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Define variable and fixed costs

Question 1) Define variable and fixed costs. Comment on how these costs are used to estimate future requirements.

Question 2) Discuss how contribution margin is used by managers for decision making.

Question 3) Define full costing and give an example how full costing is applied and used by managers to make good business decisions.

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Accounting Basics: Define variable and fixed costs

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Accounting Basics: Define variable and fixed costs

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