What is gross margin percentage? How is it calculated?
What will be an ideal response?
The gross margin percentage represents the contribution margin divided by revenue. A company can compare its
gross margin with that of other similar products in its industry and determine if it is higher or lower than the
industry average (higher is better). To calculate gross margin percentage, the following formula is used:
Gross Margin Percentage = (Revenue - Cost of Goods Sold)/Revenue
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Static budgets are prepared on quarterly basis and require frequent change during the annual budget period
Indicate whether the statement is true or false
______ are our basic concepts of good and bad, or right and wrong.
A. Principles B. Norms C. Responsibilities D. Values
List five differences in accounting practices between the US and other countries.
What will be an ideal response?
The ________ is an assurance that provides that leased premises must be fit, safe, and suitable for ordinary residential use
A) implied warranty to pay rent B) implied warranty of habitability C) duty to deliver possession D) duty not to use leased premises for illegal or nonstipulated purposes