Question

Absorption costing is ______. Multiple select question. the preferred method for internal decision making rarely used required by GAAP and IFRS used by most companies for both internal and external reports

Answer 1

Absorption costing is known to be used by most companies for both internal and external reports and it required by GAAP and IFRS.

What is absorption costing?

Absorption costing is also called “full costing,”. It is known to be a kind of managerial accounting method that is employed in the capturing of all costs that is linked with manufacturing a specific product.

The direct and indirect costs, such as direct materials, direct labor, etc., are seen using this type of method.

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