When closing the books, if income is greater than expenses, the company has experienced a(n): Physical Inventory Worksheet.
What is a Closing Entry?At the conclusion of an accounting period, a closure entry is a journal entry that involves transferring information from temporary accounts on the income statement to permanent accounts on the balance sheet. Revenue, costs, and dividends are all included in temporary accounts, which must be closed at the conclusion of the accounting year.
An entry made in a journal book at the end of an accounting period is known as a closing entry.It entails transferring information from floating accounts on the income statement to floating accounts on the balance sheet.Retained earnings finally receive all balances from the income statement.To know more about inventory valuation, refer:
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David was having a heated argument with Sue that the business should consider more than shareholders when making it business decisions. David was reflecting Group of answer choicesa. Profit maximizationb. Stakeholder theoryc. The learning curved. Microeconomics equilibrium
David was having a heated argument with Sue that the business should consider more than shareholders when making its business decisions, David was reflecting on Option [B] Stakeholder theory is the correct answer.
What is the theory of stakeholders?
Stakeholder Theory is a way of looking at capitalism that emphasizes the connections between a company's clients, partners, workers, investors, communities, and other parties with an interest in the organization.
greater production as a result of happier workers. increased
recommendations and retention from content customers. investment growth from content financiers.
Therefore, the Stakeholder theory is criticized by some who contend that the group's interests are simply too diverse to effectively manage.
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subsequent events affecting the realization of assets ordinarily will require adjustment of the financial statements under audit because such events typically represent the
The financial statements under review will often need to be adjusted as a result of subsequent occurrences that affect the realization of assets since they typically involve extra new information pertaining to circumstances that existed as of the balance sheet date.
An event that occurs after a reporting period but before the financial statements for that period have been released or are available for release is referred to as a subsequent event. Such events may or may not need to be disclosed in an organization's financial statements, depending on the circumstances.
There are two types of subsequent events:
modifying the events- an occurrence that sheds further light on conditions that were present at the time the balance sheet was created.non-adjusting occurrences- a later occurrence that offers fresh details regarding a circumstance that wasn't there on the balance sheet date.To know more about subsequent event click here,
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given the following information, is purchasing performing well in buying iron castings? sept 20, 2015 dec 31, 2015 price paid to supplier $52.50 $53.20 % increase
The PPI has risen by 0.236% since the previous time frame. This indicates a 0.236% increase in the average price on iron castings. However, the team had to pay 1.333% more.
What is the average price?The typical price of a security or item as seen over a length of time is really the average price. Average price (VWAP) is generated on an instantaneous basis by finding the basic mathematical average the price movement over a given time period.
How is the average coin price determined?You must establish an estimated cost with all goods in order to determine the cost basis utilizing the ACB method. To determine this, add up all of the money you spent purchasing your asset, then divided it into the total.
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Businesses that use H-form or M-form organizational design may have several ____ who are responsible for helping line managers with their control functions, for coordinating the organization's overall control system, and for gathering and assimilating relevant information.
a. ombudsmen
b. facilitators
c. change agents
d. controllers
e. control champions
Businesses that use H-form or M-form organizational design may have several change agents who are responsible for helping line managers with their control functions, coordinating the organization's overall control system, and gathering and assimilating relevant information.
What type of organization is ideal?
The majority of businesses, especially smaller ones that don't necessarily have a large number of departments or call for a lot of links in the chain of command or communication, should really start with a traditional line organizational structure.
The H-form organization, also known as a conglomerate (H stands for hybrid), loosely relies on product departmentalization, with the various products making up different businesses. A corporate strategy of related diversification is implemented using the M-form design.
Therefore, Similar to the H-form design, the M-form organization, also known as the divisional design, has most or all of its bin the same or closely related industries.
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Which of the following is an example of derivative securities Mcq?
Derivative securities include, for instance, mortgage-backed securities. A credit facility whose value is based on the value of some other asset is referred to as a derivative security.
