Financial Accounting > TEST BANK > Test bank -Introduction To Managerial Accounting 7th Edition by Peter Brewer, Ray Garrison, NOREEN-l (All)

Test bank -Introduction To Managerial Accounting 7th Edition by Peter Brewer, Ray Garrison, NOREEN-latest 2022

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1. Selling costs can be either direct or indirect costs. True False 2. A direct cost is a cost that cannot be easily traced to the particular cost object under consideration. True False ... 3. Property taxes and insurance premiums paid on a factory building are examples of period costs. True False 4. Conversion cost equals product cost less direct labor cost. True False 5. Thread that is used in the production of mattresses is an indirect material that is therefore classified as manufacturing overhead. True False 6. Direct labor is a part of prime cost, but not conversion cost. True False 7. Conversion cost is the sum of direct labor cost and direct materials cost. True False 8. Direct material costs are generally fixed costs. True False 9. Product costs are recorded as expenses in the period in which the related products are sold. True False 10. Depreciation on manufacturing equipment is a product cost. True False 11. Manufacturing salaries and wages incurred in the factory are period costs. True False 12. Depreciation on office equipment would be included in product costs. True False 13. Rent on a factory building used in the production process would be classified as a product cost and as a fixed cost. True False CONTINUED....... [Show More]

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