A new vehicle on display inside an auto owner's showroom fit the circular flow model Market for goods, physical flow.
What are the two marketplaces that the circular flow graphic represents?A circular flow model is a mathematical theory that illustrates how money circulates throughout an economy. The most popular version of this model displays the revolving door of revenue between the consumer and business sectors. Between both the two are indeed the commodity market as well as the commodity market.
What kind of activity by the government is exemplified in the quiz on the circular flow model?Savings, taxes, and imports are a few examples. Any monetary flows that are injected into the ongoing circulation between families and businesses are referred to as injections. Government spending, exports, and investment are among examples.
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nearly all manufacturing was produced in __________ workshops prior to the industrial revolution.
Nearly all manufacturing was produced in cottage workshops or small-scale domestic workshops prior to the Industrial Revolution.
This means that goods were typically made by individuals or small groups of people working in their own homes or small workshops, rather than in large factories or manufacturing plants. This system of production was characterized by low productivity, long lead times and high costs, which would change during the industrial revolution with the invention of new machinery and mass production techniques.Domestic workshops were characterized by a high degree of skill and craftsmanship, as each worker was responsible for all aspects of production, from design and materials sourcing to manufacturing and finishing. They also had a relatively low level of mechanization and were dependent on human labor and skill.Domestic workshops were often found in rural areas and smaller towns, where the availability of raw materials and the proximity to markets made them economically viable. They were also a significant source of employment in these areas. However, it was not a highly productive system, and it was highly dependent on the skills and abilities of the individual craftsmen.
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how many workers should be hired? should workers receive overtime pay? should workers earn commission? should workers receive equity compensation?
Depending on the particular requirements of the firm, a certain number of employees should be hired. The necessity of the firm will also determine whether employees should get commission and equity remuneration in addition to the appropriate laws and regulations in the country.
Whether or not workers should receive overtime pay depends on several factors, including the applicable laws and regulations in the jurisdiction, the type of work the employees are doing, and the specific working conditions.
Whether or not workers should earn commission also depends on the specific needs of the business and the type of work that the employees are doing.
Whether or not workers should receive equity compensation depends on the specific needs of the business, the type of work that the employees are doing, and the specific compensation package that is being offered.
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arbitration is procedurally more formal than mediation, but less formal than court adjudication. true false
It is true that, Although less formal than judicial decision-making, arbitration does have a more formal procedural structure than mediation.
Is arbitration a more formal process?In comparison to mediation, arbitration is a more formal method of resolving disputes. This procedure is thus employed when a legal case has become more serious. When the parties cannot agree upon a resolution, arbitration should be used, especially if time is of the essence.
Although the parties must submit evidence and arguments during the arbitration hearing, it is a less formal process than mediation and more formal than judicial decision-making. Normally, the arbitrator's ruling is irrevocable and legally enforceable, albeit a growing but still insignificant percentage of arbitration decisions are being appealed in court.
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how are advertising and democracy different contexts for communication? a. all of these choices. b. the channel by which you communicate is different. c. the amount of attention given to the audience is different. d. none of these choices. e. the goals of the communication are different.
Option (e) the goals of the communication are different.
Advertising and democracy are distinct communication contexts due to their opposing goals.
Advertising is primarily concerned with promoting and selling a product or service, with the primary goal of persuading the audience to make a purchase.
Democratic communication, on the other hand, aims to inform and engage citizens in public issues and decision-making.
This type of communication is typically more interactive and participatory in nature, with the goal of providing a forum for citizens to express their views and influence policy decisions.
Advertising is mostly done through mass media and aims at a large audience, whereas democratic communication aims to create a dialogue between the government and its citizens.
Therefore, the goals of communication in advertising and democracy are fundamentally different.
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For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field)
A. Collected $2, 700 rent for the period October 1 to December 31. Which was credited to Unearned Revenue on October 1.
B. Paid $1, 440 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.
C. Used a machine purchased on October 1 for $49, 200. The company estimates annual depreciation of $4, 920. Record the rent revenue earned during October
(a) Expense $800 in deferred revenue; 800 dollars in credit revenue
(b) Debit $400 for insurance costs; Credit Insurance Prepaid $400
(c) $400 in debit depreciation expense; Depreciation accumulated on credit: $400.
How to find the calculation?When transactions have taken place but have not yet been correctly recorded in the company's books, adjusting entries are necessary.
