the discrepancy between the small quantity of a product that individual consumers need and the large quantity that firms produce exists because: it is necessary to achieve customer satisfaction.
The person who really uses any products or services is the consumer. Any individual or group who uses a good or service for the last time is referred to be a consumer. Consumers are defined as anybody, other than the buyer, who purchases the good or services and uses them with that person's consent. The act of consuming an item or service is known as consumption. The terms "consumer" and "customer" are frequently used synonymously. To fulfil their needs, consumers purchase commodities and services, while producers create these items. This is just partially true. A client is an individual or business that makes purchases of products or services. They could eat them or not.
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studying a nation's economy as a whole is called , while looking at the behavior of people and organizations in markets for products and services is called .
Studying a nation's economy as a whole is refferd to as macroeconomic; on the other hand, looking at the behavior of people and organizations in markets for services and products is refferd to as microeconomics.
Macroeconomics is the branch of economics that studies the economy as a whole, including concerns such as inflation, unemployment, and economic growth. Macroeconomics looks at aggregate economic variables, such as gross domestic product (GDP) and inflation, and how they are affected by government policies, international trade and other large-scale factors.
Microeconomics, on the other hand, is the branch of economics that studies the behavior and decision-making of individuals and firms in specific markets, and how those markets interact with one another. It examines how households and firms make decisions about the allocation of scarce resources, and how those decisions affect the economy as a whole.
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The circular flow model shows how households and firms interact in tow key markets. the ___________ market and the _________ market
The circular flow model depicts how households and firms interact in two key markets: goods and services and labor.
The circular flow model depicts how money flows in an endless loop from producers to households and back again. In an economy, money flows from producers to workers as wages and then back again as workers spend money on goods and services.
Models can be made more complex by including additions to the money supply, such as exports, as well as leakages from the money supply, such as imports. Analyzing the circular flow model and its current impact on GDP can assist governments and central banks in making monetary and fiscal policy adjustments to improve an economy.
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2. equipment purchased 7 years ago for $170,000, with an estimated life of 10 years and a residual value of $11,000, is now sold for $45,000 cash. (appropriate entries for depreciation had been made for the first seven years of use.) journalize the following entries:
Office equipment that was bought for $170,000 six and a half years ago and has a residual value of $10,000 has been sold. Its life expectancy is eight years.
Describe an example of equipment.
Equipment includes things like computers, vehicles, and industrial machines. They are physical objects, unlike intangible assets (such patents, trademarks, or copyrights) which lack a physical form, making them tangible.No plural form exists for the noun "equipment." The word "equipments" is not utilized; it is only used in the singular with a singular verb.
The frequent verb equip, which means "to provide someone with the tools they require for a specific work," makes up a significant portion of the word equipment, as you will likely see right away. Add equipment
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Office equipment that was bought for $170,000 six and a half years ago and has a residual value of $10,000 has been sold. Its life expectancy is eight years.
Describe an example of equipment.
Equipment includes things like computers, vehicles, and industrial machines. They are physical objects, unlike intangible assets (such patents, trademarks, or copyrights) which lack a physical form, making them tangible.
No plural form exists for the noun "equipment." The word "equipments" is not utilized; it is only used in the singular with a singular verb.
The frequent verb equip, which means "to provide someone with the tools they require for a specific work," makes up a significant portion of the word equipment, as you will likely see right away. Add equipment
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businesses improve the quality of life in their communities by multiple select question. providing needed goods and services providing jobs for workers requiring more taxes for police and fire services paying taxes
By paying taxes and creating jobs for employees, businesses enhance the quality of life in the communities where they operate.
Which four benefits may business provide to society?Profits are important, but in the modern world we are more aware of the social impact of business. Innovative businesses help other businesses develop by bringing new ideas to the market. Innovative, expanding businesses boost the economy and provide jobs, which significantly improves people's quality of life. Businesses that produce worthwhile products and services, create jobs, pay taxes, and promote national development, stability, and security can all be advantageous to society. Through the use of marketing, advertising, and focused public relations techniques, businesses frequently attempt to influence social ideals. As a result, businesses have always been important to the growth of the social and economic fabric of the communities where they operate.
