Which Type of Costing System Can Only Be Used for Internal

question 282

Multiple Choice

Which type of costing system can only be used for internal financial reporting because it is unacceptable by GAAP?

• A)Prime costing
• B)Out-of-pocket costing
• C)Variable costing
• D)Absorption costing

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Definitions:

Confidence Interval

A range of values, derived from the sample data, within which there is a specified probability that the true parameter of the population lies.

Mean Weight Loss

Refers to the average amount of weight lost over a specified period by a group of individuals, often used in diet, exercise, and health research.

Confidence Interval

Several values, drawn from statistics of samples, which aim to contain the value of an uncharted population parameter.

Gas Price

The cost per unit volume of gasoline, often varying by region, influenced by taxes, supply, demand, and other factors.