gross pay.

Q: What is the difference between direct and indirect operating expenses?

A: Direct operating expenses: The expenses that are directly related to the operations of the…

Q: Explain an example how to calculate gross profit percentage.

A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…

Q: Classify the Costs for Financial Statements?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Wage Calculation Data

A: Total Wages paid from October to December is 1956. with Average rate per hour is 12

Q: Define Gross Profit Method.

A: Definition:   Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: difference between Wages and Salary?

A: Wages and salaries are the remuneration paid to the employees by the employer for their contribution…

Q: how to prepare a contribution margin income statement?

A: Contribution Margin: It is defined as the difference between the sales and the variable cost. In…

Q: variables cost

A: Variable cost is the cost that change according to sale or production volume.

Q: retained earning balance for

A: Retained earnings is the part of stockholders' equity. It is a measure of amount of profit retained…

Q: Define gross pay.

A: Payroll: The total payment that a company is required to pay to its employee for the services…

Q: How incrising minimun wages affect compensation ?

A: Raising the minimum wage would make it more expensive to hire low-paid workers as it would be…

Q: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based…

Q: What are the differences in the accounting forinventoriable versus period costs?

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: e contribution margin income statement

A: Degree of operating leverage = Contribution margin/Pretax income

Q: What is profit contribution

A: The profit is calculated as difference between total revenue earned and total expenses incurred.

Q: The difference between a department is gross profit and it's expenses is ____ .

A: Gross profit of the department means sales revenues less cost of goods sold.

Q: What is the purpose of Classifying Costs for Financial Statement?

A: Cost Classifications helps the management in analysing the overall effect on the assets and…

Q: bject:cost account

A: Cost of Production report states the cost per Equivalent unit produced and transferred and cost of…

Q: (a) What are the percentage depletion and the cost depletion allowances?

A: Depletion: It refers to the process of proportionately distributing the cost of the extracting…

Q: Define basic earning power (BEP) ratio

A: The formula to compute basis earning power ratio as follows:

Q: Name the units of service on which cost-based payers may pay providers

A: Payers- is a company that  pays for or reimburses for medical services availed. For example, the…

Q: What is the difference between gross pay and net pay?

A: Gross pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by the…

Q: Explain an example how to calculate gross profit.

A: Gross profit is the left over revenue after deducting all direct costs of making the products or…

Q: What is the difference between a contribution approach income statement and a traditionalapproach…

A: Contribution Approach Income Statement: Under this approach, contribution amount is the main focus…

Q: The cost that is incurred in the process of generating the income will be called as

A: The cost that is incurred in the process of generating the income will be called as expense.

Q: Define net pay.

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: gross

A: Definition: Gross Margin: It is revenue which is retained by the company after incurring all of the…

Q: An example of "piece rate" compensation is: executive compensation. fee for service compensation.…

A: Compensation : Compensation is paid to employees for services received. Generally compensation is…

Q: What is the difference between direct pay and indirect pay

A: Compensations involve both the pay and the benefits that the employees receive. There are two basic…

Q: Define Accounts payable and what are its representative cost driver?

A: Accounts payable: Accounts payable is the obligation of the company to make payment (within period…

Q: What are the drivers to the cost of revenue

A: The total cost of producing and delivering a product or service to customers is known as the cost of…

Q: Explain how to prepare contribution margin income statement.

A: Contribution margin:   Contribution margin refers to the process or theory that is used to judge the…

Q: What's the difference between total net income and net take-home pay?

A: The company's transactions will be tracked, and the first book to record these transactions is the…

Q: Identify on which financial statement these costs originally appear. ✓ Period Costs ✓ Product Costs…

A:

Q: How does a contribution margin income statement differ from a traditional income statement?

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define salaries expense.

A: Salaries expense is the fixed pay earned by employees. The expense represents the cost of non-hourly…

Q: Describe accounting concepts useful in classifying costs.

A: Costs of a business can be classified on various basis On the basis of cost behaviour On the basis…

Q: Define salaries payable.

A: Salaries payable is a liability account.

Q: income be affected

A: Operating income is the amount of revenue realized from the operations of the business, after…

Q: Gross earning

A: Total sales = $146000 Commission  2% up to $80000 = $1600  3.5% from $80000-$100000 = 3.5%*$20000 =…

Q: Costs incurred to earn revenue are referred to as _____

A: Expenditure is the outflow cash or incurred by the business to support the generation of revenue.…