Northern exposure company neglected to accrue commissions earned but not yet received or recorded. this error: b) understates this year's net income and understates both assets and retained earnings at year-end.
Employees, outside sales-people, and other entities can all earn commissions. According to the accrual basis of accounting, you must record an expense and an offset liability for a commission in the same period that you record the sale that the salesperson was responsible for producing, as well as when you are able to determine the commission's amount.
The majority of businesses multiply net sales by a commission rate to determine actual commission costs. Unearned income is commission that is received in advance. Unearned income is money that was received but wasn't earned. This will appear as a liability on the balance sheet up until it starts to accrue.
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Which of the following is most directly related to cyclical unemployment?
a.An increase in the number of new college graduates looking for work
b.An increased use of the Internet for job searches
c. Recessions
d.The age distribution of the country
The correct option is C. Recessions are most directly related to cyclical unemployment.
Unemployment, according to the OECD (Organization for monetary Co-operation and development), is human beings above a specified age (generally 15)not being in paid employment or self-employment however presently available for painting at some point of the reference length.
Unemployment is measured by means of the unemployment fee, that is the range of individuals who are unemployed as a percentage of the labor force (the overall range of human beings hired delivered to the ones unemployed). Unemployment and the status of the financial system can be inspired by means of a country via, for instance, fiscal coverage. furthermore, the monetary authority of a country, which includes the primary financial institution, can affect the availability and price of cash thru its monetary coverage.
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in job order costing system, costs for each job is accumulated. in job order costing system, costs for each job is accumulated. true false
The false statement is D. In process costing, the total cost of each unit is found by dividing the total factory costs by the number of units completed.
Process costing is a method of cost accounting used in the manufacturing industry to determine the cost of a product at each stage of the production process. In this method, the costs are assigned to the products produced in each process, rather than to individual units. The cost of each process is divided by the number of units produced during that process, resulting in a cost per unit. The aim is to determine the cost of each unit of product produced and to identify the cost drivers for each stage of the production process.
The process costing method is particularly useful for companies that manufacture a large number of identical or similar products. This method helps to track the costs involved in producing the products, including direct materials, direct labor, and overhead costs. It provides managers with a better understanding of the production process and allows them to identify opportunities for cost reduction and efficiency improvements.
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Complete Question:
Which of the following statements is false?
a. In job-order costing, costs are accumulated by job order.
b. In process costing, costs are accumulated by the department.
c. In process costing, the cost per unit in a department is found by spreading the period's manufacturing costs over the production activity.
d. In process costing, the total cost of each unit is found by dividing the total factory costs by the number of units completed.
e. In job-order costing, the unit cost is found by dividing the job's total cost by the job's total units.
what going-in cap rate should be indicated from recently sold properties that are comparable to apartment arms
The entry cap rate should be quoted from recently sold properties that are comparable to condos, looking at the net operating income (NOI) of the properties.
NOI is the amount of income generated by a property after all operating expenses are paid. To calculate the cap rate, divide the NOI by the sale price of the property. The cap rate is usually expressed as a percentage. The limit rate for comparable properties should be used as a reference value for the analyzed property. This will give a good idea of what the property's expected rate of return should be. The higher the cap rate, the higher the expected return and vice versa.
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surprise company's total stockholders' equity at the beginning of the year was $500,000. during the year surprise reported the following: net loss of $75,000. stock issued in exchange for land totaling $200,000. collections of accounts receivable $100,000. dividends declared and paid totaling $5,000. what is surprise's total stockholders' equity at the end of the year?
Stockholders' Equity is the sum of the company's retained earnings, common stock and additional paid-in capital. So the Surprise's total Stockholders' Equity at the end of the year is $720,000.
Total stockholders' equity at the end of the year = Beginning stockholders' equity + Issued stock - Net loss - Dividends declared and paid
Total stockholders' equity at the end of the year = $500,000 + $200,000 - $75,000 - $5,000
Total stockholders' equity at the end of the year = $720,000
Therefore, Total Stockholders' Equity at the end of the year $720,000.
