Product costs

The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles.

True (False) Questions  – 10    Points

A company manufactured 50,000 units of a product at a cost of $450,000.  It sold 45,000 units at $15 each.  The gross profit is

Liabilities are debts owed by the business entity.

The statement of owner’s equity shows

The balance sheet represents the accounting equation.

Which of the following is most associated with managerial accounting?  

Non-value added activities are

Calculate income from operations for Jonas Company based on the following data: Sales $764,000 Operating expenses 52,500 Cost of merchandise sold 538,000