Define the Following Terms

question 12

Short Answer

Define the following terms
-causal explanation

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Definitions:

Variable Element

An element in planning or statistical analysis that can change or vary, affecting the outcomes or results.

CVP Analysis

Cost-Volume-Profit Analysis, a managerial accounting technique used to analyze how changes in cost and volume affect a company's operating income and net income.

Manufacturing Costs

The total expense incurred in the process of making a product, including raw materials, labor, and overhead costs.

Mixed Cost

A cost that contains both variable and fixed cost elements, meaning part of the cost varies with the level of output while part remains fixed.