Slavery Continued in the South Until 1863, When the Practice

question 55

Multiple Choice

Slavery continued in the South until 1863, when the practice was abolished by __________.

• A) ​Jim Crow laws
• B) ​a decision of the United States Supreme Court
• C) ​the Bill of Rights
• D) ​the Emancipation Proclamation

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Definitions:

Variable Costing Income Statement

An income statement format that deducts only variable costs from sales to compute contribution margin, followed by the deduction of fixed costs to determine net income.

Net Operating Income

The profit generated from the normal operational activities of a business, excluding other income and expenses such as interest and taxes.

Variable Costing

An accounting technique that calculates the cost of a product by considering only costs that fluctuate with the level of production, excluding fixed costs.

Absorption Costing

A costing method that includes all manufacturing costs - both variable and fixed - in the cost of a product.