Where would period costs be found on the financial statements? A. As operating expenses on the...
Where would period costs be found on the financial statements?
A.
As operating expenses on the income statement in the period incurred
B.
As operating expenses on the income statement for a previous period
C.
Under current assets on the balance sheet
D.
Under current liabilities on the balance sheet
Homework Answers
Option A) Operating expenses on the income statement in the period incurred.
Period costs such as selling, general and administrative expenses are reported on the income statement in the accounting period in which they are incurred or used. They are called as period cost because they are not assigned to products, and therefore cannot be included in the cost of items held in inventory.
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Where would period costs be found on the financial
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