Period Costs Are Those Costs Assigned to Units of Production

question 60

True/False

Period costs are those costs assigned to units of production in the period in which they are incurred.This statement describes product costs,not period costs.

---

Definitions:

Credit Decision

The process by which lenders determine the creditworthiness of a borrower, based on criteria such as credit score, income, and past repayment history, to approve or deny credit.

Credit Agreement

A legal contract in which a borrower agrees to the terms under which they are lent money by a lender.

Extend Credit

The act of allowing a customer to purchase goods or services now and pay for them later, under agreed terms and conditions.

Resale

The act of selling again, especially selling a purchased item to another buyer.