Examlex
Match the following terms or phrases with the correct description or definition.
-Tribe
Opening Inventory
The quantity and value of stock available at the start of an accounting period.
Absorption Costing
A method of accounting that encompasses the total manufacturing expenses – encompassing direct materials, direct labor, as well as both variable and fixed overhead costs – within the product's cost.
Variable Costing
An accounting method that only considers variable costs in product pricing and decision making.
Fixed Overhead Expensed
The practice of charging fixed overhead costs to the income statement in the period they are incurred, rather than allocating them to products.
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