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Is cost of sales as the same as expense?
Cost of sales (or cost of goods sold) refers specifically to the direct costs associated with producing or purchasing the goods that a company sells during a period. While it is a type of expense, it is distinct from other operating expenses, such as selling, general, and administrative costs. Therefore, while all cost of sales are expenses, not all expenses are classified as cost of sales.
What type of balance is the finished goods account have a debit or credit?
credit bal
What type of company would not have a Cost of Goods Sold figure?
A service-based company, such as a consulting firm or a law office, typically would not have a Cost of Goods Sold (COGS) figure, as they do not sell physical products. Instead, their expenses are more related to labor, overhead, and operational costs. COGS is primarily relevant for businesses that manufacture or sell tangible goods. Therefore, service-oriented enterprises focus on their operating expenses rather than COGS.
What is periodic inventory?
The system of inventory where updates are made on a periodic basis is a periodic inventory. In this type of inventory, there is no effort made to keep the records of the cost of goods sold or the inventory up-to-date.
What type of cost is direct labor?
direct labor is direct cost attributable to production of goods.
What type of goods were sold in cities in Greece?
The types of goods that were sold in the cites of Greece were chicken,ham,jelly beans, skittles, and woppers
What type of system did the early colonists use when they bought and sold goods and services?
medium of exchange and or bartering for goods
What type of balance is the finished goods account have a debit or credit?
credit bal
What type of system did the early colonists use when bought and sold goods and services?
Bartering
What type of company would not have a Cost of Goods Sold figure?
A service-based company, such as a consulting firm or a law office, typically would not have a Cost of Goods Sold (COGS) figure, as they do not sell physical products. Instead, their expenses are more related to labor, overhead, and operational costs. COGS is primarily relevant for businesses that manufacture or sell tangible goods. Therefore, service-oriented enterprises focus on their operating expenses rather than COGS.
What is periodic inventory?
The system of inventory where updates are made on a periodic basis is a periodic inventory. In this type of inventory, there is no effort made to keep the records of the cost of goods sold or the inventory up-to-date.
What type of cost is direct labor?
direct labor is direct cost attributable to production of goods.
Is depreciation expense under administrative expense?
Depreciation expense can be allocated to Administrative Expense or Selling & Marketing Expense or even to Cost Of Goods Sold. The amount of allocation and how that is done is specific to the type of business or industry.
Which type of checking account charges a small fee for every check that clears the account?
Cost-per-check account
What is a revenue account?
A revenue account is a type of account that shows a company's income from the sale of its goods and services. It also shows all the expenses associated with those items.
What type of service does the website uBid provide?
uBid is an online auction website that offers goods sold by companies as well as goods sold by third parties. uBid specializes on consumer electronics, jewelry, phones and etc.
How do I calculate gross margin if no Cost of Goods Sold?
If there is no cost of goods sold, then your gross margin is 100%. In other words, all the revenue you receive translates into gross profit. The type of business that would report this kind of result is most likely to perform services and dividing the Profit and Loss Statement into a gross profit and net profit section is irrelevant.
