Question

Each of the following is either a product or a period cost. Label each one appropriately...

Each of the following is either a product or a period cost. Label each one appropriately (worth 1/2 pt each).

The cost of the memory chips used to create radar for an aircraft

      [ Choose ]            Period            Product      

Factory heating costs

      [ Choose ]            Period            Product      

Factory equipment maintenance costs

      [ Choose ]            Period            Product      

Training costs for new administrative employees

      [ Choose ]            Period            Product      

The cost of the solder that is used in the assembling of the radar

      [ Choose ]            Period            Product      

The travel cost of the company's salespersons

      [ Choose ]            Period            Product      

Wages and salaries of factory security personnel

      [ Choose ]            Period            Product      

The wages of the workers who assemble the radar sets

.

Each of the following is a characteristic of Managerial or Financial Accounting. Label each one appropriately (worth 1/2 pt each).

Emphasizes timeliness

      [ Choose ]            Managerial            Financial      

Reports to board of directors, owners, outsiders

      [ Choose ]            Managerial            Financial      

Focuses on parts of the company

      [ Choose ]            Managerial            Financial      

Emphasizes relevance

      [ Choose ]            Managerial            Financial      

Must follow generally accepted accounting principles

      [ Choose ]            Managerial            Financial      

Focuses on historical data

      [ Choose ]            Managerial            Financial      

Need not follow GAAP

      [ Choose ]            Managerial            Financial      

Emphasizes precision

Business   Accounting   
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Homework Answers

Answer #1

Part 1:

1a product
1b Period
1c product
1d Period
1e product
1f Period
1g product
1h product

Part2:

2a Managerial            
2b Financial Accounting
2c Managerial            
2d Managerial            
2e Financial Accounting
2f Managerial            
2g Managerial            


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