The Monetary Value Charged to Customers for the Performance of Services

question 53

Multiple Choice

The monetary value charged to customers for the performance of services sold is called a (n)

• A) asset
• B) net income
• C) capital
• D) revenue

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Definitions:

Finished Goods

Products that have completed the manufacturing process but have not yet been sold or distributed to customers.

Raw Material Costs

The expenses associated with the acquisition of raw materials used in the production of goods.

Labor Costs

The total sum of all wages paid to employees, as well as the cost of employee benefits and payroll taxes incurred by an employer.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, including but not limited to utilities, maintenance, and salaries of supervisory personnel.