Asked by
Ronald Creech
on Oct 11, 2024
Verified
The salary that Mark earns at his present employ is:
A) a variable cost
B) a fixed cost
C) a product cost
D) an opportunity cost
Opportunity Cost
The cost of forgoing the next best alternative when making a decision.
Fixed Cost
Costs that do not vary with the production volume or level of services provided, such as rent, salaries, and insurance.
Salary
Salary refers to a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.
- Understand the basic concepts and classifications of costs in accounting.
- Identify and describe different types of costs associated with products and operations, such as product costs, period costs, and opportunity costs.
Verified Answer
GH
Learning Objectives
- Understand the basic concepts and classifications of costs in accounting.
- Identify and describe different types of costs associated with products and operations, such as product costs, period costs, and opportunity costs.