Which of the Following Organizations Replaced GATT as an International

question 18

Multiple Choice

Which of the following organizations replaced GATT as an international organization?

• A) World Trade Organization
• B) United Nations
• C) International Monetary Fund
• D) Red Cross

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Definitions:

Absorption Costing

A financial recording technique that incorporates all costs associated with manufacturing (such as direct materials, direct labor, along with variable and fixed overhead expenses) into the product's cost.

Variable Costing

An accounting method that includes only variable costs - costs that change with production levels - in product costs.

Income

The financial gain received by an individual or a business, typically earned through work, capital investment, or the provision of goods and services.

Absorption Costing

Absorption costing is an accounting method where all of the manufacturing costs, including both fixed and variable costs, are allocated to produced units, thus encompassing direct materials, direct labor, and overheads.