The Cost of Assets Consumed or Services Used Is Also

question 58

Multiple Choice

The cost of assets consumed or services used is also known as a(n)

• A) revenue.
• B) expense.
• C) liability.
• D) asset.

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Definitions:

Factory Labor

The workforce engaged in the manufacture of goods, particularly those who are directly involved in producing products in a factory setting.

Standard Cost Accounting System

An accounting framework that uses cost units determined in advance for materials, labor, and overhead to value inventories and cost of goods sold.

Gross Profit

The excess of net sales over the cost of goods sold.

Balanced Scorecard Approach

A strategy performance management tool that views an organization from four perspectives: financial, customer, process, and learning and growth.