Chapter 6: Variable Costing

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4 Terms

1

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Absorption Costing

The product costing method that assigns direct materials, direct labor, variable manufacturing overhead, and fixed manufacturing overhead to products. Required by GAAP for external reporting.

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Variable Costing

The product costing method that assigns only variable manufacturing costs to products: direct materials, direct labor, and variable manufacturing overhead. Used for internal reporting.

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Business Segment

An identifiable part of the company for which financial information is available.

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Dashboard

A visual display of data that can be used to answer a variety of questions.