سؤال 16?Which one is true about economic efficiencyProduction of goods does not existProduction of goods only happens on weekdaysProduction of goods is at its lowest cost (CProduction of goods is at its highest cost (D

Efficiency in business organisation means doing business activities at lowest cost. Economic…

?Which one is true about economic efficiency Production of goods does not exist (A Production of goods only happens on weekdays (B Production of goods is at its lowest cost (C Production of goods is at its highest cost D

?Which one is true about economic efficiency Production of goods does not exist (A Production of goods only happens on weekdays (B Production of goods is at its lowest cost (C Production of goods is at its highest cost D

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: Statement 1: Mixed cost are included in the cost of goods sold in the income statement only.…

A: Mixed cost is the one which is having components of both the fixed and variable cost. It is the cost…

Q: 1. When applying lower of cost or market, market value A. is defined as the selling price B.…

A: This Net realizable value(NRV) generally a common method used in valuation of an asset in inventory…

Q: Which one of the following is not considered an assumption of cost-volun O a. Fixed cost per unit is…

A: Option E is the correct answer i.e Cost can be Divided into variable and fixed components.

Q: Which of the following does not represent a cost-volume-profit analysis equation? a. Contribution…

A: Your choice is incorrect because option b. Is represent a cost volume profit analysis equation. The…

Q: Economic Profit?

A: Economic profit is different from the accounting profit earned, accounting profit is calculated at…

Q: Customer life-cycle costs: Select one: a. Are the replacement costs of using a product or service.…

A: Cost Accounting system A perpetual inventory accounting system, the cost accounting system is…

Q: Discuss the concept of cost of goods sold. Why is it so important? What is the downside for you, as…

A: 1 a Cost of goods sold (COGS) is a key concept in accounting that refers to the cost of the goods…

Q: When the return on sales (also known as net profit margin) is negative, what does this mean? Group…

A: Net profit margin (NPM) or return on sales measures the profitability of the company. Higher the…

Q: (1)Use the graph to answer the question that follows. Based on the chart above, if the product…

A: Marginal revenue is referred as the revenue, which usually leads from the sale of an one additional…

Q: Which of the following statements is correct? Da. If price equals cost, sellers are earning no…

Q: Which of the following is not a correct definition of the breakeven point? A.the point where total…

A: At Breakeven Point, Total Profits are equal to zero, Contribution Margin equal to Total Fixed…

Q: A ____ will cause Cost of Goods Sold to decrease. A. Debit B. Credit

A: Cost of Goods Sold means Cost involved in making of goods or providing services. Direct Material,…

Q: ?Which one of the following is not considered an assumption of cost-volume-profit analysis Costs can…

A: The question is multiple choice question. The question is related to Marginal Costing and is of cost…

Q: Which of the following choices correctly denotes factors that can influence a company's pricing…

A: Pricing a product or service is an important task for every organisation. It is the basis for the…

Q: The price of a product is expressed as ?, PHP = 10 – 28? where ? is the demand. Which of the…

A: Solution:- Total revenue = Price of product x Total demand of the product

Q: What is the earned income tax credit (EITC)? The EITC probably increases labor force participation…

A: Indifference curve analysis refers to the representation in the graphical form of the products…

Q: 1. Subsidy on inputs Identify whether (Select one choice per number) (A) increase inflation (B)…

A: Tax means the mandatory payment made by assesse to the government without expecting anything…

Q: What does it mean when a company has a major expense? Like for example, "The major expense for…

A: For your understanding - There are two types of cost direct costs and indirect costs. Direct costs…

Q: Strictly No AI use

A: Step 1: Determine the input coefficientsThe input coefficients are the amounts of inputs required to…

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: What is the relationship between revenue and net income on the Income Statement? As contribution…

A: Revenue represents the total income generated by a company from its primary operations, such as…

Q: Which of the following statements is true? I. Under the absorption costing method, a company can…

A: Absorption costing is a method of costing in which all manufacturing costs both variable and fixed…

Q: The break-even point is that at which: Select one: O A. The level of activity at which the business…

A: Solution:- Break-even point is the point where the total costs of a business are equal to the total…

Q: Let P(x) be the annual profit for a certain product, where x is the amount of money spent on…

A: Solution- (A) P(o) represents the amount of annual profit allocated when x=0 or when no money was…

Q: .what is the estimated selling price of a product less any cost necessary to further process the…

A: The cost necessary to further process the products beyond the split of point is also known as…

Q: Calculate cost of goods sold using: 1) FIFO 2) Weighted-average cost || 3) LIFO

A: FIFO Method:

Q: Answer the question on the basis of the following marginal utility data for products X and Y. Assume…

A: The objective of the question is to determine the quantities of products X and Y that should be…

Q: Which of the following does not represent a cost-volume-profit analysis equation? Profit…

A: Cost-Volume profit Analysis:- It is a method of cost accounting which look for the impact of cost…

Q: All else being equal, what happens to the unit contribution margin and the contribution margin ratio…

A: Contribution Margin is sales less variable costs. Contribution Margin ratio = Contribution margin /…

Q: (1) Determine the efficient amount of investment. (ii) Suppose that there is no contract and the two…

A: “Since you have posted a question with multiple sub parts, we willprovide the solution only to the…

Q: None

A: a. Single Plantwide Factory Overhead Rate MethodCalculate the Plantwide Overhead Rate:Total Factory…

Q: if costs are two high: Select one: a. Company loses work b. Company loses money C. It means error in…

A: Costs denote the amount that a company spends on the creation or production of goods and services.