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which of the following information must be recorded on an unexecuted order ticket where the trade has been canceled?i time of execution ii time of receiptiii time of cancellation iv solicited or unsolicited
In cases where I II III IV has canceled the trade, the information must be entered on an unexecuted order ticket.
What is an information?Information is a stimulus that has meaning for its receiver in a particular situation. Data is the term used to describe information that is entered into and stored in a computer. Data can once again be interpreted as information following processing like formatting and printing. Information is understood to be knowledge acquired by study, communication, research, or instruction. Information is, in essence, the outcome of the analysis and interpretation of data points. Information is the interpretation of those pieces of knowledge, whereas data is the specific figures, numbers, or graphs. It is a collection of information that has been arranged for human consumption since knowledge aids in decision-making.To learn more about information refer to:
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aaron has started working for a new firm. there are thirty people on his floor. he is having problems remembering their names. which of the following should aaron do to improve his ability to recall names? He should maintain a notebook with people's names and their photos.
He should call people by their names two or three times while talking to them.
He should address them with titles like Mister or Miss and not worry about remembering names.
He should ask them their names every time he meets them.
He should call people by their names two or three times while talking to them should Aaron do to improve his ability to recall names .
Which of the following is the most crucial resource for an organization?
The most valuable resource is the workforce, also known as human resources. Employing individuals, providing them with training, rewarding them fairly, creating workplace policies, and creating retention plans are all parts of human resource management.
What are your top three strengths?
Time, intelligence, and network are your three most valuable resources. Protecting your time, expanding your knowledge, and fostering your network should be your daily goals.
Because they are aware of what this means, top-performing salespeople don't let themselves be tempted to waste time on tasks that don't generate sales.
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the posting references on the accounts receivable ledger form enable the company to locate the sales invoices and receipts supporting each transaction. (p. 302)
TRUE: The corporation is able to track down the sales receipts and invoices proving each transaction thanks to the posting references just on accounts receivable ledger form.
Define the working of posting references?A transaction is "posted" in accounting when it is entered into the journal and/or account ledgers.
Any anyone looking at a particular account ledger, including accounts payable and accounts receivable, can use a post reference to find the matching entry inside the journal or vice versa. The act of posting involves moving the entries from of the original entry book (journal) toward the ledger.When and where entries have now been posted to ledger accounts are recorded in a journal's posting reference column. The column includes the date of entry, the page number on which the entry originally made, and the location of the transaction's record.Thus, the corporation is able to track down the sales receipts and invoices proving each transaction thanks to the posting references just on accounts receivable ledger form.is a true statement.
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The complete question is-
the posting references on the accounts receivable ledger form enable the company to locate the sales invoices and receipts supporting each transaction. (T/ F)
Which of the following are typically job responsibilities for an e-commerce analyst? Select all that apply.
A
Develop relationships with clients.
B
Analyze data from the website or mobile app.
C
Execute and monitor loyalty programs.
D
Use SEO to maximize traffic to the website.
An e-commerce analyst's job tasks often involve evaluating data from the website or mobile app, utilizing SEO to increase traffic to the website, and implementing and monitoring loyalty programmes.
An e-commerce analyst's job does not often include the development of client connections. An e-commerce analyst is in charge of evaluating data from a website or mobile app to discover patterns and areas for development. They also utilise SEO to increase website traffic by optimising content and increasing the website's exposure in search engine results. Finally, they implement and manage loyalty programmes in order to reward customers and encourage repeat purchases. E-commerce (electronic commerce) is the buying and selling of goods and services, as well as the transmission of money or data, through an electronic network, most notably the internet. These transactions can be classified as business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer (C2C), or consumer-to-business (C2B) (C2B).
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In 25 words or fewer, explain how changes in the number of undocumented workers since 1995 affects HR management.
Today's HR departments—at least the forward-thinking ones—spend their energy managing employee engagement and bolstering culture rather than concentrating on people management and administrative responsibilities.
