Answer:
False
Explanation:
Merchandise inventory is the stock that company have to kept in its godown while the account receivable is that when company sold the goods on credit basis to the customer
So here the company could received the payment within 12 months it can be in within month also
So the given statement is false
Although the perpetual inventory system updates accounting records after each sale, a physical count is necessary at year-end to identify issues such as ________ and
Answer:
customer theft; spoilage.
Explanation:
A perpetual inventory system is a type of inventory management that continuously records in real-time the amount of inventory sold or purchased through the use of enterprise software or technological software applications such as a point of sale (POS).
Under a perpetual system of inventory, updates of the journal entry for cost of goods sold or received would include debiting accounts receivable and crediting sales immediately as it is being made or happening. The advantage of the perpetual system of inventory over the periodic system of inventory is that, it ensures the inventory account balance is always accurate provided there are no spoilage, customer theft, etc.
According to the definitions of national saving and private saving, if Y, C, and G remained the same, an increase in taxes would
Question options :
a. raise both private and public saving.b. raise private saving and lower public saving.c. lower private saving and raise public saving.d. lower private and public saving.
Answer:
c. lower private saving and raise public saving.
Explanation:
National saving is total of private and public saving minus the country's consumption and government expenditure.
Private saving is income from households minus consumption and taxes.
Formula for public saving is T − G − TR which is government budget surplus through revenue from tax. This is revenue from tax minus government expenditure and transfers.
The Federal Reserve mandates banks to deposit a certain percentage of their ______ as required reserves at their regional Federal Reserve Bank.
Answer:
deposits
Explanation:
True or false. Unintended market conditions, including black markets and shortages, can occur through the price restraint of a price ceiling set above the market-clearing price.
Answer:
false
Explanation:
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Price floor set above the market-clearing price is non binding
Effects of a binding price ceiling
1. It leads to shortages
2. it leads to the development of black markets
3. it prevents producers from raising price beyond a certain price
4. It lowers the price consumers pay for a product. This increases consumer surplus
What are the effects on U.S. imports and exports when the U.S. experiences economic growth stronger than its major trading partners
Answer:
Imports will increase
Explanation:
Exports provide money into the system, increasing the GDP of the exporting country. If a country imports items, it does so from outside manufacturers. The money that is spent on imports departs the economy, lowering the GDP of the importing country.
Imports will rise if the United States' economic growth outpaces that of its main trade partners.
Henna Hair Salon purchased supplies for $6,000 and debited Supplies for the full amount. At the end of the accounting period, $1,800 worth of supplies were still on hand. Identify the adjusting entry needed at the end of the period. debit Supplies $4,200; credit Supplies Expense $4,200 debit Supplies Expense $7,800; credit Supplies $7,800 debit Supplies $1,800; credit Supplies Expense $1,800 debit Supplies Expense $4,200; credit Supplies $4,200
Answer: D. debit Supplies Expense $4,200; credit Supplies $4,200
Explanation:
Based on the information given in the question, the adjusting entry needed at the end of the period will be to debit Supplies Expense $4,200 and credit Supplies $4,200.
The supplies expenses of $4200 was gotten as:
= $6000 - $1200
= $4800
Therefore, the correct option is D.
.
Suppose a competitive industry faces an increase in demand (i.e., the demand curve shifts upward). What are the steps by which a competitive market ensures increased output? Will your answer change if the government imposes a price ceiling? If demand increases, then output will increase with competition because A. price will decrease, decreasing profit, prompting existing firms to stop producing output. B. average cost will decrease, increasing profit, prompting . C. price will become less than marginal cost, prompting . D. price will increase, increasing profit, prompting . E. price will increase, increasing profit, prompting .
Answer: price will increase, increasing profit, prompting new firms to begin producing output.
Explanation:
If competitive industry faces an increase in demand that is, the demand curve shifts upward, this will lead to.a increase in the price of the food or service.
As a result of the fact that there is an increase in price coupled with the increase in demand that resulted in the rice in price, then the profit will increase. This will prompt new firms to begin producing output.
Knowledge Check 01 Cost-volume-profit analysis is used to predict how changes in _____ levels affect profit. multiple choice fixed and variable production and sales costs and sales sales and production
Answer:
High
Explanation:
because the change of volume profit is always increase.
Morwenna, Inc. reports the following information for August: Sales Revenue $900,000 Variable Cost of Goods Sold 120,000 Fixed Cost of Goods Sold 60,000 Variable Selling and Administrative Costs 150,000 Fixed Selling and Administrative Costs 50,000 Calculate the operating income for August using absorption costing.
