Who Is Responsible for Developing and Approving International Auditing and Assurance

question 25

Multiple Choice

Who is responsible for developing and approving international auditing and assurance standards?

• A)The International Auditing and Assurance Standards Board.
• B)The Australian Auditing and Assurance Standards Board.
• C)The International Forum for Independent Audit Regulators.
• D)The International Accounting Standards Board.

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Definitions:

Manufacturing Margin

The difference between the sales revenue of manufactured products and their production costs (excluding indirect costs).

Variable Costing

A costing method that includes only variable production costs (direct labor, direct materials, and variable manufacturing overhead) in product costs.

Absorption Costing

Accounting method that includes all manufacturing costs (direct costs, variable and fixed overhead) in the cost of a product.

Variable Costing

A method of costing that includes only variable production costs in product costs, treating fixed manufacturing overhead as a period cost to be charged against revenue in the period incurred.