A Three-Chambered Heart

question 26

Multiple Choice

A three-chambered heart:

• A)is found in fish.
• B)has two atria and one ventricle.
• C)has one atrium and two ventricles.
• D)has three ventricles.
• E)has three atria.

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Definitions:

Absorption Costing

A method of accounting that encompasses all costs associated with manufacturing (such as direct materials, direct labor, as well as both variable and fixed overhead expenses) in the pricing of a product.

Variable Costing

An accounting method that includes only variable costs—costs that change with production levels—in the calculation of unit cost.

Standard Costs

Estimated costs associated with manufacturing a product or providing a service, used for budgeting and performance evaluation.

Absorption Costing

An approach to accounting that incorporates all costs associated with manufacturing, including direct materials, direct labor, and all overhead costs, both variable and fixed, into the price of a product.