What is HR management?
In order to effectively and efficiently manage people in a company or organisation and provide it a competitive edge, it is known as Human Resource management (HRM or HR). In support of a company's strategic goals, it is made to optimise staff performance. The primary focus of Human Resource management, which also emphasises systems and policies, is the management of individuals inside businesses. The management of pay and benefit systems, as well as employee recruiting, training, and development, falls within the purview of HR departments, which are also in charge of regulating these areas. Organizational transformation and labour relations, or the balancing of organisational practises with obligations emerging from collective bargaining and governmental regulations, are other issues that HR is concerned with.
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In 25 words or fewer, explain how changes in the number of undocumented workers since 1995 affects HR management.
Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.
Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.
a)The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government
b)Funds spent by city governments to renovate their buildings
c)The variety of goods available to consumers
d)The costs of air and water pollution
When a U.S. company purchases and imports automotive parts from Canada to use to build cars within the United States, this purchase increases the (investment or goverment purchases or consumption) component of GDP while also (increasing or decreasing) net exports by the same amount. Therefore, the purchase of automotive parts from Canada causes (no overall charge or an overall increase or an overall decrease) in US GDP.
The GDP calculation does not take into account the value of babysitting services when the payment is made in cash and not reported to the government.
What is GDP?Gross Domestic Product (GDP) is a measure of the economic output of a country, typically calculated by adding together the value of all goods and services produced within a given period of time (usually a quarter or a year).
How does GDP relate to economic growth?Economic growth is usually measured by the change in GDP from one period to another. A positive change in GDP over a period of time is often taken as a sign of economic growth, while a negative change in GDP is taken as a sign of economic contraction. However, GDP alone does not give a complete picture of a country's economic well-being and other factors such as income inequality and environmental degradation should be considered along with GDP.
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larson consulting company issued a $2,500 check to purchase a copier for the company's office. analyze this transaction and identify which of the following accounts would increase:
The account that will increase is for Larson consulting company is the equipment account.
The cash balance in the business's account would drop by an amount of $2,500 as a result of the company utilising a check to pay for the copier. However, this transaction would result in a $2,500 rise in the company's balance sheet office equipment account. By buying the copier, the business is acquiring an asset and including it in its collection of office supplies.
Given that the business of Larson consulting company is paying for the copier with a check, this increase in office equipment would be indicated as a debit in the office equipment account and a credit in the cash account. Due to the debit, the office equipment account's value would rise by $2,500.
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Which of the following statements about an industry's composition are correct? (Check all that apply.)Multiple select question.It includes companies that sell to similar customers.It includes companies that use similar methods of production.It includes companies that produce similar products or services.
An industry's composition are correct -
The demographics of an industry are accurate -
Companies that sell to comparable customers are included.
Companies that employ comparable production techniques are included.
This group consists of businesses that offer comparable goods or services.
What is industrial composition defined as?
The two main market sectors that can be utilized to group products are industrial composites and advanced composites. Telecommunications, followed by power, transportation, and banking, has had the highest volume of transactions in terms of industrial makeup.
Sectoral composition is the term used to describe how a sector contributes in relation to other sectors to the GDP of an economy over the course of a year.
What does sector composition mean?
The sectoral makeup of an economy refers to the proportionate weighted contribution made by distinct sectors to the GDP of that economy over the course of a year.
The sectors of agriculture, industry, and services are shown along with their share of the overall gross domestic product (GDP).
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an insurance claims processing company moves paperwork among four process steps. each process step is performed in four separate areas. each area is located on the same side of a corridor with a distance of 45 feet between each area. we'll call this existing arrangement layout 1.
Insurance claims processing companies provide a range of services to help insurance companies manage their claims efficiently and accurately.
What insurance claims processing company do?
