Little John traded his bicycle with a guy in return for the man's son's radio. No, if John's father prosecutes the man in court, he will not receive his bicycle back.
What Constitutes a Legal or Invalid Contract?The agreement is deemed to be valid when all the elements necessary to form a binding legal contract are present. But, if any of the fundamental elements of a contract are missing, the agreement is null and invalid (or, more accurately, there is no contract).
What makes a legal agreement invalid?If one party must break the law in order for the contract to be established or to be carried out, the agreement is void. Samples of contracts with prohibited clauses: a contract for the sale or distribution of illegal substances like drugs. agreements established to conduct out illegal operations.
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Assume That We Want To Have $500 Three Periods From Today. Use The Present Value Of A Single Sum Formula To Calculate How Much We Must Invest Now, At An Interest Rate Of 8% In Order To Have The $500 In The Future: P-F(+ Click The Answer You Think Is Right. a. 462.96 b. 396.90 c. 403.23
The present value of a single sum formula can be used to calculate how much money needs to be invested now in order to have a certain amount of money in the future. we must invest $403.23 now in order to have $500 three periods from now at an interest rate of 8%.
To respond to the question, we must put aside $403.23 today at an interest rate of 8% in order to have $500 in three periods.
P = F/(1 + r)n, where P is the current value, F is the future value, r is the interest rate, and n is the number of periods, is the formula for this computation.When the data from the question are plugged in, we obtain P = 500/(1 + 0.08)3 = 403.23 as a result.
The amount that the lender charges the borrower over and beyond the principle amount is referred to as the interest rate. A person who deposits money in a bank or other financial institution also gets additional income in terms of the recipient, known as interest, taking into account the time value of money.
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Is the following statement true or false.(a) The rationale behind the ABC cost allocation is that products consume activities and activities consume resources.(b) Activity-based costing is an approach to allocating labor directly to products.(c) In today's increasingly automated environment, direct labor has never been an appropriate basis for allocating costs to products.(d) Cost drivers are any factors or activities that have a direct causal relationship with the resources consumed.(e) Activity-based costing resolves overhead into various cost pools in an effort to provide more accurate cost information.
The true or false statements according to the ABC Cost Allocation are as follows:
(a) The rationale behind the ABC cost allocation is that products consume activities and activities consume resources: True
(b) Activity-based costing is an approach to allocating labor directly to products: False
(c) In today's increasingly automated environment, direct labor has never been an appropriate basis for allocating costs to products: True
(d) Cost drivers are any factors or activities that have a direct causal relationship with the resources consumed: True
(e) Activity-based costing resolves overhead into various cost pools in an effort to provide more accurate cost information: True
Activity-based costing (ABC) is a cost accounting method that assigns overhead and indirect costs to activities or objects, rather than considering the products as a single cost pool. ABC accounting allows management to identify and analyze cost drivers and make more informed decisions about how to allocate resources and improve efficiency.
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Three ways in which the media's portrayal of women as vulnerable members of society could lead to greater instances of violence towards women
The media's portrayal of women as vulnerable can contribute to a culture that normalizes violence against women, reinforces gender stereotypes, and perpetuates victim-blaming attitudes, all of which can lead to greater instances of violence toward women.
The media's portrayal of women as vulnerable members of society can contribute to greater instances of violence toward women in several ways:
Normalizing violence: The constant portrayal of women as helpless and vulnerable victims of violence can normalize such behavior and make it seem acceptable. This normalization of violence can lead to an increase in the number of violent acts committed against women.
Victim blaming: The media's portrayal of women as vulnerable and helpless victims can lead to victim-blaming when they are subjected to violence. This is because the portrayal of women as helpless reinforces the belief that women are responsible for their own safety and security, and therefore, any violence that they suffer must be their fault.
Perpetuating gender stereotypes: The media's portrayal of women as vulnerable and weak reinforces traditional gender stereotypes and reinforces the belief that women are inferior to men. This can lead to a sense of entitlement among men who feel that they have the right to control and dominate women, which can result in violent behavior.
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a mortgage allows the borrower to initially make small payments on the mortgage. the payments then increase over the first 5 to 10 years and then level off. a. graduated-payment mortgage b. growing-equity mortgage c. second mortgage d. shared-appreciation mortgage
The mortgage that allows the borrower to initially make small payments on the mortgage, the payments then increase and then level off is called a graduated-payment mortgage. Option (a) is correct answer.
