The ________ Is the International Organization That Enforces the Rules

question 33

Short Answer

The ________ is the international organization that enforces the rules of international trade.

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Definitions:

Variable Costing

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

Absorption Costing

A ledger keeping approach in accounting that wraps all costs connected to manufacturing—expenses for direct materials, wages for direct labor, and all types of manufacturing overhead, fixed and adjustable—into a product's total cost.

Contribution Format

An income statement format that separates fixed costs from variable costs to highlight the contribution margin.

Variable Costing

An accounting method that includes only variable production costs in product costs and treats fixed production costs as period costs.