Which Type of Costing System Is the Only Acceptable Costing

question 19

Multiple Choice

Which type of costing system is the only acceptable costing system for external financial reporting?

• A)Prime costing
• B)Out-of-pocket costing
• C)Variable costing
• D)Absorption costing

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Definitions:

Japanese Immigrant Population

Refers to people from Japan who have moved and settled in other countries, contributing to the cultural and demographic makeup of those nations.

Clayton-Bulwer Treaty

A treaty between the US and Britain in 1850, aiming to neutralize Central America against colonization and ensure that any canal built there would be accessible to all nations.

Boers

Dutch settlers in South Africa, also known as Afrikaners, particularly during the 18th and 19th centuries, who later established their own republics.

Policeman

A law enforcement officer whose duty is to maintain public order and safety, and to prevent and investigate crimes.