Which of the Following Is an Expense of This Period

question 49

Multiple Choice

Which of the following is an expense of this period?

• A)Costs of items used up this period but paid for next period
• B)Costs of items paid for in this period but used up next period
• C)Cost of land purchased and paid for this period
• D)Repayment of debt from a loan in a prior period

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Definitions:

Inputs

Resources used in the production process, including raw materials, labor, and overhead costs.

Outputs

Outputs are the goods or services produced by a company or an economic system as a result of its inputs and processes.

Controllable Variance

The portion of variance that can be directly managed or influenced by a manager, often related to costs within a specific period.

Variable Overhead

Costs that fluctuate with the level of output or production activity, such as utilities for a manufacturing line.