Students Who Have Not Taken an Accounting Class May Not

question 175

Essay

Students who have not taken an accounting class may not understand what is included in the cost of a product.Explain the three product cost classifications, the three manufacturing overhead cost classifications, and the difference in product and period costs.

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Definitions:

Physiological Deficiencies

Lack or shortage in the body of essential nutrients or substances required for normal biological functioning.

Physiological Needs

Physiological needs are the basic requirements for human survival, such as air, food, water, shelter, clothing, and warmth, which must be met before individuals can focus on higher-level needs.

Esteem Needs

Psychological requirements for respect, self-esteem, and recognition, as part of Maslow's hierarchy of needs.

Affiliation Needs

The human desire to belong to a group, be accepted, and maintain relationships with others, driving social interactions.