Answer:-
In managerial accounting, period costs refer to the expenses incurred during a specific time frame, such as a month or a year, that are not directly tied to the production of goods or services. Unlike product costs, which are associated with manufacturing, period costs are related to the overall operation of the business. Examples include selling and administrative expenses, marketing costs, and general overhead. These costs are expensed on the income statement in the period they are incurred, rather than being allocated to specific products. Understanding period costs is crucial for businesses to assess their overall financial health, make informed decisions, and determine the true cost of running their operations.
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