Concepts and TerminologyFrom the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:Appropriate termforSentencecompletingsentencea. 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.

solution Number Sentence Appropriate term A Advertising costs are usually viewed as…

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

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

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5E: From the choices presented in parentheses, choose the appropriate term for completing each of the...

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