Define Cost Volume-Profit relationship
Describe briefly Cost Volume-Profit relationship?
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Cost Volume-Profit (or CVP) relationship is determination that studies the relationships among the subsequent factors and its affect on the amount of profits.
- Total sales amount and selling price per unit Total cost that might be in any form that is, fixed cost or Variable cost.
- Volume of sales
In easy terms, CVP is a management accounting instrument which signifies relationship among total sales, profit and total cost. Cost Volume-Profit relationship is one of the significant techniques of cost and management accounting. It is a powerful instrument that gives the entire picture of the profit structure and aids in planning of profits. It can as well answer what if type of questions by telling the volume needed to produce. This concept is applicable in all decision making regions, mainly in the short run.
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When labor was free, in that case this purely competitive firm as in illustrated graph would hire. (1) 600 workers. (2) 700 workers. (3) 800 workers. (4) 900 workers. (5) 1000 workers. Discover Q & A Leading Solution Library Avail More Than 1456337 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1935025 Asked 3,689 Active Tutors 1456337 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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