Which of the Following Would Most Likely Be a Period

question 55

Multiple Choice

Which of the following would most likely be a period cost?

• A) Depreciation on factory lunchroom furniture.
• B) Salary of telephone receptionist in the sales office.
• C) Salary of a security guard for the factory parking lot.
• D) Computer chips used by a computer manufacturer.

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Definitions:

Internal Control Elements

Components of a framework designed to safeguard assets, ensure financial reporting accuracy, promote operational efficiency, and encourage adherence to policies.

Efficient Funds Transfer

The process of transferring money from one bank account to another swiftly and cost-effectively.

Bank Reconciliation

This process ensures that a company's or individual's accounting records (check register) match up with the bank's records, often revealing discrepancies.

Internal Control System

A set of procedures and mechanisms implemented by a business to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.