(a) When money is collected in advance, the cash account is debited and deferred income is credited. When revenue is earned, it is recorded by crediting revenue and deducting the amount earned from deferred revenue.
Earnings as of October 31, 2017
= 1/3 × $2,400
= $800
Entry requirements
Debit $800 in deferred revenue
800 dollars in credit revenue
Entries that acknowledge earnings as of October 31.
(b) In the case of advance payments, the expense is recorded when it is incurred by debiting the expense account and crediting the prepaid account to deduct the amount paid in advance.
Expenditures made as of October 31
= 1/3 × $1,200
= $400
Entry requirements
Debit $400 for insurance costs.
Credit Insurance Prepaid $400
Records that document insurance costs accrued as of October 31.
(c) Depreciation costs are recorded by debiting the expense account and crediting the accumulated depreciation account as a fixed asset is used.
Due to the $4,800 yearly depreciation
Depreciation per month = 1/12 + $4800
= $400
Entry requirements
Debit $400 for depreciation
Depreciation accumulated on credit: $400
Making entries to record machine depreciation costs as of October 31.
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question content area part 1 scarcity part 2 a. can be overcome by discovering new resources. b. stems from the incompatibility between limited resources and unlimited wants. c. is a bigger problem in market economies than in socialist economies. d. can be eliminated by rationing products.
Scarcity stems from the incompatibility between limited resources and unlimited wants
Because the desires of economic agents, such as people, businesses, or the government, are limitless, scarcity is a fundamental economic problem that affects every civilization. The incompatibility of finite resources and countless wants is the root of the world's economic problems.
Resources are constrained in that there is only a certain amount of them, and they cannot be expanded to satisfy everyone's unending needs or those of society as a whole. People and society must therefore decide how to divide up these finite resources in order to best satisfy their needs and wants. All economic activity is fueled by scarcity, which is the reason people have to make decisions and trade-offs.
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which step of the closing process may be as simple as sending an email or as complicated as having a large meeting?
The step of the closing process that may be as simple as sending an email or as complicated as having a large meeting is the delivery of the final product or service.
The closing process is the final step in the sales process, where the final product or service is delivered to the customer. This step can vary in complexity depending on the type of product or service being sold.
For example, if it is a simple product or service that can be delivered via email or online, the delivery process will be relatively straightforward. On the other hand, if it is a complex service or product that requires a large meeting or extensive coordination, the delivery process will be more complicated.
It is important to ensure that the customer is satisfied with the final product or service and that all necessary documentation, such as invoices or warranties, are provided. This step is crucial for building a positive relationship with the customer and increasing the chances of repeat business.
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as a result of globalization, we have been moving toward a world in which national economies are relatively self-contained entities. group of answer choices true false
False. Globalization refers to the increasing interconnectedness and interdependence of countries and economies through trade, investment, migration, and cultural exchange. This process has led to greater integration of national economies rather than self-containment.
Transnationalism refers to the phenomenon of people, goods, capital, and ideas crossing borders and connecting different countries, regions and communities. It is an aspect of globalization that highlights the movement and interactions of people, organizations and ideas across national boundaries, creating multi-layered and multi-directional connections between different countries. Transnationalism challenges the traditional view of the nation-state as the sole unit of analysis in international affairs and highlights the importance of understanding the complex relationships that exist beyond the nation-state level.
Globalization refers to the increasing interconnectedness and interdependence of countries and economies through trade, investment, migration, and cultural exchange. This process has led to greater integration of national economies rather than self-containment. Global supply chains, multinational corporations, and the increased importance of international trade and investment are all examples of how economies have become more integrated and interconnected.
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Summarize the 23 admendment
Answer: The 23rd amendment extended the right to engage in presidential elections to the district of columbia. Be sure to paraphrase
Explanation:
income statement pearson brothers recently reported an ebitda of $7.5 million and net income of $1.8 million. it had $2.0 million of interest expense, and its corporate tax rate. was 40%. what was its charge for depreciation and amortization?
Pearson Brothers reported a charge for depreciation and amortization of $3.7 million.
The profitability of a company's operational business alone is measured by a company's earnings before interest, taxes, depreciation, and amortisation, or EBITDA, which excludes the effects of debt, state-mandated payments, and expenses needed to maintain its asset base.
The charge for depreciation and amortization can be calculated as follows:
EBITDA - Net Income - Interest Expense = Depreciation and Amortization
7.5 million - 1.8 million - 2.0 million = 3.7 million
Therefore, Pearson Brothers reported a charge for depreciation and amortization of $3.7 million.