Answer:
Net operating income= $520,000
Explanation:
First, we need to calculate the gross profit:
Gross profit= sales revenue - total cost of goods sold
Gross profit= 900,000 - 120,000 - 60,000
Gross profit= 720,000
Now, the net operating income:
Net operating income= gross profit - total Selling and Administrative Costs
Net operating income= 720,000 - 150,000 - 50,000
Net operating income= $520,000
On a production possibilities curve, a change from economic inefficiency to economic efficiency is obtained by a) movement along the curve b) movement from a point outside the curve to a point on the curve c) movement from a point inside the curve to a point on the curve d) a change in the slope of the curve
Answer:
c) movement from a point inside the curve to a point on the curve.
Explanation:
Option C is correct because the production possibilities curve shows the combination of goods produced by the economy efficiently and any point inside the curve shows the inefficiency of the economy while the point outside the curve shows that the economy can not achieve it. Therefore, change in economic inefficiency to efficiency leads to move point from inside to the point on the curve.
The speaker has just made a key point. The global middle class will double in the coming years. However, this new middle class rising out of emerging economies is quite different from the current global middle class. The speaker suggests the R and D (research and development) organizations of today's companies may not be well positioned to gain this market. Which advantage of globalization does this point most directly address
Answer:
developing new competencies
Explanation:
In simple words, globalization promotes the innovation all around the world along with the promotion of its transfer from one economy to another. Due to this, the firms around the globe extend their businesses by setting their own limits. It helps the enhance their operational activities with new market and a new customer base to attract.
Michelle, The CEO of Nariko Jets, an airlines company, stated that she owes the credit of her professional success to the time she spent as a volunteer at a homeless shelter and her passion for artwork. She said that she learned to never stop dreaming from her work as a volunteer. Nariko Jets, according to Michelle, was the result of her combined efforts at life lessons that she learnt at the homeless shelter and her paintings which provided her inspiration to help create passenger and jet airlines that would make travel easier and more comfortable. Her competitors have always envied her success. Which of the following factors of inimitability is best reflected in this scenario?
A. First-mover advantage
B. Positive network externalities
C. Casual ambiguity
D. Tacit knowledge
Answer:
The correct answer is the option C: Casual ambiguity.
Explanation:
To begin with, in the field of business the concept known as "Casual Ambiguity" refers specifically to the situation where the competitors of a company do not understand how the inputs are combined in order to form the outputs due to the fact that they believe that there are several more factors that are not tangible that are affecting the production and that is why that the outputs end up being better products and more complicate it to understand. That is the case presented where the casual ambiguity is related to the life lessons and efforts that Michelle has done during his volunteer time.
Answer: C. Casual ambiguity
Explanation:
Inimitability refers to having qualities that cannot be so easily copied. In business, it gives rise to a competitive advantage that sets you apart from others.
One reason for inimitability is casual ambiguity. This refers to when the background of a company does not seem to correlate with or explain how the company in question, came to be successful. This ensures that other companies are unable to understand what they are to do to become as successful as those companies.
It is the case here. Competitors are unable to understand how paintings and growing up in an orphanage are helping Michelle so they cannot copy her strategy.
At Tuxedo Park Tire and Rubber, a number of striking workers are picketing at the plant entrance. Because the picketers have started threatening people entering the plant and are vandalizing some company property, Tuxedo Park management believes it has just cause to ask the courts for a(n) ________ placing limits on the number of pickets and their actions while picketing. Multiple Choice preemptive judgment writ of contention arbitration judgment injunction
Answer:
Injunction
Explanation:
An Injunction is a court order requiring a person or a group of persons to desist from carrying out certain activities. If the person or group of persons desist from obeying the injunction, the individual(s) are in contempt of the court
Types of injunctions
Permanent InjunctionsTemporary restraining orders Preliminary injunctions.The striking workers are affecting the activities of the company they work for. The next step the company is supposed to take is to take legal actions to stop the striking workers. this can be achieved with an injunction
McGregor Company allows customers to pay with credit cards. The credit card company charges McGregor 3% of the sale. When a customer uses a credit card to pay McGregor $1,300 for services provided, McGregor would:
Answer:
Debit Service fees expenses $39
Explanation:
The journal entry is shown below:
Cash account $1,261
Service fees expenses (3% of $1,300) $39
Service revenue $1,300
(Being the cash is recorded)
here cash and expense is debited as it increased the assets and expense and credited the service revenue as it also increased the revenue
cosA=1/2^-1.find the value of A
Answer:
A = 60°
Explanation:
Since cosA = 1/2, to find the value of A, we take the inverse cosine of both sides.
