For Each of the Following, Identify in Column 1 the Category

question 20

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement in which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } & \text { Column } 4 \\\hline \text { Notes Payable } & & & & \\\hline\end{array}$$

---

Definitions:

Variable Costs

Costs that vary directly with the level of production or service delivery.

Fixed Costs

Expenses that do not change with the level of output or sales, such as rent, salaries, and insurance.

Fixed Cost

A cost that does not vary with the level of output or sales, such as rent, salaries, and insurance premiums.

Overhead Cost

Indirect expenses related to the operation of a business, such as rent, utilities, and administrative salaries, that are not directly tied to the production of goods or services.