The appropriate answer to the given statement.

Question

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Answer 1

Question

Chapter 6, Problem 1QC

To determine

To identify: The appropriate answer to the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The graph of a variable cost starts at the origin and slopes upward.

Explanation of Solution

Variable cost is the cost which incurs for every unit of volume produced. Total variable cost change according to the change in volume. Total variable cost is directly proportioned to the changes in volume.

a.

The origin and slopes upward: The option is incorrect as the graph that starts with the origin and slopes upward is the graph of variable cost. Variable cost is the cost that changes with the change in the level of output.

b.

Any point on the y-axis and is horizontal: This option is incorrect because the Fixed cost is the cost that does not change with the change in output level. The graph which starts with any point on the y-axis and is flat or horizontal is the graph which represents the fixed cost.

c.

Any point on the y-axis and slopes upward: This is not the correct option total cost is the cost which comprises of the sum of fixed cost and variable cost. The graph of fixed cost starts with the y-axis and is constant and the graph of variable cost starts with the origin and slopes upward. So, the graph of the total cost starts with any point on the y-axis and the slope of the total cost is downward sloping.

d.

The origin and is horizontal: This is not the correct option because the graph that starts with the origin and is horizontal shows zero value and lie on the x-axis and it shows the production level or the production line on the graph.

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Students have asked these similar questions

A bank lent $100,000 to a customer on December 1 that required the customer topay an annual percentage rate (APR) of 12% on the amount of the loan. The loan is duein six months and no payment of interest or principal is to be made until the note is dueon May 31. The bank prepares monthly financial statements at the end of each calendarmonth. The following questions pertain to the adjusting entry that the bank will be making for its accounting records. Question: What date should be used to record the December adjusting entry?

Typically an adjusting entry will include which of the following? One Balance Sheet Account And One Income Statement Account Two Balance Sheet Accounts Two Income Statement Accounts

Which type of adjusting entry is often reversed on the first day of the next accounting period? Accrual Deferral Depreciation

Answer 2

Question

Chapter 6, Problem 1QC

To determine

To identify: The appropriate answer to the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The graph of a variable cost starts at the origin and slopes upward.

Explanation of Solution

Variable cost is the cost which incurs for every unit of volume produced. Total variable cost change according to the change in volume. Total variable cost is directly proportioned to the changes in volume.

a.

The origin and slopes upward: The option is incorrect as the graph that starts with the origin and slopes upward is the graph of variable cost. Variable cost is the cost that changes with the change in the level of output.

b.

Any point on the y-axis and is horizontal: This option is incorrect because the Fixed cost is the cost that does not change with the change in output level. The graph which starts with any point on the y-axis and is flat or horizontal is the graph which represents the fixed cost.

c.

Any point on the y-axis and slopes upward: This is not the correct option total cost is the cost which comprises of the sum of fixed cost and variable cost. The graph of fixed cost starts with the y-axis and is constant and the graph of variable cost starts with the origin and slopes upward. So, the graph of the total cost starts with any point on the y-axis and the slope of the total cost is downward sloping.

d.

The origin and is horizontal: This is not the correct option because the graph that starts with the origin and is horizontal shows zero value and lie on the x-axis and it shows the production level or the production line on the graph.

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Answer 3

Question

Chapter 6, Problem 1QC

To determine

To identify: The appropriate answer to the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The graph of a variable cost starts at the origin and slopes upward.

Explanation of Solution

Variable cost is the cost which incurs for every unit of volume produced. Total variable cost change according to the change in volume. Total variable cost is directly proportioned to the changes in volume.

a.

The origin and slopes upward: The option is incorrect as the graph that starts with the origin and slopes upward is the graph of variable cost. Variable cost is the cost that changes with the change in the level of output.

b.

Any point on the y-axis and is horizontal: This option is incorrect because the Fixed cost is the cost that does not change with the change in output level. The graph which starts with any point on the y-axis and is flat or horizontal is the graph which represents the fixed cost.

c.

Any point on the y-axis and slopes upward: This is not the correct option total cost is the cost which comprises of the sum of fixed cost and variable cost. The graph of fixed cost starts with the y-axis and is constant and the graph of variable cost starts with the origin and slopes upward. So, the graph of the total cost starts with any point on the y-axis and the slope of the total cost is downward sloping.

d.

The origin and is horizontal: This is not the correct option because the graph that starts with the origin and is horizontal shows zero value and lie on the x-axis and it shows the production level or the production line on the graph.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 6, Problem 1QC

To determine

To identify: The appropriate answer to the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The graph of a variable cost starts at the origin and slopes upward.

Explanation of Solution

Variable cost is the cost which incurs for every unit of volume produced. Total variable cost change according to the change in volume. Total variable cost is directly proportioned to the changes in volume.

a.

