A Fully Performed Contract Is Called an Executed Contract

question 75

True/False

A fully performed contract is called an executed contract.

---

Definitions:

Unit Product Cost

The total cost (direct materials, direct labor, and manufacturing overhead) associated with a single unit of product.

Unit Product Cost

The cost incurred to produce a single unit of product, inclusive of direct materials, direct labor, and manufacturing overhead.

Job T687

This could refer to a specific task, project, or product order within a job costing system, identified by the number T687.

Selling Price

The price at which a product or service is offered for sale to customers.