Examlex
Which of the following are true about a Bourdon gauge?
1) It is always used with an adjustable high-pressure reducing valve.
2) It actually senses pressure but is calibrated to display flow.
3) It reads a flow higher than actual if downstream pressure increases.
4) It will register zero flow when the outlet is completely blocked.
LIFO Inventory
A method of inventory valuation where the most recently produced or acquired items are recorded as sold first, standing for Last In, First Out.
Absorption Costing
An accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed overhead) in the cost of a product.
Variable Costing
A costing approach where variable costs are assigned to inventory and fixed costs are treated as expenses in the period they are incurred, focusing on the costs that change with production levels.
Absorption Costing
An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - in the cost of a product.
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