A Set of Expectations About Objects and Situations Is Called

question 28

Multiple Choice

A set of expectations about objects and situations is called a(n) ____.

• A)template
• B)mnemonic
• C)mindset
• D)schema

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Definitions:

Variable Costing

An accounting method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in the cost of goods sold, treating fixed manufacturing costs as period costs.

Fixed Overhead

The set of expenses that do not vary with the level of production or sales, such as rent, salaries, and insurance.

Product Costs

Costs directly associated with the creation of a product, including materials, labor, and manufacturing overhead.

GAAP

Generally Accepted Accounting Principles, a set of standards and procedures for financial reporting used in the United States.