Numerical or Verbal Descriptions That Usually Result from Measurements of Some

question 122

Multiple Choice

Numerical or verbal descriptions that usually result from measurements of some sort are known as _____.

• A) information
• B) statistics
• C) software
• D) frequency distributions
• E) data

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Definitions:

Period Costs

Expenses that are incurred regardless of the level of production, such as sales and administrative costs, and are directly expensed on the income statement.

Direct Materials

refers to raw materials that are directly traceable to the manufacturing of a product and are an integral part of the finished product.

Direct Labor

The cost of wages and benefits for employees who are directly involved in the production of goods or services.

Conversion Cost

The total expenses of direct labor and manufacturing overheads used in transforming raw materials into completed goods.