The potential conflict of interest when a single accounting firm provides both auditing and consulting services is that the firm can prioritize its consulting work over its auditing responsibilities.
This is because consulting services are often more lucrative than auditing services, and the accounting firm may want to maintain a positive relationship with its consulting clients.
This can lead to the firm compromising on its auditing procedures and not conducting a thorough review of the company's financial statements. The firm may also overlook any irregularities or accounting discrepancies that could negatively impact the company's financial health.
This conflict of interest can compromise the integrity of the audit and ultimately damage the reputation of the accounting firm. It is essential to maintain independence in auditing to ensure that the audit is conducted objectively and without bias.
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write the answer in a income statement sheet
The income statement has net income of $4710.
Income statementIncome statement for the year ended November 30, 2020
Repair Revenue $9900
Installation fees $1600
Total revenue $11,500
Expenses:
Salaries expense $2600
Rent expense $2000
Advertising expense $850
Supplies expenses $185
Utilities expense $235
Insurance expense $150
Delivery expense $770
Total expenses $6790
Net income $4710
($11,500-$6790)
Therefore the income statement has net income of $4710.
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Writing the net income in an Income statement sheet for Riley Repair Shop for the year ended November 30, 2020, is as follows:
Riley Repair Shop
Income StatementFor the year ended November 30, 2020
Revenue:Repair Revenue $9,900
Installation fees 1,600
Total revenue $11,500
Expenses:Salaries $2,600
Rent 2,000
Advertising 850
Supplies 185
Utilities 235
Insurance 150
Delivery 770
Total expenses $6,790
Net income $4,710
What is an income statement?An income statement is a financial statement that summarizes an entity's revenue and expenses to determine the net income.
It is also called an income summary and determines the entity's financial performance for a financial period.
Thus, Riley Repair Shop's income statement shows that it earned a net income of $4,710 for the year ended November 30, 2020.
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In order to provide more complete information, u.s. gaap allows that any significant noncash investing and financing activities may be reported:____.
It is reported as foot notes in cashflow statement or in the notes of financial statements.
When an income statement is converted to cash flows from operational operations, noncash items like as depreciation and nonoperating profits and losses are not included. Non-cash investing and financing entails making an investment or purchase using financial instruments other than cash.
The Generally Accepted Accounting Principles (GAAP) are a collection of generally observed financial reporting accounting standards and regulations. The four main constraints of GAAP are objectivity, the materiality, the consistency, and the prudence.
Companies are required by both IFRS and US GAAP to declare any substantial non-cash investment and financing operations, either as a footnote at the bottom of the statement of the cash flows or in notes to the financial statements.
Therefore, the answer is the bottom of the statement of the cash flows or in the notes to financial statements.
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As a percentage of u.s. gdp, today exports are _________ and imports are _______ than they were in 1950.
a. lower, lower
b. higher, higher
c. lower, higher
d. higher, lower
As a percentage of U.S GDP, today exports are higher and imports are lower than they were in 1950.
Option D. higher, lower.
In 2020, exports of goods and services from the United States accounted for approximately 10.13% of gross domestic product (GDP). This is up from his 9.25% of US GDP in 1990.
When a country exports goods, it sells them to foreign markets: consumers, businesses, or governments in other countries. These exports bring money to the country and increase the GDP of the exporting country.
US exports of goods and services (based on national income) account for approximately 14% of the US GDP. In recent years, the United States has: We export more services abroad than we import.
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Jimmy has completed the headline section of his text ad and is now writing the description section. What are three factors that Jimmy should include in the description section of his text ads? (Choose three.)
What Jimmy should include in the description section of his text ads are:
State the prices, and exclusive offers. Word of Encouragement for potential customers.State why his business is unique.What is the importance of text ads ?Text ads is been used by a company to promote their business, this usually include the description about their products and services.
