[Journey to Fate]

Between the test bank and never I have seen some differences so can someone please let me know the correct answer?

For internal and external reporting I know that job and process costing pertain to both.

I though absorption was internal only and variable was external only, however I have seen some questions saying the opposite.

Can someone clarify?

Thanks!

BEC- 67, 69

[kesm]

Absorption Costing = required by GAAP (externally reported) – Absorption costing could be used for internal reporting also.

Variable Costing = Non-GAAP (primarily used for internal reporting)

BEC: 74,74,76
REG: 70,
FAR:
AUD: 70,74,

[no.cruncher]

Absorption Costing : (GAAP) : External FSs & Disclosures =

Sales – COGS = GP – Operating Expenses = EBIT – i expense = EBT – Taxes = NI

Variable Costing : Internal Cost Accounting =

Sales – Variable Cost – Fixed Cost = EBIT – i expense = EBT – Taxes = NI

FAR - 7/16/2012 *76 : 2.5mo [Exp. 1/2014]
AUD - 8/31/2012 *82 : 1mo
REG - 11/27/2012 *83 : 2.5mo
BEC - 2/27/2013 *80 : 2.5mo LET'S DO THIS!!!
Ethics - 3/13

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CMA... Hmmm...???

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