Question # 15 G Revisit Choose the best option Which of the following expenses will not be analyzed to distribution cost in a published profit and loss account for a company? O Sales Director's remuneration. O Audit fees. O Commission on sales. Advertising costs.

Question # 15 G Revisit Choose the best option Which of the following expenses will not be analyzed to distribution cost in a published profit and loss account for a company? O Sales Director's remuneration. O Audit fees. O Commission on sales. Advertising costs.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: When a merchandising business is compared to a service business, the financialstatement thatis…

A: Merchandising business: It is a set of activities we do to sell our product and services to the…

Q: Using the Acme hardware case, What are the alternatives for accounting for advertising and how could…

A: Manipulation of income is defined as purposely manipulating financial data in the income statement…

Q: Ahmed Co. decides to establieh a petty cash fund with a beginning balane OA OB. Debit Cash BD 500…

A: Accounting is a medium of communication, like any language that we use. For example, two people can…

Q: 14. Expenses other than cost of goods sold, that are incurred in the entity's major line of business…

A: Since there are multiple questions, we will answer only the first question. If you want the…

Q: The work paper in the year of sale to eliminate unrealized intercompany profit in ending: a. Credit…

A: Inter transaction- It includes those transaction which are incurred within the subsidiary and…

Q: What is the revenue account for a merchandising business called? Group of answer choices gross…

A: Solution: Merchandise business is a type of trading business that involves purchase and sales of…

Q: What are some examples on the types of costs that the accounting systems might not record but…

A: following are the types of costs that are not recorded in the accounting system but companies do…

Q: Question 3 What is the difference between the way product and period costs are accounted for? O…

Q: Vernon Company operates three segments. Income statements for the segments imply that profitability…

A: Segmented Income Statement:A segmented income statement provides a more thorough analysis of…

Q: an accounting method that is used to predict profits. 2- ‏costing method that assigns overhead and…

A: Accounting can be defined as the process which helps to record, analyze, interpret, and reporting…

Q: Absorption costing is intended for Select one: O a. None of the above O b. Outside distribution or…

A: Absorption Costing:-It refers to the method of costing to account for all the costs of…

Q: 31-Which of the following would normally be classified as a Selling expense of Merchandising…

A: 31. d. Advertising expense

Q: Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling…

A: (A) Sales Discount Expense: It is expense given to buyer of goods to incentivize his purchases. It…

Q: A decision about one product is said to have ________ effects when a change in the sales of one…

A: A decision about one product is said to have ________ effects when a change in the sales of one…

Q: Companies set reorder points based upon what criterion? a. All of these choices…

A: The reorder point is a predetermined level of inventory when a company should place a new order or…

Q: 1. Inventory management aims at a. increase customer service levels b. All of the above c.…

A: Inventory management refers to the process of ordering, storing and using a company's inventory.

Q: Product availability is O the probability of fulfilling a customer demand with high service the…

A: Product availability is an very important supply chain performance measure and appears as a key…

Q: How do the components of revenues and expenses differ between merchandising and service companies?…

A: Based on your given data, there is no given drop down but here is the general information about the…

Q: origin of management accounting is due to limitations of Financial accounting and cost accounting

A: Management accounting is the collection of data and generation of information from it in the forms…

Q: A single-step income statement for a merchandising firm: Question 7 options: A) Shows a…

A: The statement that represents the expenses, revenue, and profit/loss created by running a business…

Q: Companies set reorder points based upon what criterion? a. All of these choices…

A: The reorder point is a predetermined level of inventory when a company should place a new order or…

Q: Under which of the following circumstances would a company need to consider whether products or…

A: Solution: When a revenue arrangement involves more than one performance obligation, company need to…

Q: Th e information provided by a low-quality fi nancial report will most likely :A . decrease company…

A: SOLUTION:- Financial reporting quality is related to the quality of the information contained in…

Q: 3. The sales level at which operating income is zero. Drop in sales a company can absorb without…

A: Break even analysis involves determination of sales level at which the firm's total revenue equals…

Q: What is Customer Support Services in functions of marketing? A. The first impressions your produc B.…

A: Customer Support Services, as part of the functions of marketing, involve the provision of…

Q: bate coupons 5. The nonredemption of gift certificates is called a. Breakage b. Forfeiture c. Rebate…