This includes collecting, sorting, verifying and validating all claims information, preparing and submitting the claim to the insurance company, negotiating a settlement, and finally, issuing payment to the insured. Insurance claims processing companies also provide a variety of additional services that make the claims process easier for insurance companies. These services include setting up automated systems to track and manage claims, providing software to assist with data entry and processing, and developing claims-related analytics to help insurance companies identify areas of risk and improve their operations. In addition, insurance claims processing companies also provide education and training services to ensure that their clients’ staff is knowledgeable about the claims process and up-to-date on the latest industry trends. They also work closely with insurance companies to ensure that they follow industry guidelines and best practices.
Load x distance for layout 1
From A = 0+185x44+134x88+134x132 = 37620
From B = 114x44+0+41x44+156x88 =20548
From C = 238x88+144x44+0+166x44 =34584
From D = 143x132+34x88+37x44+0 =23496
Total = 116248
Overall, insurance claims processing companies are invaluable partners for insurance companies, providing the services and expertise needed to ensure that claims are processed efficiently and accurately.
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Prepare a cash budget for the third quarter of Mont Bleu Inc.
The cash budget for Mont Bleu Inc is below:
Month Purchased Paid
August $40,000 $16,000
September $36,000 $38,400
What do we calculate the respective month's cash budget?A cash budget is an estimate of a company's cash flows over a specific time period. This could be a budget for a week, month, quarter, or year. This budget is used to determine whether the entity has enough cash to continue operating within the time frame specified.
We already have data for budget in August: For the month ending payment in September; the calculation goes as:
= 60 % x August purchases + 40 % x September purchases
= (0.60 x $40,000) + (0.40 x $36,000)
= $24,000 + $ 14,400
= $38,400
Full question "Mont Bleu Inc. pays 40% of its purchases on account in the month of the purchase and 60% in the month following the purchase. Purchases are budgeted to be $40,000 for August and $36,000 for September. Prepare a cash budget for Mont Bleu Inc for the third quarter".
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Answer the following questions about how opportunity costs affect the production possibilities frontier.
a. In the real world, opportunity cost tends to be:
O constant.
O decreasing.
O increasing.
O negative.
b. Stating that resources are specialized means that:
O some resources are better at producing certain goods while others are better at producing different goods. O education is required to become productive at producing goods. O as we increase the production of goods and services, the dollar cost of producing those goods will decrease. O there is a limited amount of resources used to produce goods.c. An example of specialization is:
O Alan thinks his economics exam will be very difficult so he studies more than usual for the exam. O Anita purchases a new computer for her publishing business. O Monti decides to pick up an extra shift at work and hire a company to paint his house. O Susan decides to enroll in a master's degree program.
Production possibility frontiers (PPFs), which offer a straightforward but effective tool to explain the impacts of making an economic choice, can be used to highlight opportunity cost.
A PPF displays all conceivable pairing of two products or two accessible options at any one time. a. In the real world, opportunity cost tends to be increasing. b. Stating that resources are specialized means that: some resources are better at economic producing certain goods while others are better at producing different goods. education is required to become productive at producing goods. c. Specialization involves focusing on a specific skill, activity, or production process, such as a South American company harvesting bananas, to become the leader or expert.
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In a government-controlled economic system, supply and demand is not determined by buyers and sellers alone, therefore a(an) _____ market does not exist.
In a government-controlled economic system, supply and demand is not determined by buyers and sellers alone, therefore a free market does not exist.
What is the role of government in planned economy?In a government-controlled economic system, also known as a planned economy, the government plays a significant role in determining the production and distribution of goods and services. The government sets production targets, prices, and controls the distribution of resources. Supply and demand are not determined by buyers and sellers alone, as the government decides what goods and services will be produced, and at what price they will be sold.
What is a free market?In a free market, prices are determined by supply and demand and buyers and sellers are free to negotiate prices and exchange goods and services. But in a government-controlled economic system, the prices are set by the government, so the market does not function as a free market and is not determined by buyers and sellers alone.
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now that you have been assigned a role on the team, it is your responsibility to make the project manager aware of the knowledge, skills, and abilities you bring. locate a job posting on indeed, glassdoor, monster, or other job boards and read the description of the position. this can be the same one you identified in the discussion for this week. what skills do they specifically call for in your area of expertise? these should sound familiar. this will give you an idea of what real employers are looking for now in your discipline. take some time to review previous assignments submitted during your time at strayer or even deliverables you may have submitted while on the job during your time at strayer, focusing specifically on the pieces that relate to your area of study. take notes as you review to use to inform your assignment submission.
