VIPS Stands for

question 44

Multiple Choice

VIPS stands for

• A)very important person security.
• B)volunteers in police service.
• C)volunteers in public service.
• D)None of the above

---

Definitions:

Variable Costing

A methodology in accounting that includes only fluctuating production costs (such as direct materials, direct labor, and variable manufacturing overhead) in the pricing of items.

Unit Product Cost

The total cost associated with manufacturing a single unit of product, inclusive of materials, labor, and overhead.

Net Operating Income

The profit a company has after subtracting its operating expenses from its revenue, excluding interest and taxes.

Absorption Costing

This method of product costing in the field of accounting takes into account all manufacturing-related expenditures, including direct materials, direct labor, and manufacturing overheads, both fixed and variable.