Generally Accepted Accounting Principles (GAAP)mandates the Type of Product Costing

question 98

True/False

Generally Accepted Accounting Principles (GAAP)mandates the type of product costing system (job costing or process costing)that must be used by a manufacturer.

---

Definitions:

Dividends Paid Per Share

The amount of dividend that a company pays out to its shareholders for each share owned.

Retained Earnings

The portion of a company's profits that are kept or retained and not paid out as dividends to shareholders, often used for reinvestment in the business, to pay down debt, or to reserve for future use.

Dividends

Disbursements from profits made by a corporation to its shareholders.

Interest Expense

The cost incurred by an entity for borrowed funds, which is considered an operating expense.