The Assignment of Private and Societal Costs to Products Is

question 72

Multiple Choice

The assignment of private and societal costs to products is referred to as:

• A)Full private costing
• B)Full environmental costing
• C)Life-cycle costing
• D)Market costing

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Definitions:

Installment Method

A revenue recognition method allowing companies to recognize revenue and expense in proportion to the cash received from sales, typically used when sales are made with terms allowing payment over more than one year.

Percentage-of-completion Method

An accounting method that recognizes revenue and expenses related to long-term projects proportionally as the work is completed.

Temporary Differences

Differences between the carrying amount of an asset or liability in the balance sheet and its tax base that will result in taxable or deductible amounts in future periods.

Deferred Tax Liabilities

Future tax obligations that arise due to temporary differences between the book value and tax value of assets and liabilities.