Briefly and Concisely Define the Following Terms

question 111

Essay

Briefly and concisely define the following terms:
a. fiscal federalism
b. horizontal equity
c. vertical equity
d. benefits principle of taxation

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Definitions:

Variable Costing

An accounting method where only variable manufacturing costs are included in product costs, with fixed overhead expenses treated as period costs.

Variable Costing

This costing method includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs.

Variable Production Costs

Costs that vary directly with the level of production output, such as raw materials andDirect labor.

Product Costs

Costs that are incurred to create a product that includes direct materials, direct labor, and manufacturing overhead.