The Income Statement is a financial statement that reports the revenues, expenses, and net income or loss that resulted from a firm’s operations over an accounting period.
<u>Explanation:</u>
The Income Statement is one of the company’s center financial reports that confers their gain and loss over a remarkable time. The gain or loss is circumscribed by practicing all revenues and deducting all liabilities from both working and non-operating exercises.
The income statement is a vital element of a company’s execution reports that need to be yielded to the Securities and Exchange Commission (SEC). An income statement presents worthy insights into a company’s operations, the performance of its management, underperforming areas and its production applicable to industry rivals.
Answer:
Direct material price variance= $12,500 unfavorable
Explanation:
Giving the following formula:
The standard price per pound is $2.00.
The actual quantity of materials purchased and used in production is 50,000 pounds.
The actual purchase price per pound of materials was $2.25.
<u>To calculate the direct material price (spending) variance, we need to use the following formula:</u>
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (2 - 2.25)*50,000
Direct material price variance= $12,500 unfavorable
Answer:
C. Personal selling
Explanation:
In personal selling, a sales representative engages the customer on a one-one conversation in an attempt to persuade them to buy a product or service. The sales person makes us of his or her skill, experience, and abilities to convince the buy the goods or services. Personal selling is also known as face-face selling.
Personal selling requires a sale representative to have good interpersonal skills. The salesperson will point out at the salient features and benefits in a bid to convince the customer that the product will add value to them. The customers seek as much information as they desire and gets the opportunity to negotiate for better prices.
Managerial accountants provide managers within the organization with reports to make good business decisions.
<h3>Who are Managerial accountants?</h3>
They are account managers, they help a company to manage the financial account and hep to make decisions based on the trend on the account.
They also hep perform various task that is associated with the account.
Therefore, Managerial accountants provide managers within the organization with reports to make good business decisions.
Learn more on managerial accounting here,
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Answer: carriage forward means delivery is being laid by the buyer. Carriage paid means delivery is paid by the seller.