So, cosA = 1/2
So, taking inverse cosine of both sides, we have
cos⁻¹cosA = cos⁻¹(1/2)
So, A = cos⁻¹(1/2)
Using our calculator, taking cosine inverse of one-half, we find that, cos⁻¹(1/2) = 60°
Since cos⁻¹(1/2) = 60° and A = cos⁻¹(1/2)
This implies that A = 60°
So, we find that the value of A is 60°.
which type of approach to manufacturing tries to anticipate customer demand when deciding how much to produce and when
Answer:
Push manufacturing.
Explanation:
Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.
In Economics, there are four (4) main factors of production and these are;
I. Land.
II. Labor (working).
III. Capital resources.
IV. Entrepreneurship.
When these aforementioned factors of production are combined effectively and efficiently, they can be used for the manufacturing or production of goods and services to meet the unending requirements or needs of the consumers.
In Economics, there are two types of inefficiency associated with the production of goods and services, these includes;
1. Allocative inefficiency: it occurs when businesses do not maximise output from the given inputs. Thus, it arises when businesses fail to increase the level of their production or productivity from a number of given inputs.
In conclusion, allocative inefficiency typically occurs when the price of a good or service isn't equal to its marginal cost i.e P ≠ MC.
2. Technical or productive inefficiency: it occurs when businesses produce goods and services that consumers do not want. This is typically as a result of the incorrect and inefficient allocation of scarce resources by a business firm or entity.
Push manufacturing is a type of approach to manufacturing that typically tries to anticipate customer demand when deciding how much to produce and when. Thus, its required that a manufacturer anticipate the demand of consumers when using the push manufacturing approach.
Luebke Incorporated has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $55,000 and at the end of the month was $30,300. The cost of goods manufactured for the month was $213,500. The actual manufacturing overhead cost incurred was $55,900 and the manufacturing overhead cost applied to Work in Process was $59,200. The company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. The adjusted cost of goods sold that would appear on the income statement for November is:
Answer:
234,900
Explanation:
Calculation to determine what The adjusted cost of goods sold that would appear on the income statement for November is:
First step is calculate the Over applied overhead
Over applied overhead = $59,200-$55,900
Over applied overhead = 3300
Second step is calculate the Unadjusted cost of goods sold
Unadjusted cost of goods sold = 55000+$213,500-30,300
Unadjusted cost of goods sold= 238,200
Now let determine the Adjusted cost of goods sold
Adjusted cost of goods sold = $238,200-3300
Adjusted cost of goods sold= 234,900
Therefore The adjusted cost of goods sold that would appear on the income statement for November is:234,900
Intermediaries are defined as Multiple Choice companies responsible for developing products to sell to businesses. organizations that are in the middle of a series of organizations that distribute goods from producers to consumers. social service agencies responsible for evaluating the ethical considerations involved in developing a new product. consumers who are in the middle of the consumer decision-making process.
Answer:
organizations that are in the middle of a series of organizations that distribute goods from producers to consumers.
Explanation:
Intermediaries can be described as middlemen. They enhance the flow of goods and services between the producer and the consumer.
They are organizations that are in the middle of a series of organizations that distribute goods from producers to consumers.
Types of Intermediaries
agents wholesalersdistributorsretailers.Advantages of Intermediaries
They increase efficiency of the distribution processthey provide logistics supportDisadvantage of Intermediaries
they can increase the cost of a good
Your customer has heard about precious metals funds. He asks about the types and amounts of various precious metals these funds might own. You tell him he has mistaken the focus of these funds. A gold fund, for example, might own: A) boxcars of gold ore. B) Barrack Gold Corporation common stock. C) ingots of gold of only a certain size. D) gold in a variety of forms, including sheets, wires, and ingots.
Answer:
B) Barrack Gold Corporation common stock.
Explanation:
Barrick Gold Corporation deals in the mining company that generated the gold & copper having sixteen operating sites in thirteen countries
Also it headquarter is in ontario, canada, etc
So as per the given situation, it is the common stock of the barrack gold corporation
Therefore the option b is correct
If policymakers are concerned about the unequal distribution of income within society, then they should prefer a ________ tax system.
Answer:
Progressive income
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
There are three (3) types of taxation used by the government, these are;
1. Progressive taxation: it involves charging individuals having higher incomes a higher percentage of their total income.
For instance, John pays 30% on $70,000 and Joyce pays 10% on $45.000.
2. Proportional taxation: it involves charging both lower and higher income earners equally in proportion to their income.
For instance, John pays 20% on $50,000 and Joyce pays 20% on $36,000.
3. Regressive taxation: it involves charging individuals with low incomes a higher percentage of their total income and vice-versa.
For instance, John pays 15% on $60,000 and Joyce pays 20% on $36,000.
Hence, if policymakers are concerned about the unequal distribution of income among employees or workers within their society, then they should prefer a progressive income tax system.
