1. A corporate governance system is not used by a company to promote corporate fairness, transparency, and accountancy.

   True

   False

1. Variable costing and absorption costing income statements may differ because of their treatment of fixed factory

   overhead.

   True

   False

1. Over the past century, cost structures in the typical company have shifted significantly as a consequence of breakthroughs in technology, resulting in a major downward shift in direct labor as a percentage of total manufacturing costs.

   True

   False

1. Overhead costs are typically indirect in nature; unrelated costs; and must be estimated to provide timely cost information.

   True

   False

1. Contribution margin is the difference between total revenue and total variable costs

   True

   False