A graduated-payment mortgage is a type of mortgage that has lower initial payments and then gradually increases over a specified period. The payments are typically lower at the beginning of the loan term, which then increases over the first 5 to 10 years, and then stabilizes after a certain period.
The graduated-payment mortgage is an alternative to traditional fixed-rate mortgages, with which the borrower pays a fixed interest rate and monthly payments for the entire loan term.
Graduated-payment mortgages are generally geared toward people who expect their income to grow substantially over time, making higher mortgage payments more feasible.
The graduated-payment mortgage is used to encourage young families who are starting on their career path by allowing them to make low initial payments. Therefore option (A) is correct answer.
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Journalize the following sales transactions for Luna's Boutique. Explanations are not required. The company estimates sales retums at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount) (Click the icon to view the transactions.) Journalize the sales transactions. Explanations are not required. (Record debits first, then credits, Exclude explanations from journal entries.) Mar. 3. Luna sold $62,000 of women's clothes on account, credit terms aro 3/10, 1/30, to Marcia's Dresses Cost of goods is $30,000, Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Debit Credit Mar 3 Accounts Receivable-Marcia's Dresses 62000 Sales Revenue Date Accounts 62000 Now joumalize the expense related to the March 3 sale Cost of goods, $30,000 Credit Date Debit 30000 Mar. 3 Accounts Cost of Goods Sold Merchandise Inventory 30000 Mar. 7: Luna granted a sales allowance of $400 for the clothes sold on March 3, Marcia's Dresses did not return the inventory Debit Credit Date Accounts Estimated Returns Inventory 400 Mar. 7 Alev Х More info Mar. 3 Luna sold $62,000 of women's clothes on account, credit terms are 3/10, n/30, to Marcia's Dresses. Cost of goods is $30,000. Mar. 7 Luna granted a sales allowance of $400 for the clothes sold on March 3. Maria's Dresses did not return the inventory. Mar. 10 Luna receives payment from Marcia's Dresses on the amount due, less sales allowance and discount" Print Done
March 3 Debit: Accounts Receivable 62000 and Credit: Sales Revenue 62000. March 3 Debit: Cost of Goods Sold 30000 and Credit: Merchandise Inventory 30000, March 7 Debit: Estimated Returns 400 and Credit: Inventory 400, and March 10 Debit: Accounts Receivable, Credit: Cash.
What is Journal entry?The journal entry to journalize the sale portion of the transaction on March 3 is:
Debit: Accounts Receivable-Marcia's Dresses: $62,000
Credit: Sales Revenue: $62,000
The journal entry to journalize the expense related to the March 3 sale is:
Debit: Cost of Goods Sold: $30,000
Credit: Merchandise Inventory: $30,000
The journal entry to journalize the sales allowance on March 7 is:
Debit: Estimated Returns: $400
Credit: Inventory: $400
The journal entry to journalize the payment received on March 10 is:
Debit: Accounts Receivable-Marcia's Dresses: $61,600
Credit: Cash: $61,600
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a new project has an initial cost of $165,000. the equipment will be depreciated on a straight-line basis to a zero book value over the five-year life of the project. the projected net income each year is $12,400, $16,300, $18,200, $14,300, and $10,200, respectively. what is the average accounting return?
The average accounting return is the amount of earnings for a project or investment that can be determined by taking the accounting profits of a venture and dividing them by the book value of the investment.
Calculation of average accounting returnTo calculate the average accounting return (AAR) for the given project, we first need to calculate the accounting profit for each year of the project's life. We can use the following formula to calculate the accounting profit for each year:
Accounting profit = net income - depreciation
The depreciation amount for each year can be calculated using the following formula:
Depreciation = (initial cost - salvage value) / useful life
In this case, the initial cost of the equipment is $165,000, the salvage value is 0, and the useful life is 5 years. So the annual depreciation amount would be:
Depreciation = ($165,000 - $0) / 5 = $33,000
Next, we need to calculate the average accounting return. We can do this by taking the average of the accounting profits for each year, and dividing by the average investment, which is half the initial cost of $165,000:
Average accounting return = (sum of accounting profits / number of years) / (average investment)
Therefore, the average accounting return for the given project is -22.6%.
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True or False, The company you work for tasks you with developing a formula for the number of phones each warehouse manufactures each week. This is an example of a structured decision
True. A structured decision is one that is based on a predetermined set of criteria, and in this case, the company has tasked you with creating a formula that is based on specific parameters. This is an example of a structured decision.
