Answer:
it's the need of the business man
interest incurred, but not yet paid during an accounting period, should be recorded as an expense and a(n) . multiple choice question. revenue contra account asset liability
Interest incurred, but not yet paid during an accounting period, should be recorded as an Accrued Expense.
Accrued Expense is an expense which is incurred in one accounting period but not yet paid.
Recording an accrued expense means that transaction has been recorded when it incurred but not yet paid.
It is shown on the liability side of the balance sheet as a current liability because it makes obligation for the company to pay its expenses.
It helps in showing the true and fair view of the financial statements .
It requires more journal entries to record than simple cash balance accounting.
It increases both expense and liabilities as unpaid bills get accumulated.
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when an agreement fails to qualify as an enforceable contract, but one of the parties breaches the agreement, the non-breaching party: may sue for reformation. may sue for specific performance. has no remedy. may sue for unjust enrichment.
In a contract, when an agreement fails to qualify as an enforceable contract but one of the parties breaches the agreement, the non-breaching party has no remedy.
What is a contract agreement?As a contract means a legally binding agreement between two or more parties, the contractual agreement therein, helps to creates a promise that certain rights and obligations will be fulfilled by each party
Most often, a contract will only be enforceable if both parties have entered into the contract willingly. However, when one parties have been bullied, pressured, manipulated into entering into the contract, the contract will be unenforceable because of lack of consent.
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Which asset is the most liquid?
A. A certificate of deposit
B. An individual retirement account
C. Commercial real estate
D. Residential real estate
the study of a single firm and how it determines prices falls under the study of; question 7 options: behavioral economics. microeconomics. macroeconomics. economic growth
The study of a single firm and how it determines prices falls under the study of microeconomics.
Microeconomics is a branch of economics that studies the behavior of consumers and companies and the determination of market prices and quantities of input factors, goods and services that are traded. Microeconomics provides a more complete and detailed understanding than macroeconomics. Microeconomics also examines how these various decisions and behaviors affect the supply and demand for goods and services, which will determine prices; and how prices, in turn, determine the supply and subsequent demand for goods and services.
Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners. These groups create supply and demand for resources, using money and interest rates as pricing mechanisms for coordination.
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Discussion Prompt
Give an example of the price of a good changing. Explain what determinant of supply or demand you think led to this change. (For example, the price of laptop computers has decreased in recent years due to technological change.)
(a) An example of the price of a good changing is the price of laptop which has been changing due to the increase need by its users.
(b) A major determinant factor which has been affecting the price of laptops include its price and high level of technological advancement.
Understanding the determinant factors which affects the price of commodities in the labour market.There are several factors which usually, frequently and most of the time affect the supply or demand of a particular commodity. These factors include:
The price of the commodity The prce of others related commodities.Technological advancementGovernment policiesNatural conditions.As a result of the fact that people demand alot for laptops, it price changes from time to time in order to meet its supply.
That being said, because the internet is the future, many now need laptops to access or trap into several online opportunities which in the long run affect the price, demand and supply of laptops and other commodities.
In conclusion, the determinant of demand and supply which led to decrease in price of laptop computers is technological change because at improved technology, the cost of producing laptop decrease thereby causing a decrease in price of laptop and increase in demand for laptop.
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Suppose televisions are a normal good and buyers of televisions experience a decrease in income. As a result, consumer surplus in the television market.
Answer:
Explanation:
Consumer surplus always increases as the price of a good falls and decreases as the price of a good rises.
Consumer surplus in the television market may increase, decrease, or remain unchanged.
What do you mean by Experience?The fact or condition of having been impacted by or learning anything by direct observation or engagement is known as experience.
Consumer advantages from market competition are measured economically as consumer surplus. When customers pay less for a good or service than they are willing to, this is known as a consumer surplus.
The consumer surplus would be lower and inequality would be higher if markets lacked competition. Higher producer surplus and greater inequality result from lower consumer surplus. Because of the consumer surplus, consumers can choose from a broader variety of goods.
