In an Income Statement Prepared Using the Variable Costing Method

question 127

Multiple Choice

In an income statement prepared using the variable costing method, which of the following terms should appear? $\begin{array}{lll}&\text { Gross Profit (margin) } & \text { Net income } \\\text { A) } & \text { Yes } & \text { Yes } \\\text { B) } & \text { Yes } & \text { No } \\\text { C) } & \text { No } & \text { No } \\\text { D) } & \text { No } & \text { Yes }\end{array}$

• A) Option A
• B) Option B
• C) Option C
• D) Option D

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Definitions:

Coincidence

An occurrence of two or more events at the same time by chance.

Correlation

A statistical measure that represents the extent to which two or more variables fluctuate together.

Causal Explanations

Statements or analysis that identify reasons or causes for certain phenomena.

Slippery Slope Fallacy

A logical fallacy that assumes a relatively small first step leads to a chain of related events culminating in some significant effect.