The Sum of Fixed Cost and Variable Cost at Any

question 128

Multiple Choice

The sum of fixed cost and variable cost at any rate of output is

• A)Total variable cost.
• B)Total cost.
• C)Average total cost.
• D)Average marginal cost.

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Definitions:

Receivables Accounting

The process of managing money that is owed to a company for goods or services that have been delivered but not yet paid for.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements globally.

GAAP

Commonly adhered to accounting rules and standards for financial reporting, known as Generally Accepted Accounting Principles.

Merchandise On Account

Goods that have been purchased but not yet paid for, often resulting in an accounts payable for the buyer.