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assume that a taxpayer, an individual, has itemized deductions that are less than the standard deduction. will the taxpayer benefit from the deduction for state and local taxes paid?
If an individual taxpayer has itemized deductions that are less than the standard deduction, they will not benefit from the deduction for state and local taxes paid.
What is meant by standard deduction?
The standard deduction is a set dollar amount that reduces the amount of income on which a taxpayer is taxed. Taxpayers can choose to take the standard deduction or itemize their deductions, but they cannot do both. If the total of the itemized deductions (including state and local taxes paid) is less than the standard deduction, the taxpayer would take the standard deduction, resulting in no benefit from the state and local taxes paid deduction.
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the globalization of blank refers to the fact that producers can source goods and services from anywhere in the world to take advantage of cost savings. multiple choice question. service marketing diversity production
The ability of manufacturers to source goods and services from anywhere in the world in order to benefit from price advantages is referred to as the globalisation of production.
What makes globalisation so crucial?Companies can create their goods more cheaply thanks to globalisation. Additionally, it heightens international competition, which lowers costs and expands the range of options available to customers. People can live better on less money in both emerging and developed nations because to lower prices. Globalization has had a significant impact on the international economy. After it was started and put into practise, globalisation as a process helped many countries greatly succeed. Overall, the countries experienced growth in all areas of the economy, including foreign investment. India as a whole has experienced a strong and practically immediate influence from globalization.
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You have isolated a motile, gram-positive cell with no visible nucleus. You can safely assume that the cell
A) has 9+2 microtubule arrangement in its flagellum.
B) has a mitochondrion.
C) has a cell wall.
D) lives in an extreme environment.
E) has cilia
We can assume that the cell has a cell wall.
What is cell wall?A cell wall is a structural layer that surrounds some cell types and is located just outside the cell membrane. It may be hard, adaptable, or occasionally rigid. It serves as a filtering mechanism, structural support, and protection for the cell. Many eukaryotes, including animals, lack cell walls, but some of them, like fungi, algae, and plants, as well as most prokaryotes, do (except mollicute bacteria). Serving as pressure vessels, they prevent the cell from overexpanding when water enters.
Taxonomic group, species, cell type, and developmental stage may all have an impact on the composition of cell walls. Land plants have cellulose, hemicelluloses, and pectin as the main components of their cell walls. A lot of times, the cell walls of plants contain other polymers like lignin, suberin, or cutin that are anchored to or embedded there.
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projects typically require the combined efforts of a variety of specialists. question 7 options: true false
Option A. True, Small projects within large corporations do not require project management expertise.
Project team members must be familiar with project management because they for each of these reasons, it is crucial that project team members have a working knowledge of project management. Fundamentals of project management are generally applicable. Since a construction company constructs numerous structures, those constructed after the first do not constitute projects. All projects are irregular and contain certain distinctive components. Not every building will be constructed on the same site or with the same supplies. For each of these reasons, it is crucial that project team members have a working knowledge of project management. Project managers initially appear to carry out similar tasks to other managers. In other words, they organise, motivate, and control. true
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Use your own words explain what the term soft loan means. why do international organizations make soft loans?
A soft loan is a type of loan with low-interest rates and relaxed repayment terms. Soft loans are often provided by international organizations such as the World Bank or the International Monetary Fund (IMF).
What are the uses of soft loan?
Soft loans are financial assistance from banks and other financial institutions that come with reduced interest rates and other favourable terms. These loans are often provided to organisations or individuals who are unable to secure a loan from the traditional banking system due to financial constraints. Soft loans are usually provided to small and medium-sized businesses, start-ups, non-profit organisations and specific social welfare initiatives. These loans are usually provided with the objective of helping these organisations or individuals to grow or complete projects. Soft loans are also often provided to developing countries as international aid. These loans are often provided to help the country in times of economic or political crisis, or to finance large-scale development projects.
So, A soft loan is a type of loan with low-interest rates and relaxed repayment terms.
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Extreme Protection, Inc. Manufactures helmets for skiing and snowboarding. The fixed costs for one model of helmet are $7800 per month. Materials and labor for each helmet of this model are $50, and the company sells this helmet to dealers for $80 each. (Let x represent the number of helmets sold. Let C, R, and P be measured in dollars. )(a) For this helmet, write the function for monthly total costs C(x)
C(x) = 7800 + 50x, where x is the quantity of helmets sold, gives the total cost per month.
