An Input Whose Quantity Can Be Changed in the Short

question 84

Multiple Choice

An input whose quantity can be changed in the short run is a(n) _____ input.

• A)marginal
• B)fixed
• C)incremental
• D)variable

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Definitions:

Revenue Recognized

The point at which revenue is considered earned and can be recorded in the financial statements, according to specific criteria.

Expenses Incurred

The costs that have been consumed or used up in the operation of a business, contributing to the generation of revenue.

Adjusting Entries

The process of making entries in the ledger at the end of the accounting period to allocate profits and expenses to their actual period.

Costs Expire

When a cost is recognized as an expense, typically through depreciation for fixed assets or cost of goods sold for inventory, indicating it has been fully utilized in generating revenue.