A structured decision is a decision that a person can make by applying a process that is already established. In this way, decisions that are structured usually have established ways of solving problems, well-defined goals, and clear decision-making rules.
Structured decisions have characteristics that distinguish them from unstructured decisions. Structured decisions typically:
Involves data Has a predefined decision process (e.g., rules or algorithms)Has a well-defined objectiveIs reproducible and can be applied to similar situationsFor more info about the topic Decision types check the below link:
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Nichols Enterprises has an investment in 34,500 bonds of Elliott Electronics that Nichols accounts for as a security available for sale. Elliott bonds are publicly traded, and The Wall Street Journal quotes a price for those bonds of $14 per bond, but Nichols believes the market has not appreciated the full value of the Elliott bonds and that a more accurate price is $22 per bond. Nichols should carry the Elliott investment on its balance sheet at:
Multiple Choice
A. $759,000.
B. Either $483,000 or $759,000, as either are defensible valuations. C. $483,000. D. $621,000, the midpoint of Nichols' range of reasonably likely valuations of Elliott.
So, the answer is option A, $759,000.
Nichols Enterprises has an investment in 34,500 bonds of Elliott Electronics that Nichols accounts for as a security available for sale. Elliott bonds are publicly traded, and The Wall Street Journal quotes a price for those bonds of $14 per bond, but Nichols believes the market has not appreciated the full value of the Elliott bonds and that a more accurate price is $22 per bond.
Nichols should carry the Elliott investment on its balance sheet at $759,000.Why is the answer $759,000?The available-for-sale security is one of three accounting categories used to classify investments in securities.
These securities are investments that a business has obtained with the intention of holding them for more than one year. They are usually classified as long-term investments. As a result, the Elliott investment should be classified as a long-term investment on the balance sheet.
As a result, it should be recognized at Nichols Enterprises' "fair value."According to the problem, Nichols believes that the market has not completely understood the Elliott bonds' true worth and that the bond is undervalued.
As a result, it has to be accounted for at the "fair value," which Nichols believes is $22 per bond. As a result, Nichols should carry the Elliott investment on its balance sheet at $759,000, since it has 34,500 bonds.
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in which of the following ways does the availability of tangible and intangible resources affect a firm's ability to create value through diversification? a. a resource has abundance and value. b. a resource is difficult to imitate and has abundance. c. a resource has rarity and value. d. a resource is difficult to substitute and has abundance.
Option C is the correct answer. A resource has rarity and value is the way in which the availability of tangible and intangible resources affect a firm's ability to create value through diversification.
What is diversification?
Diversification is a business strategy that involves broadening the range of products and services offered by a firm. A company that diversifies effectively may be able to capitalize on economies of scale, reduce risk by spreading investment across different areas of business and generate new revenue streams. The availability of tangible and intangible resources can affect a firm's ability to create value through diversification.The availability of resources such as tangible and intangible resources can affect the firm's ability to create value through diversification. A resource has rarity and value. When a resource is rare and valuable, it may be more difficult for competitors to imitate or substitute it. This can give the firm an advantage in diversifying its product or service offering. The availability of resources such as tangible and intangible resources can affect the firm's ability to create value through diversification. When a resource is rare and valuable, it may be more difficult for competitors to imitate or substitute it. This can give the firm an advantage in diversifying its product or service offering.A resource that is difficult to imitate and has abundance is another way that availability of tangible and intangible resources affects a firm's ability to create value through diversification. When a resource is difficult to imitate, it can provide the firm with a competitive advantage in its product or service offering. However, the resource must also have abundance so that it can be used in a variety of different products or services.A resource that has abundance and value is another way that availability of tangible and intangible resources affects a firm's ability to create value through diversification. When a resource has both abundance and value, it can be used in a variety of different products or services, which can help the firm to diversify its product or service offering. However, the resource must also be valuable so that it can be used to create products or services that are in high demand.A resource that is difficult to substitute and has abundance is another way that availability of tangible and intangible resources affects a firm's ability to create value through diversification. When a resource is difficult to substitute, it can provide the firm with a competitive advantage in its product or service offering. However, the resource must also have abundance so that it can be used in a variety of different products or services.
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T/F tickets for the coliseum were written on papyrus (a type of paper), and each contained a number from 1 to 78, which corresponded to one of the 78 archways through which to enter the facility.
