Distinguish among the three categories of expenses. Provide an example of each type of expense
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total answers (1)
total answers (1)
Accounting
- Product costs: are the expenses incurred for specific transactions or events such as production of goods, and are recognized at the time of revenue recognition (ex.COGS)
- Period costs: are the expenses incurred for service for a certain time period (ex.Storehouse rent, admin exp)
need an explanation for this answer? contact us directly to get an explanation for this answerOther expenses: are incurred for some assets for certain period in order to get benefits in the future years. (ex. Depreciation exp)