Which of the Following Statement/s Is/are Correct

question 1

Multiple Choice

Which of the following statement/s is/are correct?

• A) Absorption costing is required by the Australian accounting standards.
• B) Variable costing records are more useful than absorption costing records for management decision making.
• C) Firms that are required to comply with the accounting standards are likely to use variable costing if the benefits of keeping a second set of records exceed the costs.
• D) All of the given answers.

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Definitions:

Tax Revenue

The income that is gained by governments through taxation, used to fund public services, infrastructure, and government operations.

Local Governments

Administrative bodies governing areas within a country below the level of the state or national government.

Benefits-received Principle

The concept that the amount of tax an individual pays should be related to the level of benefits they receive from government services.

Hunting Licenses

Permits issued by a government or authorized entity allowing individuals to hunt wildlife during specified periods and under certain conditions.