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mary beth is considering accepting some additional contract work. she is trying to evaluate whether the compensation for the job is worth the effort. which tax rate should she use to calculate her after-tax proceeds of accepting the job? multiple choice question. effective tax rate
To calculate Mary Beth's after-tax proceeds from accepting additional contract work, she should use her marginal tax rate.
The marginal tax rate is the tax rate that applies to the next dollar of income she earns. It takes into account the fact that as Mary Beth earns more income, she may move into a higher tax bracket, which would increase the amount of tax she pays on her additional income.
By using her marginal tax rate, Mary Beth can calculate the after-tax amount of compensation she would receive from the additional contract work. This will help her evaluate whether the compensation is worth the effort, taking into account the tax implications.
It's important to note that the marginal tax rate may be different from the effective tax rate, which is the total amount of tax paid as a percentage of total income. The effective tax rate is useful for understanding Mary Beth's overall tax burden, but it may not accurately reflect the impact of additional income on her tax liability.
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the loss of consumer surplus for those buyers of the good who continue to buy it after the tax is imposed is group of answer choices $1. $1.5. $3. $2.
Option B. $1.5. The loss of consumer surplus after a tax is imposed is the difference between the amount that consumers are willing to pay for a good and the price they actually pay after the tax.
In this case, the tax increases the price of the good, leading to a decrease in the quantity demanded. Consumers who continue to buy the good after the tax must pay a higher price, resulting in a loss of consumer surplus. The loss of consumer surplus is equal to the difference between the price consumers are willing to pay and the higher price they must pay after the tax. In this scenario, the loss of consumer surplus is $1.5.
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how much do the half-time performers get paid at the super bowl?
The NFL doesn't actually pay artists in the Super Bowl halftime show.
What values would the Super Bowl promote?The word "Super Bowl" was coined by the late Kansas Chiefs owner Lamar Hunt, who thought the moniker was enough. According to Sports Illustrated, Lamar's proposal was "motivated by his son's Super Ball" toy.
The Super Bowl is called what for?Lamar Hunt, the illustrious owner of the Kansas City Chiefs, is credited with formally naming the third Super Bowl. Legend has it that Hunt had the idea for the Super Ball whenever the league was searching for a less complicated name for such event since he was aware that his daughter owned a Super Ball toy.
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jim has $1,000 of salary and $100 of dividend income this month. this month he also has rent and utilities of $300 and he spent $200 on groceries and $100 on clothing. what is jim's net cash flow this month?
Jim's net cash flow this month is $500.
What is cash flow?Cash flow (CF) is the change in the amount of money that a company, institution, or person has. The phrase is used in finance to refer to the volume of money (currency) produced or spent over a specific period of time. There are numerous types of CF, and they have numerous significant applications in conducting financial analysis and managing businesses. All of them will be thoroughly covered in this guide.
Both running a business and performing financial analysis involve a lot of cash flow. In fact, it ranks among the most significant metrics in all of accounting and finance.
Cash inflow = 1000+100
= $1100
Cash outflow= 300 +200+100
= $600
Net cash flow = 1100 -600
= $500
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what are three primary reasons for the popularity of online buying in all three kinds of organizational markets? multiple select question.
There are several reasons for the popularity of online buying in all three kinds of organizational markets (B2B, B2C, and C2C), but three primary reasons are:
What are organizational markets ?Convenience: Online shopping offers customers the freedom to shop whenever they want, from anywhere, without having to go to a real store. For working professionals who might not have the time to visit actual establishments during regular business hours, this is especially crucial.Savings on overhead costs like rent, utilities, and staff allow internet businesses to offer products at lower rates than those found in traditional locations. Additionally, customers can save money on transportation-related expenses including petrol, parking, and public transportation.Access to a larger assortment: Online shopping gives clients worldwide access to a larger selection of goods and services. This is crucial for companies that need particular goods or services that might not be offered locally.
