Define the Following Terms as They Relate to Cost Behavior,draw

question 55

Essay

Define the following terms as they relate to cost behavior,draw their graphical representation,and give an example of each: (1)fixed cost,(2)variable cost,and (3)mixed cost.

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Definitions:

Fiduciary

A person who holds a position of trust, required to act for the benefit of another party with respect to specific duties.

Equal Dignity Rule

A legal principle requiring that agents conducting transactions on behalf of principals must have the authority to do so, which is granted with the same formality as the underlying transaction.

Substantial Performance Doctrine

A legal principle recognizing that a contract has been essentially fulfilled and deserves payment, despite minor deviations from the exact terms.

Implied Agency

A legal relationship formed by the actions of the parties involved rather than by written agreement or document.