DEFINE WITH THEIR DIFFERENCES BETWEEN THE FOLLOWING:         OUTPUT TAX & INPUT TAX ZERO RATED & EXEMTED SUPPLIES GOODS & SERVICES LOCAL GOOD & IMPORTED GOODS

Q: Total cost + Profit:____   O a. Selling price   O b. Cost of goods sold   O c. Selling and…

A: The selling price has two components total cost and profit marked upon cost.

Q: A traditional income statement classifies costs by function; costs are classified as either product…

A: The question is related to Classification of cost. The traditional income statement classifies costs…

Q: Compare and contrast Measuring GDP using the Income Approach vs Measuring GDP using the Expenditure…

A: Gross Domestic Product is defined as the final value of the goods as well as services that used to…

Q: Which of the following costs is a nonlease component for the lessee? Group of answer choices taxes…

A: The objective of the question is to identify which of the given costs is considered a nonlease…

Q: Compare and contrast the differences and similarities between Cost of Goods Sold and Net Profit.

A: Cost of goods sold (COGS) represents the direct cost of producing the goods. These are the direct…

Q: Compute(a)the cost of goods purchased and (b) the cost of goods sold

A: Cost of Goods Purchased is the net cost of merchandise acquired. It is that situation when business…

Q: Which of the following is subtracted from Gross profit to arrive at Operating income

A: Introduction:- Operating income can be calculated by deducting the cost of goods sold and operating…

Q: During a period of steadily rising prices, which of the methods of measuring the cost of goods is…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…

Q: Define cost of goods sold. How is it computed? What two financial reports does it impact and how?

A: Cost of goods sold or COGS is the direct cost of the products sold/manufactured by the entity. It…

Q: Why do you think factoring commission is collected upfront ?

A: By factoring, a company can obtain the short-term cash it needs by selling its accounts receivable…

Q: An example of an expense classifi cation by function is: C . cost of goods sold.

A: Expenses are either classified by nature or by function.

Q: Gross margin is included on the income statement under which format(s)? A) B) C) D) Contribution…

A: Gross Margin is included on the income statement under traditional approach.  Gross Margin = Sales -…

Q: Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and…

A: Gross profit is the company's profit after deducting the unit cost of goods from sales. Gross profit…

Q: Is it good, fair or bad if price earning ratio is higher than industry average in terms of…

A: In terms of cross-sectional evaluation, a higher price-earnings ratio (P/E ratio) than the industry…

Q: How do you compute the unadjusted cost of goods sold?

A: Cost of Goods Sold: Once the product is manufactured, that product is delivered to customers. The…

Q: : The difference between total sales revenue and total cost of goods sold is the   Group of answer…

A: Trade margin = Total sales revenue - Total cost of goods sold

Q: The cost of PPE includes which of the following : Its invoice price, less any cash discount for…

A: The cost of PPE includes all those expenses which are incurred directly on the PPE for making that…

Q: Value added tax i

A: It is pertinent to value-added tax is calculated on the value addition made at each point in a…

Q: The of each product's sales to. O selling price, profit O unit price, expense O ratio, total sales O…

A: Sales mix refers to the combination or proportion of different products or services that a company…

Q: tion of goods may be taxed based on?   A.Gross Se

A: Importation of goods refers to the process when an entity brings back some goods from another…

Q: What is Output tax

A: In order to generate revenue, the government frequently employs and imposes indirect taxes. They are…

Q: Revenue from sales of the by-product can be listed in the income statement as: a. additional cost…

A: Revenue from sale of by product is shown in the income statement as an additional sales revenue…

Q: Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O…

A: Net income is calculated as the Sales-Cost of goods sold-Operating expense Where Gross profit is…

Q: Contribution income statements vary from typical income statements in that they take the company's…

A: The question is about contribution income statements vary from typical income statements

Q: What is the preferred order of reconciliation? cost, sales, income O income, cost, sales sales,…

A: Income is defines as total costs of the project deducted from total sales from the project.

Q: How should managers consider income tax issues when choosing a transfer-pricing method?

A:

Q: s it always higher in cost of goods sold in Weighted average compared to FIFO?

A: Inventory and cost of goods sold can be value on the basis of FIFO or LIFO basis. In LIFO , cost of…

Q: Absorption Income Statement & Marginal Income Statement Components Importance Advantage &…

A: Marginal cost (MC) cost means cost which will vary or change with the output level. It can be 0 if…

Q: Companies that use OSD can deduct the cost of goods sold or the cost of services provided. Is it…

A: Business activities in every country are governed by certain Business laws that have direct…

Q: Both, distribution costs and administrative expenses are part of the cost of goods sold in the…

A: An accounting expense is a cost that is recognized by a company for financial reporting purposes. It…

Q: What is economic surplus defined as? A) The total revenue earned by a firm B) The difference between…

A: The correct answer is: Option (B) The difference between total revenue and total costs Economic…

Q: What are trade margins? How do they relate to thepricing for a produce, of goods?

A: A product is manufactured so that it can be sold to the consumer for the consumption purpose.…

Q: Define and describe the differences between a sales return and a sales allowance

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: The monetary value charged to customers for the performance of services sold is called a(n) O asset…

A: Performance of service is the completion of service as per specification, They earn revenue 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: Which one of the following is NOT a correct definition of Gross Domestic Product (GDP)? (a) GDP is…

A: GDP: Gross domestic product is the total monetary or market value of all the finished goods and…

Q: what is an example of value added taxes

A: Value-added tax (VAT) refers to the consumption tax which is imposed on a commodity once the value…