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An example of a strategic operations management decision is the choice of where to locate. a. True b. False
True is the response. The decision of where to site a company is one of strategic operations management because it can greatly affect the company's success.
The accessibility of raw materials, labour costs, transportation expenses, the cost of doing business, the cost of acquiring customers and suppliers, and even government laws, can all be impacted by a company's location. Therefore, before choosing a certain site, firms must carefully weigh the benefits and drawbacks of each. Businesses must take into account not only their immediate needs but also their long-term strategies and objectives because the location decision may have long-term effects. This choice is essential to operations management because of the potential for wide-ranging effects it can have on the cost structure, productivity, and competitiveness of the company.
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Infill Land Development Company is in financial difficulty. The company has an 18 -acre parcel of land approved for development with a current up to date independent appraised value of $3,630,000. The 18 acres of land originally cost Infill Development $1,450,000. Infill has a loan outstanding with the Bank of Walnut Grove in the amount of $3,415,000. On July 1, 2020, the board of directors of the bank agreed to accept the land currently valued at $3,630,000 in full settlement of the $3,415,000 loan. Instruction Prepare the journal entries required for both the Bank of Walnut Grove and the Infill Development to record the settlement of the outstanding loan.
A journal entry acts as a record of a commercial transaction in your company's books. In double-entry accounting, each transaction necessitates at least two journal entries.
What is journal entry?Journal entries in an accounting book serve as a record of financial activities for an organization. A completely documented journal entry includes an exact date, the amounts to be debited and credited, an explanation of the event, and a unique reference number.
Every business transaction is recorded in the Journal, sometimes referred to as the Journal of Primary Entry. The contents of these simple journal entries are then transferred to the different books of accounts.
Infill development settled loan aginst sale of land value of $3,630,000.
Infill development earned profiit of $1,450,000 on settlement of $3,415,000 loan against land value of $3,630,000.
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The value of money____ as inflation increases.
A. varies
B. decreases
C. stays the same
D. increases
a company borrows $12,000 on a 1-year note that includes both principal and interest. monthly payments of $1,000 are made. at a financial reporting date 6 months later, how much will be presented as a current liability in the balance sheet?
2 a chocolate company is preparing to offer a new product in its candy offerings, the minty dark chocolate bite bar. material costs for this new candy bar are $0.25 for chocolate, $0.02 for sugar, and $0.03 for mint flavoring. labor costs per bar is $0.15. adding a production line devoted to the new candy wil cost $250,000 per year. (6 pts) a) if the sales price is $1.40 per bar, how many bars per year they need to make to break even? assume all bars are sold at full price. b) what is the company profit or loss if they make and sell 270,000 candy bars the first year at $1.40 per bar? c) about 20% of the food consumed in the u.s. is imported. production in many industries has been offshored. what ethical issues do companies face when presented with the decision to move operations?
a) To break even, the total costs of producing the new candy bar must be equal to the total revenue generated by selling the bars.
Total cost per bar = material costs + labor costs + (annual production line cost / number of bars produced per year)
Total cost per bar = $0.25 + $0.02 + $0.03 + $0.15 + ($250,000 / x)
Total revenue per bar = sales price per bar = $1.40
To break even: Total cost per bar * x = Total revenue per bar * x
($0.25 + $0.02 + $0.03 + $0.15 + ($250,000 / x)) * x = $1.40 * x
Solving for x, we get:
$0.45x + $250,000 = $1.40x
$0.95x = $250,000
x = $250,000 / $0.95
x = 263,157.89
Therefore, the company needs to make and sell at least 263,158 candy bars per year to break even.
b) Profit = Total Revenue - Total Cost
Total revenue = $1.40 * 270,000 = $378,000
Total cost = ($0.25 + $0.02 + $0.03 + $0.15 + ($250,000 / 270,000)) * 270,000 = $321,000
Profit = $378,000 - $321,000 = $57,000
Therefore, the company will make a profit of $57,000 if they make and sell 270,000 candy bars in the first year.
c) When companies face the decision to move operations, there are several ethical issues they may encounter. Some of these issues include:
Impact on employees: Offshoring or moving operations can lead to job losses for employees in the home country. Companies have a responsibility to consider the impact on their employees and find ways to mitigate any negative consequences, such as offering retraining programs or severance packages.
