Examlex
Match each of the following statements with the terms below that provide the best definition.
-Economic effect test
Direct Materials Costs
Costs that are directly traceable to the production of specific goods or services, such as raw materials used.
Direct Labor Costs
Expenses related to employees who directly contribute to the production of goods or services, such as wages for assembly line workers.
Period Costs
Costs that are expensed in the period they are incurred rather than being capitalized or included in the cost of goods sold, such as selling, general, and administrative expenses.
Selling
The process of promoting and exchanging goods or services for value.
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