Costs Incurred Regardless of the Number of Units of a Product

question 321

Multiple Choice

Costs incurred regardless of the number of units of a product that are produced or sold are called

• A) mixed costs.
• B) controllable costs.
• C) fixed costs.
• D) variable costs.

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Definitions:

Interest Collected

The amount of money received by an entity as interest from loans, investments, or savings accounts.

Journalize

The process of recording business transactions in the journal of an accounting system.

Petty Cash Fund

A modest sum of money maintained for covering small or unforeseen costs.

Journal Entries

Recorded transactions in the accounting records of a business that demonstrate the financial activities and their impacts.