Match Each Following Terms with Their Correct Description from the Items

question 141

Multiple Choice

Match each following terms with their correct description from the items listed below.
-The range of output over which the assumed cost relationship is valid

• A)Relevant range
• B)Cost behaviour
• C)Driver
• D)Variable cost
• E)Fixed cost

---

Definitions:

Owner's Capital

The total value of assets contributed by the owner of a business plus the retained earnings.

Owner's Drawings

Withdrawals of a business's cash or other assets by the owner for personal use.

Expense Accounts

Accounts used to record business expenses, which reduce net income in the profit and loss statement.

Income Summary

An account used in the closing process that summarizes revenues and expenses to determine the net income or loss for a period.