VARIABLE COSTS Definition

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VARIABLE COSTS are those costs associated with production that changes directly with the amount of production, e.g.,the direct material or labor required to complete the build or manufacturing of a product.

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13TH PERIOD in the fiscal year is the period used for fiscal year-end adjusting entries (periods 1-12 being the months in the fiscal year).

PRINCIPAL AUDITOR is the auditor responsible for the greater portion of financial statements. The principal auditor may assume responsibility for the work of other auditors or divide responsibility with the other auditors.

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