Understanding the Difference Between Product and Period Costs PREMIUM
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Learning SummaryDescription:
This training module explains the difference between product and period costs and discusses their importance for ensuring the accuracy of financial information. It provides examples of each type of cost and discusses when these costs are recognized in the financial statements. Finally, it discusses how the improper classification of these costs may affect the financial statements.
Prerequisites:
Who should complete this module:
Managers, supervisors, entrepreneurs, and professionals in any discipline who work in distribution or manufacturing operations; CPA, CMA, CGMA, and other accounting professionals; educators and students in business and management accounting.
Learning Objectives:
In this module, you will learn to:
1. Define the nature of product and period costs.
2. Provide examples of these costs.
3. Identify when and how these costs are recognized in the financial statements.
4. Explain their importance for ensuring the accuracy of financial information.
1. Define the nature of product and period costs.
2. Provide examples of these costs.
3. Identify when and how these costs are recognized in the financial statements.
4. Explain their importance for ensuring the accuracy of financial information.
Competencies Acquired:
How to identify product and period costs and understand how this cost classification affects the financial statements.
Program Level:
Basic
Duration of Video:
4:33
CPE Credit:
0.5
Delivery Method:
QAS Self Study
Field of Study:
Finance
Additional Info:
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Last Revision Date:
1 Aug 2019
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