How do mortgage-backed securities operate and what are they?Mortgage-backed securities (MBSs), a subset of asset-backed securities, are created by combining just mortgages. A mortgage-backed securities is effectively a loan to homebuyers from the investor who purchases it. A broker can be used to purchase and sell MBS.
How dangerous are securities backed by mortgages?MBSs often provide yields that are greater than those of U.S. Treasurys, they also have hazards. Reinvestment risks, prepayment risks, and also the risk of negative convexity are a few of these. Because they are secured and backed by low-risk debt, MBS have the benefit for inherent security.
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In each of the following four cases, MRPL and MRPC refer to the marginal revenue products of labor and capital, respectively, and PL and PC refer to their prices. Indicate whether each of the following is consistent with maximum profits for the firm. If not, state which resource(s) should be used in larger amounts and which resource(s) should be used in smaller amounts.
a. MRPL = $8; PL = $4; MRPC = $8; PC = $4.
These conditions are consistent with maximum profits for the firm: (Click to select) False True
Which resource should be used in larger and/or smaller amounts: (Click to select) 1.) Use less of both 2.)Conditions are already consistent 3.)Use more of both 4.)Use less labor and more capital 5.)Use more labor and less capital
b. MRPL = $10; PL = $12; MRPC = $14; PC = $9.
These conditions are consistent with maximum profits for the firm: (Click to select) True False
Which resource should be used in larger and/or smaller amounts: (Click to select) Use less of both Conditions are already consistent Use more of both Use less labor and more capital Use more labor and less capital
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12.
These conditions are consistent with maximum profits for the firm: (Click to select) True False
Which resource should be used in larger and/or smaller amounts: (Click to select) Use less of both Conditions are already consistent Use more of both Use less labor and more capital Use more labor and less capital
d. MRPL = $22; PL = $26; MRPC = $16; PC = $19.
These conditions are consistent with maximum profits for the firm: (Click to select) False True
Which resource should be used in larger and/or smaller amounts: (Click to select) Use less of both Conditions are already consistent Use more of both Use less labor and more capital Use more labor and less capital
The data which are consistent are the data of statement a and c rest others are inconsistent.
a.) MRPL = $8; PL = $4; MRPC = $8; PC = $4
MRPL / PL = 2
MRPC / PC = 2
Therefore, we have
MRPL / PL = MRPC / PC = 2
Therefore, this condition is true because they are consistent with maximum profits for the firm.
b. MRPL = $10; PL = $12; MRPC = $14; PC = $9.
MRPL / PL =0.83
MRPC / PC = 1.56
Therefore,
0.83 = MRPL / PL < MRPC / PC = 1.56
Hence , this is false.
c.)MRPL = $6; PL = $6; MRPC = $12; PC = $12.
MRPL / PL = 1.00
MRPC / PC = 1.00
MRPL / PL = MRPC / PC = 1
Hence , all the values are consistent with each other .
Therefore, true .
d. MRPL = $22; PL = $26; MRPC = $16; PC = $19.
MRPL / PL = $22 / $26 = 0.85
MRPC / PC = $16 / $19 = 0.84
0.85 = MRPL / PL > MRPC / PC = 0.84
The values are not consistent with each other .
Therefore, false.
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According to your text, a logical place to begin selecting employee benefits is to establish _____ for the benefits package.A.a basic hierarchyB.limitsC.costsD.goalsE.objectives
Option E is correct. According to your text, a logical place to begin selecting employee benefits is to establish objectives for the benefits package.
Finding the program's goals is a crucial first step in establishing an employee benefits program. This will give general instructions for choosing and designing the benefits program. The process often does not provide a list of specific benefits provided, but rather a summary of the organization's goals for providing benefits that take into account the requirements of both the employer and the employee.
The formulation of the benefits objectives will be influenced by the organization's business and/or HR strategy because these objectives should aid in achieving the overarching strategic objectives. The development of the benefits objectives should take into account variables like employer size, location, industry, and collective bargaining agreements.
