For External Reporting,generally Accepted Accounting Principles Require That Costs Be

question 34

True/False

For external reporting,generally accepted accounting principles require that costs be classified as either variable or fixed costs.

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Definitions:

Merger Clauses

Provisions in a contract stating that the written document represents the entire agreement between the parties, negating any oral agreements.

Parol Evidence

The rule that prohibits the use of oral statements or agreements to contradict or vary the terms of a written contract.

Integrated Contract

A written contract intended to be the complete and final representation of the parties’ agreement.

Written Contracts

Legally binding agreements that are recorded in writing rather than agreed upon orally or implied by conduct.