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Traditional vs Contribution format income statement

by: windwalkerr

Traditional vs Contribution format income statement ACIS 2116

Virginia Tech
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About this Document

Distinction between these two types of income statements.
Principles of Accounting
Chris Sherman
Class Notes
ACIS, Accounting, Traditional, contribution, Income, statement




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This 1 page Class Notes was uploaded by windwalkerr on Friday October 7, 2016. The Class Notes belongs to ACIS 2116 at Virginia Polytechnic Institute and State University taught by Chris Sherman in Fall 2016. Since its upload, it has received 3 views. For similar materials see Principles of Accounting in Accounting and Information Systems at Virginia Polytechnic Institute and State University.

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Date Created: 10/07/16
8.29.16 Traditional vs contribution format “income statement”  Traditional (GAAP) o Based on function, not on cost behavior o Sales – cogs = gross margin/gross profit o Gross margin – selling, general, & admin expenses = net operating income  Contribution (Non­GAAP) o Based on cost behavior, not function o Sales – variable costs = contribution margin o Contribution margin – fixed costs = net operating income  Cost of goods sold equation (retailer)  COGS = beginning inventory + purchases – ending inventory Key terms­ other  Committed fixed costs: represent organizational investments  Discretionary fixed costs “managed fixed costs”: arise from annual decisions by management  to spend on certain fixed costs  Opportunity cost: potential benefit given up when one alternative is selected over another  Sunk cost: cost that has already been incurred & that cannot be changed by any decision made  now or in future o Cost of lunch you had yesterday. Over and done with.


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