The ________ Is a Model Act Passed in 1949 That

question 77

Multiple Choice

The ________ is a model act passed in 1949 that includes comprehensive laws that cover most aspects of commercial transactions.

• A) Gramm-Leach Bliley Act
• B) Social Security Amendment
• C) Uniform Sales Act
• D) Uniform Commercial Code

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Definitions:

Variable Costing

An accounting method in which costs vary in proportion to the volume of output; this includes direct materials, direct labor, and variable manufacturing overhead.

Operating Income

The profit realized from a business's core operations, excluding expenses related to financing and investments.

Absorption Costing

An accounting method that includes all manufacturing costs (direct and indirect) in the cost of a product.

Variable Costing

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