Examlex
Which of the following statements are not true?
Net Income
Net income is the total earnings of a company after all expenses and taxes have been deducted from total revenue, indicating the company's profit.
Inventory
Goods and materials that a business holds for the ultimate goal of resale or processing.
Variable Costing
A costing method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in product cost determination.
Operating Expenses
Recurring expenses related to the core operations of a business, excluding the cost of goods sold, such as rent, utilities, and salaries.
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