In this case, Jimmy should include word of Encouragement for potential customers in the description section of his text ads
CHECK THE COMPLETE QUESTION BELOW;
Jimmy has completed the headline section of his text ad and is now writing the description section. What are three factors that Jimmy should include in the description section of his text ads? (Choose three.)
(A) A mention of prices, promotions, and exclusive offers
(B) Encouraging potential customers to take action
(C) More landing pages to visit
(D) A variety of emoji to catch the attention of potential customers
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The client may spend the latent phase of the first stage of labor at home unless which occurs?
The client may spend the latent phase of the first stage of labor at home unless the client experiences a rupture of membranes occurs.
The cell membrane is a biological membrane that separates the inside of all cells from the external environment and protects the cells from that environment.
The membrane is composed of lipids and proteins and acts as a barrier to cells and organelles. Membranes keep the outside "outside" and the inside "inside", allowing only specific molecules to intersect and relay messages through a series of molecular events.
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Monique's Unique Boutique sells clothing from around the world in the United States. Monique regularly travels overseas to find the best and most unusual shirts, dresses, and pants that foreign producers have to offer. Monique is a(n)
Monique is a(n) Importer.
What is an Import?
Any good or commodity brought into one country from another. Customs authorities must be involved in both the import and export countries.
Import trade means goods and services purchased in one country from another. Because products are frequently transported by ship to foreign countries, the term "import" derives from the word "port." Imports, like exports, are the backbone of international trade.
In this case, if the cost of a country's imports exceeds the value of its exports, the country has a negative balance of trade (BOT), also known as a trade deficit.
Objectives of Import Trade:
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What is the correlation coefficient of the relationship between the average weekly hours spent studying and the score on the final exam?.
The correct answer is : Multiple R = 0.5049 (correlation coefficient )
What is Correlation Coefficient ?The correlation coefficient of the relationship between the average weekly hours spent studying and the score on the final exam can be determined/calculated via the relationship between the average weekly hours spent studying and the score of the final exam.
To find the correlation coefficient we will find the square root of R squared :
[tex]\sqrt{R - SQUARED}[/tex] [tex]=[/tex] [tex]\sqrt{0.2549}[/tex] [tex]=[/tex] [tex]0.5049[/tex]
Remember that for single variable linear regression, Multiple R, which is the square root of R2, is equal to the absolute value of the correlation coefficient. The regression coefficient for Average Weekly Hours Studying (0.03, as shown in the bottom table of the output) is positive, so the slope is of the regression line is positive. Therefore, the correlation coefficient must also be positive.
Your question is incomplete, but most probably your full question was:
SUMMARY OUTPUT
Dependent Variable: Score on Final Exam
Regression Statistics
Multiple R 0.5049
R Square 0.2549
Adjusted R Square 0.2394
Standard Error 0.15
Observations 50
ANOVA
df SS MS F Significance F Regression 1 0.36 0.36 16.42 0.0002
Residual 48 1.05 0.02
Total 49 1.41
Coefficients Standard t Stat P-Value Lower Upper
Error 95% 95%
Intercept 0.57 0.03 20.57 0.0000 0.52 0.63
Average Weekly
Hours Studying 0.03 0.01 4.05 0.0002 0.01 0.04
Therefore, we can conclude that the is : Multiple R = 0.5049 (correlation coefficient )
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If inflation rises unexpectedly by 5%, indicate for each of the following why the economic actor is helped, hurt, or unaffected: a) A union member with a COLA wage contract. b) Someone with a large stash of cash in a safe deposit box. c) A bank lending money at a fixed rate of interest. d) A person who is not due to receive a pay raise for another 11 months.
The person who is helped by the unexpected inflation is a person who is not due to receive a pay raise for another 11 months.
What is inflation?Inflation is when there is a rise in the general price levels of an economy. When inflation is not expected, it would not be factored into the prices in the economy. Thus, those who received fixed wages are hurt. Also lenders are hurt.
A person who is not due to receive a pay raise for another 11 months is helped because in 11 months, the inflation would already be factored into the wage increase.