Impact on the community: Companies also have a responsibility to consider the impact on the communities where they operate. Moving operations to another country can have a significant impact on the local economy, and companies need to ensure that they are not contributing to economic instability or other negative consequences.
Environmental impact: Companies have a responsibility to minimize their impact on the environment. Moving operations to countries with lower environmental standards can result in increased pollution and other negative environmental consequences.
Ethical business practices: Companies have a responsibility to ensure that their operations are conducted in an ethical and socially responsible manner. Moving operations to countries with lower labor or human rights standards can raise ethical concerns.
Overall, companies need to balance the potential benefits of moving operations with their ethical responsibilities to employees, communities, and the environment. They should also ensure that their actions align with their values and mission as a company.
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who typically coordinates a project when one functional area plays a dominant role, or has a dominant interest, in a project being executed with a functional organization structure? multiple choice question.
The projectized form of mission management structure is in many instances used when one practical area performs a dominant function in completing the undertaking or has a dominant interest in the success of the project.
Which of the following is generally the duty of a mission manager?This consists of placing and managing consumer expectations, developing a distinct task plan, defining the scope of the project and assigning crew contributors to particular tasks.
The projectized shape of venture management shape is commonly used when one purposeful vicinity performs a dominant role in completing the undertaking or has a dominant activity in the success of the project.
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https://brainly.com/question/21648646#SPJ4which of the following statements is incorrect? a. by influencing interest rates, the fed is able to influence the amount of money that corporations and households are willing to borrow and spend. b. the fed's monetary policy is intended to influence u.s. economic conditions. c. the fed's monetary policy affects the supply of loanable funds, which affects interest rates. d. all of these statements are true.
When the Fed tightens the money supply, it increases the interest rate and decreases the amount of goods and services that people want to buy at a particular price point.b. the fed's monetary policy is intended to influence u.s. economic conditions.
Reducing income inequality is the right response (option B). The Federal Reserve is referred to as the American central bank. The Federal Reserve, as the nation's monetary authority, has what is known as a "dual mandate"—a set of goals. a growth in real GDP when the economy is on the horizontal section of the aggregate supply curve, but without significant inflation. How much commercial banks charge one another for short-term loans is influenced by the fed funds rate. Because borrowing costs increase with a rising rate, banks and other financial organisations may be less eager to borrow money.
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suppose that real gdp per capita in the united states is $50,500. if the long-term growth rate of real gdp per capita is 1.6% per year, how many years will it take for real gdp per capita to reach $101,000?
We must increase the real GDP per capita from its present level of $50,500 to $101,000. Consequently, at a growth rate of 1.6% year, it will take roughly 43.75 years for real GDP per capita to reach $101,000.
How to calculate GDP per capita?The rule of 70 can be used to calculate the approximate number of years required for a particular growth rate of real GDP per person to double. According to the rule of 70, the time it takes for a variable to double is roughly equal to 70 divided by the yearly growth rate (expressed as a percentage). This rule allows us to calculate the estimated time it will take for a person's real GDP to double at a rate of growth of 1.6% per year, which is 43.75 years (70 divided by 1.6). We must double the existing level of $50,500 in order to achieve a real per capita GDP of $101,000. As a result, at a 1.6% annual growth rate, it will take roughly 43.75 years for real per capita GDP to reach $101,000.We must increase the real GDP per capita from its present level of $50,500 to $101,000. Consequently, at a growth rate of 1.6% year, it will take roughly 43.75 years for real per capita GDP to hit $101,000.