In general, the skills that are specifically called for in my area of expertise would depend on the specific job posting.
Who is a Project Manager?
An expert who organises, plans, and manages projects while adhering to constraints like budgets and timetables is known as a project manager. Leading teams, setting objectives, communicating with stakeholders, and seeing a project through to completion are all responsibilities of project managers.
The project manager contributes to the success of the project whether it is designing a computer system, building a building, executing a marketing campaign, or introducing a new product.
Almost every industry has a demand for project managers.
Project managers, in the broadest sense, are in charge of organising, planning, and overseeing the execution of a project while making sure it produces the anticipated outcomes on time, within budget, and within scope.
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FILL IN THE BLANK sheldon has just successfully negotiated a new long-term sales agreement with a major client. the personal satisfaction sheldon has about his efforts is his ____ reward.
Sheldon has just successfully negotiated a new long-term sales agreement with a major client. The personal satisfaction Sheldon has about his efforts is his intrinsic reward.
The long-term sales is the sales of the type of sales period in which the company or any organization map for the dependable and the long term revenue from the retention and obtaining from the new and existing customers.
The intrinsic reward or the internal reward in which the employees get or achieve from the complete the targeted goal or tasks which is given from the company or the project leader. The personal satisfaction Sheldon has about his efforts is his intrinsic reward.
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which of the following factors can increase an employee's continuance commitment? multiple select question. a high unemployment rate attractive employment opportunities outside the company the cost of switching jobs widespread job availability
The correct option is attractive employment opportunities outside the company ,Accurately measure employee performance and distribute superior rewards.
Known as the "Father of Human Relationships". - Increased ventilation, lighting. Refers to performance improvements caused by special attention of employees rather than observable changes in work .Employers have a duty to protect the health, safety and well-being of their employees and those who may be affected by their work. Employers must do everything reasonably practicable to achieve this. Organization includes delegating authority and responsibilities to different departments, allocating resources throughout the organization, and defining how group and individual activities are coordinated.
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in the context of world systems theory, which of the following is a characteristic of semiperipheral nations? group of answer choices they exert massive control over world trade and economic agreements across national boundaries. they typically provide labor and raw materials to core nations within the world system. they possess most of the world's capital and technology. they had a gross national income (gni) per capita of less than $1,045 in 2015.
In the context of world systems theory,they typically provide labor and raw materials to core nations within the world system is a characteristic of semiperipheral nations.
Option B is correct.
What distinguishes World Systems Theory from other theories?In conclusion, the world systems theory asserts that, despite the ever-changing global economy, there are three fundamental country hierarchies: core, semi-periphery, and the center. Peripheral countries are exploited and dominated by core nations. Capital for the peripheral nations comes from the core nations.
In terms of the theory of world systems, what is the most important feature of semi-periphery?Organizationally, semi-periphery nations often lie in between core and peripheral regions, as well as between two or more competing core regions, and share organizational characteristics with both core and peripheral nations.
Question is incomplete:
In the context of world systems theory, which of the following is a characteristic of semiperipheral nations? group of answer choices
A. they exert massive control over world trade and economic agreements across national boundaries.
B. they typically provide labor and raw materials to core nations within the world system.
C. they possess most of the world's capital and technology.
D. they had a gross national income (gni) per capita of less than $1,045 in 2015.
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is a method used to identify customers with similar wants and needs.
Sales Pitch
Selling
Planning
Market Segmentation
Answer: Market Segmentation
Explanation:
the select perspective includes all types of select processes such as value-creation processes, support processes, and general management or business processes.
Select Perspective is a comprehensive approach to business process improvement. It is based on the concept of value creation and supporting processes that are necessary for the success of any business.
