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Customer billing is a critical process which auditors must understand. What are the most important aspects of billing and what are the related objectives?
Output
The amount of goods or services produced by a company, industry, or economy within a specific period.
Marginal Cost Curve
A graphical representation showing how the cost of producing one more unit of a good varies with the quantity of the good produced.
Average Total Cost (ATC)
The total cost of production divided by the quantity of output produced, representing the per-unit production cost.
Total Variable Cost
The sum of those costs that rise as output increases. Examples of variable costs are wages paid to workers and payments for raw materials.
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