Select the Appropriate Classification of Each of the Costs Listed

question 81

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.
-Salary of Chief Financial Officer

• A)Variable cost
• B)Fixed cost

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Definitions:

Liquidated

The process of converting assets into cash, usually in the context of dissolving a business or paying off debt.

Balance Sheet

A financial statement that shows a company's financial position at a specific point in time, including assets, liabilities, and shareholder equity.

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been deducted from revenues.

Weighted Average

A calculation that takes into account the varying weights of items in a dataset, often used in accounting to compute inventory values.