Do you ever wonder why these Breakeven Charts are necessary to prepare only for manufacturing businesses not for trading or service business? Give Real life examples for each type of business mentioned here to justify your answer

Do you ever wonder why these Breakeven Charts are necessary to prepare only for manufacturing businesses not for trading or service business? Give Real life examples for each type of business mentioned here to justify your answer

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter1: Introduction To Accounting

Section: Chapter Questions

Problem 1MYW

See similar textbooks

Related questions

Q: 1. How does the cost accounting function assist in the management of the business? 5. How do the…

A: Cost Accounting: It is a part of managerial accounting and total cost of production of a business…

Q: Give an example of a breakeven point in a business

A: Break even point is an important economic point in business activity.

Q: SCORE is a group of active business executives offering their services to small businesses for a fee

A: SCORE is the largest network of the volunteering of the nation, which has the expert business…

Q: 1. "The steps in the accounting cycle for a merchandising company are different from the accounting…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want a…

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

A: The Answer

Q: SM Department Store is an example of a manufacturing business. O True O False

A: The firm may engage in manufacturing activities or in trading activities. Manufacturing concerns…

Q: The understanding of the accounting for any type of business entity is very important. While there…

A: Those business organizations which are engaged in purchases of finished goods from the manufacturing…

Q: How can you help people to open new business by explaining different forms of business and its…

A: A business refers to an organization engaged in commercial, industrial, or professional activities.…

Q: Would the Wegmans approach work for a car dealer? Abookstore? A manufacturer of industrial goods?…

A: The question is based on the concept of Wegmens approach of business philosophy, the approach…

Q: (1) What are some key differences between financial and managerial accounting?

A: Hi student Since there are multiple questions, we will answer only first question.

Q: What are two common entry-level accounting software systems used by small businesses?

A: Entry-level software Entry-level software is computerized accounting software that helps the…

Q: if someone buys a business but hires professional managers to rub it so they dont have to be…

A: Entrepreneur is: Planner Risk-taker Creative Innovator, etc.

Q: The income statement of a merchandising company includesa major type of cost that does not appear in…

Q: What are the common barriers to entry that the entrepreneurs can experience in business operation?

A: Barriers to entry are the obstacles or hurdles that make it difficult or prevent new enterprises to…

Q: Solve all questions Economic enterprises, each for profit and noncommercial, generate revenues…

A: a) Distinguish between packaging slip, a shipping notice and a bill of shipment as follows:

Q: After the first day of cost accounting your friend says, “The role of accountants is to report what…

A: First Let us know about what is Cost Accounting: Cost accounting is a method of doing business in…

Q: Please describe a nonmanufacturing business that could benefit from the use of standards. Also,…

A: The non manufacturing business is the one that provides services and do not produce any physical…

Q: How does the institution (Dept. of Trade Industry and DOST) provide assistance to small business…

A: Industrialization plays an important in the economic development of a country. The structure of…

Q: Identify and explain the major factors in the social environment that create an atmosphere in which…

A: The social environment consists of beliefs, practices, behavior, and customs of society. In today's…

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

A: “Since you have asked multiple questions, we will solve the first question for you. If you want a…

Q: Assume you are proprietor of any firm you like. Briefly describe the products or services your firm…

A: If I am the proprietor of a Rice Mill, which procure the paddy from farmers and process paddy to the…

Q: (a) How are the components of revenues and expenses different for a merchandising company? (b)…

A: There are generally two types of business organisations-merchandising businesses which sale goods…

Q: What do entrepreneurs do that distinguishes them from any other person involved in the business?

A: A business is an enterprise entity or an organisation which is present to carry out a variety of…

Q: Explain how the activities and costs differ between these two a brick-and-mortar business and an…

A: Brick and mortar” refers to a business that has at least one physical location that customers can…

Q: become entrepreneurs

A: An entrepreneur is a person having some new idea or way of doing a business. He is the one who is…

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: Which of the following is correct about business ideas and opportunity?

A: The first 3 subdivisions have been answered for you. Please resubmit the question specifying the…

Q: QUESTION 2 Ravinash Limited is a manufacturing company going through significant growth. It has…

A: Accounting information seems to be the qualitative as well as quantitative information supplied by a…

Q: Mustafa Computer Supplies LLC is selling computer accessories for wholesale and retail business.…

A: Business means doing some activity to earn some profits like buying and selling goods or…

Q: .What is not a business discipline? A. International studies B. Accounting C. Finance D. Human…

A: 1. Business discipline includes all type of subject which supports business activities. This…

Q: All of the following entities would have a need for managerial accounting information except: the…

A: Managerial accounting is the branch of accounting that can be used to help managers in getting right…

Q: Merchandising companies have financial statements that are more complex than manufacturing…

A: Merchandising companies are companies engaged in buying and selling goods. Manufacturing companies…

Q: What does a consistently negative responsibility marginimply will happen to the operating income of…

A: The revenue less occurred variable costs(VC) and also the traceable fixed costs(FC) could result in…

Q: nancial Manager” a strict job title for a person within a business organization? Explain based on…

A: Introduction : As the name suggests, the financial manager refers to an individual who works in a…

Q: QUESTION 25 One of the reasons that businesses use accounting is it: O a. supplies information that…

A: The accounting record is maintained by a business entity to know the financial condition,…

Q: ow do managers use accounting in day-to-day operations? How have you used accounting in your work?…

A: Answer: Accounting is very basic concept and fundamental in any business. The basic of accounting is…

Q: How can accounting consultants or auditors minimize the cost of doing business? How is this…

A: SOLUTIONS- ACCOUNTING CONSULTANTS ADVISES BUSINESSES ON FINANCIAL DECISION AND THEIR ACCOUNTING…

Question

Do you ever wonder why these Breakeven Charts are necessary to prepare only for manufacturing businesses not for trading or service business? Give Real life examples for each type of business mentioned here to justify your answer

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Definition

VIEW

Step 2: Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

businesses exist and operate in many different environments. This has always been the case, but many consumers don't realize the different environments or how businesses must adapt to operate in each. what are some of these environments? Can you give some examples as to how they might influence operations? In your opinion, which has the most influence?
In The Trouble with Outsourcing, a Schumpeter column in The Economist, there is a statement of advice to companies, who outsource products or services: they need to think harder about what is their core business, and what is peripheral. What types of problems do you think they are talking about? In your answer, present at least five (5) problems that companies should consider when outsourcing products or services.
How can accounting consultants or auditors minimize the cost of doing business? How is this different from a manufacturing firm?
Explain some of the differences that make merchandising businesses and service businesses different from each other. The text below may help you. Use evidence from the text below to support your response. Read: A service business sells its services for a fee. A merchandising business is a business that purchases goods and sells them. If you are selling those goods to the general public for use or consumption, your business is a retail merchandising business. Many of the transactions of a service business and a merchandising business are the same. You pay cash for supplies and buy on account, just like in a service business. However, transactions like these occur more often and include different elements to account for. For example, there is a lot more purchasing of goods on account to have an inventory to sell. Also, an asset account for all those purchases is needed. A merchandising business may have a much higher volume of sales and may have to charge sales tax depending on city,…
Accounting information helps key stakeholders of the business to make decisions.From the following options,which one is the decision that an internal stakeholder is unlikely to make? A.Make decisions about how toset product selling price,whether to advertise and how much to spend on advertising B.Decide which products to continue to sell and when to add new products or drop old ones C.Identify what resources and employees the business needs,and to set benchmarks against which they can later measure the business's progress towards its goals D.Analyse the business's financial reports to decide whether to purchase shares of the company
Comment on the performance of Bart D’Souza’s company. How is the company doing? He is working at this business part-time. Should he quit his other job and work at this full-time? Should he do the opposite – and exit the business? Or, should he stay the course and see how things unfold? What other kinds of information might you want to know to answer these questions?
Please kindly answer the three questions below; You are the CEO of your own IT Company. Based on the cost concepts that we have discussed, identify at least three (3) costs being used and provide possible solutions how to control these costs. Being in an IT Field, you know the importance of optimizing your processes to see growth through efficiency. How can financial statement analysis contribute? Accounting is the language of business. Using this context, discuss the importance of financial statement to businesses.
please solve the task by reading attached pictures of background knowledge What could the concept for cost and revenue accounting look like for Christine ́s business? Which parts of a cost accounting concept are necessary for her business? Calculate the profit of Christine ́s business and the return on investment?Do you feel comfortable with the situation?
After the first day of cost accounting your friend says, “The role of accountants is to report what happened. Why do we care about value creation? That’s not my responsibility.” Do you agree? Explain in detail offering examples of uses of cost accounting for business purposes.
What are some of the non-financial factors you would consider if you were faced with a decision related to keeping or terminating a business segment? Can you think of a time when you experienced a dropped segment? Were there consequences other than financial that affected the company?
Hello! Please help me answer the question and activity costs. they are both in bold. Thank you!! :) Selecting Chart of Accounts The company’s accounting intern is new and has confused the Finn Corporation’s regular chart of accounts with the proposed chart of accounts for the lean accounting system. Review the charts of accounts on the Chart of Accounts I and Chart of Accounts II, and then answer the following question. Which chart of accounts should Finn Corporation most likely implement if they want to use lean accounting principles? (chart of accounts I, chart of accounts II, both will work equally well) Question Content Area Cost of Quality Report This year, Finn Corporation implemented programs designed to assess the costs of quality for the company. However, the company recently suffered a data loss, and some of its records have been either partially or completely erased. The accounting intern for Finn Corporation has located a copy of a recent cost of quality…
Companies are automating many accounting tasks. Is automation good or bad? Consider this question from the view of accounting students, accounting practitioners, other business professionals, and society as a whole. What should be done to achieve the good aspects of automating accounting tasks while minimizing the poor aspects?