The Medical Term LASIK, Which Stands for Laser-Assisted in Situ

question 114

Multiple Choice

The medical term LASIK, which stands for laser-assisted in situ keratomileusis, is an example of a(n) :

• A) prefix.
• B) acronym.
• C) combining form.
• D) eponym.

---

Definitions:

Variable Costing

A costing method that includes only variable production costs (direct labor, direct materials, and variable manufacturing overhead) in the cost of goods sold, with fixed manufacturing overhead treated as period costs.

Direct Labor

The wages and related expenses for workers who are directly involved in the manufacturing of products.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced or acquired items are the first to be expensed.

Variable Costing

A costing method that includes only variable manufacturing costs—direct materials, direct labor, and variable manufacturing overhead—in the cost of a product.