Question: What is a direct material? What is direct labor? What is overhead? What do the different T accounts represent? What is CGM? What is

What is a direct material? What is direct labor? What is overhead? What do the different T accounts represent? What is CGM? What is a cost driver? What is a support or service department? What is normal costing? What is a POHR or allocation rate or application rate? What's a charge rate? What are joint costs? What are joint products? What are separable costs? What is a byproduct? What is spoilage? Q2: What does it mean to account for a byproduct at the time of production vs. at the time of sale? Q3: Can you discuss what the difference is between a Cost and an Expense? Do you understand and can you explain what the accounting treatment is for both Costs and Expenses, and WHY? What accounting principle guides this?

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