2. 7) The determination of a cost as either direct or...
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Accounting
2.
7) The determination of a cost as either direct or indirect depends upon the: A) accounting standards B) tax system chosen C) inventory valuation D) cost object chosen E) none of the above 8) Cost behavior refers to: A) how costs react to a change in the level of activity B) whether a cost is incurred in a manufacturing, merchandising, or service company C) classifying costs as either perpetual or period costs D) whether a particular expense is expensed in the same or the following period E) none of the above 9) Which of the following is NOT reported on the income statement of a manufacturing firm? A) cost of goods sold B) administrative and selling expenses C) work in progress D) marketing and distribution costs E) none of the above 10) The contribution income statement highlights: A) gross margin B) the segregation of costs into period costs and inventoriable costs C) different product lines D) variable and fixed costs E) none of the above
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