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Includes gross profit on the income statement. Absorption costing only Generally provides the most useful report for controlling costs. Variable costing only

Includes gross profit on the income statement. Absorption costing only Generally provides the most useful report for controlling costs. Variable costing only

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Match each phrase that follows with the term it describes.

Includes gross profit on the income statement. Absorption costing only Generally provides the most useful report for controlling costs. Variable costing only Treats fixed selling cost as a period cost. Both absorption and variable costing Required by generally accepted accounting principles.
Transcribed Image Text:Includes gross profit on the income statement. Absorption costing only Generally provides the most useful report for controlling costs. Variable costing only Treats fixed selling cost as a period cost. Both absorption and variable costing Required by generally accepted accounting principles.
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