Examlex
What are the characteristics of a firm that is successfully pursuing a cost leadership strategy?
Variable Costing
An accounting method that only includes variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs, with fixed overhead treated as a period expense.
Absorption Costing
An accounting method that includes all manufacturing costs (fixed and variable) in the cost of a product.
Net Income
Net income is the total profit of a company after all expenses, taxes, and costs have been deducted from total revenue, often referred to as the bottom line.
Contribution Margin
The difference between sales revenue and variable costs, showing how much revenue contributes towards covering fixed costs and generating profit.
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