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when using goal-setting theory to motivate employees, managers should set general goals that are emotionally appealing. set goals that are easily achievable. hold employees responsible for getting feedback. help workers understand and accept the goals.
When using goal-setting theory to motivate employees, managers should help workers understand and accept the goals. The appropriate response is option D.
What is goal-setting theory ?In accordance with goal-setting theory, productivity may be increased by defining explicit, quantifiable goals. You may boost employee engagement while also enhancing employee performance in the workplace by implementing the goal-setting principle.
Goal setting theory is a strategy for increasing incentives for workers to do tasks quickly and efficiently. Setting goals boosts motivation and effort, but it also raises and improves the caliber of feedback, which boosts performance.
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which of the following statements regarding informational control are correct? (check all that apply.)
Informational control deals with internal and the external strategic context, reviews goal in the context of the current environment and considers assumptions that create the basis for an organization's strategy.
Give a brief account on management.Whether it's a company, a nonprofit, or a government agency, management (or managing) is the administration of the organization. It can be regarded as both the science and the art of managing the resources of the company.
Setting an organization's strategy and organizing the work of its staff (or volunteers) to achieve its goals through the use of resources such as financial, natural, technological, and human resources are all included in management. The phrases "run the business" and "change the business" are used in management to distinguish between the continued provision of goods or services and their adaptation to meet the shifting needs of customers. Another group of people who fit under the category of "management" are managers.
Hence, option (d) is the relevant answer choice.
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The complete question is mentioned below :
Which of the following statements regarding informational control are correct? (check all that apply.)
-It deals with internal environment and the external strategic context
-It reviews goal and strategies in the context of the current environment
-It considers assumptions that create the foundation for an organization's strategy
-All of the above.
Economic resources are also known as "factors of production." True False
True. Economic resources, also known as factors of production, refer to the inputs that are used to produce goods and services. These include land, labor, capital, and entrepreneurship. Economic resources are used to create value and wealth in an economy by transforming raw materials into finished products that can be sold to consumers. Factors of production play a critical role in the production process and are essential for a functioning economy.
1. free corporation is a full-service internet provider. it has 295 employees located in six states. you are the hr director and are evaluating the following alternative policies and will compose a policy which is legally and practically better than any of the following alternatives.
Today, the term "policy making" more accurately refers to the process of creating organisational policies. Some policies are fundamental components of the organization's strategy and apply at the highest levels.
In the given question,
Free corporation should follow policy one as by following policy one it will assign additional point to any applicant who is member of under represented group or having disability.
As by this process, Free corporation won't require to change their hiring standards, other parameters like technical knowledge, personality type, experience and many more.
So by giving extra point they are just giving extra advantage to this people over normal people and by this slowly and steadily without hampering the performance of the company and culture of the company they can imbibe this people.
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census data indicate that, as of 2011, the top fifth of all households receive about ____ times as much income as the bottom fifth.
Census data indicate that, as of 2011, the top fifth of all households receive about sixteen times as much income as the bottom fifth
What is census data?
Planners primarily employ census data to comprehend the social, economic, and demographic circumstances both locally and nationally. Although we occasionally believe the census is just conducted in the United States, data is also gathered in other nations. According to the Measure Evaluation document, a population census is what:
the whole process of gathering, collating, and disseminating to everyone in a country or fixed or defined region within a country demographic, economic, and social data relevant to a certain moment. The majority of nations also conduct a housing census.
These millions of data points are gathered and utilized to inform policy decisions both domestically and internationally. Every ten years decennial census is well-known to most individuals.
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. Measuring employment, unemployment, and labor force participation
Consider a small economy composed of six people: Antonio, Caroline, Dmitri, Frances, Latasha, and Jake. Each person's employment status is described in the following table.
Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person’s status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population.
The pool of people who are either employed or unemployed is referred to as the workforce or labor force. However, it can also refer to a certain geographic area like a city, state, or country.
