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Product Costs in Accounting: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What are the 3 parts of a product's costs?

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1. What type of account is a finished goods inventory account?

2. A product cost is different from a period cost. Which one is NOT a period cost?

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About This Quiz & Worksheet

Product costs are a very important aspect of accounting principles. These practice assessments will help gauge your comprehension of how product costs play a role in accounting. The quiz will ask questions about different kinds of product costs and how they're calculated.

Quiz & Worksheet Goals

This pair of assessments will test you on:

  • Three parts of a product's cost
  • Finished Goods Inventory Classification
  • Product and period cost differences
  • The Cost of Goods Manufactured Schedule
  • Effect on financial statements when a customer buys a product

Skills Practiced

  • Reading comprehension - ensure you comprehend key information from the related product costs in accounting lesson
  • Information recall - access the knowledge you've gained regarding the parts of a product's cost
  • Knowledge application - utilize your knowledge to answer questions about the difference between product and period costs

Additional Learning

To learn more about product costs in accounting, read the accompanying lesson titled Product Costs in Accounting: Definition & Examples. The lesson will cover the following key topics:

  • Graphic representations of the stages of product costs
  • How a Costs of Goods Manufactured Schedule relates to product costs
  • Direct labor and its correlation to product costs
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