QUIZ 2 ANSWERS - Universidad Iberoamericana UNIBE 1. The...

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UNIBE 1. The sacrifice made, usually measured by the resources given up, to achieve a particular purpose is called which of the following: a. A cost. b. An expense. c. A product cost. d. An Inventoriable cost. e. A period cost. 2. Which of the following is false ? a. Product cost for merchandise is the cost of purchases plus transportation. b. Cost of merchandise sold is also called the cost of goods sold. c. Retailers and wholesalers treat period costs as expenses. d. Period costs are treated as product costs with service industries. e. Product cost is synonymous with manufacturing cost. All costs that are not classified as product costs are period costs. Period costs are treated the same way in all types of companies—retailers and wholesalers, manufacturers, and service industry firms—they are recognized as expenses during the time period in which they are incurred. 3.
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This note was uploaded on 08/10/2011 for the course ECON 123 taught by Professor Other during the Spring '11 term at Pontificia Universidad Catolica Madre y Maestra.

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QUIZ 2 ANSWERS - Universidad Iberoamericana UNIBE 1. The...

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