Exam (elaborations)
ACCT 2420 VARIABLE COSTING: A DECISION-MAKING PERSPECTIVE TRUE-FALSE STATEMENTS
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1. Full costing is equivalent to absorption costing. 2. In full or absorption costing, all manufacturing costs are charged to the product. 3. Variable costing is the approach used for external reporting under generally accepted accounting principles. 4. Fixed manufacturing costs are not charged to the product under variable costing. 5. The difference between absorption costing and variable costing is the treatment of fixed manufacturing overhead. 6. Fixed manufacturing overhead is a period cost under absorption costing. 7. Selling and administrative costs are period costs under both absorption and variable costing. 8. Manufacturing cost per unit will be higher under variable costing than under absorption costing.
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Institution
Saint Paul College
Course
ACCT 2420
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Written for
- Institution
- Saint Paul College
- Course
- ACCT 2420
Document information
- Uploaded on
- March 17, 2023
- Number of pages
- 10
- Written in
- 2022/2023
- Type
- Exam (elaborations)
- Contains
- Questions & answers
Subjects
- acct 2420
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variable costing
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a decision making perspective true false statements
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