In a Production Cost Report Which One of the Following

question 6

Multiple Choice

In a production cost report which one of the following sections is not shown under Costs?

• A) Unit costs.
• B) Costs to be accounted for.
• C) Costs during the period.
• D) Units accounted for.

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Definitions:

Percentage

A way of expressing a number as a fraction of 100, used to compare proportions.

Land

In addition to the part of the earth’s surface not covered by water, this term refers to any and all natural resources (“free gifts of nature”) that are used to produce goods and services. Thus, it includes the oceans, sunshine, coal deposits, forests, the electromagnetic spectrum, and fisheries. Note that land is one of the four economic resources.

User Costs

Expenses incurred by consumers for the use of a good, service, or asset, including maintenance, repair, and operational costs.

Total Cost Line

A graphical representation showing the total cost of producing varying quantities of output.