Give a brief account on labour force.Labour force is typically used to describe people who work for a single organization or industry. The "Workforce in Place" of a corporation can be used to describe its value. Both working and jobless people make up a country's workforce (labour force). Any type of job that is formally structured and compensated is considered formal labor. Formal labor inside a nation adds to that nation's gross national product, unlike the informal sector of the economy. Labor that is not covered by a written contract under the law or in practice is referred to as informal labor.
Measuring labor force participation, unemployment, and employment :
Antonio is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. - employedCaroline is a 36-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet. - unemployedDmitri is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago. - not in the labor forceLatasha is a 31-year-old science teacher who taught at West Valley Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor. - unemployedJake is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. - employedFrances is a 10-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 per week. - not in the adult populationTo know more about, employment, visit :
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The complete question is mentioned below :
Measuring employment, unemployment, and labor force participation
Consider a small economy composed of six people : Antonio, Caroline, Dmitri, Frances, Latasha, and Jake. Each person's employment status is described in the following table.
Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population.
Antonio is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club.
Caroline is a 36-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet.
Dmitri is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago.
Latasha is a 31-year-old science teacher who taught at West Valley Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor.
Jake is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama.
Frances is a 10-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 per week.
unplanned project adjustments in response to the problems detected via project monitoring follows a four step apprach explain these four
Initiation Performing a feasibility study - Identifying the major problem that your project will address and if it will provide a solution to that problem determining scope.
unplanned issues are eliminatedWhen unanticipated difficulties are minimized, there is a greater likelihood that the project will be finished on schedule and with the desired results. There are various approaches used by project managers and other important stakeholders to evaluate project performance. Once your objectives have been broken down into major tasks, you must determine how you will measure the outcomes of these activities as well as the overall impact of your project. This is known as monitoring, and it should begin at the start of the project.
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maloney inc has found that its cost of common equity captial is 17% and irs cost of debt capital is 6%
The after-tax weighted average cost of capital for Maloney's, if it is subject to a 40 percent marginal tax rate is 11.64%.
The following formula is used to calculate WACC:
= Weightage of Debt x Cost of Debt x Weightage of Common Stock x (1-Tax Rate) (cost of common stock)
where,
Debt weighted by the total firm = Debt
The sum of the firm's equity, debt, and preferred stock is equal to
= $3,000,000 + $2,000,000 = $5,000,000
Therefore, the weighted debt ratio is (0.40) = ($2,000,000 $5,000,000).
The weighted common stock is also equal to (Common stock total firm).
= $3,000,000 ÷ $5,000,0000
= 0.60
Add these values to the formula above now.
as a result, the value would be
= (0.40 × 6%) × ( 1 - 40%) + (0.60 × 17%)
= 1.44% + 10.2%
= 11.64%
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The complete question is:
Maloney's, Inc. has found that its cost of common equity capital is 17 percent and its cost of debt capital is 6 percent. The firm is financed with $3,000,000 of common shares (market value) and $2,000,000 of debt. What is the after-tax weighted average cost of capital for Maloney's, if it is subject to a 40 percent marginal tax rate?
which of the following accounting changes must be justified in the notes to the financial statements?
The correct answer is B. Changes in depreciation methods are accounting changes that must be justified in the notes to the financial statements.
In accountancy, depreciation is a time period that refers to two components of the same idea: first, the actual lower of the honest cost of an asset, inclusive of the lower in the price of manufacturing facility equipment every 12 months as its miles used and worn, and 2nd, the allocation in accounting statements of the original price of the property to intervals in which the belongings are used (depreciation with the matching precept). Depreciation is technically a way of allocation, no longer valuation, although it determines the cost positioned at the asset within the stability sheet.
The depreciation fee does not require a present-day outlay of cash. however, the reason that depreciation is a rate to the P&L account, provided the employer is operating in a way that covers its charges (e.g. running at a profit) depreciation is a supply of cash in a declaration of coins flows, which generally offsets the cash price of obtaining new belongings required to hold operations while present assets reach the give up of their useful lives.
