Sales is NOT one of the five basic functions of an accounting department
<h3>What is accounting department?</h3>
The accounting department is responsible for recording and reporting the cash flows, both in and out, of a company. It is part of the corporate overhead group of an organization.
An accounting department provides accounting services and manages the finances of a company.
There are five basic roles or functions within the accounting department:
Therefore, sales is not one of the basic functions of an accounting department.
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Rational I’m just answering for points I’m frl sure sorry
Answer:
2.08 times
Explanation:
The computation of the inventory turnover ratio is shown below:
Inventory turnover ratio would be
= Cost of goods sold ÷ average inventory
where,
Cost of goods sold = Sales × cost of goods sold percentage
= $792,590 × 77%
= $610,294.30
As we know that
Cost of goods sold = Sales - gross profit
= 100 - 0.23
= 0.77
We assume the sales to be 100
So, the ratio would be
= $610,294.30 ÷ $293,110
= 2.08 times
Answer:
It is before operating expenses.
Explanation:
Operating income is an accounting measure that shows the amount of money that a company has made from its daily operating activities. This means that operating income does not include earnings from non-operating activities like interest made from loans (unless we are talking about a financial institution).
Operating income is equal to revenue minus cost of goods sold, minus any other operating expense such as wages, depreciation, utilities, and rent.