From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:

Question:

From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:
a. Feedback is often used to (improve, direct) operations.
b. A product, sales territory, department, or activity to which costs are traced is called a (direct cost, cost object).
c. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).
d. The of a manufacturer would include an account for (cost of goods sold, work in process inventory).
e. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.
f. Advertising costs are usually viewed as (period, product) costs.
g. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...