The Explicit Cost of Production Is Also Called

question 21

Multiple Choice

The explicit cost of production is also called

• A)variable cost.
• B)accounting cost.
• C)direct cost.
• D)overhead cost.

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Definitions:

General Journal Entry

A record of financial transactions in the order in which they occur, used as the basis for all other financial reports.

Sales Tax

A government-imposed charge on the sale of goods and services.

General Journal Entries

The initial records of financial transactions, entered in the general journal, before they are posted to specific accounts in the general ledger.

Terms of Sale

The conditions under which a seller agrees to sell and a buyer agrees to buy, including payment terms, delivery time, and warranties.