Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product. Variable Cost: Variable cost is the type of cost that changes with the level of production. Variable costs increase with the increase in the level of production and vice-versa. Although the total Variable cost changes with the level of production but the variable cost per unit remains constant irrespective of the level of production. To indicate: The Difference between fixed and variable costs and their examples in case of driving a car

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Answer 1

Question

Chapter 1, Problem 19Q

To determine

Concept introduction:

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.

Variable Cost:

Variable cost is the type of cost that changes with the level of production. Variable costs increase with the increase in the level of production and vice-versa. Although the total Variable cost changes with the level of production but the variable cost per unit remains constant irrespective of the level of production.

To indicate:

The Difference between fixed and variable costs and their examples in case of driving a car

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Answer 2

Question

Chapter 1, Problem 19Q

To determine

Concept introduction:

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.

Variable Cost:

Variable cost is the type of cost that changes with the level of production. Variable costs increase with the increase in the level of production and vice-versa. Although the total Variable cost changes with the level of production but the variable cost per unit remains constant irrespective of the level of production.

To indicate:

The Difference between fixed and variable costs and their examples in case of driving a car

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Answer 3

Question

Chapter 1, Problem 19Q

To determine

Concept introduction:

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.

Variable Cost:

Variable cost is the type of cost that changes with the level of production. Variable costs increase with the increase in the level of production and vice-versa. Although the total Variable cost changes with the level of production but the variable cost per unit remains constant irrespective of the level of production.

To indicate:

The Difference between fixed and variable costs and their examples in case of driving a car

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Answer 4

Question

Chapter 1, Problem 19Q

To determine

Concept introduction:

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.

Variable Cost:

Variable cost is the type of cost that changes with the level of production. Variable costs increase with the increase in the level of production and vice-versa. Although the total Variable cost changes with the level of production but the variable cost per unit remains constant irrespective of the level of production.

To indicate:

The Difference between fixed and variable costs and their examples in case of driving a car

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 19Q

To determine

Concept introduction:

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.

Variable Cost:

Variable cost is the type of cost that changes with the level of production. Variable costs increase with the increase in the level of production and vice-versa. Although the total Variable cost changes with the level of production but the variable cost per unit remains constant irrespective of the level of production.

To indicate:

The Difference between fixed and variable costs and their examples in case of driving a car

Answer 6

Chapter 1, Problem 19Q

To determine

Concept introduction:

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.

Variable Cost:

Variable cost is the type of cost that changes with the level of production. Variable costs increase with the increase in the level of production and vice-versa. Although the total Variable cost changes with the level of production but the variable cost per unit remains constant irrespective of the level of production.

To indicate:

The Difference between fixed and variable costs and their examples in case of driving a car

Answer 7

Chapter 1, Problem 19Q

To determine

Concept introduction:

Managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers. The manager uses various types of reports like cost report to take the decision on the costing. The cost of the product is used to determine the profit from the product.

Variable Cost:

Variable cost is the type of cost that changes with the level of production. Variable costs increase with the increase in the level of production and vice-versa. Although the total Variable cost changes with the level of production but the variable cost per unit remains constant irrespective of the level of production.

To indicate:

The Difference between fixed and variable costs and their examples in case of driving a car

Answer 8

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Answer 9

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Answer 10

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Answer 11

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Solution Summary: The author explains that managerial accounting is the branch of accounting used to generate reports for the purpose of decision makings by managers.

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