What is the role of accountant in setting the price of the goods or services?

Q: What is the income statement?

A: Financial statements: Financial statements refer to those statements, which are prepared by the…

Q: How do you calculate Cost of goods purchased

A: Cost of goods purchased (COGP) refers to the total cost incurred by a company to purchase inventory…

Q: What are the methods used to determine the cost of goods?

A:

Q: What does the income statement measures?

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

Q: What are the typical elements that are itemized in the income statement?

A: Income statement is a statement that helps in determining the income or the profit and loss of a…

Q: How did they get the income summary?

A: Lets understand the basics. Income summary is summary which reflects the all the revenue and expense…

Q: How do cost management and financial accounting differ?

A: The accounting is a process to identify, classify and record the transactions of the business and…

Q: What is the market value of goods

A:

Q: Definition of income measurement?

A: The income statement is one of the financial statement of the business.

Q: What is gross profit? How do you calculate it?

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: What is the cost constraint, and how does it affect financial reporting?

A: Under financial accounting, constraints are referred to as boundaries or guidelines prescribed in…

Q: Explain the transaction approach to measuring income.Why is the transaction approach to income…

A: Transaction approach:

Q: hat is the standard income statement equation'

A: Standard income statement equation contains 3 parts Net income , revenue and expenses . Net income…

Q: What is cost management, and how does it differ from management accounting and cost accounting?

A: Cost accounting and management accounting are two different forms of accounting, that is being…

Q: a company price goods below costs

A: