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Explain Variable costs.
Variable costs conversely, tend to vary directly along with the volume of output. Illustrations of variable cost are: -
* Direct production labour cost
* Direct Materials cost
* Direct Expenses.
Explain Division of Work (or Labour). It is a famous principle of Economics, invented through Adam Smith who was the traditional economist. Fayol had advocated Division of wo
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What is a ledger account?
Analyze the 12 financial ratios and determine which is the most useful to the greatest number of small businesses. Explain your rationale
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