Write the function for monthly total costs C(x)?C(x) = 7800 + 50x provides the formula for the overall costs. The first term, 7800, denotes the model's fixed expenses, which are independent of the volume of sold helmets.
The variable costs linked to the quantity of helmets sold are represented by the second term, 50x.
The price of each helmet's labour and materials is included in this.
In light of this, the total expenses rise as more helmets are purchased.
The monthly total cost function C(x) for this model of helmet is a linear cost function, according to which the total cost consists of both the fixed costs and the variable costs related to the quantity of helmets produced and sold.
The variable costs per helmet are $50, and the fixed costs total $7800 per month.
Consequently, C(x) = 7800 + 50x, where x is the quantity of helmets sold, gives the total cost per month.
As a result of the cost rising linearly as more helmets are sold, this cost function is linear.
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you need to resolve a serious disagreement over requirements between the project customer and another key stakeholder. what is the key communication technique to choose for this situation?
The key communication technique to choose for this situation is active listening.
Active listening involves fully listening to another person's perspective, and actively engaging with them by repeating back their points and asking questions in order to better understand their perspective and gain insight into the disagreement. This can help to alleviate tension, create a safe space for communication, and foster mutual understanding and respect. This technique can help the parties involved to come to a mutually beneficial agreement that meets their needs.
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drew, 72, is a widower with a gross estate worth $975,000. he is in the highest current marginal income tax bracket. drew would like to make a sizable charitable contribution to the american diabetes association, and would like the charitable contribution to provide him with a fixed income for the rest of his life. which one of the following charitable transfers is most appropriate for drew to use to best achieve his estate planning objective? a) a charitable lead trust, since it provides drew with a fixed income stream b) a charitable remainder annuity trust, since it provides the desired income to drew c) a charitable remainder unitrust, since it provides drew with a charitable contribution deduction d) a charitable outright gift, since it reduces drew's income tax liability substantially
His estate planning objective a charitable remainder unitrust, since it provides drew with a charitable contribution deduction.
What is marginal income?The gap between sales revenue and variable expenses is referred to as marginal income. For instance, if your business sells items worth $975,000 and incurs variable expenditures of $40,000, it will have a marginal revenue of $60,000.The additional tax paid for each additional dollar of income received is known as the marginal tax rate. Total taxes paid divided by total income generated is the average tax rate. With a marginal tax rate of 10%, tax would be deducted from the following dollar of income at a rate of 10%.His estate planning objective a charitable remainder unitrust, since it provides drew with a charitable contribution deduction.To learn more about marginal tax rate refer to:
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What do we call an optimal window of opportunity for proper development?
The optimal window off opportunity for the proper development can be said to be the critical period.
What do we call an optimal window of opportunity for proper development?These windows of opportunity are what Montessori called “sensitive periods.” According to Montessori, all children experience these same, almost-magical moments in their development, moments during which they soak up specific concepts with remarkable ease.
Our brain has many different areas and we take control of our thoughts and actions. The brain grows and matures. Our optimum periods for specific areas off development can be found during different stages of brain development. Learning in specific areas can develop quickly at these times. Learning in specific areas can develop into an incredible rate. A critical period is the time when a developing organisms must be exposed so that certain events don't develop properly.
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kfc in japan altered the sweetness of its coleslaw to appeal to japanese tastes. this is an example of which type of global marketing product and promotion strategy?
This is an example of product adaptation for global marketing products and advertising strategies.
Product customization is the process of modifying an existing product to make it suitable for different customers and markets. Adaptation strategies are especially important for companies that export their products. This ensures that our products comply with local cultural and regulatory requirements. Customization is also important for companies that want to launch a new product but do not have the means or resources to develop an entirely new item. The top four factors driving product customization are culture, market development, competition, and legislation
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why are federal prosecutors reluctant to bring major charges against large financial firms? what was the main regulatory action of the glass-steagall law? why might having many smaller financial firms be more stable than having fewer larger firms? what argument can be made for the possibility that larger financial firms might be more stable than smaller financial firms?
Federal prosecutors may be reluctant to bring major charges against large financial firms because such firms often have significant political influence and may be able to mount a strong legal defense.
Additionally, some prosecutors may be concerned about the potential economic conseq uences of bringing charges against large financial firms. The Glass-Steagall Act, which was enacted in 1933, separated commercial and investment banking activities in order to reduce the potential for conflicts of interest and to limit the scope of bank failures.