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An important part of defining the problem in marketing research is to ________ that are neither too broad nor too narrow.
An important part of defining the problem in marketing research is to set objectives that are neither too broad nor too narrow.
What is marketing research?Market research is a systematic attempt to learn as much as possible about target markets and consumers, starting with who they are. It is a key part of corporate strategy and a crucial element in keeping competitiveness.The needs of the market, the size of the market, and the competition are all identified and analyzed with the aid of market research. Its methods include both qualitative ones, like focus groups, in-depth interviews, and ethnography, and quantitative ones, such customer surveys and secondary data analysis.The systematic collection and analysis of data on people or organizations using statistical and analytical tools from the applied social sciences to acquire understanding or enhance decision-making encompasses social and opinion research.To learn more about marketing research with the given link
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Business cycles refer to the:____.
a. continued expansion in real gdp.
b. recurrent swings (up and down) in real gdp.
c. continued decline in real gdp.
d. period when real gdp grows at unusually high rates.
Business cycles refer to the recurrent swings (up and down) in real GDP.
Economic downturns were seen by economists in both the United States and Europe as "diseases" that needed to be addressed; as a result, countries with a history of development and prosperity were considered to be "healthy" economies.
However, by the end of the 19th century, a large number of economists had come to understand that economies were cyclical by their very nature, and research was increasingly focused on identifying the primary factors that shaped the direction and disposition of national, regional, and industry-specific economies.
Economic experts, corporate leaders, and business owners point to a number of elements as being particularly crucial in determining the character of business settings today.
Hence, option C is correct.
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The distinction between the northern economy and southern economy declined with the disappearance of indentured servitude from the United States.
The given statement is False, The distinction between the northern economy and southern economy declined with the disappearance of indentured servitude from the United States.
The U.S. is a rustic of fifty states protecting a sizable swath of North us, with Alaska in the northwest and Hawaii extending the nation’s presence into the Pacific Ocean. The most important Atlantic Coast cities are new york an international finance and subculture center, and the capital Washington, DC. Midwestern town Chicago is thought for influential architecture and on the west coast, Los Angeles Hollywood is famed for filmmaking.
There are fifty (50) states and Washington D.C.The remaining states to sign up for the Union had been Alaska (49th) and Hawaii (fiftieth). both joined in 1959. Washington D.C. is a federal district under the authority of Congress. Local authorities are administered by using a mayor and 13-member city council.
Guam (officially the Territory of Guam) is an unincorporated and prepared territory of ours. Positioned in the western Pacific Ocean, Guam is considered one of five American territories with longtime civilian authorities.
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The question is incomplete. Please read below to find the missing content.
The distinction between the northern economy and southern economy declined with the disappearance of indentured servitude from the United States.True/False
A university issues a bond with a face value of $5000 and a coupon rate of 4. 41% that matures on july 15, 2018. The holder of such a bond receives coupon payments of $110. 25. How frequently are coupon payments made in this case?.
The coupon payments would be made twice every year.
What is coupon payment?
Coupon payment means the cash amount that bondholders would receive from the university(bond issuer) on periodic basis till the bond matures, it is likely that the coupons are payable semiannually or annually as would be determined in this analysis.
The coupon payment is closely related with the coupon rate , which means that in order to determine the number of times in a year that coupons will be paid we can make use of the coupon received, the par value, the coupon rate, such that the frequency of coupon payments would be the unknown as shown below:
coupon receipt=par value*coupon rate/coupon frequency
coupon receipt=$110.25
par value=$5000
coupon rate=4.41%
coupon frequency=unknown(assume it is X)
$110.25=$5,000*4.41%/X
$110.25=$220.50/X
X=$220.50/$110.25
X=2
Coupons would be twice every year, which means semiannual coupon payments
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A borrower has applied for a loan from a mortgage company that intends to process the loan and then submit it to an investor for underwriting, closing, and funding. This borrower has applied with a
A borrower has applied for a loan from a mortgage company that intends to process the loan and then submit it to an investor for underwriting, closing, and funding. This borrower has applied with a "mortgage broker".
