Which Markets Are Represented in the Simple Circular-Flow Diagram

question 245

Multiple Choice

Which markets are represented in the simple circular-flow diagram?

• A)markets for goods and services and markets for financial assets
• B)markets for factors of production and markets for financial assets
• C)markets for goods and services and markets for factors of production
• D)markets for goods and services and markets for imports and exports

Understand the classification of costs as either inventoriable or period costs and their impact on financial statements.

Analyze how direct labor, direct materials, and manufacturing overhead contribute to the total manufacturing costs.

Distinguish between the cost allocations for raw materials, work in process, and finished goods inventories.

Apply basic accounting principles to compute cost of goods sold and cost of goods manufactured using given data.