Which of the following should be applied when preparing financial statements for external financial reporting...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Which of the following should be applied when preparing financial statements for external financial reporting purposes (that is consistent with generally accepted accounting principle) ?
All of these can be applied
absorption costing
variable costing
cash basis accounting
Which of the following would be assigned to inventory under variable costing method?
Rental payments on factory
variable selling and administrative expenses
variable manufacturing overhead
fixed product costs
Under variable costing contribution margin is equal to
Sales- Variable costs- Fixed costs
Sales- Variable COGS- variable operating expenses
sales- variable product costs only
it is the same as the net income
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
