In the Variable Costing Income Statement,which Line Separates the Variable

question 92

Multiple Choice

In the variable costing income statement,which line separates the variable and fixed costs?

• A)selling expenses
• B)general and administrative expense
• C)product contribution margin
• D)total contribution margin

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Definitions:

Fair Value

An estimate of the price at which an asset or liability could be exchanged in a current transaction between willing parties.

AASB 141

An Australian Accounting Standards Board standard that concerns agriculture, detailing the accounting for agricultural activity including the transformation of biological assets (living plants and animals) into agricultural produce.

IAS 41

The International Accounting Standard that deals with the accounting for agriculture, including the recognition and measurement of biological assets.

Biological Assets

Living plants or animals that are held by an entity for the purpose of selling them, producing agricultural produce, or providing services.