Which of the Following Formats Is Typically Used in Year-To-Date

question 47

Multiple Choice

Which of the following formats is typically used in year-to-date income statements prepared for internal use under a responsibility accounting system?

• A) Sales - Cost of Goods Sold = Gross Margin;Gross Margin - Operating Expenses = Net Income
• B) Sales - Manufacturing Costs = Manufacturing Margin;Manufacturing Margin - Selling and Administrative Costs = Net Income
• C) Sales - Variable Costs = Contribution Margin;Contribution Margin - Fixed Costs = Net Income
• D) None of these.

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Definitions:

New York City

The largest city in the United States, known for its significant impact on commerce, finance, media, art, fashion, research, technology, education, and entertainment worldwide.

Executions

The act of carrying out a death sentence on a legally condemned individual, or the process of performing a plan or course of action.

Republicanism

Political theory in eighteenth-century England and America that celebrated active participation in public life by economically independent citizens as central to freedom.

Anglo-American

Pertaining to things, people, or cultural patterns that are both British and American in nature; often used to describe the historical and cultural ties between the United States and the United Kingdom.