In the following question, the statement is said to be "true", tickets for the coliseum were written on papyrus (a type of paper), and each contained a number from 1 to 78, which corresponded to one of the 78 archways through which to enter the facility.
Since the tickets for the coliseum were written on papyrus (a type of paper), and each contained a number from 1 to 78, which corresponded to one of the 78 archways through which to enter the facility.
This was done to ensure an efficient entry system and allowed visitors to enter and exit quickly.
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The business decision process typically takes ____________ time, as compared to the consumer decision process.Group of answer choices1.no2.the same amount of3.less4.more
In the following question, among the given options, option 4) "more". The business decision process typically takes "more" time, as compared to the consumer decision process.
What is the business decision process? A business decision process is a step-by-step approach that enables the management to make informed decisions based on data and information obtained through business intelligence systems, external and internal data sources, and data analytics solutions. The business decision process typically takes more time, as compared to the consumer decision process, as it involves a more extended and complex process that requires several phases and stages that take a more extended time to complete.
What is the consumer decision process? The consumer decision process is a process that describes the process of consumers when making a purchasing decision. It involves several stages that include problem recognition, information search, alternative evaluation, purchase decision, and post-purchase evaluation. The consumer decision process is a shorter and less complex process as compared to the business decision process because it involves personal preferences, tastes, and desires. Thus, it takes less time and does not require several phases and stages.
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resources are directed from one industry to another by
The correct option is C, Resources are directed from one industry to another by Changes in market prices.
Resources refer to the various materials, tools, and assets that are available for use in achieving a particular objective or goal. Resources can be tangible or intangible and may include natural resources, such as land, water, and minerals, as well as human resources, such as skilled labor, knowledge, and expertise.
Resources may also refer to financial resources, such as capital and investments, and technological resources, such as software and hardware. Effective resource management is crucial for organizations to maximize productivity, minimize waste, and achieve their goals efficiently. In addition to their functional utility, resources may also have cultural or symbolic value. For example, historical artifacts, works of art, and monuments can be seen as resources that provide insights into the cultural heritage of a particular society.
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Complete Question:
Resources are directed from one industry to another by
A). Market Failure.
B). Government And Market Failure.
C). Changes in market prices.
D). Government Failure.
Freedonia has a comparative advantage In the production ofwhile Desonia has a comparative advantage in the production of Suppose that Freedonia and Desoria specialize in the production of the goods which each has a comparative advantage. After specialization, the two countrles can produce a total million pounds of potatoes and pounds of coffee
Comparative advantage is a term used in global commerce which means a country can make something with less cost than another. When a country focuses on making what they're good at and trades with others, everyone gets more stuff and it's more efficient.
Comparative advantage is a concept in international trade that describes a situation where a country can produce a good or service at a lower opportunity cost than another country. This means that a country can produce a particular good more efficiently or at a lower cost than another country, even if it does not have an absolute advantage in producing that good. When countries specialize in producing goods in which they have a comparative advantage, and then trade with each other, both countries can benefit from increased efficiency and access to a wider range of goods and services.
Therefore, in conclusion it can be said that comparative advantage is a concept in international trade that refers to a country's ability to produce a good or service at a lower opportunity cost than another country. Specialization in producing goods in which a country has a comparative advantage and then trading with other countries can result in increased efficiency and access to a wider range of goods and services, leading to mutual benefits for all countries involved.
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The question is :
What is comparative advantage in international trade?
Suppose other countries have a comparative advantage over New Zealand in producing vinegar. If trade in vinegar is allowed, New ZealandA. will import vinegarB. will export vinegar.C. will either import vinegar or export vinegar, but it is not clear from the given information.D. would have nothing to gain either from exporting or importing vinegar.
Option (A), Assume that other nations produce vinegar more efficiently than New Zealand. Vinegar will be imported into New Zealand if trading in it is permitted.
What is a comparative advantage in the study of economics?A person has a comparative advantage over others if they can produce something for less money than they all can. Comparative advantage refers to a country's ability to manufacture a certain good or service for less money than its trading partners. Opportunity cost is a studyable factor to take into account while selecting between several production options, according to the concept of comparative advantage.
Even when a nation has an absolute edge in every way, comparative advantage implies that it should concentrate on one class of commodities for export while importing the others.
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Marketers use different techniques to help ferret out translation errors ahead of time. Which of those techniques involves translating a marketing research questionnaire from one language to another, translating it again to the original language, and comparing the two original language versions?
