Select the Appropriate Classification of Each of the Costs Listed

question 119

Multiple Choice

Select the appropriate classification of each of the costs listed below.Each classification may be used more than once, and it is possible that one or more of the classifications may not be used at all.
-Steel used in production

• A)Variable cost
• B)Fixed cost

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Definitions:

Transaction

An event or activity that impacts the financial position of a company, typically involving the exchange of goods, services, or money.

Relevant

Relevant, in a financial or accounting context, refers to information that is applicable and helpful for decision-making purposes.

Predictive Value

The likelihood that a specific condition or attribute accurately predicts the outcome of interest.