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The social arrangements that govern the ownership, use, and disposal of property are referred to as
Net Operating Income
The profit generated from a business's operations after subtracting operating expenses from operating revenues.
Variable Costing
A method of costing that includes only variable manufacturing costs—direct materials, direct labor, and variable manufacturing overhead—in the cost of a unit of product.
Absorption Costing
An accounting method that includes all manufacturing costs - direct labor, direct materials, and overhead - in the cost of a product.
Net Operating Income
A company's revenue minus its operating expenses, not including taxes and interest.
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