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Explain the difference between absorption costing and variable costing. Why is absorption costing approved by GAAP, but variable costing is not? Relate the three budgeting

Explain the difference between absorption costing and variable costing. Why is absorption costing approved by GAAP, but variable costing is not? Relate the three budgeting concepts of planning, direction and control to the way you currently do your own personal budgeting

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