When you are just starting to study about a subject and require general information, reference materials might be helpful. Encyclopedias and dictionaries are a couple of examples of them.
What is an Encyclopedia?An encyclopedia is a work of reference or a compendium that offers summaries of information that is generic or unique to a certain topic or discipline. Encyclopedias are broken up into sections called articles or entries that are listed in alphabetical order by the article's title or by subject categories, or else are hyperlinked and searchable by random access. In comparison to most dictionaries, encyclopedia entries are lengthier and more in-depth. Generally speaking, encyclopedia entries concentrate on linguistic information about words, such as their etymology, meaning, pronunciation, use, and grammatical forms, as opposed to dictionary entries, which concentrate on factual information about the subject specified in the entry's title.
In the 18th century, the dictionary served as the foundation for the modern encyclopedia. Both encyclopedias and dictionaries have historically been researched and published by educated, knowledgeable content experts, yet they differ greatly in format.
What is a dictionary?A dictionary is a list of words and their definitions in alphabetical order. Dictionary assist users in looking up meanings to gain a deeper comprehension of a word as well as a broader comprehension of a language or subject. Although there are hundreds of free online dictionaries available, many computers do not come with an electronic dictionary. A dictionary essentially has a list of terms together with information on each one. The list might make an effort to be an exhaustive inventory of a language or it might merely cover a tiny portion of it. A glossary is a common name for a brief list that occasionally appears at the end of a book. A concordance is a word list that serves as an index to a small body of work and includes references to each passage. Theoretically, a good dictionary may be created by compiling numerous concordances into a single list. A gazetteer is a word list that exclusively contains geographical names.
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A necessary condition to use the equity method of reporting for an equity investment is that the investor company must
a. have the ability to exercise significant influence over the operating and financial policies of the investee.
b. own at least 30% of the investee's voting stock.
c. possess a controlling interest in the investee's voting stock.
d. not have the ability to exercise significant influence over the operating and financial policies of the investee.
What is the key to economics? Explain.
Answer:
At the most basic level, economics attempts to explain how and why we make the purchasing choices we do.
Explanation:
this was a answer from my school
Answer:
Four key economic concepts—scarcity, supply and demand, costs and benefits, and incentives
Explanation:
Scarcity explains the basic economic problem that the world has limited—or scarce—resources to meet seemingly unlimited wants, and this reality forces people to make decisions about how to allocate resources in the most efficient way.
As a result of scarce resources, humans are constantly making choices that are determined by their costs and benefits and the incentives offered by different courses
For example, there is only so much wheat grown every year. Some people want bread and some would prefer beer. Only so much of a given good can be made because of the scarcity of wheat. How do we decide how much flour should be made for bread and beer? One way to solve this problem is a market system driven by supply and demand.
Supply and Demand
A market system is driven by supply and demand. Taking the example of beer, if many people want to buy beer, the demand for beer is considered high. As a result, you can charge more for beer and make more money on average by using wheat to make beer than by using wheat to make flour.
Hypothetically, this could lead to a situation where more people start making beer and, after a few production cycles, there is so much beer on the market—the supply of beer increases—that the price of beer drops.
Costs and Benefits
The concept of costs and benefits is related to the theory of rational choice (and rational expectations) that economics is based on. When economists say that people behave rationally, they mean that people try to maximize the ratio of benefits to costs in their decisions.
If demand for beer is high, breweries will hire more employees to make more beer, but only if the price of beer and the amount of beer they are selling justify the additional costs of their salary and the materials needed to brew more beer. Similarly, the consumer will buy the best beer they can afford to purchase, but not, perhaps, the best-tasting beer in the store.
Everything Is in the Incentives
If you are a parent, a boss, a teacher, or anyone with the responsibility of oversight, you've probably been in the situation of offering a reward—or incentive—in order to increase the likelihood of a particular outcome.
Economic incentives explain how the operation of supply and demand encourage producers to supply the goods that consumers want, and consumers to conserve on scarce resources. When consumer demand for a good increases, then the market price of the good rises, and producers have an incentive to produce more of the good because they can receive a higher price. ON the other hand, when the increasing scarcity of raw materials or inputs for a given good drive costs up and producers to cut back on supply, then the price they charge for he good rises, and consumers have an incentive to conserve on their consumption of that good and reserve it's use for their most highly valued uses.
