoriable costs to become expenses under the matching principle, the product must be finished and in stock. the product must be expensed based on its percentage-of-completion. all accounts payable must be settled. the product to which they attach must be sold

Q: Distinguish between costs included in inventories and costs recognized as expenses in theperiod in…

A: Product cost is the cost incurred for manufacturing a product i.e.; it is the total amount of direct…

Q: n accounting for by-products, when the by-products are sold for more than the estimated sales value,…

A: There are two options available to the entity. The entity can choose either of the following options…

Q: D) $408,000.

A: Manufacturing overhead is the indirect cost incurred by a factory for the production of goods. It is…

Q: In any construction project, the total bill to the owner must equal a. Gross profit b. Net profit c.…

A: The construction contract accounting is the accounting system suitable for businesses engaged in…

Q: Which one of the following accounts is an asset similar to work-in-process inventory? Group of…

A: An asset refers to the resource of the business that can be utilized for the purpose of revenue…

Q: How to calculate total selling expense

A: Selling expenses are the expenses incurred to sell a product to the customer.

Q: Describe the different approaches of expense recognition.

A: Expenses are being recognized when the revenues and relevant expenses are matched for the same…

Q: An example of an expense classifi cation by function is: C . cost of goods sold.

A: Expenses are either classified by nature or by function.

Q: Entity A buys and sells artifacts. Each artifact is unique and not ordinarily interchangeable.…

A: Answer :- PAS 2 lays down various guidelines and rules with regards to inventories. For instance PAS…

Q: Determining the transfer price as the price at which the product or service transferred could be…

A: Transfer pricing relates to the procedure used to establish the price of products or services traded…

Q: In accordance with IAS 2 Inventories define the terms "inventories" and "net realisable value”.…

A: Inventories as the name states is one the asset to the company or any business which comes under the…

Q: when goods are sold their costs are transferred to finished goods inventory. True or False?

A: The inventory accounts are classified as Work in process, finished goods inventory, raw materials.…

Q: differences between the FASB and GASB

A: Accounting is a practice that helps the business to keep its transactions in legal-mentioned form.…

Q: What are the main differences between a perpetual system  and a periodic system? In your…

A: In accounting, there may be different methods to record a financial transaction. The selling and…

Q: A major difference between GAAP and IFRS with respect to accounting for inventories is:…

A: Generally Accepted Accounting Principles or GAAP Are the principles governing the world of…

Q: Explain why product costs are capitalized but period costs are expensed in the current accounting…

A: Product Cost The cost of the goods refers to a price paid to manufacture a product. It requires…

Q: Product costs are: * Treated in the same manner as period costs Subtracted from cost of goods sold O…

A: Product costs : Product costs are also known as inventoriable costs. These costs that are incurred…

Q: Which product costs appear on the balance sheet? a. goods that are partially completed at end of…

A: Product cost refers to the cost incurred in the production of goods and includes direct materials,…

Q: How should variable overhead costs incurred to self-construct an asset be reca They should be…

A: Introduction:- Self-constructed assets refer to a company builds under its own management. The cost…

Q: A cost - based transfer price considers the cost of producing the goods when determining the price.…

A: At the time of determining the prices of the goods, the cost of goods-producing is required to be…