________ Refers to the Operation of a Firm or Organization

question 30

Short Answer

________ refers to the operation of a firm or organization in a manner which attempts to balance the interests of all stakeholders of the organization.

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Definitions:

Overhead Costs

Indirect expenses related to the day-to-day running of a business, not directly tied to specific product or service production.

Variable Costing

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

Absorption Costing

An accounting method that incorporates all direct and indirect manufacturing costs into the cost of a product.

Net Profit

The total earnings of a company after subtracting all expenses, including taxes and operating costs, from its total revenues.