What is mortgage broker?On behalf of their clients, mortgage brokers conduct loan options research and deal with lenders. Additionally, a broker may arrange all loan paperwork, obtain the buyer's credit reports, confirm their income and expenses, and more.
The roles of a mortgage broker are-
To ensure that a borrower receives the best financing and the loan closes on schedule, a mortgage broker works with everyone involved in the lending process, including the real estate agent, underwriter, and closing agent.A broker may operate on their own or with a brokerage company. On behalf of their clients, mortgage brokers conduct loan options research and deal with lenders.A strong loan-pricing system that values a mortgage loan across multiple lenders at once is also available to many brokers, which speeds up and streamlines the process.To know more about Mortgage brokers, here
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A good economist will ignore ________ and focus on ________ when it comes to making the right decisions.
A good economist will ignore sunk costs and focus on marginal value when it comes to making right decisions. In economics and finance, a sunk cost is a cost that has already been incurred and cannot be recovered.
Sunk costs are treated as by gone costs in economic decision making and are not considered when deciding whether to continue investment project. The value of the final unit of consumption is known as the marginal value to a consumer. Value of the good to the consumer who purchased the good but received the lowest value from consumption is represented by an industry demand curve.
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Question Content Area The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be
The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be (D)
Jan. 1 Inventory 1,500
Cash 1,500
What are journal entries?A journal entry is an act of keeping or producing records of any economic or non-economic transaction.An accounting journal, which shows a company's debit and credit balances, records transactions. The journal entry can be made up of multiple records, each of which is either a debit or a credit. Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.Inventory purchase journal entry:
Say you purchase $1,000 worth of inventory on credit. Debit your Inventory account $1,000 to increase it. Then, credit your Accounts Payable account to show that you owe $1,000. Because your Cash account is also an asset, the credit decreases the account.Therefore, the journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be (D)
Jan. 1 Inventory 1,500
Cash 1,500
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The question you are looking for is here:
The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be
(A) Jan. 1 cash 1,500
Account receivables 1,500
(B) Jan. 1 Purchases 1,500
Account payable 1,500
(C) Jan. 1 Inventory 1,500
Office Supplies 1,500
(D) Jan. 1 Inventory 1,500
Cash 1,500
The concept that smaller sized companies are riskier and, therefore, should have a higher cost of equity is known as which of the following
The concept that smaller sized companies are riskier and, therefore, should have a higher cost of equity is known as the size premium.
What is Equity?Equity, also known as shareholders' equity or owners' equity for privately held businesses, is the sum of money that would remain in the hands of a company's shareholders in the event that all of its assets were sold off and its liabilities were fully settled. It is the worth of company sales less any obligations owing by the company that were not transferred with the sale in the case of an acquisition.One of the most frequently used pieces of information by analysts to evaluate a company's financial health is equity, which can be found on a company's balance sheet.
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The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive firms . Question 2 options: cannot influence market price by virtue of their size alone. are price takers. do not have price as a decision variable. benefit from barriers to entry.
Monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.
What is a monopoly?A monopoly occurs when there is a single seller in the market. The monopoly case is considered the polar opposite of perfect competition in conventional economic theory. The demand curve facing the monopolist is, by definition, the industry demand curve, which is downward sloping.What is oligopoly?Oligopolistic markets are characterized by a small number of suppliers. They can be found in all nations and in a wide range of industries. Some oligopoly markets are very competitive, whereas others are substantially less so, or appear to be.
Monopolistically competitive enterprises, unlike monopolies and oligopolies, cannot influence market prices only through their size.
Therefore, monopolistically competitive firms (A) cannot influence the market price by virtue of their size alone while monopolies and oligopolies can.
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Correct question:
The feature that differentiates monopolistic competition from monopolies and oligopolies is that monopolistically competitive firms.