This perspective examines both value creation and support processes to identify areas for improvement and ensure that the organization is managed effectively. Support processes include activities such as finance, human resources and IT. General management or business processes include strategic management, organizational structure and process design. It also provides a way to measure, monitor and evaluate business performance, enabling organizations to identify areas of improvement and focus on areas where they can have the greatest impact.
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Customer ____________ refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it.
True The board of directors' weakening of Kalanick's authority. By being adaptable, creative, and quick to respond to changes in the market, this kind of culture tries to create innovative products (new drugs).
Which kind of culture is internal-focused and emphasizes control over flexibility and stability?
Internal stability and control over flexibility are valued in a hierarchy culture. Flexibility is valued and an external focus is present in an adhocracy culture.
When chiefs and representatives inside a similar division are united in cross practical?
At the point when chiefs and representatives inside a similar division are united in cross-practical groups to take care of specific issues, their organization is utilizing a group based plan. As per Chester I. Barnard, an association is comprised of something like one individual who endeavors day to day to accomplish the association's objectives.
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If Mom places the highest value on convenience when looking for a cup of coffee and Fivebucks offers her this benefit, from a long-term perspective, the overall goal of the company is to _____________ with customer value.
If Mom places the highest value on convenience when looking for a cup of coffee and Fivebucks offers her this benefit, from a long-term perspective, the overall goal of the company is to build relationships with customer value.
Because they open up a line of contact for transmitting client input, good customer relations help businesses better understand the issues that their customers face. Better one-on-one encounters with customers result in longer-lasting trust that affects customers' purchasing decisions.
The protracted success of a firm depends on developing a working connection with its clients. Customers feel safer and connected with brands when there is a strong relationship built on trust and open communication. This connection can also increase customer retention including your rate of repeat business.
Consumers seek goods and services with features that result in the greatest value and satisfaction given their needs and financial resources. The four categories of value are social value, financial value, and functional value.
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If Mom values convenience above all else while seeking for a cup of coffee and Five Bucks provides her with this advantage, from a long-term viewpoint, the company's main objective is to develop connections based on the value of its customers.
Good customer relations enable organisations to communicate with consumers more easily and have a deeper understanding of the problems they confront. Better one-on-one interactions with clients lead to more enduring trust, which influences clients' purchase choices.
A company's long-term success depends on forging a relationship with its clientele. When there is a solid connection based on trust and open communication, customers feel safer and more connected to companies. Additionally, this link may boost your percentage of repeat business and client retention.
According to their demands and available resources, consumers look for products and services with qualities that provide the most value and satisfaction. Social value, financial value, and functional value are the four types of value.
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question content area indicate whether the accounts below are used in the cost flow for a manufacturer, a service provider, or both. materials manufacturer wages payable manufacturer and service provider factory overhead manufacturer work in process manufacturer and service provider finished goods manufacturer cost of goods sold manufacturer supplies manufacturer and service provider overhead service provider cost of services
Cost of Services are used in the cost Service Provider Cost of Goods
What is included in manufacturing overhead costs?The depreciation of equipment, wages paid to factory workers, and power required to run the equipment are typically included in manufacturing overhead expenses.Direct materials, direct labour, and overhead are the three main types of expenditures that are accounted for during the manufacturing process.Product costs are those expenses directly associated with creating an item or service that will be sold. All additional indirect expenses incurred during manufacturing are referred to as period costs. Common examples of period costs are overhead and sales and marketing expenditures.Fixed costs are expenses that remain constant regardless of whether sales or production volumes rise or fall.To learn more about Cost of Services refer to:
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Logan Corp. purchases supplies on account and appropriately records the transaction in an asset account. The adjusting journal entry at year-end when accounting for supplies used will require a (Select all that apply.)debit to supplies expensecredit to supplies
The adjusting journal entry at year-end when accounting for supplies used will require a debit to supplies expense credit to supplies
What is meant by adjusting journal entry?At the conclusion of an accounting period, an adjusting journal entry is made in the general ledger of the company to report any unrealized income or expenses. A journal entry used to reflect unrecognized transactions is known as an adjusting journal entry. It is made at the end of a reporting period. The accounts for accrued expenses, accrued revenue, prepaid expenses, and unearned revenue are frequently affected by this. At the conclusion of the accounting period, three main categories of adjusting entries must be made: prepayments, accruals, and non-cash expenses. These can be categorized into one of five groups: Unearned income, prepaid expenses, accrued expenses, and depreciation/depletion are all types of accrued income.To learn more about adjusting journal entry refer to:
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the activity the day before; the highest price and lowest price of the stock, along with the closing price at the end of the business day will be noted on the stock page as:
The activity the day before; the highest price and lowest price of the stock, along with the closing price at the end of the business day will be noted on the stock page as high, low, and close. An OHLC graph shows the above mentioned prices.