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Complete Question:
Which of the following accounting changes must be justified in the notes to the financial statements?
Multiple choice questions.
A) Changes in the remaining service life
B) Changes in depreciation methods
C) Changes in the estimated residual value
norris invests in vacant land for the purpose of realizing a profit on its appreciation. norris leases the land during the period it is held. the unadjusted basis of the property is $25,000, and its fair market value is $35,000. the lease payments are $400 per year. which of the following statements is true?
The leasing activity will not be treated as a rental activity if the following statements are true.
This scenario depicts an activity that is covered by one of the rental activity exceptions and, therefore, is not automatically considered as passive. Such property is rented out as a byproduct of the taxpayer's non-rental activity.
Lease payments are recurring, frequently monthly expenses paid for the privilege of using a building, asset, or piece of machinery.People can sign lease agreements for real estate, automobiles, computer hardware, software, and other immovable objects.
We can record lease payments as an expense on your company's revenue statements because they represent a cost. We also include the lease's depreciation or amortization in our expense reports, merging the two into a single negative figure that you deduct from your business's gross income.
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suppose you deposit $200 in your checking account at your bank, which has a required reserve ratio of 20%. Initially, as a result of your this transaction, the size of M1 will . Before any further actions by your bank, the reserves in your bank by, while the excess reserves of your bank by
If the required reserve ratio is 20 percent, then starting with new reserves of, say, $200, the most a bank can lend is $160, since it must keep $40 as reserves against the deposit it simultaneously sets up.
The amount of reservable liabilities that commercial banks must keep onto rather than lend out or invest is known as the reserve ratio. The central bank of the nation, in this case the Federal Reserve in the United States, sets this criterion. Banks are required to retain 10% of their deposits in necessary reserves if the statutory reserve ratio is 10%. Deposits of $20 million require necessary reserves to be retained at $2 million ($20 million multiplied by. 10). Reserves over and above those that are necessary are called excess reserves. In the absence of additional measures, raising the reserve requirement ratios reduces the amount of deposits that can be supported by a certain level of reserves, lowers the money supply, and rises the cost of credit. Banks are able to extend more loans to individuals and businesses when the reserve ratio is reduced by the Federal Reserve. This lowers the amount of cash that banks must store in reserves. The economy grows as a result, increasing the money supply in the country.
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In an agency relationship, one party called the principal agrees to represent or act for another called the agent. O True O False
The statement " In an agency relationship, one party called the principal agrees to represent or act for another called the agent." is false.
Give a brief account on agency relationship.A connection in which one party appoints another to perform tasks on their behalf is known as an agency relationship. The relationship between a principle and an agent is referred to as an agency relationship when the principal grants the agent the authority to act on the principal's behalf. When someone engages a lawyer to handle legal work for them, this is a typical example of an agency relationship. In this case, the agent is able to fulfill the principal's needs thanks to a legal authorization.
There are numerous distinctive traits in agency relationships. These are a few of those qualities:
As a result of the relationship's fiduciary status, trust and confidence are its foundations. To be given the authority to act on behalf of the principal, the agent must have the principal's faith and confidence.Agency laws control the interaction. These rules make sure that each party fulfils their obligation and complies with their side of the contract. There is a legal connection.Consensual relationship exist. The relationship cannot exist without both parties' consent.To know more about, agency relationship, visit :
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from a macroeconomic point of view, which of the following is a source of demand for financial capital?
From a macroeconomic point of view, the source of demand for financial capital is government borrowing.
The government sector borrows when it requests loans from the financial system to pay for expenditures that are not covered by taxes. This is one of two demands for household saving that are redirected into the financial markets in terms of the circular flow; the other being investment borrowing. Governments typically borrow money by issuing bills and securities. Sometimes less creditworthy nations borrow money directly from supranational organizations.
The financial obligations of the government sector are known as a nation's gross government debt, often known as public debt or sovereign debt. Government borrowing over time is mostly due to prior shortfalls in the budget. When a government's expenses exceed its receipts, a deficit results.
