Costs That Do Not Vary According to Production Volume Are

question 41

Multiple Choice

Costs that do not vary according to production volume are called _____.

• A) total costs
• B) marginal costs
• C) switching costs
• D) variable costs
• E) fixed costs

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Definitions:

Adjusting Entries

Adjusting entries are journal entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Routine Entry

Regular, often daily, accounting entries that reflect standard business transactions.

Accrued

Describes expenses or revenues that have been incurred but not yet recorded through a payment or receipt, reflecting in accounts payable or receivable.

Deferred

Refers to items or transactions that have been postponed or delayed to a future date.