Only direct costs can be classified as product costs; indirect costs are classified as period costs.
Answer the following statement true (T) or false (F)
False
This statement is false. Product costs can include both direct and indirect costs.
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Differences that currently exist between IFRS and U.S. GAAP with regard to the presentation of information on the income statement include all of the following except
A) different acceptable terminology relating to revenue items. B) depreciation measures differ when equipment has been revalued. C) different performance measures such as EBITDA are permitted under IFRS. D) differences resulting because IFRS does not require the use of accrual accounting under the historical cost framework.
Negotiating team members may shift roles as the negotiation evolves. The most frequent role shift is from being the chief negotiator to being a passive observer who is silent while others are speaking.
Answer the following statement true (T) or false (F)
For insurance companies, unrealized gains and losses, not recognized on the income statement, will be recorded in the account accumulated other comprehensive income
Indicate whether the statement is true or false
The management of Lawnshark Lawnmowers has calculated the following variances:
What is the total variable overhead variance of the company?
A) $2500 F
B) $12,500 F
C) $8500 F
D) $4000