AC 361 Chapter 6

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A part or activity within an organization about which managers would like cost, revenue or profit data is called a(n) ?

Segment

Variable costing income statements are based upon a ? format.

contribution margin

For external reporting, income statements are generally prepared using ? costing, while ? costing is used for internal decision making purposes.

variable, absorption

The two general costing approaches used by manufacturing companies to prepare income statements are ? costing and ? costing

variable, absorption


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