According to John Rawl's Difference Principle

question 25

Multiple Choice

According to John Rawl's difference principle,:

• A) certain people or institutions are obligated to provide benefits or services that secure the rights of others.
• B) fundamental human rights should transcend national borders and cultures.
• C) the best decisions are those that produce the greatest good for the greatest number of people.
• D) inequalities are justified if they benefit the position of the least-advantaged person.

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Definitions:

Absorption Costing

An accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed overheads) in the price of a product.

Variable Costing

An accounting method that includes all variable production costs (materials, labor, overhead) in product costs but treats fixed overhead expenses as period costs.

Reconciliation

The process of ensuring two sets of records (usually the balances of two accounts) are in agreement.

Variable Costing

A costing method where only variable production costs are included in product costs, with fixed overhead expenses treated as period costs.