The technique that involves translating a marketing research questionnaire from one language to another, translating it again to the original language, and comparing the two original language versions is known as back-translation.
Back-translation is a technique that is utilized by marketers to ferret out translation errors beforehand. It involves translating a marketing research questionnaire from one language to another, then translating it again to the original language and comparing the two original language versions.
The back-translation method is a widely utilized method for ensuring the accuracy of translations. It enables an independent reviewer to compare the translations for linguistic as well as cultural equivalence. When using the back-translation technique, the translated version of the survey should be translated by a professional and independent translator, rather than the initial translator.
This approach guarantees that the original translator's biases do not influence the review process, and that the new translation reflects cultural norms that are consistent with the target language.
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the process of allocating congressional seats among the states is called
The process of allocating congressional seats among the states is called "apportionment".
Apportionment is the process by which the total number of congressional seats each state receives is determined. Apportionment is based on the population of each state, as determined by the national census, and is re-allocated every ten years. The U.S. Constitution requires that the number of congressional seats each state receives should be proportional to the population of that state. To achieve this, the total number of congressional seats is divided by the total population of all states to get the average population of a district. The total number of congressional seats allocated to each state is then determined by dividing the population of that state by the average population of a district. This ensures that each state is proportionally represented in Congress.
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shawn jones was reading the business plan of new venture fitness drinks, and noticed that prior to its financial forecasts, new venture fitness drinks placed an explanation of the sources of the numbers for the forecast and the assumptions used to generate them. this explanation is called a(n) .
Shawn Jones was reading the business plan of new venture fitness drinks and noticed that prior to its financial forecasts, new venture fitness drinks placed an explanation of the sources of the numbers for the forecast.
What is an assumption sheet?The parameters set forth for the business strategy to follow are financial assumptions. Financial projections of costs, revenues, returns on investment, and running and beginning expenses are just a few examples. Financial hypotheses essentially act as projections of the future performance of the company.
A financial forecast is a document that details expected income and expenses, anticipated sales revenue, anticipated capital expenditures, and other financial items that a company anticipates seeing over a specific period of time.
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the team leadership model puts who or what in the driver's seat of team effectiveness? group of answer choices leaders leadership management team members
The team leadership model puts leaders in the driver's seat of team effectiveness.
The team leadership model is a leadership approach that emphasizes the role of the team leader in promoting team effectiveness and achieving team goals. In this model, team leaders are responsible for setting direction, building relationships, facilitating communication, and providing support to team members.
The team leader is considered to be the key driver of team effectiveness, as they are responsible for creating a positive team culture, establishing clear expectations and goals, and providing guidance and feedback to team members.
By leveraging their leadership skills and expertise, team leaders can help to optimize team performance and achieve successful outcomes.
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The frequency with which margin accounts are adjusted for gains and losses is:?QuarterlyDailyMonthlyWeekly
In the following question, among the given options, the statement is said to be "Monthly ". The frequency with which margin accounts are adjusted for gains and losses is "Monthly."
What is a margin account? A margin account is an account in which an investor is allowed to borrow money from a brokerage firm to purchase securities up to a certain level. The collateral for the loan is provided by the securities held in the investor's account. In this way, the investor borrows from the brokerage company to buy additional shares of stock. The primary advantage of trading in a margin account is that it allows you to maximize your buying potential. With less of your own money invested, you may generate a larger return on your investment.
It is, however, a high-risk investment method, and it is critical to carefully consider the risks involved before deciding to trade on margin. Maintenance margin requirements are usually determined by brokerage companies, but they are also subject to federal regulation. When the account value falls below the maintenance margin requirement, the investor must add money to the account or sell securities to cover the margin call. A margin account is subject to margin calls, which necessitate additional deposits of money or securities. A broker must issue a margin call if the value of the margin account falls below a specific point. If a margin call is not met within the required timeframe, the securities in the account may be sold by the brokerage company to cover the shortfall.
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An entrepreneur decided to leave a job that pays $50,000 a year to start a business. These lost wages would be considered ______________ .Select the correct answer below:A. economic profitB. an explicit costC. an implicit costD. accounting profit
An entrepreneur decided to leave a job that pays $50,000 a year to start a business. These lost wages would be considered an implicit cost. The correct answer is option c.
Implicit costs are expenses that are not directly paid out of pocket. They are non-monetary expenses, such as lost time, missed opportunities, or foregone earnings, that are frequently ignored in accounting records or financial statements.
