Kindly answer questions 1-3: 1.) Discretionary costs are costs that must be incurred because of past decision, contractual agreement, and government regulations. a. true b. false 2.) Product costs: a. are always expensed in the same period in which they are incurred. b. are inventoriable costs. c. vary directly with changes in cost driver. d. are always charged to an asset account in the same period in which they are incurred. 3. Controllable costs are cost items which can be regulated depending on the level of management one is in. a. True b. False b. False
Kindly answer questions 1-3: 1.) Discretionary costs are costs that must be incurred because of past decision, contractual agreement, and government regulations. a. true b. false 2.) Product costs: a. are always expensed in the same period in which they are incurred. b. are inventoriable costs. c. vary directly with changes in cost driver. d. are always charged to an asset account in the same period in which they are incurred. 3. Controllable costs are cost items which can be regulated depending on the level of management one is in. a. True b. False b. False
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Kindly answer questions 1-3:
1.) Discretionary costs are costs that must be incurred because of past decision, contractual agreement, and government regulations.
a. true
b. false
2.) Product costs:
a. are always expensed in the same period in which they are incurred.
b. are inventoriable costs.
c. vary directly with changes in cost driver.
d. are always charged to an asset account in the same period in which they are incurred.
3. Controllable costs are cost items which can be regulated depending on the level of management one is in.
a. True
b. False
b. False
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