Multiple Choice
If a company misclassifies a general,selling and administrative cost as a product cost in a period when production exceeds sales:
A) net income will be overstated.
B) total assets will be understated.
C) gross margin will be understated.
D) both net income will be overstated and gross margin will be understated
Correct Answer:
Verified
Correct Answer:
Verified
Q62: Depreciation on manufacturing equipment is an indirect
Q63: During its first year of operations,Silverman Company
Q64: Product costs are immediately recorded in expense
Q65: Randall Company manufactures chocolate bars.The following
Q66: The benefits of a just-in-time system would
Q68: The Giga Company produces tablet computers.The
Q69: During its first year of operations,Silverman Company
Q70: Anton believes his company's overhead costs are
Q71: Distinguishing between product and period costs is
Q72: Financial accounting information is reported periodically,primarily at