Final answer:
A traceable fixed cost can be directly attributed to a specific product or department, while a common fixed cost is incurred for the overall operation of the business. Examples of traceable fixed costs include the cost of raw materials used in production, while examples of common fixed costs include rent at a factory.
Step-by-step explanation:
A traceable fixed cost is a cost that can be directly attributed to a specific product or department. Examples of traceable fixed costs include the cost of raw materials used in production or the salary of a supervisor working on one specific project. On the other hand, a common fixed cost is a cost that cannot be directly attributed to a specific product or department and is incurred for the overall operation of the business. Examples of common fixed costs include rent at a factory or administrative salaries.