US GAAP's Overriding Principles of Accounting Are Written by The

question 52

Multiple Choice

U.S. GAAP's overriding principles of accounting are written by the:

• A)FASB.
• B)SEC.
• C)IRS.
• D)IASB.

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Definitions:

Variable Costing

An accounting method that only includes variable production costs (materials, labor, and overhead) in product costs, with fixed overhead expenses treated as period costs.

Net Operating Income

Net Operating Income (NOI) is a measure of a company's profitability from its core business operations, excluding expenses and revenues from financing and investing activities.

Absorption Costing

Absorption costing is an accounting method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in the cost of a product.

Net Operating Income

A measure of a company's profitability from its core business operations, excluding deductions of interest and taxes.