Personally or Socially Preferable Modes of Conduct or States of Existence

question 202

Multiple Choice

Personally or socially preferable modes of conduct or states of existence that are enduring are called:

• A)ethics.
• B)customs.
• C)values.
• D)culture.

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Definitions:

Variable Costing

A costing method that includes only variable production costs (direct material, direct labor, and variable manufacturing overhead) in product costs.

Net Operating Income

A company's total earnings from its operations, excluding non-operating income and expenses, interest, and taxes.

Absorption Costing

This accounting strategy entails calculating a product's cost by including all costs related to its manufacturing, comprising direct materials, direct labor, and all categories of manufacturing overhead, both variable and fixed.

Variable Costing

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