In the Income Statement of a Manufacturing Business with Both

question 157

Multiple Choice

In the income statement of a manufacturing business with both variable and fixed overhead costs of production,if there are no beginning or ending inventories,comparing Absorption Costing to Variable Costing,which of the following statements is true?

• A) Under Absorption Costing,cost of goods sold will be higher and net income will be higher than under Variable Costing.
• B) Under Variable Costing,cost of goods sold will be lower and net income will be higher than under Absorption Costing.
• C) Under Absorption Costing,cost of goods sold will be higher than under Variable Costing.
• D) There will be no differences in cost of goods sold and net income between the two methods.

Distinguish between primary and secondary data and their uses in sociological research.

Define and differentiate among various types of surveys and their applications.

Describe the concept of population in sociological research and identify the appropriate population for a study.

Understand the concept of generalizability in research and the factors that may limit it.

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Definitions:

Inputs

Resources used in the production process to produce goods or services.

Production

The process of creating goods or services using inputs such as labor, materials, and technology.

Spreading Effect

refers to the phenomenon where the impact of a particular event, policy, or action extends or disperses across a wider area or population.

Diminishing Returns

An axiom indicating that beyond a certain level, additional investments in a given domain will not yield proportionally higher returns unless other variables are adjusted.