The three major cost of manufacturing a product are:
A. General, selling, and administrative costs.
B. Marketing, selling, and administrative costs.
C. Product costs, period costs, and variable costs.
D. Indirect labor, indirect materials, and fixed expenses.
E. Direct materials, direct labor, and factory overhead.
Answer: E
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Indicate whether the statement is true or false
Under accrual accounting, revenue is recognized when
a. the firm has performed all, or most of, the services it expects to provide. b. the firm has received cash, or some other asset such as a receivable, whose cash-equivalent value it can measure with reasonable precision. c. the firm has significant uncertainty about the amount and timing of the cash inflows and outflows from the sales transaction. d. both a and b must be present. e. none of the above.
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In addition to merchandise and payments, information flows throughout a supply chain. All of the following statements are a good characterization of the flow of information in a supply chain except
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