As a Result of the Treaty of Paris in 1898

question 21

Multiple Choice

As a result of the Treaty of Paris in 1898, ______________________.

• A) the United States agreed to pay Spain $20 million for territories acquired
• B) Cuba became part of the United States
• C) the Philippine Islands became independent
• D) Wake Island became a United States protectorate

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Definitions:

Period Cost

Costs not directly associated with production, charged as expenses during the period they arise.

Product Costs

Costs directly associated with the manufacturing of products, including direct materials, direct labor, and manufacturing overhead.

Period Costs

Expenses that are not directly tied to the production process and are expensed in the period they are incurred.

Indirect Materials

Supplies used in the production process that are not directly traceable to a finished product.