What is the difference between the selling price,cost of sales and labour costs of an informal and formal business?

Q: 2. How would components of Revenues and Expenses differ between a merchandise company versus a…

A: a. Merchandise Company - This company does buy and sells of inventory from suppliers to customers.…

Q: Which form of business organization is characterized by having the shortest start-up time and lowest…

A: The Answer

Q: What is opportunity cost and how does it affect the decision-making process for business decisions?

A: Discuss the opportunity cost and the way how it affects the decision making process for business…

Q: How do I solve for the Cost Of Goods Sold?

A: Cost of goods sold is actual cost of goods that are being sold by the seller to the customers. This…

Q: How do the costs of doing business affect prices?

A: The cost of producing a product or service that a company sells is usually referred to as the cost.…

Q: Why do many operating managers prefer a contribution income statement instead of a traditional…

A: Traditional income statement: Traditional income statement is a financial statement that shows the…

Q: What is the meaning of contribution margin ratio? How is this ratio useful in planning…

A:

Q: Define how costs of goods and other costs such as taxes contribute to the performance besides sales?

A: Performance of the business is usually measured by the ability of the company to generate the net…

Q: Differnce between selling price,cost of sales,labour cost in informal business

A: The products are produced with different expenses incurred as variable expenses and fixed expenses.

Q: Should a firm have a firm grasp of the concepts of differential cost, opportunity cost and sunk cost…

A: Costs: It refers to the monetary value of expenditures incurred for carrying out operating and…

Q: How is the profit margin on sales calculated?

A: Profit margin on sale: it's categorized under profitability ratio , generally this ratio is used to…

Q: Explain the concept of a contribution margin and describe how it differs from gross margin. Also,…

A: Contribution Margin represents the incremental money generated for each product/unit sold after…

Q: How does the goal of the firm influence the sales maximization and profit maximization decision.

A: The goal of the Firm: Every firm has a goal of wealth maximization which is accomplished from the…

Q: What distinguishes a merchandising business from a service business?

A: Merchandising Company and Service Company: A merchandising company generates income by selling goods…

Q: The difference between informal and formal business selling

A: Informal and Formal Business : Formal business is a business that is well formalised and its goals…

Q: How is managerial accounting useful

A: Introduction: Accounting; Accounting is an art of recording, classifying,  summarizing and…

Q: without and effective system of cost accounts it is doubtful whether can survive in the intensely…

A: Cost accounting is the accounting of cost which collects all data from different sources and after…

Q: How do we calculate cost of sales

A: The net sales are calculated as difference between sales and sales discounts.

Q: What is the answer to the Cost of goods sold?

A: Cost of goods sold means the difference between the sale and gross profit . It means the cost of…

Q: Difference of the cost price selling price and labour price of informal and formal business

A: For Difference of the cost price selling price and labour price of informal and formal business…

Q: Which of the following costs are irrelevant to business decisions? Avoidable costs Costs that…

A: Sunk costs are irrelevant to business decisions.

Q: How might managerial incentives affect the analysis of earnings persistence?

A: Analysis of earnings persistence Earning persistence which was indicating that the total earning…

Q: How does the cost system affect the financial position of the firm?

A: Cost system is the system which is designed to evaluate the monitor the cost incurred by the…

Q: Explain what cost behavious is and why it is important for business?

A: Cost Behavior is the change in the behavior of a cost (or costs) due to a change in business…

Q: How do commercial businsses support the work of industrial business

A: Gaining profits is a primary motive for trading businesses mostly which can be treated as commercial…

Q: Which of these is not an objective of Cost Accounting? O a. Ascertainment of Cost O b. Cost Control…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: What factors explain the differences in company performance in the same industry?

A: For firms within the same business sector like Mcdonalds, Starbucks, burger king, etc in the…

Q: How would a business plan for a small manufacturing firm differ from one for a small retailing firm?…

A: A business plan is a document in writing that elaborates how a start-up company derives its…

Q: How to calculate cost of sales

A: Introduction: Ending Inventory: The unsold inventory for the period is called Ending Inventory.…

Q: Why Gross sales is important in a Company?

A: Gross sales: Gross sales is a metric for the total sales of the company, that are unadjusted for the…

Q: Which of the following would not be considered a component of the "cost" of Goods Sold? a.…

A: Introduction: Cost of goods sold: It is a income statement item. All direct costs which are directly…

Q: What is cost principle and give example of business situation of it

A: The cost principle is an accounting principle that requires assets, liabilities, and equity…

Q: What is a company’s cost structure? How can cost structure affect a company’s profits?

A: Company's cost structure expresses the proportion of fixed costs to variable cost. Cost structure…

Q: the specific parts of a business plan will vary, depending on the goods or services the firm is…

A: A business plan is a document in writing that elaborates how a start-up company derives its…

Q: Explain how the sales mix can affect the profitability of a company.

A: The sales mix is a calculation that determines the proportion of each producta business sells…

Q: Differentiate between selling price,cost of sales and labour costs in informal and formal business.

A: Registered (or unregistered), organized (or unorganized), and supervised (or unregulated) companies…

Q: What are the benefits enjoyed by tourism firm by adopting cost accounting?

A: cost accounting -    cost accounting is the recording classifying summarizing and analyzing the…

Q: Which of the following gives the basic factors of business operations of which their…

A: Cost volume profit relationship in the business says that there is a relationship exists between…