If the bank loans doot meet the following requirements, they are not recognized as the long-term liability in the company’s balance sheet. It will be shown as notes to the financial statement, and disclosures are required in the financial statements. An obligation that cannot be measured reliably will most probably be recognized as a contingent …
Category: Bookkeeping
Jan 25 2024
Product Cost vs Period Cost: Difference between Product and Period Costs
Therefore, the costs of storing materials are part of manufacturing overhead, whereas the costs of storing finished goods are a part of selling costs. Remember that retailers, wholesalers, manufacturers, and service organizations all have selling costs. The key difference between product cost and period cost is that product concurs when a company produces any products. …
