The Following Are All Examples of Product Costs

question 131

Multiple Choice

The following are all examples of product costs:

• A) Direct material, Direct Labor and Indirect Labor.
• B) Direct Labor, VP of Sales salary, and Insurance on the factory.
• C) Depreciation on the factory equipment, depreciation on the office building, and depreciation on the factory building.
• D) Factory Insurance, Interest expense, and Property taxes on the factory.
• E) Office supplies, Sales commissions, and maintenance costs on office copier.

Comprehend the concept of debits and credits and their impact on account balances.

Recognize the structure and significance of T accounts in accounting.

Understand how various types of transactions (cash receipts, cash payments, revenues, expenses) are recorded.

Identify the components and purposes of accounts found in the chart of accounts.

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Definitions:

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