Select the Appropriate Classification for Each of the Items Listed

question 185

Multiple Choice

Select the appropriate classification for each of the items listed below.
-Fees paid to outside auditing firm

• A)Product cost
• B)Period cost

---

Definitions:

Patents

Government-granted exclusive rights to an inventor or assignee for a fixed period of time, in exchange for the public disclosure of an invention.

Tangible Assets

Assets that have physical substance

Trademarks

Symbols, names, or phrases legally registered or established by use as representing a company or product.

Tangible Assets

Assets that have a physical form such as machinery, buildings, and land.