Give three examples of a period cost. At what time are period costs recognized as expenses?
What will be an ideal response?
Examples of period costs include selling and administrative costs such as advertising, administrative salaries, sales commissions, and insurance. (Notes to instructor: Only three are required. Transportation-out is another example of a period cost.)
Period costs are usually recognized as expenses in the period in which they are incurred.
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Intangible assets differ from property, plant, and equipment assets in that they lack physical substance
a. True b. False Indicate whether the statement is true or false
Operational inefficiencies occur because
a. accounts both common and unique to many concurrent transactions need to be updated in real time. b. accounts common to many concurrent transactions need to be updated in real time. c. accounts unique to many concurrent transactions need to be updated in real time. d. None of the above are true statements
Which step in the AIDA allows the writer to explain how the change will benefit the audience and answers potential objections?
A) Interpersonal B) Interest C) Demand D) Desire E) Attention
The determination of the balance sheet cost of merchandise inventory is not important to the determination of net income
Indicate whether the statement is true or false