The Two Types of Accounting Are

question 152

Multiple Choice

The two types of accounting are:

• A)profit and nonprofit.
• B)financial and managerial.
• C)internal and external.
• D)bookkeeping and decision-oriented.

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Definitions:

Unit Product Cost

The total expense incurred to produce, manufacture, or acquire a product divided by the number of units.

Absorption Costing

An accounting technique that allocates all manufacturing costs to products, helping to capture the full cost of producing each item.

Total Period Cost

The sum of all expenses incurred by a business within a specific period, including both fixed and variable costs.

Absorption Costing

An accounting technique that integrates all costs associated with production, including direct materials, direct labor, and variable and fixed overhead costs, into the cost of a product.