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gourmet restaurants and fast food chains cater to the same want satisfaction-a place to eat. however, at the gourmet restaurants you experience finely prepared cuisine served by a highly trained wait staff while at the fast food chains you may have to serve yourself. which of the following characteristics of services best represents this difference?
The correct answer is self service standards show wide variations.
What is the characteristics of self service?
Customers want to be able to get in touch with you whenever and however they like. The objective is to always be accessible to them in their time of need. so that consumers don't have to repeat themselves, it is important to make sure that interactions are recorded and shared throughout the firm. Customers wants freedom to make decisions for themselves. Most clients won't put up calling and waiting on hold to make appointment.
They want to be able to utilize an app or enter into a portal to make changes to and changes to their own appointments.
Self-scheduling is a crucial skill. Additionally, customers want to be able to examine account and self service history information and modify their preferences.
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___views consumers as capable of decoding and interpreting the media as they see and hear to suit their own unique needs and lives
Audience power theory views consumers as capable of decoding and interpreting the media as they see and hear to suit their own unique needs and lives.
Audience power theory :The audience theory offers explanations for how individuals encounter, consume, and are affected by media. Although the idea of an audience predates media, the majority of audience theory is focused on how people interact with various media. There are numerous explanatory frameworks, not just one audience theory. Depending on the phenomenon they attempt to explain, they may have their roots in the social sciences, rhetoric, literary theory, cultural studies, communication studies, or network science. Additionally, audience theories can be presented at many levels of analysis, from individuals to huge groups or networks of people.
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impact of foreign direct investment in developing countries
By guaranteeing high-quality goods that can compete on the international markets, foreign investments raise the level of output in the host country's sectors. Additionally, FDI reduces the technology divide between first-world countries and less developed nations.
What is the impact of foreign direct investment and economic development?As investors establish new businesses abroad, FDI expands employment prospects. Locals may earn more money and have more purchasing power as a result, which will help the targeted economies grow more broadly.
One of the hotly debated topics in the literature on development is the contribution of foreign direct investment (FDI) to the acceleration of economic growth. FDI enables host countries to attain investment that surpasses their own domestic saving and improves capital creation under the traditional Solow type growth model.
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____ refers to the delivery of a good to another individual with the exception that at some point in the future there will be an equivalent return.
Balanced reciprocity refers to the delivery of a good to another person with the exception that at some time in the future there will be an equivalent return.
Balanced reciprocity occurs when an exchange is made with the expectation that individuals who give an amount will get the same or equivalent in return. Balanced reciprocity obligates the receiver to return, within a specified time limit, items/elements understood to be of equal value or worth. When it is expected that a gift of equal value will be received from someone to whom a gift was given before, represents an example of balanced reciprocity.
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the goal of this activity is to challenge your knowledge of the forces for change outside and inside the organization.
Internal forces of change originate from within the organization and are related to how the organization operates internally. low satisfaction, the introduction of a new mission, and new leadership are a few examples.
A firm, institution, or group that consists of one or more individuals and has a specific goal is known as an organization (Commonwealth English; see spelling variations). The word is derived from the Greek word organon, which also refers to an organ and several tools or instruments. A wide range of legal entities exist, including companies, governments, non-governmental organizations, political groups, international organizations, armed forces, charities, for-profit businesses, partnerships, cooperatives, and educational institutions, among others. A hybrid organization is one that performs public functions and creates commercial market activity concurrently in the public and private sectors.
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When an economy is at full employment, which of the following will most likely create demand-pull inflation in the short run?
A decrease in the real rate of interest, is correct answer.
When an economy is at full employment, A decrease in the real rate of interest will most likely create demand-pull inflation in the short run.
What is demand-pull inflation?When demand for goods or services grows faster than the supply of those goods and services, the outcome is demand-pull inflation.
Demand-pull inflation is when there is an increment in assemble demand, and the supply stays the same or decrement. When supply cannot meet increasingly demand, prices for goods and services are exerted higher.
