BUS-A 200 Chapter Notes - Chapter 1: Certified Public Accountant, U.S. Securities And Exchange Commission, Legal Personality
Document Summary
Product cost - a type of cost associated with goods or resale, usually inventory costs. Selling and administrative expenses - also called period costs, these are costs that are not directly traceable to products, for example, operating expenses. Period cost - this type of cost is expensed in the period in which it is used. Product cost - this type of cost is expensed in the period in the period in which the inventory is sold. Perpetual inventory system - system under which the balance in the inventory account is increased each time goods are purchased and decreased each time goods are sold. Securities exchange commission - the federal government"s response to the great depression. Under this, management of corporations is responsible for releasing financial statements to shareholders. Certified public accountant - someone who is part of a firm that verify"s financial statements unbiased, on the behalf of the shareholders.
