According to the latest report by IMARC Group “3D Cell Culture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global 3D cell culture market reached a value of US$ 1,746 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 4,123 Million by 2027, exhibiting a CAGR of 15.28% during 2022-2027.
A three-dimensional (3D) cell culture refers to an in vitro technique used for growing biological cells in an artificially created environment. It offers an advanced and vigorous platform for analyzing complex biological processes and mimicking the activity, structure, and microenvironment of the in-vivo tissues. As a result, it finds applications in stem cell therapies, drug screening, regenerative medicine, neuroscience, cancer research, and cell biology.
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Market Trends:
The rising geriatric population, which is more vulnerable to chronic medical disorders, represents one of the key factors driving the market. In addition, the increasing demand for personalized medicines among patients is positively influencing the market. Furthermore, the growing need for effective alternatives to animal testing, along with the development of microfluidics-based 3D cell cultures with enhanced cell viability, proliferation, and differentiation, is offering lucrative growth opportunities to industry investors. Moreover, extensive research and development (R&D) activities in the field of biotechnology are anticipated to propel market growth.
Breakup by Product:
- Scaffold-Based Platforms
- Scaffold-Free Platforms
- Microchips
- Bioreactors
- Others
Breakup by Application:
- Cancer Research
- Stem Cell Research
- Drug Discovery
- Regenerative Medicine
- Others
Breakup by End User:
- Biotechnology and Pharmaceutical Companies
- Contract Research Laboratories
- Academic Institutes
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 3D Biotek LLC
- Advanced Biomatrix Inc.
- Avantor Inc.
- CN Bio Innovations Limited
- Corning Incorporated
- Emulate Inc.
- InSphero AG
- Lonza Group AG
- Merck KGaA
- Promocell GmbH
- Synthecon Inc
- Thermo Fisher Scientific Inc.
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Absorption Costing MCQs with Answers Explanation Engineering ECE
What Is Absorption Costing?
Absorption costing, also known as the all-encompassing, all-inclusive, or comprehensive costing method, is a sophisticated and perplexing managerial accounting framework that attempts to incorporate all expenses that are linked to the production of a particular product. This method is highly intricate and involves a copious amount of calculations and analyses to arrive at the total cost of production.
Every minuscule expense, whether direct or indirect, such as raw materials, labor, rent, utilities, depreciation, maintenance, insurance, and every other associated cost, is taken into account to determine the total cost of the product. The complexity of this method is staggering, and it requires extensive knowledge of accounting principles, an understanding of manufacturing processes, and advanced analytical skills to execute.
However, despite its complexity, absorption costing is still widely used in the industry due to its comprehensive approach to providing an accurate picture of the cost of production. Moreover, under the generally accepted accounting principles (GAAP) in the United States, absorption costing is an approved method for external reporting. In contrast, variable costing is prohibited, adding to the confusion and perplexity surrounding this topic.
Which of the following costs would NOT be included in the cost of goods sold calculation under absorption costing?
a) Direct materials
b) Direct labor
c) Variable manufacturing overhead
d) Fixed manufacturing overhead
Answer: c) Variable manufacturing overhead
Explanation: Under absorption costing, both fixed and variable manufacturing overhead costs are included in the cost of goods sold calculation. Direct materials and direct labor costs are also included.
When production exceeds sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: a) Higher net income than variable costing
Explanation: When production exceeds sales, there will be more fixed manufacturing overhead costs that are absorbed into the cost of goods sold calculation under absorption costing. This results in a higher net income compared to variable costing, which only includes variable manufacturing costs in the cost of goods sold calculation.
Which of the following statements is true about absorption costing?
a) It is used for external reporting purposes
b) It is used for internal decision-making purposes
c) It is the same as variable costing
d) None of the above
Answer: a) It is used for external reporting purposes
Explanation: Absorption costing is required for external financial reporting purposes, such as on the income statement and in financial statements. Variable costing, on the other hand, is often used for internal decision-making purposes.
In a period of increasing production and sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: c) The same net income as variable costing
Explanation: When production and sales increase, absorption costing and variable costing will result in the same net income. This is because there will be fewer fixed manufacturing overhead costs per unit under absorption costing, but there will also be more units sold.
