Examlex
Match each journal entry that follows as one of the types of journal entries (a-c) below.
-Wages Expense 870
Wages Payable 870
Fixed Cost
Costs that do not change with the level of output produced, such as rent, salaries, and insurance.
Variable Cost
A cost that changes in proportion to the level of activity or volume of output.
Wages And Salaries
Compensation paid to employees for their labor, with wages typically being hourly rates and salaries being fixed annual amounts.
Activity Variance
The difference between the budgeted amount of activity and the actual amount of activity, which can impact costs and operational efficiency.
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