The difference between fixed and variable costs
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Video Overview
A cost accountant is required to work out how costs change when the volume of production changes, so we are now going to take a look at something called cost behaviour. Cost behaviour refers to how a cost will react or respond to changes in the level of business activity. There are two types of costs known as fixed costs and variable costs. This tutorial will look at a definition of these costs, and how they are affected by an increase or a decrease in levels of production.
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