(A) cannot influence the market price by virtue of their size alone.
(B) are price takers.
(C) do not have a price as a decision variable.
(D) benefit from barriers to entry.
What advantage did the soviet union have in directing resources toward a total war economy?
It is advantageous when it comes to mobilizing resources and industrial workers for the war. Most countries struggled to adapt to a full war economy, but Russia's command economy was already so close to this concept that it was easier to require citizens and businesses to participate in the war.
Increased military spending during conflict creates employment, and additional economic activity and contributes to the development of new technologies that can penetrate other industries. These are some of the well-discussed positive benefits of increased government spending on military spending.
All-out wars like World War I and World War II mobilize all the resources of society (industry, finance, labor, etc.) to fight the war. It also extends the purpose of the war to include all civilian resources and infrastructure.
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The government hires 2000 workers for new infrastructure projects. Over half of the newly hired construction workers were employed in other sectors of the economy and quit their jobs to take this better paying opportunity.
What types of fiscal polices are described?
This is an example of crowding out and expansionary fiscal policy. From a fiscal policy standpoint, the government implements expansionary policies by giving citizens more money through budgeting instruments. Budget deficits result from higher spending and lower taxation, which means that more money is going into the economy than is being taken out.
Tax reductions, transfer payments, refunds, and greater public investment on initiatives like infrastructure upgrades are all examples of expansionary fiscal policy. For instance, it might boost discretionary government expenditure, injecting additional cash into the economy via government contracts. Economic downturns and recessions are expected to be avoided through expansionary policies.
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The system of meaning and power created to determine who is related to whom and to define their mutual expectations, rights, and responsibilities is?
Answer:
kinship
Explanation:
When people have formed _____, each is an agent of the group so that the members of the joint enterprise share liability
When people have formed partnership, each is an agent of the group so that members of the joint enterprise share liability. A formal agreement between two or more parties to run a business and split profits is called a partnership. A partnership may have tax advantages over a corporation.
Partnership arrangements come in many different forms. One type of business where partners may have minimal liability is a partnership where all members share profits and liabilities equally. All partners in a general partnership corporation split the company's assets and debts equally. Lawyers and other professionals frequently create limited liability partnerships.
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In a(n) ________ channel, the same member both produces and distributes a product or service to consumers.
In a direct channel, the same member both produces and distributes a product or service to consumers.
What are Distribution Channels ?Distribution channel (or supply chain) set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption - consists of all the institutions and marketing activities in the marketing process.
There are two types of distribution:
Direct-occurs when the suppliers and the tourist deal directly with each other. A direct channel allows the consumer to make purchases from the manufacturer
Indirect- occurs when part or all of the functions are handled by an intermediary. A indirect channel allows the consumer to buy the goods from a wholesaler or retailer.
Therefore, we can conclude that the correct option is B.
Your question is incomplete, but most probably your full question was:
In a(n) ________ channel, the same member both produces and distributes a product or service to consumers.
a. tiered
b. direct
c. horizontal
d. vertical
e. exclusive
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M/b ratios typically exceed -select- , which means that investors are willing to pay more for stocks than their accounting book values.
M/b ratios typically exceed one, which means that investors are willing to pay more for stocks than their accounting book values.
The Book value is the carrying amount of the company's assets minus the receivables (such as company liabilities) that exceed common stock. The term book value comes from the accounting practice of accounting for assets at their original costs.
The Book value of a company is total assets minus total liabilities. Total assets and total liabilities are included on the balance sheet of the annual and quarterly reports.
Book value refers to the value of the asset reported on the balance sheet, that is, the value of the asset after the accumulated depreciation has been recorded. Every company owns multiple assets. Therefore, every business also has a book value, which is the present value of the asset minus the liability or accrued debt.
