A Shirt Is an Example of an Item,or Attribute,in a Clothing

question 20

True/False

A shirt is an example of an item,or attribute,in a clothing store database,while an entity is information about the shirt,such as the color or style.

Discuss differences in future cost estimate treatments in construction contracts under GAAP and IFRS.

Advise on theoretical issues associated with recording revenue in new business ventures.

Understand the components required for earnings per share (EPS) information on the income statement.

Compute basic earnings per share.

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Definitions:

Profit

The profit made when the income from a business operation surpasses the expenditures, costs, and taxes required to maintain that operation.

Zero Marginal Cost

Zero marginal cost describes a situation where producing one additional unit of a good or service does not increase the total cost of production.

Fixed Cost

Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance, which are incurred regardless of the quantity produced.

Patent

A legal right granted by a government to an inventor, giving the holder exclusive rights to use, sell, and manufacture the invention for a certain period of time.