The costs which are considered as expenses in the accounting period are also known as ____________?
Correct answer: B. period costs
- A. inventory costs
- B. period costs
- C. timed costs
- D. labor overheads
Explanation
Period costs are charged as expenses in the accounting period in which they are incurred rather than being attached to inventory. Selling and administrative costs are common examples.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? support@testustad.com
About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
Practise Cost Accounting
941 free Cost Accounting MCQs from Accounting, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Exams that ask Accounting questions like this
Accounting is on 2 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
More Cost Accounting questions
All the costs, which are assigned to manufactured products for specific calculations are classified as ___________?
The direct manufacturing labor costs is $40000 and manufacturing overhead cost is $7000, then conversion cost would be ____________?
The supplies, plant maintenance, plant rent, plant insurance and cleaning labor come under the type of costs called ____________?
The period cost, which consists the income statement of manufacturing companies belong to ____________?
Audit fess is a part of__________.
Tender is an_____________?