Managerial Accounting Business Questions
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Managerial accounting questions
1. Explain the difference between fixed and variable costs.
2. Explain whether you agree with the statement "All variable costs are controllable while all fixed costs are uncontrollable".
3. Explain the difference between direct and indirect costs. Do you agree that all variable costs are direct costs while all fixed costs are indirect costs?
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Solution Summary
This solution helps with various managerial accounting questions. It explains the difference between fixed and variable costs, whether you agree with the statement about variable costs and the difference between direct and indirect costs.
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1. Explain the difference between fixed and variable costs.
The difference between fixed and variable costs is that fixed costs are incurred whether or not production occurs or not. Fixed costs are automatically accrued within the production period and regardless of whether a single units or a batch are produced, it remains constant. On the other hand, variable costs are those costs that are associated to the number of units produced. Variable costs incur as production progresses, implying that in a situation where no ...
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