A cost that changes with the level of output is called a(n)__________cost
Fill in the blanks with correct word.
ANSWER: variable
A cost that changes with the level of output is called a variable cost. An example of variable cost is the cost of materials.
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Which of the following is TRUE of the Discount on Bonds Payable account? The bonds are due in ten years.
A) It is added to the Bonds Payable balance and shown with long-term liabilities on the balance sheet. B) It is subtracted from the Bonds Payable balance and shown with the current liabilities on the balance sheet. C) It is added to the Bonds Payable balance and shown with stockholders' equity on the balance sheet. D) It is subtracted from the Bonds Payable balance and shown with long-term liabilities on the balance sheet
Complete the following table:
The acquiring of land by issuing common stock is
A) a noncash transaction that is disclosed in a supplementary schedule attached to the statement of cash flows. B) a cash transaction that is reported in the investing section in the body of the statement of cash flows. C) a noncash transaction that is reported in the operating section in the body of the statement of cash flows. D) only reported if the statement of cash flows is prepared using the direct method.
Someone who owes a duty under a contract is an obligor
Indicate whether the statement is true or false