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  3. define and illustrate a cost object. distinguish b

Define and illustrate a cost object. Distinguish between direct costs and indirect costs. Explain variable...

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Accounting

Define and illustrate a cost object.

Distinguish between direct costs and indirect costs.

Explain variable and fixed costs.

Interpret unit costs cautiously.

Distinguish inventoriable costs from period costs.

Illustrate the flow of inventoriable and period costs.

Explain why product costs are computed in different ways for different purposes.

Describe a framework for cost accounting and cost management.

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