A decrease in the real rate of interest, is correct answer.
When an economy is at full employment, A decrease in the real rate of interest will most likely create demand-pull inflation in the short run.
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classify the assumptions according to whether or not each item is an assumption made under perfect competition (also known as pure competition or competitive industry).
Assumed in perfect competition. A hypothetical market system is referred to as perfect competition. Despite the fact that ideal competition is uncommon in real-world marketplaces.
What Is Perfect Competition ?Perfect competition refers to a fictitious market system. Despite the fact that perfect competition rarely occurs in actual markets, it provides a useful model for illustrating how supply and demand influence prices and behavior in a market economy.In a market with perfect competition, there are numerous buyers and sellers, and prices always reflect supply and demand. Companies only make enough money to stay in business. If they made excessive profits, other businesses would enter the market and reduce their profits.In a highly competitive market, there are numerous buyers and sellers. Instead of large corporations that can manipulate prices through changes in supply, the sellers are smaller businesses.To learn more about Perfect Competition refer :
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Highsmith Rental Company purchased an apartment building early in 2021. There are 25 apartments in the building and each is furnished with major kitchen appliances. The company has decided to use the group depreciation method for the appliances. The following data are available:
Residual Value Service Life (in Years)
Appliance Cost Stoves $47,000 $2,000 6
Refrigerators 42,000 8,000 5
Dishwashers 40,000 7,000 4
$30,00 as a whole Depreciation Base Total = $28,500 Total Straight Line Depreciation: $5,675 Group Dep Rate is equal to 5,675/33,000, or 17.20. Group Life equals 28,500 / 5,675.
Depreciation? What do you mean?The accounting technique of spreading out the cost of the a tangible asset over it's own useful life is known as depreciation. The amount of depreciation shows how much of the asset's worth has been utilized. By purchasing assets over a predetermined length of time, it enables businesses to generate income from of the assets they own.
What makes depreciation an asset?Accumulated depreciation should be categorized as an asset rather than a liability if you must choose, simply because that is how the account is shown on the balance sheet.
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if a contract is divisible into legal and illegal portions, a court may enforce the legal portion but not the illegal one, so long as the illegal portion does not affect the essence of the bargain. t/f
A court may enforce the legal portion of a contract but not the illegal portion if the illegal portion does not change the fundamental terms of the agreement. The claim is untrue.
Any person or entity, typically one that is governmental, that has the authority to resolve legal disputes between parties and deliver justice in civil, criminal, and administrative matters in accordance with the law is referred to as a court. In both common law and civil law legal systems, it is widely acknowledged that everyone has the right to assert their rights in court, which acts as the principal forum for dispute settlement. A person who has been accused of a crime has the right to provide a defence in court, which is similar to the above. The system of courts that interprets and applies the law is known collectively as the judiciary.
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A company had collected $5,000 in advance for services to be provided throughout the year. At December 31, an analysis of the Unearned Services Revenue account showed that one third of the services were earned during the year. The entry to record this adjustments will include which of the following entries:
a credit to services
revenue in amount of $1,000
A debit to Unearned Services Revenue in the amount of $1,000
During the year, a company had net credit sales of $100,000; past experience indicates that 0.5 percent of these sales, or $500, should result in uncollectible accounts. The entry to record this adjustment will include a debit to the ___________ account in the amount of $500
uncollectible accounts expense
A credit of $1,000 will be made to services revenue and a debit of $1,000 will be made to unearned services revenue in the entry to reflect these adjustments.
What Does Unearned Income Mean?Unearned revenue is money that has been received by a person or business for a service or good that hasn't yet been rendered or supplied. It can be compared to a "prepayment" for products or services that a supplier is expected to deliver to the buyer at a later time.
Unearned income should be recorded as a credit to the unearned revenue account and a debit to the cash account in your diary. This journal entry shows that although the company received payment in cash for a service, it had been provided on credit as a prepayment for other items or services to be provided.
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