Financial Institutions and Systems Flashcards
1
Q
What is a Cost?
A
The value of a resource used in:
- manufacture of a product, such as timber or used to make chairs
- carrying out other business activities, such as electricity used in an office
2
Q
Types of Cost
A
- fixed costs
- variable costs
- mixed costs
3
Q
Fixed Costs
A
4
Q
Variable Costs
A
5
Q
Mixed Costs
A
6
Q
Users of Accounting Information
A
Internal Users
External Users
7
Q
Internal Users
A
8
Q
A
