Solved

Accounting Terminology Listed Below Are Nine Technical Accounting Terms Introduced or Emphasized

Question 101

Essay

Accounting terminology
Listed below are nine technical accounting terms introduced or emphasized in this chapter: Accounting terminology Listed below are nine technical accounting terms introduced or emphasized in this chapter:   Each of the following statements may (or may not)describe one of these technical terms.In the space provided beside each statement,indicate the accounting term described,or answer  None  if the statement does not correctly describe any of the terms. ________ (a)The amount by which sales revenue exceeds total variable cost expressed as a percentage of sales. ________ (b)The amount by which sales volume exceeds the break-even point. ________ (c)The study of financial statements by a potential investor or creditor as a means of evaluating the profitability and solvency of a business. ________ (d)A type of activity that has a causal effect in the occurrence of a particular cost. ________ (e)The level of sales at which revenue equals operating expenses. ________ (f)A cost that responds to changes in sales volume by less than a proportionate amount. ________ (g)A mathematical technique used to determine the fixed and variable elements of a mixed or semi-variable cost. Each of the following statements may (or may not)describe one of these technical terms.In the space provided beside each statement,indicate the accounting term described,or answer "None" if the statement does not correctly describe any of the terms.
________ (a)The amount by which sales revenue exceeds total variable cost expressed as a percentage of sales.
________ (b)The amount by which sales volume exceeds the break-even point.
________ (c)The study of financial statements by a potential investor or creditor as a means of evaluating the profitability and solvency of a business.
________ (d)A type of activity that has a causal effect in the occurrence of a particular cost.
________ (e)The level of sales at which revenue equals operating expenses.
________ (f)A cost that responds to changes in sales volume by less than a proportionate amount.
________ (g)A mathematical technique used to determine the fixed and variable elements of a mixed or semi-variable cost.

Correct Answer:

verifed

Verified

(a)Contribution margin ratio (b)Margin o...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents