Question: State whether the following statements are true or false? If false, explain why. (a) Fixed costs are those that do not vary with long-term changes

State whether the following statements are true or false? If false, explain why.

(a) Fixed costs are those that do not vary with long-term changes

(a) Fixed costs are those that do not vary with long-term changes in the level of revenue or production. (b) Contribution is revenue less variable costs. (c) Break-even point is Variable costs Contribution per unit (d) Contribution/revenue (sales) ratio is- (e) Non-financial items are not important in decision making. Profit Revenue (Sales)

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