In Which of the Following Ways Does Licensing Differ from Accreditation

question 3

Multiple Choice

In which of the following ways does licensing differ from accreditation? (Select all that apply.)

• A)Licensing applies to the individual, whereas accreditation applies to a program.
• B)Licensing is required to practice, whereas accreditation is by choice.
• C)Licensing is required by state law, whereas accreditation is required by federal law.
• D)Licensing is required for all professions, whereas accreditation is only available for some.

---

Definitions:

Gross Margin

The difference between sales revenue and cost of goods sold, representing the fundamental profit derived from trading activities, before deduction of operating expenses.

Operations

Activities involved in the day-to-day running of a business for the purpose of producing value for the stakeholders.

Variable Costing

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

Absorption Costing

A calculation approach that encompasses all expenses of production, such as materials, labor, and all overheads, both variable and fixed, in determining a product's price.