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Capital One assessed the need for stress management interventions using a
Multiple Choice
training intervention.
job report.
stress audit.
sabbatical intervention.
coping analysis.
Capital One determined whether stress management strategies were necessary using a multiple choice training intervention. Sabbatical, stress evaluation, and work report.
What needs to be determined regarding its meaning?
Determined refers to being steadfast in one's choice or course of action, especially with the intention of reaching a specific objective. Someone who is committed to completing a task is highly driven and unlikely to give up or change their mind. In general, someone who is determined has a strong drive to accomplish their goals.
People who are determined are typically highly motivated and laser-focused on their goals. They retain a resilient mindset and persevere in order to succeed, despite any obstacles or difficulties.
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total product cost and per-unit product cost slapshot company makes ice hockey sticks. last week, direct materials (wood, paint, kevlar, and resin) costing $26,000 were put into production. direct labor of $20,000 (10 workers x 100 hours x $20 per hour) was incurred. manufacturing overhead equaled $65,000. by the end of the week, the company had manufactured 10,000 hockey sticks. required: 1. calculate the total product cost for last week. fill in the blank 1 of 1$ 111,000 2. calculate the per-unit cost of one hockey stick that was produced last week. round your answer to the nearest cent. fill in the blank 1 of 1$ 11 per unit
Total product cost refers to the total cost incurred in the production of a specific quantity of goods or services, including direct materials, direct labour, and manufacturing overhead costs. This cost includes all expenses related to the production process, from the purchase of raw materials to the completion of the finished goods.
Per-unit cost, also known as unit cost, refers to the cost of producing one unit of a product. This cost is calculated by dividing the total product cost by the number of units produced. Per-unit cost is an essential metric for businesses because it helps determine the price at which a product must be sold to make a profit. It also helps businesses evaluate their pricing strategy, and production costs, and identify areas for cost reduction.
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industry analysis is primarily concerned with a corporation's question 17 options: internal environment. societal environment. task environment. economic environment. sociocultural environment.
Industry analysis is primarily concerned with a corporation's task environment. Because it aids in making crucial judgements about the market or a product, the task environment of a company is the main focus of industry analysis. The answer is OPTION C.
Finding possibilities and risks for corporation's in a competitive setting is the learning purpose for the industry study. They must to be able to understand how the numerous forces at play in an industry either increase or decrease the likelihood of survival. A strategic technique for identifying and evaluating the internal and external components of a corporate environment is an environmental analysis, often known as an environmental scan.
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describe two examples of how an information system improved the efficiency or effectiveness of a business process. be specific.
An organization's decision-makers can make better decisions for the business with the use of information systems. Due to its availability of up-to-date information, historical context, and trend analysis, information technology aids in gathering prepared data on all facets of the organization.
How can information systems benefit businesses?Information systems assist you in making better decisions, generating new revenue streams for your company, managing your organization effectively, and promoting your items more successfully.
What are the two advantages of implementing information systems to support strategy?Information systems also have other benefits.
cost savings supplying information to those who make decisions. superior client service. continual accessibility of the systems.
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a change in quantity supplied is represented by a movement along the supply curve. question content area bottom part 1 true false
It is true that a shift along the supply curve corresponds to a change in the quantity delivered.
The supply curve shows how the cost of a good or service relates to how much is provided over a certain length of time. In a typical situation, the price will be displayed on the left vertical axis and the quantity delivered will be displayed on the horizontal axis.
The supply curve, which increases from left to right, expresses the law of supply: The supply grows when the cost of a certain product increases (all else being equal).
For the majority of supply curves, the quantity supplied increases as the cost of the commodity decreases.
