When the cost is charged as expenses against the revenue of the period in which theyareincurred and not assigned to the products, it is known as _____

Solution

Period Costs are the costs, which are not assigned to the products but arecharged as expenses against the revenue of the period in which theyareincurred.   Product Costs arethecostswhichareassociatedwiththepurchaseandsaleofgoods(inthe case ofmerchandise inventory). Opportunity Cost refers to the value of sacrifice made or benefit ofopportunityforegoneinacceptinganalternativecourseofaction. Historicalcostsincurredinthepastareknownassunkcosts.Theyplaynoroleindecisionmakinginthecurrentperiod.