Which of the following is not a prime cost? Period costs include: Current liabil

Question

Which of the following is not a prime cost? Period costs include: Current liabilities on the balance sheet Operating costs that are shown on the income statement in the period in which they arc incurred. Current assets on the balance sheet. Operating costs that are shown on the income statement when products are sold. For which of the following businesses would the process cost system be appropriate? Which of the following is not true about why a service firm will use the job order costing system? Which of the following is not a factory- overhead allocation method?

Explanation / Answer

4) Option D, Supervisor wages is not a prime cost

5) Option B is correct i.e. operating cost is shown in income statement and it is calculated as per their actul incurred for the period.

6) Process costing is suitaable for Lumber mill (option D)

7) Option A, to determine department costs with in the firm Job order cost not suitable, it show the cost of the particular Job.

8) Option D, Factory costing is not a factory overhead allocation method.

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