Where a Specific Manufactured Product Is the Cost Object,the Hourly

question 17

Multiple Choice

Where a specific manufactured product is the cost object,the hourly wages of assembly workers who work on only that product would be classified as a(n) ________.

• A)direct; variable cost
• B)direct; fixed cost
• C)indirect; variable cost
• D)indirect; fixed cost

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Definitions:

Income Summary

An account used in the closing process during the accounting cycle that sums up all revenues and expenses for the period to determine the net income or loss for the period.

Retained Earnings

The sum of a company's earnings up to the present, reduced by any shareholder dividends or distributions.

Total Assets

The sum of all assets owned by a company, including both current and fixed assets, as represented on the balance sheet.

Dividends

Disbursements issued by a company to its shareholders, usually sourced from the organization's earnings.