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In general, people make moral decisions based on principles rather than intuitions.
Period Costs
Expenses on an income statement that are not directly tied to the production of goods or services, such as sales, general, and administrative expenses.
Product Costs
Costs directly associated with the production of goods sold by a company, including materials, labor, and overhead.
Input Cost Changes
Variations in the cost of materials and services used in the production of goods or services over time.
Current Cost Accounting
An accounting approach that records assets and liabilities at their current market value rather than their historical cost.
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