Therefore, it may increase, decrease, or remain unchanged.
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long-run competitive equilibrium multiple choice is realized only in constant-cost industries. will never change once it is realized. is not economically efficient. results in zero economic profits.
Long run competitive equilibrium results in zero economic profits.
Perfect competition is a form of market where buyers having full knowledge of product and the firm is price taker.
Homogenous product is sold in the perfect competition.
Price is decided by the market forces of demand and supply.
In the short run, firms earn positive economic profit due to increase in demand.
In the long run , the number of firms enter the industry due to which the production increases and reduction in demand causes the economic losses in the short run and some firms exit which makes economic profit zero.
Profits and losses are eliminated due to entry and exit of infinite number of firms producing the divisible, homogenous products in a industry in the long run.
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carol has developed a new needle threader for stitching. she has used the needle threader herself and contacted all of the other stitchers in her area. after months of research, she decided that other stitchers were satisfied with the needle threaders they already used and that she couldn't make a profit by selling her new needle threader. this example shows that
This example shows that C. A segment must be large enough to warrant developing and maintaining a product.
What is a product?A product can be defined as any physical object (tangible item) that is typically produced by a manufacturer so as to satisfy and meet the demands, needs or wants of every customer.
In Business management, some examples of a product include the following:
Digital cameraRefrigeratorLaptop computerSmartphones or Mobile phonesTelevisionMicrowave ovenSoftwareShampooDrugsBased on the research conducted by Carol, we can reasonably infer and logically deduce that a market segment must be large enough before a manufacturer (producer) can develop and maintain a product, as well as making profit by selling the product.
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Complete Question:
Carol has developed a new needle threader for stitching. She has used the needle threader herself and contacted all of the other stitchers in her area. After months of research, she decided that other stitchers were satisfied with the needle threaders they already used and that she couldn't make a profit by selling her new needle threader. This example shows that
A. Carol's needle threader didn't work very well
B. People who enjoy cross-stitch and needlepoint do not form a market segment
C. A segment must be large enough to warrant developing and maintaining a product
D. Carol should keep trying to sell her product
information that is free from error or bias and accurately represents the events or activities of the organization is group of answer choices relevant. accurate. verifiable. timely.
information that is free from error or bias and accurately represents the events or activities of the organization is reliable.
is found in information that is dependable and free from error or bias?
If information correctly depicts the events or operations of the organization and is free from bias or inaccuracy, it is considered dependable. If significant components of the underlying events or actions that it measures are not left out, the information is comprehensive.Information that doesn't leave out crucial details of the underlying activities or occurrences that it measures Complete the value of information is the benefits produced by possessing and using the information minus the cost of producing itto learn more about Information that is free from error bias reffer to:
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wayman corporation reports the following amounts in its december 31, 2024, income statement. sales revenue $397,000 income tax expense $51,000 interest expense 21,000 cost of goods sold 131,000 salaries expense 41,000 advertising expense 31,000 utilities expense 51,000
A presentation of the multiple-step income statement is presented below.
Wayman Corporation
Multiple-step income statement
As on December 31,2021
Sales revenue $397,000
Less: Cost of goods sold -$131,000
Gross profit $266,000
Less: Operating expenses
Salaries expense $41,000
Utilities expense $51,000
Advertising expense $31,000
Total operating expense -$123,000
Operating income $125,000
Less: Interest expense -$15,000
Income before taxes $110,000
Less: Income tax expense -$45,000
Net income $65,000
So, a multi-step income statement is an income statement which tends to segregate the total revenue and expenses into the operating and the non-operating heads.
Hence, the presentation of the multiple-step income statement was presented.
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In economics, actions by individuals and interest groups designed to influence public policy in a manner that will either directly or indirectly redistribute more income to themselves are known as.
