Chapter 9: Variable costing and Absorption costing

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absorption costing =

functional costing / full costing

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is required by GAAP for external reporting

absorption costing

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variable costing =

marginal costing / direct costing

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is not allowed by GAAP

variable costing

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absorption costing

treats all costs of production as product costs, regardless of whether they are variable of fixed

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variable costing

treats only variable costs of production as product costs

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