Which of the following correctly describes the accounting for administrative expenses of a manufacturing company?
A) Administrative expenses are product costs and are expensed as incurred.
B) Administrative expenses are period costs and are expensed as incurred.
C) Administrative expenses are product costs and are expensed when the manufactured product is sold.
D) Administrative expenses are period costs and are expensed when the manufactured product is sold.
B
Business
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Firewood, Inc. signed a three-year note payable for $59,000 at 7% annual interest. What is the interest expense for 2017 if the note was signed on August 1, 2017?
A) $2,065 B) $1,721 C) $12,390 D) $4,130
Business
The minimum price that most consumers would pay for a given product is known as the ________ price
A) everyday low B) usual discounted C) fair D) typical E) lower-bound
Business