I<span>f your expenses exceeded your income, you should </span>reduce your variable cost. The variable cost is the controllable cost because it depends on the level of the output you are expected to have. These are costs that can be cut off by reducing the output level.
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Answer:
The correct answer is option c.
Explanation:
The variable costs are the cost incurred on the variable factors of production. The fixed costs are the costs incurred on the fixed factors.
In the short run, there are certain factors that are fixed and others that are variable. So in the short run, some costs are fixed and others are variable.
But in the long run, there is enough time for all the factors to be changed. So all the factors are variable and cost incurred on these variables is also variable.
So we can say that in the long run, there are no fixed costs.
Oct 13........................No Journal Entry Required
Oct 17. Cash..........................................DR $107
To Accounts Receivable........................................ $107
(Being cash received by Accounts Receivable)
Oct 22. Inventory....................................DR $1145
To Accounts Payables.......................................... $1145
(Being Purchases made of Chairs and Oil Supplies)
Oct Accounts Payable...........................DR $1145
To Cash............................................................ $1145
(Being Cash paid for purchases made)
YES ALL MAJOR COMMITTES AND BOARDS OF THE GENERAL FRATERNITY