In the example of a brewery, the owner wants to increase production so they decide to offer an incentive–a bonus–to the shift that produces the most bottles of beer in a day. The brewery has two sizes of bottles: one 500 milliliter bottle and a one-liter bottle. Within a couple of days, they see production numbers shoot up from 10,000 to 15,000 bottles per day. The problem is that the incentive they provided focused on the wrong thing—the number of bottles rather than the volume of beer. They begin receiving calls from suppliers wondering when orders of the one-liter bottles are going to come. By offering a bonus for the number of bottles produced, the owner made it beneficial for the competing shifts to gain an advantage by only bottling the smaller bottles.
Lauren was accepted at three different graduate schools, and she must choose one. Elite U costs $50,000 per year and did not offer Lauren any financial aid. Lauren values attending Elite U at $60,000 per year. State College costs $30,000 per year and offered Lauren an annual $10,000 scholarship. Lauren values attending State College at $40,000 per year. NoName U costs $20,000 per year and offered Lauren a full $20,000 annual scholarship. Lauren values attending NoName at $15,000 per year. Lauren's opportunity cost of attending State College is
The opportunity cost of attending state college is $20,000.
The computation is given below:
Surplus arise from Elite U:= $60,000 - $50,000
= $10,000
Surplus arise from state college:= $40,000 + $10,000 - $30,000
= $20,000
Surplus arise from no name:= $15,000 + $20,000 - $20,000
= $15,000
So, the opportunity cost of attending state college is $20,000.
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Sensitivity analysis is concerned with determining how much variation in financial data, the decision maker can have to affect the economic decision.
A. True
B. False
At an output level of 50 units per day a firm has average total costs of $60 and average variable costs of $35.
Its total fixed costs are:_______.
A. $925.
B. $1,250.
C. $1,750.
D. $3,000.
Required information Skip to question [The following information applies to the questions displayed below.] Assume you are the president of High Power Corporation. At the end of the first year of operations (December 31), the following financial data for the company are available: Accounts Payable $ 32,800 Accounts Receivable 10,600 Cash 14,000 Common Stock 59,790 Dividends 2,020 Equipment 86,000 Notes Payable 1,550 Operating Expenses 59,100 Other Expenses 7,920 Sales Revenue 91,200 Supplies 5,700 Required: Prepare an income statement for the year ended December 31.
The net income for the year ended Dec 31 is $24,180.
The preparation of the income statement is presented below:Sales revenue $91,200
Less: operating expenses $59,100
Operating income $32,100
Less: other expenses $7,920
Net income $24,180
Therefore we can conclude that the net income is of $24,180
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if the supply of a product decreases we would expect
Answer:
The supply wouldn't sell as good because they don't have the product
Explanation:
importance of having a business plan to ensure the success of a business
Answer:
The importance of a business plan is to help plan out how you want a business to go and to also show how to get around or through obstacles.
Management accounting guidelines. For each of the following items, identify which of the management accounting guidelines applies: cost-benefit approach, behavioral and technical considerations, different costs for different purposes.
1. Analyzing whether to produce a component needed for the end product or to outsource it.
2. Deciding whether to compensate the sales force by straight commission or by salary.
3. Adding the cost of store operations to merchandise cost when deciding on product pricing, but only including the cost of freight and the merchandise itself when calculating cost of goods sold on the income statement.
4. Considering the desirability of purchasing new technology.
5. Weighing the cost of increased inspection against the costs associated with customer returns of defective goods.
6. Deciding whether to buy or lease an existing production facility to increase capacity.
7. Estimating the loss of future business resulting from bad publicity related to an environmental disaster caused by a company's factory in the Philippines, but estimating cleanup costs for calculating the liability on the balance sheet.
Key guidelines on accounting management allow accounting professionals can deliver value to their company's strategy and operational judgment. The criteria for key management accounts are:
Employing an approach to costs and benefits:Helps accounting examine allocation decisions such as buying
and buying; buying vs. buying.
Considerations of compliance and technology:Technical considerations allow managers to take perv financial
choices through the dissemination of data in the required format;
behavioral factors allow managers to give their colleagues
thorough information to guide people in improving their skills.
Various costs in various applications:In certain scenarios, management accountants will explore
adopting alternative ways to cost computing. The rationale is
because cost concepts are interpreted differently relying upon the
end-use purposes.
Approach to cost advantages:This can be a useful tool for visualizing the impact and effects
of the action.
Approach to cost advantagesApproach to cost advantagesConsiderations of compliance and technologyLearn more:
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