Our Vision

question 177

Multiple Choice

Our vision

• A)allows us to see the world, but narrows what we observe.
• B)acts as a data reduction system.
• C)selects, analyzes, and filters information down to the most important data.
• D)does all of these.

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Definitions:

Variable Costing

A bookkeeping procedure that adds only variable production fees (including direct materials, direct labor, and variable manufacturing overhead) into the costs associated with products.

Unit Product Cost

The total cost to produce a single unit of product, including direct materials, direct labor, and allocated overhead.

Direct Labor Cost

The expense of labor that can be directly attributed to the production of goods or services.

Net Operating Income

A company's revenue minus its operational direct and indirect costs, excluding taxes and interest.