_____ Refers to Interacting with the Community in Which a Company

question 67

Short Answer

_____ refers to interacting with the community in which a company does business in a way that makes money for the company but also improves the long-term well-being of the community.

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Definitions:

Absorption Costing

An accounting method that includes all direct costs and allocated overheads in the cost of a product or service, as opposed to variable costing which excludes certain overheads.

Ending Inventory

The total value of goods available for sale at the end of an accounting period or fiscal year.

Variable Costing

An accounting method that only includes variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs, excluding fixed manufacturing overhead.

Net Operating Income

The profit realized from a business's operations after subtracting operating expenses from operating revenues.