What Are the Two Basic Methods of Capturing Information? Comment

question 20

Essay

What are the two basic methods of capturing information? Comment on the advantages and disadvantages of each.

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Definitions:

Variable Costs

Costs that vary directly with the volume of production or service delivery, such as materials and labor.

Fixed Costs

Expenses that do not change in total irrespective of the volume of goods or services produced by a company.

Break Even

The point at which total revenues equal total expenses, with no net loss or profit.

Variable Costs

Expenses that are directly tied to the rate of goods produced or services sold, such as the cost of materials and labor involved.