Another Term for Product Cost Is Cost of Goods Sold

question 52

True/False

Another term for product cost is cost of goods sold.

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Definitions:

Accumulated Depreciation

The total depreciation expense that has been charged against an asset since it was acquired.

Original Cost

The initial purchase price or cost of acquiring an asset before any depreciation, amortization, or impairment costs are deducted.

Fair Value

An estimate of the market value of an asset or liability, based on the current price at which it could be bought or sold in an open market.

Legal Life

The period in which an asset is legally allowed to be used for its intended purpose, or the duration of intellectual property protection under law.