Indicate Whether Each of the Following Statements Is True or False

question 115

Short Answer

Indicate whether each of the following statements is true or false.
The schedule of cost of goods manufactured and sold is included as part of a company's income statement.______
The schedule of cost of goods manufactured and sold indicates the amount of direct raw materials used during the period.______
Direct raw materials used + direct labor + applied manufacturing overhead = cost of goods manufactured.______
Cost of goods manufactured + ending finished goods - beginning finished goods = cost of goods sold.______
Cost of goods manufactured is calculated on the schedule of cost of goods manufactured and sold and is reported on the income statement.______

Describe how equity changes over a period of time.

Calculate liabilities when given assets and equity.

Recognize where cash investments by owners appear in financial statements.

Understand the risk and return characteristics of different investment types.