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The most competitively effective and very likely most profitable long-term approach to reducing or eliminating the impact of paying tariffs on pairs imported to a company's distribution warehouse in Europe-Africa is to
Build and equip a production facility in Europe-Africa and then expand it as may be needed to supply all ( or at least most) of the pairs the company intends to try to sell in Europe-Africa is the most competitively effective and very likely most profitable long-term approach to reduce or eliminate the impact of paying tariffs imported to a company's distribution warehouse in Europe-Africa.
Tariffs are taxes imposed by one country on goods or services imported from another country. Tariffs are trade limitations that raise prices and decrease available quantities of goods and services for U. S. businesses and customers.
A “unit” or specific tariff is a tax levied as a fixed charge for each unit of a good that is imported – for instance, $300 per ton of imported steel. An “ad valorem” tariff is levied as a proportion of the value of imported goods. An example is a 20 percent tariff on imported automobiles.
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A store gathers some demographic information from their customers. The following chart summarizes the age-related information they collected:
The probability that the customer is at least 30 but not older than 50 will be 71/238.
How to calculate the probability?The probability that the customer is at least 30 but not older than 50 will be:
= (78 + 64)/476
= 71/238
The probability that the customer is either older than 60 or younger than 40 will be:
= (77 + 83 + 78) + 74/476
= 78/119
The probability of at least 50 years will be:
= (100 + 74)/476
= 87/238
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Which of the following falls outside of the classification of business expenditures that fall into the category of variable costs?
a) costs that increase with the quantity produced
b) costs of research and development
c) costs related to labor expenditures
d) costs related to physical inputs
The option that falls outside of the classification of business expenditures that fall into the category of variable costs is option C. costs of research and development. Read below about costs of research and development.
What is a costs of research and development?These are costs taken to develop new products or processes that may or may not result in commercially viable items. The general rule is that research and development costs are to be expensed immediately when the costs are incurred.
Therefore, the correct answer is as given above.
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Many companies use referrals by current employees as a source for new hiring and even monetarily reward them because __________________.
Many companies use referrals by current employees as a source for new hiring and even monetarily reward them because it requires less stress and cost.
Why is referrals by current employees better?
Publishing advert for Job opening requires a cost and this could take a lot of process before the final candidate is selected.
Getting referral could reduce the number of days and the cost of making different advertisement.
Therefore, Many companies use referrals by current employees as a source for new hiring and even monetarily reward them because it requires less stress and cost.
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David, a real estate broker representing the seller, received an offer on his client's property for $450,000, $50,000 below the asking price. However, the prospective buyer told David that he is capable and willing to offer up to $525,000. According to David's fiduciary duties to his client, what should he tell the client...
The client should be told that the potential buyer is prepared to pay $25,000 more than the asking price. This is further explained below.
What is a real estate broker?Generally, Real estate brokers are real estate agents who successfully complete additional schooling requirements and get a state real estate broker license.
In conclusion, Informing the customer that a buyer is willing to pay $25,000 more than the asking price is appropriate.
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Sources of financing for corporations include ______. (Check all that apply.) Multiple select question. issuing stock borrowing collecting accounts receivable fixed asset retirements
Sources of financing for corporations include issuing stock and borrowing.
How would you define financing?
The process of raising capital or finances for any type of spending is known as finance. It is the act of directing various financial resources—such as credit, loans, and invested capital—to those parts of the economy that need them most or can use them most effectively.
Family and friends, equity providers, debt providers, and institutional investors are the four types of frequent funding sources employed in developing countries.
Any economic system that makes use of financing is essential because it enables businesses to buy goods that are out of their immediate price range. To put it another way, financing is a means to use the time value of money (TVM) to employ anticipated future cash flows for projects.
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What is the name for the practice whereby a married woman loses all of her political and economic rights to her husband?.
Coverture is the name for the practice whereby a married woman loses all of her political and economic rights to her husband. Hence, the correct answer is coverture. Read below about coverture.
What is coverture?Coverture was a legal doctrine in the English common law in which a married woman's legal existence was considered to be merged with that of her husband, so that she had no independent legal existence of her own.
Therefore, the correct answer is as given above
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