Emily is a cash-basis taxpayer, and she was an especially productive salesperson last year. In December of last year her supervisor told Emily she had earned a $5,000 bonus. However, Emily received the bonus check after year-end. Identify the principle that will determine when Emily is taxed on the bonus. Multiple Choice Assignment of income Constructive receipt Return of capital principle Wherewithal to pay All of these choices are correct.
Answer:
Constructive Receipt
Explanation:
the term constructive receipt is used when talking in terms of federal income taxes. This term is used to determine when a cash basis tax payer has gotten their gross income in the cash basis method of accounting. the individual here would be needed to pay tax on income even though that the money that the money being taxed is has not been gotten yet by the individual. this income owner would be able to utilize the money although it has not yet been received.
XBRL assurance is generally expected to include all of the following except: Multiple Choice Assurance that the most current, standardized XBRL taxonomy is used. Assurance that the underlying financial and nonfinancial data that is used in XBRL tagging is reliable. Assurance that the XBRL tagging is accurate and complete. Assurance that reports include all relevant financial and nonfinancial information.
Answer:
Assurance that reports include all relevant financial and nonfinancial information.
Explanation:
XBRL assurance can be regarded as opinions of auditor on a financial statement or other business report that is published in XBRL, this opinions of the auditors allows to know whether these published report or statement is
complete, relevant or accurate and fairly presented. An XBRL reportcan be regarded as "instance" and it is is an electronic file. It should be noted that XBRL assurance is generally expected to include all of the following
✓Assurance that the XBRL tagging is accurate and complete.
✓Assurance that the most current, standardized XBRL taxonomy is used.
✓Assurance that the underlying financial and nonfinancial data that is used in XBRL tagging is reliable.
Dennis, the founder of a small app development company, wants to show investors how the company's user base has grown since the company was founded two years ago. This information would best be presented in a
Answer:
Line chart
Explanation:
A line chart, also known as a line plot, line graph, or curve chart, is a type of chart that shows data connected by straight line segments. It helps visualize data with clarity and organization.
Which of the following ways is NOT
legitimate for terminating a contract?
A. Change of mind
B
Lapse
time
C. Performance
D. Breach
Answer:
A. Change of mind
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Generally, the three (3) legitimate reasons for which a contract may be terminated or discharged are;
I. Lapse of time.
II. Non-perfomance.
III. Breach of the contractual agreement.
However, a change of mind by either of the parties in a contract is not a legitimate way for terminating a contract because its duration or time period is yet to elapse.
in a ____, a strategic manager can condense the strenght, weakness, opportunities, and threats into fewer than 10 strategic factors to review and revise the weight given in each factor.
Answer:
Strategic Factors Analysis Summary (SFAS) Matrix
Explanation:
If the premiums are not paid on a Traditional Whole Life policy that has been in force for decades with no loan outstanding, what happens
Answer:
The surrender cash value is used for the extended term option.
Explanation:
This is where the nonforfeiture clause comes to policyholders aid. The nonforfeiture clause allows the policy holder who has not made payment of premiums within the grace period to be able to get the cash value of his whole life policy(with already paid premiums), recovered either by cash or extended term option or any other agreement made prior. The cash value of his whole life policy could be applied to the extended term option, allowing the policy holder to get a term insurance policy worth the value of his surrender whole life policy minus any loans against it.
Rather than have the top level of management make all the decisions, Jake's company gives all lower-level managers the authority to make decisions for his or her department. Jake's company operates as a(n) ______ organization
Answer:
Decentralised organisation
Explanation:
Decentralised organisation are those in which most of the authority to perform tasks is given to.lower level management or even individual teams.
This results in a system where decisions are made faster.
Also a small amount of control is maintained for major decisions.
In the given instance Jake's company gives all lower-level managers the authority to make decisions for his or her department, this is a decentralised organisational system
5. The demand for professional education is increasing these days. Put your views to support the
statement.
Answer:
Professional education helps to rectify the errors in business
Explanation:
Carmel was paying premiums for health insurance, but when he had surgery, he was surprised to learn he still owed thousands of dollars to the hospital and medical providers. Carmel is ______.
Answer:
Underinsured
Explanation:
Carmel was underinsured and that was the reason for his huge debt despite paying premiums for health insurance.
Underinsurance means insufficient insurance coverage.
Underinsurance is situation in which the policyholder is
responsible for a larger percentage of expenses and may lead to financial difficulty.
Individuals can differentiate themselves by making human capital investments, just as a firm can differentiate itself by paying higher wages.
A. True
B. False
Answer: True
Explanation:
Human capital refers to the skills, health and knowledge that people invest in which allows them to realize their potential.
Individuals can differentiate themselves by making human capital investments. This enables them standout from others just exactly as a firm can differentiate itself by paying higher wages.
