Explain the Role of Accountants and Distinguish Between the Kinds

question 10

Essay

Explain the role of accountants and distinguish between the kinds of work done by public accountants,private accountants,management accountants,and forensic accountants.

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Definitions:

Contribution Margin

The amount remaining from sales revenue after variable costs have been deducted, indicating how much contributes to covering fixed costs and profit.

Fixed Corporate Costs

Expenses that do not vary with production volume or sales, such as salaries of managerial staff and rent for corporate headquarters.

Fixed Expenses

Costs that do not fluctuate with changes in production level or sales volume.

Avoidable Expenses

Costs that can be eliminated if a certain decision is made, such as discontinuing a product line.