In economics, actions by individuals and interest groups designed to influence public policy in a manner that will either directly or indirectly redistribute more income to themselves are known as rent seeking
Economics focuses on the actions and interactions of economic agents as well as the operation of economies. Microeconomics examines what are thought of as the fundamental components of the economy, such as the activities of individual agents and markets as well as the interactions that result from those actions. Households, businesses, buyers, and sellers are just a few examples of individual agents. The study of macroeconomics examines the economy as a system in which production, consumption, saving, and investment coexist, as well as factors influencing it such as the employment of labor, capital, and land resources, currency inflation, economic growth, and public policies that have an effect on these components.
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An arrangement in which two people work the same position at a company on different days is known as
A. consulting
B. contracting
C. job sharing
D. telecommuting
Answer:
Explanation:
The correct answer is option C. Job sharing.
Job Sharing - In the job-share model, two employees split the burden of a single full-time position between them; they complete the same responsibilities on various days of the week.
system is a set of interrelated parts that operate together to achieve a common purpose. systems theory teaches us that change in organizations creates more change. this activity is important because managers need to understand how any change, no matter how small, will ripple throughout an organization.
Business analysis using descriptive statistics The collection, description, analysis, and drawing of conclusions from numerical data are all .a subfield of applied mathematics.
Calculus, specifically differential and integral calculus, as well as linear algebra and probability theory, are key components of the mathematical statistics that underpin statistics. Businesses must be able to adjust to shifting client demands and market conditions, which seem to be changing on a daily basis. When a company isn't adaptable, another company will swoop in and steal those clients—and those earnings.
However, managing change is unquestionably a behaviour. Individuals must evolve; organisations do not. And that is the main goal of change management.
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The question was incomplete. Check below the full question.
System is a set of interrelated parts that operate together to achieve a common purpose. systems theory teaches us that change in organizations creates more change. this activity is important because managers need to understand how any change, no matter how small, will ripple throughout an organization.The goal of this exercise is to challenge your knowledge of the systems model of change.Classify each item as either an input, a target element of change, or an output.
why might an effective rent control actually increase homelessness in a city? multiple choice landlords will make less of an effort to maintain rent-controlled apartments because they receive less rent from these apartments. landlords will build more apartments due to the shortage of affordable housing. fewer people will look for apartments in the area due to the shortage of affordable housing. more people may move to the area hoping to find a lower-priced apartment.
An effective rent control can increase homelessness because more people may move to the area hoping to find a lower-priced apartment.
What is rent control?Rent control is when the government or an agency of the government sets the maximum price that landlords can charge as rents. When rent control is effective, it is set below the equilibrium price.
When rent is set below the equilibrium price for rents, the quantity demanded would exceed the quantity supplied. The quantity demanded of rented house would increase because people would move to the area where it is cheaper to rent. This would result in a shortage. As a result, there would be an increase in homelessness.
Rent control is an example of a price ceiling. Price ceiling is when the maximum price of a good is set by the government. Price ceilings are enacted to control the increase in price of a good or service and protect the consumers of the product.
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an organization's mission statement highlights its key ethical issues and identifies the overarching values and principles that are important to the organization and its decision making.
FALSE not mission statement it should be code of ethics that highlights its key ethical issues and identifies the overarching values and principles.
Organizations adopt code of ethics to help members understand the difference between right and wrong and apply that understanding to their decisions. A company's Code of Ethics must be applied consistently to its decision making and be an important part of its culture and values regardless of where it operates, both locally and globally.
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when walmart founder sam walton drove his old pick-up truck to work, his employees embraced his ethic of frugality. what type of power did he display?
When Walmart founder Sam Walton drove his old pick-up truck to work, his employees embraced his frugal business philosophy. He exhibited the referent type of power.