Lost wages are an example of an implicit cost. When entrepreneurs begin a business, they must devote time and effort to it, which means they must give up the opportunity to earn money elsewhere. When an entrepreneur invests in their own company, their wages are used to finance the company's operations rather than to pay themselves. Implicit costs, also known as opportunity costs, can be difficult to quantify since they are subjective and vary depending on the individual's perspective.
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Prior to certifying the Managing Accounting Billing Statement for contract payments by Governmentwide Commercial Purchase Card, the Approving/ Billing Official must do what two things?a. Review and ensure all Cardholder supporting documentation supports the payment b. Ensure adequate funds are available to make the payment c. Conduct a Data Mining Case Review d. Ensure the Government has documented acceptance in Wide Area Workflow
Two things the approving/ billing official must do are review and ensure all Cardholder supporting documentation supports the payment. The answer is OPTION A.
A billing statement is a monthly report that credit card firms send to cardholders that details recent purchases made, the minimum payment needed each month, and other important details. Each billing cycle's conclusion results in the monthly issuance of billing statements.
Billing is the process of creating and sending invoices to clients and asking them to pay the outstanding balance. Invoices are records that businesses use to keep track of their transactions and to ask clients for payment. In the accounting diary, invoices that are sent to clients are noted as journal entries. The answer is OPTION A.
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a listing of cash receipts and cash disbursements, usually for a relatively short time period, such as a week or a month is called _____
A listing of cash receipts and cash disbursements, usually for a relatively short time period, such as a week or a month is called cash report.
The most significant factors that aid in the generation of cash reports are cash receipts and cash disbursements. Cash receipts are the amounts of cash that the company receives, whereas cash disbursements are the amounts of cash that the company disburses. The cash reports provide an accurate accounting of a company's daily or weekly cash operations. The report is presented in a simple manner that is easy to understand. The cash report includes the following information: Starting balance, Cash Receipts, Cash Disbursements, and Ending Balance are all important components of the cash report.
The following is an example of a cash report that includes these features: The amount of cash received, the amount of cash disbursed, and the balance of cash remaining after each transaction are all recorded in the cash report. The cash report serves as a valuable tool for determining the financial position of the business.
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When _____ exist, doubling of all inputs will result in more than doubling output, which means _____.
A. economies of scale; a smaller factory can produce at a lower average cost than a larger company.
B. economies of scale; a larger factory can produce at a lower average cost than a smaller company.
C. labor inputs; economies-of-scale curve U-shaped.
D. lower labor inputs; the larger scale of production leads to higher costs.
When economies of scale exist, doubling of all inputs will result in more than doubling output, which means "a larger factory can produce at a lower average cost than a smaller company". Option B is the correct answer.
Economies of scale refer to the phenomenon where the average cost of production decreases as the scale of production increases. This means that as the output increases, the cost per unit of output decreases. When economies of scale exist, doubling of all inputs will result in more than doubling output. This means that a larger factory can produce at a lower average cost than a smaller company.
Option A is incorrect because it suggests that a smaller factory can produce at a lower average cost than a larger company, which is not true when economies of scale exist.Option C is incorrect because it refers to the shape of the economies-of-scale curve, which can be U-shaped, but does not provide information about the relationship between inputs and outputs.Option D is incorrect because it suggests that the larger scale of production leads to higher costs, which is not true when economies of scale exist.Thus, option B is the correct answer.
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ringgold company had beginning finished goods of $36,000. during the period, the company produced goods that cost $150,000. if the ending balance in the finished goods inventory account was $24,000, the amount of cost of goods sold was:
If the ending balance in the finished goods inventory account was $24,000, the amount of cost of goods sold was $162,000.
The cost of goods sold (COGS) is the cost of the goods that were sold during the period. It can be calculated by subtracting the ending finished goods inventory balance from the sum of the beginning finished goods inventory balance and the cost of goods manufactured (COGM), which is the cost of the goods that were produced during the period.
In this case, we are given the beginning finished goods inventory balance, the cost of goods manufactured, and the ending finished goods inventory balance. To find the cost of goods sold, we can use the following formula:
COGS = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory
Substituting the values:
COGS = $36,000 + $150,000 - $24,000
COGS = $162,000
Therefore, the cost of goods sold for Ringgold Company during the period was $162,000.