A: #requirement 5 has been answered. The terms are explained below- Forfeiture= the amount forfeited…

Q: ULTIPLE CHOICE. Answer the following: 1.It show how efficient the business is as to its purchase or…

A: Ratios are very important in the comparing the performance of company with other similar companies…

Q: How does reporting information for a merchandising company differ from financial reporting for a…

A: Merchandising Company: A merchandising company is a type of company that engages in the purchase…

Q: 1.) Explain one difference between manufacturing and merchandising business. 2.) Why is it that…

A: Solution:- 1) Explanation of one difference between manufacturing and merchandising business as…

Q: _______________might be chosen by a company because it is easier to read. The single-step income…

A: The single-step income statement combines all income and expenses into one straightforward…

Q: Explain the drawing 21% Financails 50% Sales Expenes

A: Pie chart refers to the diagram which comprises of the circle and it is divided into the parts in…

Q: Discuss the various methods selling price for a new produ

A: Pricing refers to the process of determining the amount of money that a seller will charge for a…

Q: hich of the following would not be considered as a component of the "cost" of stock? a. Salaries of…

A: Inventoriable cost means the cost incurred to manufacture the product and included in inventory.…

Q: Which of the followings is/are drawbacks associated with valuation by comparables with P/S or P/E?…

A: If the the earnings are negetive, then value would also be negetive, which is not possible. If…

Q: Are the financial reports contained in the annual report considered financial accounting reports or…

A: Financial reports are information regarding the financial performance and financial position of a…

Q: Many companies use contra-revenue accounts to describe a reduction in Service Revenue (also Sales…

A: Solution concept The sales account includes the sales made in cash and credit both While calculating…

Q: Explain the impact on a company's financial statements if it shifts from using the historical cost…

A: The Answer :

Q: Under generally accepted accounting principles, a company can choose among different cost flow…

A: Consistency principle: The consistency rule expresses that, when you embrace a bookkeeping rule or…

Q: SLO-4.3. Internal control does not consist of policies and procedures that OProtect assets from…

A: Internal controls are set of procedures that ensure the effectiveness and efficiency of business…

Q: Why Gross sales is important in a Company?

A: Gross sales: Gross sales is a metric for the total sales of the company, that are unadjusted for the…

Q: Do all companies use cost-volume-profit charts

A: Yes, A cost-volume-profit graph is frequently used in business meetings because it presents a…

Q: Which of the following is an incorrect statement? Revenue - Operating Income = Gross Margin…

A: Gross margin is the amount earned by the firm after deducting COGS from revenue.

Question

tests.mettl.com/test-window/f55ac827#/testWindow/0/14/1
EY
Accounting Assessment O
O Total 00:54:58
Finish Test
Section 1 of 1 Section #1 v
6.
7.
8
9
10
11 12
14
13
15
15 of 45
All
2
43
Question # 15
Revisit
Choose the best option
Which of the following expenses will not be analyzed to distribution cost in a published profit and
loss account for a company?
Sales Director's remuneration.
O Audit fees.
Commission on sales.
O Advertising costs.
-91-82878-03040
Prev Question
Next Question
Zaineh | Support +1-650-924-9221
met
4:13 PM
へロ6) d 1/16/2021
2 Type here to search

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

VIEW

Step 2

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

3/Identify the false statement: a. Cost accounting is based on data derived from financial accounts b. Management accounting is purely voluntary c. None of the above d. Evolution of management accounting is due to the limitation of cost accounting
How does reporting information for a merchandising company differ from financial reporting for a service organization?
Which of the following is not a reason for banks to use activity- based costing? C a. to determine profitability of services provided Ob. to determine service quality c. to determine the amounts charged to customers for services provided Od. all of the above
QUESTION 2 Identify on which financial statement these costs originally appear. Period Costs ✓ Product Costs A. Income Statement B. Balance Sheet
Which of the following is not an example of an administrative cost? O A. Rent of the office building O B. Audit fees O C.Salary of the receptionist O D. Bad debts Clear my choice
Selling expenses DOES NOT include: A. Advertising expense B. Making sales C. Accounting and Human Resources expense D. Delivering goods to customers
DONT GIVE ANSWER IN IMAGE FORMAT
I
7
104.
Why would a company’s manager be concerned about the quantity of its purchases returns if its suppliers allow unlimited returns?