State Agencies Are Sometimes Created as a Result of

question 47

Multiple Choice

State agencies are sometimes created as a result of

• A) bureaucratic efficiency.
• B) citizen complaints and outrage over an issue.
• C) a need to keep up with population growth.
• D) high state unemployment rates.

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Definitions:

Net Operating Income

A company's total earnings from its operations, excluding taxes and interest.

Absorption Costing

A cost accounting procedure that comprises adding up all expenses involved in manufacturing—direct materials, direct labor, and manufacturing overhead, both fixed and variable—to the cost of the product.

Ending Inventory

The total value of all inventory, including raw materials, work-in-progress, and finished goods, at the conclusion of an accounting period.

Variable Costing

An accounting method that only assigns variable costs to inventory, treating fixed costs as period costs.