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A monopolist earning economic profit in the short run determines that at its present level of output, marginal revenue is $23 and marginal cost is $30. Which of the following should the firm do to increase profit? a) Lower price and lower output. b) Lower output, but leave price unchanged. c) Raise price and lower output. d) Raise price and raise output. e) Lower price and raise output.
Hence, the correct answer is option B) Lower output, but leave price unchanged.
The firm should lower its output, but leave the price unchanged to increase profit. When a monopolist firm earns an economic profit in the short run and at its present level of output, marginal revenue is $23 and marginal cost is $30; it should lower output but leave price unchanged.
A monopolist refers to a single firm that has a substantial market share in the market, typically more than 25%. The monopolist firm enjoys the benefit of price-making power in the market, giving it the freedom to raise or lower the price to earn maximum profits.
The key features of a monopolist market structure are as follows: Monopoly exists when a single firm is the sole producer of a commodity, having no close substitutes.
There is no competition in the market, and the firm enjoys price-making power. There are significant barriers to entry in the market, and no new firms can enter the market.
The profit-maximizing price and quantity in the monopolist market occur at the point where marginal revenue is equal to marginal cost. When the monopolist lowers output, it raises the price, thereby increasing profit. If it raises output, the price will decrease, leading to lower profits.
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in the past, cad and cam systems could not communicate with one another. solved this problem by marrying the two systems which cuts 80% of programming time during production today.
Yes, CAD and CAM systems used to be separate and could not communicate with one another. To solve this problem, software companies developed "marrying" programs that allow CAD and CAM systems to communicate with each other, resulting in a reduction of 80% of programming time during production today.
What is CAD and CAM system?
CAD and CAM systems are both computer-based applications used in manufacturing to speed up the design and production process. CAM stands for Computer-Aided Manufacturing, whereas CAD stands for Computer-Aided Design. With the integration of the two systems, designers can now communicate design changes directly to the manufacturing process, reducing the need for programming intervention. This technology is incredibly useful for companies that use large numbers of CNC machines and is currently a widely-used technology.
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Suppose that because of a war, U.S. workers and factories must work 60 hours per week. In this situation,A. potential GDP has increased.B. potential GDP has decreased.C. actual GDP is above potential GDP.D.actual output is below potential GDP.
A. potential GDP has increased.
The scenario described in the question involves an increase in labor and capital inputs, which are the main factors of production that determine potential GDP.
Increases in labor and capital inputs, which are the two key production factors that affect potential GDP, are part of the scenario outlined in the question. The potential GDP, or the greatest amount of output that the economy can create over the long term when all of its resources are employed effectively, would thus probably grow as a result of the increase in work hours and production in reaction to the conflict. It is crucial to remember that potential GDP is a gauge of the economy's potential rather than an indicator of actual production, which may be influenced by other elements including supply and demand shocks, governmental regulations, and other external variables.
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Identify and explain what are the factors of productions
Explanation:
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
An insured purchased a noncancellable health insurance policy 1 year ago. Which of the following circumstances would NOT be a reason for the insurance company to cancel the policy?The insured is in an accident and incurs a large claimThe insured does not pay the premium.The insured reaches the maximum age limit specified in the policy.Within two years of the application, the insurer discovers a misrepresentation.
The insured purchased a noncancellable health insurance policy one year ago. The circumstance that would NOT be a reason for the insurance company to cancel the policy is when the insured reaches the maximum age limit specified in the policy.
What is a noncancellable insurance policy?
A noncancellable insurance policy is a policy that cannot be canceled or changed by the insurance company as long as the policyholder maintains the policy and pays the premiums. Because the insurer assumes the financial risk for the life of the policy, a noncancellable policy is generally more expensive than a cancellable policy. Misrepresentations, non-payment of premiums, and policyholder's age limits can all be reasons for the insurer to cancel a policy.
However, with a noncancellable insurance policy, the policyholder has greater protection against cancellation of the policy than with other types of policies. As a result, a noncancellable policy is more expensive than a cancellable policy.
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Which of these explains why authority is most effective in a hierarchy? Multiple Choice a. Building a consensus requires multiple managerial ranks. b. Without tiers of authority, unity in decision making could not be achieved. c. Without tiers of authority, it would be difficult to get things done. d. A hierarchy is key to building consensus.
Answer:
Without tiers of authority, it would be difficult to get things done.
Building a consensus requires multiple managerial ranks.
A hierarchy is key to building consensus.
Without tiers of authority, unity in decision-making could not be achieved.
answer .b
Explanation:
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