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What is operational risk reporting?
Operational risk management reports must address both organization wide and line of business results. These reports must summarize operational risk exposu...
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How do you calculate the breakeven point in a service business?
How to calculate your break-even point When determining a break-even point based on sales dollars: Divide the fixed costs by the contribution margin. Brea...
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What is the change in working capital?
A change in working capital is the difference in the net working capital amount from one accounting period to the next. A management goal is to reduce any...
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What is the relevant range and why does it matter for cost behavior?
Within the designated boundaries, certain revenue or expense levels can be expected to occur. Outside of that relevant range, revenues and expenses will l...
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Why do auditors not prepare financial statements?
Why don’t auditors prepare financial statements, as well as audit them? It would be a conflict of interest and violates ethical standards. The CPA serves ...
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Why there is a need for adjustments before the preparation of financial statements?
Adjusting entries are necessary to update all account balances before financial statements can be prepared. These adjustments are not the result of physic...
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What is continental model?
The continental model emphasises the development of the company and its long-lasting effects. Objective of the managers is above all development of the co...
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Can fixed cost be relevant cost?
Fixed costs can be relevant but they have to be related to a specific decision. On the other hand, fixed costs that are general in nature (i.e. fixed cost...
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When you subtract operating expenses from the gross profit you have?
When you subtract operating expenses from the gross profit, that number is the operating income. It is usually a much lower number than gross profit becau...
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When should closing entries be made?
Closing entries take place at the end of an accounting cycle as a set of journal entries. The closing entries serve to transfer the balances out of certai...
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