Who is Sam Walton?Samuel Moore Walton was an American businessman and entrepreneur who founded the retail chains Walmart and Sam's Club. Wal-Mart Stores Inc. grew to become the world's largest corporation by revenue as well as the world's largest private employer. Walton was the wealthiest man in America for a time. The Walton family remains Walmart Inc.'s largest shareholder. According to official company documents, the children of Walmart founder Sam Walton own roughly half of all Walmart shares. Sam opened the first Walmart in Rogers, Arkansas, at the age of 44, inspired by the early success of his dime store and driven to provide even greater opportunity and value to his customers.
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suppose that the price of corn, a crop produced in a perfectly (or purely) competitive industry, increased 208% last year as demand for corn‑based ethanol fuel increased. what do you expect to happen in the long run for the corn industry given this recent success?
I expect to happen in the long run for the corn industry given this recent success profits would be equal to zero.
What is corn?
Corn was first domesticated by local peoples in southern Mexico some 10,000 years ago. Modern corn is thought to have evolved from the wild grass Balsas teosinte. By the time of European arrival of North America, its civilization had expanded as far north as southern Maine, and Native Americans taught European colonists how to harvest indigenous grains. Corn has expanded to all areas of the world that are suitable for agriculture since its introduction into Europe by Christopher Columbus and other explorers and colonisers.
There is perfect entry and exit of enterprises in a perfectly competitive industry. When there is a profit in the short run, new firms will enter the industry, driving earnings to zero in the long run. If, on the other hand, a firm earns negative profits, firms will exit the industry in the long run, bringing earnings to zero.
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bubbles and baubles is preparing to open its newest children’s party site in tallahassee. once open, the marketing department will be collecting information on what customers want while they are at an event at the new location. the marketing research team for bubbles and baubles will create original surveys with targeted questions to help collect reliable information. this type of research is described by marketing professionals as the collection of
If the marketing research team for bubbles and baubles will create original surveys with targeted questions to help collect reliable information. this type of research is described by marketing professionals as the collection of sample data
A researcher can be defined as the person that collect data or information from a group of population so as to reach or draw a conclusion after evaluating the data collected.
On the other hand sample can be defined as the way in a researcher collect information from people in which the research then analyze and examine and carryout hypothesis on the data collected from the population.
This scenario best illustrate sample data based on the fact that the researcher want to make use of the data collected to develop an original surveys that contains their targeted questions
Therefore this scenario is an example of data sampling.
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_____ is the degree to which tasks are subdivided into smaller jobs. group of answer choices task breakdown task-objective division task subdivision specialization functional divisionalization
Specialization is the degree to which tasks are subdivided into smaller jobs
Task specialization is the degree to which the overall task of the organization is broken down and divided into smaller component jobs or tasks.
It is sometimes called division of labor. And very important because it allow a certain worker to work in his/her area of mastery to reduce the risks of making mistakes and consequently provide value for the company.
Correct Choice: Specialization
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Prasana is working on a project that will help her team transition to a new software platform for billing. She tries to use the same written instructions for her coworkers and clients, but it backfires. This type of reuse is known as what?.
Based on the fact that Prasana is working on a project that will help her team transition to a new software platform for billing and she tries to use the same written instructions for her coworkers and clients, but it backfires. This type of reuse is known as repurposing.
This is so because repurposing, also known as reuse, is just the act of changing something for use in a new way. Prasanna attempted this when she tried to utilise the same instructions for another project, but it ended up backfiring.
Creating a task is referred to as this when it is done by an individual or group of individuals and requires both study and design.
As a result, we can see that Prasanna's use of the identical written instructions in a software billing system for her clients and coworkers is simply known as repurposing.
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anderson corporation had a credit balance of $43,000 in its retained earnings account on december 31, 2021. net income of $6,000 was reported on its income statement for the year ended december 31, 2022. dividends in the amount of $5,625 were declared on december 31, 2021; the dividends are payable to the company's stockholders on february 1, 2022. the balance in its retained earnings account on december 31, 2022 equals .
The balance in Anderson Corporation retained earnings account on December 31, 2022 equals to $43,375.
