Mylti Choice Flashcards
1
Q
Which cost should be ignored when choosing among alternatives?
A
Sunk costs
2
Q
When are product costs expensed
A
expensed in the period the related product is sold.
3
Q
Product cost in balance sheet
A
Inventory
4
Q
Product cost in income statement
A
Cost of goods sold
5
Q
five objectives of managerial accounting activity
A
Provide, Assist, Motivate, Measure, Assess
6
Q
What’s not gonna be in income statement
A
Gross margin
