What Was One Advantage of the Portuguese Caravel

question 66

Multiple Choice

What was one advantage of the Portuguese caravel?

• A) It was better suited for the warm waters off the African coast.
• B) It proved fast enough to escape Mediterranean pirate ships.
• C) It could sail more closely to the wind and thus successfully travel back north from the African West coast.
• D) It was cheaper to build in large numbers.
• E) It was the first ship to rely exclusively on sails without the assistance of rowers.

Preparation and understanding of simple income statements and the calculation of net income.

Learn the distinctions between operating and other revenues/expenses, and their impact on net income.

Grasp the procedures for correcting errors in previously issued financial statements.

Understand the fundamentals of earnings per share (EPS) calculation and its implications for financial analysis.

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Definitions:

Rate Variances

Differences between the standard or expected rates of costs and the actual rates incurred, often analyzed in cost accounting.

Variable Overhead

Refers to the costs that fluctuate with changes in production volume, such as utilities or materials that are consumed directly as a result of manufacturing activities.

Labor Rate Variance

The difference between the actual wage rate paid to workers and the expected or standard wage rate, multiplied by the actual hours worked.

Labor Efficiency Variance

The difference between the actual hours worked and the standard hours expected to produce a certain level of output, multiplied by the standard labor rate.