The normal balance in the retained earnings account is called as a credit. The normal balance signifies that a business has generated an aggregate profit over its life. The retained earnings are calculated by:
Adding net income to the previous term's retained earnings Subtracting any net dividend(s) paid to the shareholders.The balance = $43,000 +$6,000-$5,625
The balance = $43,375.
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If oranges sell for $100 per crate in the united states and 4000 pesos per crate in mexico, the law of one price indicates that you should be able to exchange $1 for.
The law of one price indicates that you should be able to exchange $1 to 40 pesos.
A currency exchange can be described as a licensed business that allows customers to exchange one currency for another. Currency exchange of physical money (paper bills and coins) is usually done over the counter at a teller station, which can be found in various places such as hotels, and resorts, airports, and banks.
There are 3 methods of money exchange, such as reciprocity, redistribution, and market exchange.
Oranges = $100
Oranges = 4000 pesos
Oranges = $100 = 4000 pesos
$100 = 4000 pesos
So, $1 = 40 pesos
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analytics llc processes misinterpreted data furnished by botch services to propose a marketing plan for clientele inc. analytics and clientele are both ignorant of the mistaken data. their contract can be rescinded on the basis of
Their contract can be rescinded on the basis of a bilateral mistake.
The required details about analytics is mentioned in below paragraph.
Discovering, understanding, and communicating meaningful patterns in data is the process of analytics. Simply put, analytics enables us to recognize insights and valuable data that we might not otherwise notice.
A joint legal mistake is another term for a bilateral error. It arises when both parties are acting incorrectly on faulty information. Bilateral errors can be troublesome since both parties misunderstand the contract and its terms. When one partner falls unexpectedly ill, when an expected product inventory does not arrive at its intended place, or when parties are mistaken about legal title of a property or object, a bilateral mistake can develop. A joint legal mistake is another term for a bilateral error. It arises when both parties are acting incorrectly on faulty information. Bilateral errors can be troublesome since both parties misunderstand the contract and its terms.
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it is generally neither necessary nor useful to have every single function represented on the core project team, as that would make communications and scheduling meetings more difficult.
The statement is True.
The required details about core project team is mentioned in below paragraph.
A Core Team (CT) is a group of subject matter specialists who work together on a specific project under the direction of the core team manager. These professionals collaborate to identify solutions for the project's implementation, keeping their management informed of their choices and any potential dangers they may have.
The methods that organize and coordinate the project crew are included in Project Human Resources Management. The project team is made up of the persons who have been allocated tasks and duties to accomplish the project. While it is typical to discuss the assignment of roles and duties, team members should be involved in project planning and decision making to a great extent. Team members that participate early in the planning phase gain experience and increase their commitment to the project. As the project continues, the kind and number of project team members may change. The methods that organize and coordinate the project crew are included in Project Human Resources Management.
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even though he was an assistant director with the county, keith loosened his tie and waded into the raw, untreated sewage with the rest of the project team. as they stood there together in the quagmire of mud and feces, the team members found keith less intimidating and his: accessibility was at an all time high. surely the cross-functional cooperation of the team would soon peak. proximity was at an all time high. surely the cross-functional cooperation of the team would soon peak. equanimity was at an all time high. surely the cross-functional cooperation of the team would soon peak. task orientation was at an all time high. surely the cross-functional cooperation of the team would soon peak.
The level of accessibility was unprecedented. The team's cross-functional collaboration would indubitably reach its peak soon.
What comes first in putting together a project team?Putting Together a Project Team
Choose Your Team. Make sure to pick the appropriate folks.
Establish the ground rules and the tone. Do this on the first meeting of your team.
Having Specific Goals. You need to make specific, attainable goals.
Obtainable Early Objectives. Use your objectives to inspire and motivate your employees.
Communication.
What happens in Quizlet when a project manager renders a ruling to disputing parties?Terms in this group (10)
Due of their: their project team was destined to fail. unclear objectives When a project manager renders a decision to disputing parties, he engages in: Arbitration.
