Kindly answer the below questions free from plagiarism. Need one paragraph each.
CVP stands for Cost Volume Profit analysis. In discussing its uses, think about (and discuss) the following questions;
1. Which format income statement is most useful for CVP analysis?
2. How should expenses be classified for CVP analysis?
3. What formula is the foundation for examining CVP relationships? Why?
4. Why is CVP analysis useful? Why is it an important concept in managerial accounting?