According to the recent report by IMARC Group, titled “Greenhouse Horticulture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global greenhouse horticulture market size reached US$ 28.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 48.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.2% during 2023-2028.
Greenhouses may self-adjust a variety of environmental conditions, including light, humidity, temperature, CO2 emissions, and insect protection. They are mostly made of glass, strong acrylic plastic, polyvinyl chloride, polycarbonate, and other materials. Greenhouse horticulture is frequently used to develop tomatoes, cucumbers, peppers, strawberries, lettuce, herbs, and other plants.
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Greenhouse Horticulture Market Trends:
The booming agriculture business has resulted in a greater adoption of sustainable horticultural methods, propelling market growth. Furthermore, the introduction of IoT-enabled horticulture lighting systems that induce photosynthesis using photoperiodic and supplemental illumination is propelling the global market. Furthermore, technical improvements have resulted in the advent of novel robotic scouting systems for protected agricultural farming. The increased usage of sensor-based solutions and AI-powered horticulture devices to avoid disease and pest outbreaks is also propelling the greenhouse horticulture industry.
Key Market Segmentation:
Our report has categorized the market based on region, material type, crop type and technology.
Breakup by Material Type:
- Glass
- Plastic
Breakup by Crop Type:
- Fruits and Vegetables
- Flowers and Ornamentals
- Nursery Crops
- Others
Breakup by Technology:
- Heating System
- Cooling System
- Others
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 Key Player:
- Agra Tech Inc.
- Argus Control System Ltd.
- Certhon
- Dalsem
- Industries Harnois Inc.
- Heliospectra AB
- Hort Americas
- Keder Greenhouse
- Logiqs BV
- Lumigrow
- Netafim Ltd. (Orbia)
- Priva Holding BV
- Richel Group
- Ridder Holding Harderwijk BV
- Rough Brothers Inc.
- Top Greenhouses Ltd.
- Van der Hoeven Horticultural Projects BV
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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.
