Which of the Following Statements Is True with Regard to Product

question 141

Multiple Choice

Which of the following statements is true with regard to product costs versus general, selling, and administrative costs?

• A)Product costs associated with unsold units appear on the income statement as general expenses.
• B)General, selling, and administrative costs appear on the balance sheet.
• C)Product costs associated with units sold appear on the income statement as cost of goods sold.
• D)None of these is true.

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Definitions:

Business Ethics

The rules of moral values that guide decision making—your understanding of the difference between right and wrong.

Ethics Code

A set of principles and standards that guide behavior and decision-making within an organization or profession.

Employee Handbook

A manual or document that communicates a company's policies, procedures, and expectations to its employees, serving as a reference for workplace standards and norms.

Mission Statement

A description of the reason why an organization exists.