product costs are the costs that are assiciated with the whole project you are working on..from start to finnish. period costs are those costs that you need for a certain time fraime within the project itself.
A price list shows definitive prices. A quote is an estimate of what the costs will be. Many people give quotes when there are a lot of cost variables.
Closing costs of a mortgage are incurred when the loan is settled. If the loan is completed outside of a tie-in period there are no costs. If the loan is settled with a tie-in period, costs of up to 5% may be incurred.
yes
Product cost appear on the income statement as cost of goods sold and on the balance sheet as inventory.
TRUE
Product costs is the costs are the costs incurred in the making of the product. Manufacturing costs --Direct Materials, Direct Labor, and Manufacturing Overhead. Product cost are also factory costs Period costs are the selling and administration costs. Electricity costs for the Accounting dept. is an administration costs but Electricity costs for the factory is Manufacturing Overhead.
Period
You will increase the period's earnings because as a product costs, they may not be reported in the same period. Changing period costs to product costs improves how a company looks on paper, but does nothing for their actual financial position.
Period Costs.
Period Costs.
This is the economic distinction equivalent to fully absorbed cost of product and variable cost of product. Average cost is total cost divided by number of units. Marginal cost is the cost to produce the next unit (or the last unit
no...product cost
Explicit costs are those that are a result of a product. Implicit costs are costs that are associated with a product, but they can't be directly linked to the product.
No. They are not.they are part of period costs.
What arguments are there in favor of treating fixed manufacturing overhead costs as product costs? As period costs?
The product establishes the cost curve or the relationship between costs and outputs. Costs are influenced by the need and function of a certain product.
Gives a comparative cost of product related to time. Gives current expenditures and comparative basis to previous period costs.