Define the Following Terms

question 12

Short Answer

Define the following terms
-causal explanation

---

Definitions:

Variable Cost

Expenses that change in proportion to the level of goods or services produced, such as raw materials or direct labor costs.

High-Low Method

A technique used in managerial accounting to estimate fixed and variable costs based on the highest and lowest levels of activity.

Electricity

A form of energy resulting from the existence of charged particles, used as a power source.

Variable Component

Denotes a part of a cost or expense that varies directly with the level of activity or output.