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location a has a fixed cost of $400,000 and a variable cost of $13.50 per unit. location b has a fixed cost of $650,000 and a variable cost of $12 per unit. what is the break-even quantity? a. 166,667 units b. 256,000 units c. 122,648 units d. 192,626 uni
The break-even quantity is a.166,667 units for location a and location b.
The contribution margin (revenue per unit minus variable cost per unit) is equal to zero at the break-even point.
To find the break-even quantity, we need to determine the number of units that must be sold in order for the total revenue to equal the total cost.
To find the break-even quantity, we need to determine the point where the total cost equals total revenue. This occurs when:
Total Cost = Total Revenue
Total Cost = Fixed Cost + (Variable Cost per unit x Quantity)
Total Revenue = Price per unit x Quantity
Let x be the break-even quantity, then we have:
For location a:
Total Cost = 400,000 + 13.5x
Total Revenue = xP
For location b:
Total Cost = 650,000 + 12x
Total Revenue = xP
Setting the total cost equal to the total revenue, we get:
For location a:
400,000 + 13.5x = xP
For location b:
650,000 + 12x = xP
We need to solve for x, so we can equate the two equations:
400,000 + 13.5x = 650,000 + 12x
Simplifying, we get:
1.5x = 250,000
x = 250,000 / 1.5
x = 166,667
Therefore, the break-even quantity is 166,667 units for location a and location b.
If the revenue per unit is higher than the variable cost per unit, the break-even quantity will be lower, and if the revenue per unit is lower than the variable cost per unit, the break-even quantity will be higher.
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what type of insurance would be used for a return of premium rider?
If the policyholder does not pass away while the policy is in force, a return of premium rider enables them to recoup the premiums they have paid during the policy. The term "return of premium life insurance" is also used to describe policies containing this clause.
An ROP term life insurance policy offers a return of premiums paid if you survive past the policy's term in addition to providing a death benefit if you pass away. ROP life insurance may cost more than standard term life insurance due to this added benefit.
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10. which of the following processes of scope management process defines what work will and will not be included in the project? a. collect requirements b. define scope c. create work breakdown structure d. verify scope e. control scope
The scope management process consists of the following steps, which determine the work that will and won't be part of the project: a. gather requirements.
What information has to be in the scope management plan?Your project brief, a list of the project's requirements, and any anticipated deliverables should all be included in this document. A control measure, which is a procedure for change requests and helps stop scope creep, might be included in your scope plan document.
What duties should the scope management strategy include?The context management plan is an outline that outlines how the team will draft the project scope, develop the WBS, confirm that the project's deliverables have been met, and manage requests for project scope revisions.
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a broad objective of human resource management is to of all workers in an organization.group of answer choicesoptimize the usefulnessminimize the downtimescrutinize the personnel filestandardize the benefits
A broad objective of human resource management is to of all workers in an organization are- standardize the benefits. In this case Option D is correct.
The department of a company tasked with finding, selecting, hiring, and training job applicants is known as human resources (HR).
The management of employee terminations, compensation, and benefits is handled by the human resources department.
Any laws that might affect the company and its employees must be kept up to date.
Payroll and benefits administration are traditional HR administrative tasks that many businesses frequently outsource.
familiarity with human resources (HR)
The HR department is a vital component of the business regardless of size. Its responsibilities include boosting employee output and protecting the company from any issues that might arise within the workforce.
Compensation and benefits, hiring, firing, and staying current with any laws that may apply are just a few of HR's duties.
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For each of the following companies, specify whether each company would be more likely to use job costing or process costing a. Janitorial services company b. Soup manufacturer c. Commercial plumbing contractor d. Toothpaste manufacturer e. Catering service f. Shipbuilder g. Company providing Web design services h. Medical practice of six doctors and four physician assistants i. Soft drink bottler j. Movie studio k. Plastic bottle manufacturer l. Architect m. Temporary staffing agency n. Oil refinery
Company providing janitorial services; For each of following businesses, indicate whether it'd be more probable to use process costing or job costing.
