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Unformatted text preview: Manufacturing overhead is comprised of production costs that cannot be traced directly to products. Period costs are expensed in the period in which the economic sacrifice is made. They include general, selling and administrative costs. Product Costs are all costs related to obtaining or manufacturing a product intended for sale to customers. These costs are accumulated in inventory accounts and expensed as costs of goods sold at the point of sale. Product costs in a manufacturing concern include direct materials, direct labor and manufacturing overhead. Raw materials are the physical commodities (e.g., wood, fabric) used in the manufacturing process. Other Terms Number Standard Situation 1 Confidentiality Disclose confidential information 2 Objectivity Issue false or misleading financial statements 3 Competence Perform activities for which they have not been adequately prepared to do 4 Integrity Bribery and embezzlement of a companys funds...
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This note was uploaded on 03/31/2011 for the course ACCT 102 taught by Professor Wang during the Spring '11 term at Adelphi.
- Spring '11