What are period costs? How does the accounting for period costs differ from the accounting for product costs?
What will be an ideal response?
Answers will vary
Period costs include general, selling, and administrative costs. Period costs are expensed in the period they are incurred. In contrast, product costs are initially recorded as assets, and become expenses in the period that the related goods are sold.
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What type of e-mail should you avoid sending while at work or from a work account?
a. forwards b. jokes c. e-mails containing emoticons d. all of the above
The accrual basis of accounting is often contrasted with the cash basis of accounting. Which of the following is true of the cash basis of accounting?
a. The cash basis is not subject to manipulation b. Most larger companies use the cash basis of accounting c. The cash basis of accounting provides a strong basis to determine the total assets of the company d. The cash basis provides an inferior picture of operating performance e. The cash basis provides an superior picture of operating performance
The future viability of the Social Security system will depend upon how wisely the government invests our Social Security tax revenues
Indicate whether the statement is true or false
A sample of 24 observations is taken from a population that has 150 elements. The sampling distribution of ? is
a. approximately normal because ? is always approximately normally distributed b. approximately normal because the sample size is large in comparison to the population size c. approximately normal because of the central limit theorem d. normal if the population is normally distributed