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

question 118

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, and in Column 3 the financial statement that the account appears upon.
- $$\begin{array} { | l | l | l | l | } \hline & \text { Column 1 } & \text { Column 2 } & \text { Column 3 } \\\hline \text { Equipment } & & & \\\hline\end{array}$$

Calculate and interpret variances in budgeting, including spending, revenue, and operating income variances.

Differentiate between fixed, variable, and mixed costs and their roles in budgeting.

Apply flexible budgeting techniques to adjust budgets according to actual activity levels.

Analyze the impact of activity level changes on budgeted and actual costs.

---

Definitions:

Tuition

The fee charged by educational institutions for instruction and training, typically assessed per term or per course.

Cost of Housing

The total expenses associated with acquiring and living in a home, including purchase price, rent, maintenance, and utilities.

Forgone Income

Income that is lost when an individual chooses not to engage in a certain activity or job, representing an opportunity cost.

Part-time Job

Employment with fewer hours per week than a full-time position, often offering flexibility but with lesser benefits.