Match the Term with the Definition

question 41

Multiple Choice

Match the term with the definition.
-Federal agency established in June 1933 to promote industrial recovery. It encouraged industrialists to voluntarily adopt codes that defined fair working conditions, set prices, and minimized competition. In practice, large corporations developed codes that served primarily their own interests rather than those of workers or the economy.

• A)Agricultural Adjustment Act (AAA)
• B)Committee for Industrial Organization
• C)Civilian Conservation Corps (CCC)
• D)court-packing plan
• E)Federal Deposit Insurance Corporation (FDIC)
• F)fireside chats
• G)National Recovery Administration (NRA)
• H)New Deal coalition
• I)Social Security
• J)underconsumption
• K)Wagner Act
• L)Works Progress Administration (WPA)

---

Definitions:

Fixed Factory Overhead

Fixed factory overhead refers to those manufacturing costs that do not change with the level of production, including rent, depreciation, and salaries of permanent staff.

Absorption Costing

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

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government.

Generally Accepted Accounting Principles

The common set of accounting principles, standards, and procedures that companies use to compile their financial statements.