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

Q: Explain the following basic principles in cost management: a. profits b. life cycle costs c.…

A: basic principles in cost management explained Indirect costs Expenses which are  not readily…

Q: The cost that is incurred in the process of generating the income will be called as O a. Expense O…

A: Expense is the amount of cost incurred during the period. Revenue is the total amount of receipts.…

Q: determine the net income

A: To determine the Net income of the business. We have to prepare Income Statements to determine the…

Q: Explain the components of income from continuing operations.

A: Continuing operations: The portions of the business which are expected to operate in the future are…

Q: According to our authors, define and provide an example of “comprehensive income.”

A: Comprehensive Income: The term "comprehensive income" refers to the combination of "net income" and…

Q: What is the gross profit? [ Select ] How much is the operating expense? | Select I | Select ] How…

A: Solution:- As per the above questions first we required to compute income statement. which helps to…

Q: Explain the components of non operating income.

A: Non Operating Income is that part of an organisation's income that is obtained from activities not…

Q: What is the difference between a traditional format income statement and a contribution format…

A:

Q: termine income from the operations?

A: Income from operations is also known as operating income (EBIT) (IFO). The profit created by a…

Q: Define gross pay.

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

Q: How can the amounts shown on the- nancial statements be called historical ?cost amounts

A: Answer A. The correct answer is option (C) When an item was originally obtained whether that…

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: What is Cost account payable

A: All variable costs are reduced from sales revenue to get at a contribution margin, from which all…

Q: A term that refers to a situation where the revenue function is equal to the cost function.

A: Revenue function and cost function are two important terms used in cost volume profit analysis. The…

Q: Explain why product costs are capitalized but period costs are expensed in the current accounting…

A: Product Cost The cost of the goods refers to a price paid to manufacture a product. It requires…

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: Define current operation income?

A: Current operation income otherwise called as operating income.Operating Income: Operating income is…

Q: what is production cost? what is tangible assets? what is operating expenses? what is cost of goods…

A: Expenses are those costs which are required to be incurred by the company to smoothly run the…

Q: Define net income and explain its computation.

A: Net income is the amount of income which is left over revenue after all the expenses have been…

Q: allocation of income or loss to have economic effect

A: Income or loss is the net result of operational activities of a business conducted during a…

Q: Product costs are deducted from revenue a. As expenditures are made b. When product is completed c.…

A: Product costs are costs and expenses related to production and manufacturing of goods in the…

Q: Using the following information, what is the amount of income from operations?

A: 1. Rent Revenue isn't operating income. That's why its not added          to  calculate income from…

Q: How you relate the differential cost with management of revenue in management accounting.

A: Management Accounting is a type of accounting which is used within the company for the purpose of…

Q: What is the gross profit and how do i calculate it

A: Manufacturing department profit is also known as gross profit. This profit includes only costs…

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: Define the term Income Smoothing.

A: Income Smoothing: It is an accounting technique which is used to move revenues and expenses of one…

Q: Net net profit is computed in the

A: Net profit in computed in the Income statement or profit and loss statement .  The format of the…

Q: describe, calculate, and interpret comprehensive income;

A: The income statement is considered an important financial statement as it helps in order to get the…

Q: Costs that are treated as assets until the product is sold are

A: Asset is a resource from which a entity expects future economic benefits from usage of such asset.

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: define and provide an example of “comprehensive income.”

A: The income represents the earnings of the company. The income is the total profit or earnings. One…

Q: Discuss how to report various income items.

A: Introduction Income/Revenue is the money received from business/profession/service. There are many…

Q: Explain the following and describe its impact on the financial statements: a. cost principle b.…

A: Financial statements are written records that present the business activities and the financial…

Q: What is the difference between operating and non –operating income?

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

Q: What is the income-statement approach? When is it used?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Define components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: The following income relates to a pro

A: Income that does not include gross income which is determined by tax laws known as exclusion from…

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: Find the Gross Profit

A: Direct costs are associated with the manufacturing of goods/services provided to consumers,…

Q: What are the major uses of the gross profit method?

A:

Q: When preparing cost estimates for account analysis purposes, should the costs be extracted from the…

A: Cost estimation is essential for every company to help managers in relevant decision-making. Cost…

Q: ver and Short account: Choice Is used to record the income effects of cas

A: The cash over and short account is an expense account used to record the difference of the physical…

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.…