Q: What affect would closing an OVERAPPLIED Manufacturing Overhead account to Cost of Goods Sold have…

A: Manufactuirng overheads are indirect manufacturing cost that is included in unit product cost and…

Q: (a) Explain one reason why gross profit margin of Firm-B is lower than that of Firm-A. (b) Suggest…

A: Gross profit margin = gross profit/sales = (sales - cost of goods sold)/sales Net profit margin =…

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: The equation for Gross Profit is "Gross Profit = Revenues - Cost of Goods." Which of the following…

A: Gross income is direct income of a business generated from direct revenues of the company. It is an…

Q: May I ask for an explanation to the question for a better understanding. Thank you! Gross profit…

A: Gross profit is profit earned after deductions of cost of goods sold.

Q: ?Which of the following is part of the first big economic questions ?What goods and services are…

A: Each and every economy face the following three central Problems - 1. What to produce 2. How to…

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: Gross profit will result if: O Sales revenues are greater than operating expenses. Operating…

A: Gross profit is the excess of the sales revenue over the cost of goods sold

Q: None

A: Definition of Marginal CostMarginal Cost (MC) is the additional cost incurred by producing one more…

Q: The labor supply curve a. may slope either upward or downward, depending upon the real wage…

A: The correct option is B. slopes downward to illustrate that a decrease in the real wage decreases…

Question

سؤال 16
?Which one is true about economic efficiency
Production of goods does not exist
Production of goods only happens on weekdays
Production of goods is at its lowest cost (C
Production of goods is at its highest cost (D

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

Please explain the statement below thourougly with an example to illustrate the answer. "A product with a high gross profit could be an unprofitable product".
The difference between the average customer’s willingness to pay and the total costs of a product is known as ______. When a company makes a profit, the difference between the price of the product and the cost of production is known as what? Value creation and value capture are key concepts for which parts of business? If a company innovates in a way that reduces its production costs without affecting any features of the product, would that create value? Suppose a price war was to erupt in the airline market, which causes prices for flights to decline, but affected nothing else about the industry. Would this change the value created by airlines? Suppose a price war was to erupt in the airline market, which causes prices for flights to decline, but affected nothing else about the industry. Would this change the value captured by airlines? Please solve all part and do not give solution in image format thanku
Which one of the following is NOT a correct definition of Gross Domestic Product (GDP)? (a) GDP is the value of the final goods and services produced in the economy during a given period. (b) GDP is the sum of value-added in the economy during a given period. (c) GDP is the sum of labor incomes in the economy during a given period. (d) All of the above are correct definitions of GDP.
Which one of the following statement is not correct? O Both fixed and variable costs influence short-term decision-making. O Short-term decision-making is all about analysing those costs that will change as a result of taking a particular action. O Opportunity costs are only considered when resources are limited. O Break-even analysis is used to determine how many units of a product or a service a business has to sell to cover all its costs.
If a company decreases its selling price for its products. The Increase? O Total cost O Cost plus pricing O Break even quantity. O Profit it
For each situation, list the assumption, principle, or constraint that has been violated, if any. List only one answer for each situation. a. East Lake Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be sold, is not certain. choose one of the assumption, principle or constraint Going concern assumptionPeriodicity assumptionNo violationHistorical cost principleRevenue recognition principleEconomic entity assumption b. Hilo Company is in its fifth year of operation and has yet to issue financial statements. (Do not use the full disclosure principle.) choose one of the assumption, principle or constraint Historical cost principleGoing concern assumptionRevenue recognition principleNo violationPeriodicity assumptionEconomic entity assumption c. Gomez, Inc. is…
Sales Variable costs Cost of goods sold Operating expenses Total variable Contribution margin Fixed costs Cost of goods sold Operating expenses Total fixed Net income (loss) Continue LA $ Eliminate LA Net Income Increase (Decrease)
In the economic order quantity model the return on capital that is forgotten when it is invested in inventory is a/an a. Carrying costs b. Exclusion in the EOQ computation c. Irrelevant cost d. Order cost
Cost of goods sold divided by variable cost equals units. O True False
>>>The number of units of one good that trade for one unit of alternative goods can be determined most easily when Top of Form there is one unit of account. the goods are all new. the goods all weigh about the same. the goods are actively traded through barter.
Help4
7