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what could be a less dangerous alternative that is economically feasible for a manufacturer to prevent legal exposure for a product being unreasonably dangerous?
A product is considered unreasonably dangerous if it is dangerous beyond the ordinary consumer's expectations or if a less dangerous alternative was economically feasible for the manufacturer but was not produced.
What does the phrase "unreasonably dangerous" mean?A product that is unreasonably dangerous is one that poses greater risks than a reasonable user would expect when using the product as intended. This definition distinguishes between dangerous products, such as drain cleaners or chainsaws, and those that pose risks beyond their intended purpose. Unreasonably dangerous means dangerous when used normally, and dangerous to a greater extent than a typical consumer would consider. Because of its dangerous design, the product injures a user. If either of these flaws renders the product unreasonably dangerous when used as intended, any seller (from manufacturer to retailer) may be held liable for any injuries caused by the defective product.To learn more about dangerous products, refer to:
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which of these is most likely to be an unsought product? group of answer choices a swagtron hoverboard a 5-hour energy shot a flight on american airlines to phoenix roget’s thesaurus ivory soap
The most likely to be an unsought product is given as Roget's thesaurus. Option D
This is further explained below.
What are Unsought products?Generally, Unsought goods are those that the customer either is unaware of or is aware of but does not immediately want, such as Roget's Thesaurus.
The term "unsought products" refers to items that the average customer is either unaware of or does not often consider purchasing, but may end up doing so owing to the presence of risk or the anticipation of risk combined with a deficiency of desire.
Funeral services, encyclopedias, fire extinguishers, and reference books are some of the most well-known examples of items that are not actively sought.
In conclusion, It is said that Roget's thesaurus is the product that is least likely to be in demand. The D Option
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the account finished goods: multiple choice consists of completed goods that have not yet been sold. consists of goods being manufactured that are incomplete. consists of materials to be used in the production process. consists of the cost of new materials used and labor, but not overhead.
The finished goods on account A) are made up of finished products that haven't been sold yet.
Finished goods – what are they?Products and completed goods are extensions of inventory. These goods have reached the stage in the production process where consumers can easily access them. Companies use a formula to calculate finished goods and products to help create an inventory ratio that establishes the value of the goods available for sale.
Because they are anticipated to be sold in less than a year as opposed to long-term assets, finished inventory items are typically regarded as short-term assets. A variety of distinct factors influence finished goods.
For instance, the Canadian company Niche Bakers makes baked goods. While their finished goods are the baked goods that are prepared for sale (such as cakes and cookies), their assets include the ingredients, cookware, and any direct labor required for production.
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The lowest payment does not necessarily mean the best credit plan. If your car loan is a long period of time, you may end up owing more than the car is worth, which is called.
The lowest payment does not necessarily mean the best credit plan. If your car loan is a long period of time, you may end up owing more than the car is worth, which is called Negative Equity.
When the value of an item used as collateral for a loan is lower than the loan's outstanding balance, there is a deficit in owner equity known as negative equity.
When a real estate property's worth is lower than the balance still owed on the mortgage used to buy it, negative equity is created. Simply deducting the balance of the mortgage from the property's current market value yields the amount of negative equity.
You have negative equity if you owe more on your current auto loan than the car is worth. In other words, you couldn't get the amount you owe on your car if you tried to sell it.
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true or false: a self-employed individual may deduct the cost of his self-employed health insurance premiums even if his spouse's employer offers family coverage to him.
The statement "a self-employed individual may deduct the cost of his self-employed health insurance premiums even if his spouse's employer offers family coverage to him." is false Option B
This is further explained below.
What are health insurance premiums?Generally, If you are qualified to enroll in a health insurance plan that is maintained by either your employer or your spouse's employer, then you are not eligible to use the health insurance deduction for self-employed individuals.
In conclusion, You are receiving money from your company. You are only allowed to deduct expenses that are equal to or less than the net income your company generates.
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