The high, low, and close prices are commonly used to indicate the range of prices a stock traded at during a given day or period. The high price is the highest price the stock traded at during that period, the low price is the lowest price the stock traded at during that period, and the close price is the price the stock traded at when the market closed. These prices are typically displayed on stock charts and in financial news articles. An OHLC graph shows the open, high, low, and close cost for a given period. It tends to be applied to any time span. The upward line addresses the high and low for the period, while the line to the passed on marks the open cost and the line to the right denotes the end cost.
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FILL IN THE BLANK In 2009, The FASB created a new update, called the __________. This system converted GAAP pronouncements into approximately 90 accounting topics that provide guidance to accounting professionals.
The FASB produced a new revision in 2009 that is known as the Accounting Standards Codification. This system transformed the approximately 90 accounting subjects that provide guidance to accountants from the GAAP declarations. The codification was created to make it simpler to locate accounting standards using a single database.
The Accounting Standards Codification is the only current source of United States Generally Accepted Accounting Principles (GAAP) in US accounting standards. The Financial Accounting Standards Board (FASB) looks after it.
The codification's three main goals are to "simplify user access by codifying all authoritative US GAAP in one place," "ensure that the content of the codification accurately represented authoritative US Generally Accepted Accounting Principles (GAAP) as of July 1, 2009," and "create a codification research system that is up to date for the released results of the standard-setting activity."
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1. The cross-price elasticity of demand between company A and its competitor is 0.32 (inelastic).
If the competitor runs a sale where it cuts its prices by 10%, how will it impact the prices of Company A?.
2. The income elasticity of demand of company A is -0.32. suppose the economy enters a recession and average incomes are expected to fall. Will the company do well or poorly? why or why not?
1. Since the cross-price elasticity of demand between Company A and its competitor is 0.32 (inelastic), the sale by the competitor will have a minimal impact on the prices of Company A. The price of Company A's products may decrease slightly, but not by much.
2. If the economy enters a recession and average incomes are expected to fall, Company A will do poorly. This is because the income elasticity of demand for Company A is -0.32, which means that as incomes decrease, demand for Company A's products will also decrease.
What is elasticity of demand?Elasticity of demand is a measure of how responsive the quantity demanded of a good or service is to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. If a small change in price leads to a large change in the quantity demanded, the demand is said to be elastic. If a large change in price leads to a small change in the quantity demanded, the demand is said to be inelastic.
Therefore, the correct answer is as given above
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In addition to considering its financial profit responsibility, organizations are increasingly shifting focus to areas like which two of the following?
a. Accounting Laws b. Ethics c. Social Responsibility d. Tax Laws
The correct response is b. Ethics, c. Social Responsibility. its financial profit responsibility, organizations are increasingly shifting focus to areas like social responsibility, ethics.
In accordance with the ethical principles of social responsibility, each individual has a responsibility to collaborate and work with others and organizations for the betterment of the society that will inherit the world they leave behind. A balance between the economy and the ecosystem in which one lives is something that each person has a responsibility to preserve. Economic growth in the material sense and societal and environmental well-being may be in trade-off. Everyone whose actions have an environmental impact falls under the umbrella of social responsibility, not just businesses. It strives to remove obstacles like distance, financial situation, etc. and guarantee safe healthcare for those living in rural areas.
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