Which of the Following Land-Based Industries Formed the Basis of the Early

question 29

Multiple Choice

Which of the following land-based industries formed the basis of the early economic development of Texas?

• A) Cotton,cattle,timber,and minerals
• B) Cattle,oil,corn,and real estate speculation
• C) Mining,cattle,natural gas,and oil
• D) Manufacturing,oil,silver,and cotton
• E) Natural gas,wheat,and silver

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Definitions:

Absorption Costing

A strategy in accounting where the cost of a product encompasses all the production expenses: direct materials, direct labor, and manufacturing overheads, regardless of them being fixed or variable.

Net Operating Income

An indicator of a firm's earnings derived solely from its principal business activities, without accounting for interest and tax expenses.

Last Year

Refers to the previous calendar or fiscal year.

Absorption Costing

A method of costing that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a product.