A Combination of Personnel, Records, and Procedures That a Business

question 98

Multiple Choice

A combination of personnel, records, and procedures that a business uses to provide financial data is known as:

• A)an accounting information system.
• B)input.
• C)output.
• D)source documents.

---

Definitions:

AVC

Average Variable Cost, the per unit cost of variable inputs divided by the total output produced, indicating the variable cost for each unit of output.

ATC

Stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced.

Short Run

A period in economics during which some factors of production are fixed, making it impossible for a business to change major production facilities.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced; it decreases as production increases.