The origin and slopes upward: The option is incorrect as the graph that starts with the origin and slopes upward is the graph of variable cost. Variable cost is the cost that changes with the change in the level of output.

b.

Any point on the y-axis and is horizontal: This option is incorrect because the Fixed cost is the cost that does not change with the change in output level. The graph which starts with any point on the y-axis and is flat or horizontal is the graph which represents the fixed cost.

c.

Any point on the y-axis and slopes upward: This is not the correct option total cost is the cost which comprises of the sum of fixed cost and variable cost. The graph of fixed cost starts with the y-axis and is constant and the graph of variable cost starts with the origin and slopes upward. So, the graph of the total cost starts with any point on the y-axis and the slope of the total cost is downward sloping.

d.

The origin and is horizontal: This is not the correct option because the graph that starts with the origin and is horizontal shows zero value and lie on the x-axis and it shows the production level or the production line on the graph.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 6, Problem 1QC

To determine

To identify: The appropriate answer to the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The graph of a variable cost starts at the origin and slopes upward.

Explanation of Solution

Variable cost is the cost which incurs for every unit of volume produced. Total variable cost change according to the change in volume. Total variable cost is directly proportioned to the changes in volume.

a.

The origin and slopes upward: The option is incorrect as the graph that starts with the origin and slopes upward is the graph of variable cost. Variable cost is the cost that changes with the change in the level of output.

b.

Any point on the y-axis and is horizontal: This option is incorrect because the Fixed cost is the cost that does not change with the change in output level. The graph which starts with any point on the y-axis and is flat or horizontal is the graph which represents the fixed cost.

c.

Any point on the y-axis and slopes upward: This is not the correct option total cost is the cost which comprises of the sum of fixed cost and variable cost. The graph of fixed cost starts with the y-axis and is constant and the graph of variable cost starts with the origin and slopes upward. So, the graph of the total cost starts with any point on the y-axis and the slope of the total cost is downward sloping.

d.

The origin and is horizontal: This is not the correct option because the graph that starts with the origin and is horizontal shows zero value and lie on the x-axis and it shows the production level or the production line on the graph.

Answer 6

Chapter 6, Problem 1QC

To determine

To identify: The appropriate answer to the given statement.

Expert Solution & Answer

Answer to Problem 1QC

Option a. The graph of a variable cost starts at the origin and slopes upward.

Explanation of Solution

Variable cost is the cost which incurs for every unit of volume produced. Total variable cost change according to the change in volume. Total variable cost is directly proportioned to the changes in volume.

a.

The origin and slopes upward: The option is incorrect as the graph that starts with the origin and slopes upward is the graph of variable cost. Variable cost is the cost that changes with the change in the level of output.

b.

Any point on the y-axis and is horizontal: This option is incorrect because the Fixed cost is the cost that does not change with the change in output level. The graph which starts with any point on the y-axis and is flat or horizontal is the graph which represents the fixed cost.

c.

Any point on the y-axis and slopes upward: This is not the correct option total cost is the cost which comprises of the sum of fixed cost and variable cost. The graph of fixed cost starts with the y-axis and is constant and the graph of variable cost starts with the origin and slopes upward. So, the graph of the total cost starts with any point on the y-axis and the slope of the total cost is downward sloping.

d.

The origin and is horizontal: This is not the correct option because the graph that starts with the origin and is horizontal shows zero value and lie on the x-axis and it shows the production level or the production line on the graph.

Answer 7

Chapter 6, Problem 1QC

To determine

To identify: The appropriate answer to the given statement.

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

Option a. The graph of a variable cost starts at the origin and slopes upward.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Variable cost is the cost which incurs for every unit of volume produced. Total variable cost change according to the change in volume. Total variable cost is directly proportioned to the changes in volume.

a.

The origin and slopes upward: The option is incorrect as the graph that starts with the origin and slopes upward is the graph of variable cost. Variable cost is the cost that changes with the change in the level of output.

b.

Any point on the y-axis and is horizontal: This option is incorrect because the Fixed cost is the cost that does not change with the change in output level. The graph which starts with any point on the y-axis and is flat or horizontal is the graph which represents the fixed cost.

c.

Any point on the y-axis and slopes upward: This is not the correct option total cost is the cost which comprises of the sum of fixed cost and variable cost. The graph of fixed cost starts with the y-axis and is constant and the graph of variable cost starts with the origin and slopes upward. So, the graph of the total cost starts with any point on the y-axis and the slope of the total cost is downward sloping.

d.

The origin and is horizontal: This is not the correct option because the graph that starts with the origin and is horizontal shows zero value and lie on the x-axis and it shows the production level or the production line on the graph.