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If You Get an "A" on This Exam You Will

question 55

Multiple Choice

If you get an "A" on this exam you will definitely get an "A" in the course,and if you get an "A" in the course your parents will give you a SUV.Unfortunately,no matter how hard you study you don't think you can get an "A." In this case your ________ is high,and your is low.


Definitions:

Net Income

The net earnings of a business once all costs, taxes, and expenses have been deducted from its total income.

Inventory

The total amount of goods a company holds in stock, including raw materials, work-in-progress, and finished goods.

Variable Costing

An accounting method that only assigns variable costs to inventory, considering fixed costs as period expenses.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - as part of the cost of a product.

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