Concepts and TerminologyFrom the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:SentenceAppropriate term for completing sentencea. Advertising costs are usually viewed as (period, product) costs. b. Feedback is often used to (improve, direct) operations. c. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses). d. A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object). e. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory). f. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs. g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.

Period Cost: These are the costs other than the product costs. These costs are not incurred in…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter9: Responsibility Accounting And Decentralization

Section: Chapter Questions

Problem 1PA: Use the following information to answer the questions that follow. A. Calculate the operating income...

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Concepts and Terminology

From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:

Sentence	Appropriate term for completing sentence
a. Advertising costs are usually viewed as (period, product) costs.
b. Feedback is often used to (improve, direct) operations.
c. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).
d. A product, a sales territory, a department, or an activity to which costs are traced is called a (direct cost, cost object).
e. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).
f. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.
g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.

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