q explain about period costsperiod costs are
Q. Explain about Period costs?
Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs.
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q what is matching principleexpense recognition is closely related to as well as sometimes discussed as part of the revenue recognition principle the
the measurement of expense accountants measure largely assets used in operating a business by their historical costs consequently they measure a
q show timing of expense recognitionthe timing of expense recognition the matching principle entail that a relationship exists between expenses and
q define the product costsproduct costs are costs earns in the acquisition or manufacture of goods since you will see in the next section included as
q explain about period costsperiod costs are costs not noticeable to specific products and expensed in the period incurred administrative and selling
q gain and loss recognition principlethe gain and loss recognition principle states that we record gains merely when realized but losses when they
q explain about full disclosure principlethe full disclosure principle states that information significant enough to influence the decisions of an
q explain about modifying conventionsin certain examples companies dont strictly apply accounting principles because of modifying conventions or
q what is cost-benefitcost-benefit the cost-benefit consideration engrosses deciding whether the benefits of including optional information in
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