Cost Accounting Quiz
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Questions and Answers

Which financial statement is the classification for expired costs?

  • Statement of retained earnings
  • Cash flow statement
  • Income statement (correct)
  • Balance sheet
  • Which financial statement is the classification for unexpired costs?

  • Statement of retained earnings
  • Balance sheet (correct)
  • Cash flow statement
  • Income statement
  • Which type of cost is included in inventory?

  • Prime cost (correct)
  • Mixed cost
  • Conversion cost
  • Period cost
  • Which type of cost includes direct labor and manufacturing overhead?

    <p>Conversion cost</p> Signup and view all the answers

    Which type of cost is expensed on the income statement?

    <p>Period cost</p> Signup and view all the answers

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