Which businesses employ process and job costing?Job order costing can be used by enterprises as in white-collar sector of the economy, such as law firms, accounting firms, and private investment firms, to handle specific client accounts. For instance, accounting firms may view every client as a separate task.
Who among the following businesses is most likely to employ process or work order costing?Response and justification A medical clinic, option A, is the correct response. Given that it provides its clients with specialized and one-of-a-kind services, a health care clinic is most likely to adopt a job-order costing system.
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suppose the government is considering levying a tax in one or more of the markets described in the table. which of the markets will allow the government to minimize the deadweight loss(es) from the tax? group of answer choices market a only markets a and c only markets b and d only market c only
The markets that will allow the government to minimize the deadweight loss(es) from the tax are: Markets B and D only.
An economic system known as a market economy is one in which the interactions of a nation's individual citizens and businesses determine economic policy and how much goods and services will cost.
Despite the possibility of parties exchanging goods and services through barter, the majority of markets rely on sellers providing their products or services to customers in exchange for money.
Market economies come in a variety of forms, from minimally regulated free-market and laissez-faire systems, where state activity is limited to providing public goods and services and protecting private ownership, to interventionist forms, where the government actively participates in resolving market inefficiencies and fostering social relationships.
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Note that the full question is:
Market Characteristic
A Demand is very elastic relative to supply.
B Demand is very inelastic relative to supply.
C Supply is very elastic relative to demand.
D Supply is very inelastic relative to demand.
Refer to Table 8-1. Suppose the government is considering levying a tax in one or more of the markets described in the table. Which of the markets will allow the government to minimize the deadweight loss(es) from the tax?
if job candidates must be able to lift 40 pounds to be allowed to advance to the next stage of the hiring process, lifting ability is what type of measure?
Lifting capacity is a physical test if job seekers must be able to lift 40 pounds in order to move on to the next stage of the hiring process. It evaluates a candidate's physical ability to carry out the duties of the position.
The criterion for lifting is a test of physical fitness, more particularly, a test of physical fitness for the profession. This kind of test determines whether a job applicant has the physical skills required to carry out the fundamental duties of the position securely and proficiently. Physically demanding occupations including manufacturing, construction, and warehouse work frequently require job-related physical ability tests. These procedures are used to make sure that candidates can fulfil the physical demands of the work without endangering themselves or others. The lifting capacity requirement in this situation assures that the job applicant can safely lift the weight necessary to carry out the essential duties of the position.
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james went shopping with only $60 on him. he wants to buy a new pair of jeans and a pair of shoes. each item costs exactly $60, so he can only purchase one of the two. this scenario directly illustrates the basic concept that
The correct answer is the basic concept that when resources are scarce, people face trade-offs. A trade-off is where one thing increases, and another must decrease.
What is trade-off?A trade-off is a situational choice that includes diminishing or dropping one quality, quantity, or belongings of a hard and fast or layout in go back for profits in different aspects.
Tradeoffs stem from boundaries of many origins, most effective a sure quantity of items can healthy right into a given space, so a complete field should eliminate a few gadgets so as to be given any more, and vessels can deliver some huge gadgets or more than one small gadgets.
Tradeoffs additionally normally check with unique configurations of a unmarried item, along with the tuning of strings on a guitar to allow unique notes to be played, in addition to an allocation of time and interest closer to unique tasks.
The idea of a tradeoff indicates a tactical or strategic preference made with complete comprehension of the benefits and drawbacks of every setup.
An financial instance is the choice to spend money on stocks, that are unstable however deliver exceptional ability go back, as opposed to bonds, that are normally more secure however with decrease ability returns.
An economics a trade-off is expressed in phrases of the possibility value of a specific preference, that is the lack of the maximum desired opportunity given up.
A tradeoff, then, includes a sacrifice that should be made to gain a sure product, service, or experience, in preference to others that might be made or acquired the usage of the equal required resources.
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