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ACC 350 WEEK 10 QUIZ 8 CHAPTER 9 STR

ACC 350 WEEK 10 QUIZ 8 CHAPTER 9 STR

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ACC 350 WEEK 10 QUIZ 8 CHAPTER 9 STR

1)

The two most common methods of costing inventories in manufacturing companies are variable costing and fixed costing.

Answer:

2)

Absorption costing “absorbs” only variable manufacturing costs.

Answer:

3)

Variable costing includes all variable costs?both manufacturing and nonmanufacturing?in inventory.

Answer:

4)

Under both variable and absorption costing, all variable manufacturing costs are inventoriable costs.

Answer:

5)

The main difference between variable costing and absorption costing is the way in which fixed manufacturing costs are accounted for.

Answer:

6)

Under variable costing, fixed manufacturing costs are treated as an expense of the period.

Answer:

7)

The contribution-margin format of the income statement is used with absorption costing.

Answer:

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