______ Can Be Thought of as the "How" in the Definition

question 53

Short Answer

______ can be thought of as the "how" in the definition "who gets what,and how." They are directives that determine how resources are allocated,and they determine how we try to get the things we want.

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Definitions:

Product Costs

Costs directly associated with the creation of a product, including materials, labor, and manufacturing overhead.

GAAP

Generally Accepted Accounting Principles, a set of standards and procedures for financial reporting used in the United States.

Variable Costing

An accounting method that only includes variable costs in product costing and decision-making.

Fixed Costs

Outgoings such as rent, salaries, and premiums for insurance that are unaffected by the quantity of sales or production.