What Term Is Commonly Used to Describe the Concept Whereby

question 45

Multiple Choice

What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost,direct labor cost,and all factory overhead cost?

• A) Standard costing
• B) Variable costing
• C) Absorption costing
• D) Marginal costing

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Definitions:

S Corporation

A corporation taxed as though it were a partnership with restrictions on shareholders.

Joint Venture

A partnership established for a specific project or for a limited time.