Having many smaller financial firms may be more stable than having fewer larger firms because smaller firms are less likely to be "too big to fail," meaning that their failure would not have a significant negative impact on the overall economy. Additionally, having many smaller firms may lead to increased competition, which can result in better products and services for customers.
On the other hand, larger financial firms might be more stable than smaller firms because they have more resources to weather economic downturns and may be less likely to fail. Additionally, larger firms may be better equipped to manage complex financial risks. However, The argument for large firms stability also depends on how well these large firms are regulated and controlled to avoid risks.
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three years ago, you invested $3,200. today, it is worth $3,950. what rate of interest did you earn?
At the time of your initial investment, you earned an effective rate of interest of 3.9% per year.
To calculate this, we take the final value of the investment,$,950, and abate the original investment,$,200. This gives us a total gain of$ 750. also, we divide this total gain by the original investment,$,200. This gives us a decimal number of.234. We also multiply this decimal by 100 to get a chance of23.4. Eventually, we divide this chance by the number of times the investment was held, 3 times.
This gives us an interest rate of3.9 per time. Compounding interest is when interest is earned on the original investment and on any former interest earned. This is why in numerous cases, investments can earn advanced returns than their stated interest rate.
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during the past six months, a purchasing agent placed the following three orders for coal. what is the weighted arithmetic mean price per ton?
The value of weighted arithmetic mean will be = 71.20
The total number of observations multiplied by their weights and divided by the total number of weights results in the weighted arithmetic mean.
The difference between the weighted arithmetic mean and a regular arithmetic mean is that certain data points contribute more to the final average than others, as opposed to all data points contributing equally.
A weighted mean is an average that is created by allocating various weights to various individual data. The weighted mean is equivalent to the arithmetic mean if all of the weights are identical. It indicates the mean of the available data. The Weighted mean is comparable to the Sample mean or Arithmetic mean.
Weighted arithmetic mean will be
= (26.90*2500 + 87.41*4300 + 94*1800)/(2500+4300+1800)
= 71.20
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The missing table is attached below
The correct option is A. The weighted arithmetic means the price per ton is 80.47.
Tons of coal = 1200+3000+650=4850
Prices of coal =55.25+87.25+95.75= 238.25
Weighted arithmetic mean = ∑[tex]\frac{price*ton}{ton}[/tex]
Weighted arithmetic mean = [tex]\frac{4850*238.25}{4850}[/tex] = [tex]\frac{390287.50}{4850}[/tex] = 80.47
The collection is usually a set of outcomes from an experiment, an observational have-a-look, or a survey. The term "arithmetic mean" is favored in a few arithmetic and information contexts as it facilitates distinguishing it from other varieties of methods, along with geometric and harmonic.
Further to mathematics and facts, mathematics suggest is frequently utilized in economics, anthropology, records, and almost every academic discipline to a degree. for instance, consistent with capita profits is the mathematics average income of a country's populace.
Even as the arithmetic imply is frequently used to document imperative inclinations, it isn't always a sturdy statistic: it's far significantly motivated by using outliers (values a whole lot larger or smaller than maximum others). For skewed distributions, consisting of the distribution of profits for which a few people's incomes are significantly higher than most people's, the mathematics suggests that might not coincide with one's notion of "middle". if so, strong records, including the median, may provide a higher description of crucial tendency.
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Complete Question:
During the past six months, a purchasing agent placed the following three orders for coal.
what is the weighted arithmetic mean price per ton?
A). 80.47
B). 72.33
C). 89.18
D). 87.25
if the amount of money in circulation increases over time but the demand for goods does not change or declines over time, the value of the money will drop. this is known as inflation. true false
Deflation happens when there are either too many products available or not enough dollars in circulation to buy those products.
What happens if we increase the quantity of money in use?Inflation may arise as a result of the Federal Reserve expanding the money supply. Prices will typically rise, the cost of commodities will fluctuate, and inflation is likely to happen if the Fed is trying to stimulate the economy by expanding the money supply.
What occurs if there is a rise in the money supply but a fall in the demand for it?Money demand will increase as interest rates drop. The quantity of money people have in their possession and the amount they aspire to have will no longer differ once it increases to match the new money supply.
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strategic marketing management addresses which of the following questions? (select two) a. how will the company reach its goals? b. where will the company sell its product to consumers? c. who is the company's target market? d. what promotional activities will the company utilize? e. what is the organization's main activity at a specific time?
Continually attracting new clients and raising sales are the objectives of any firm. An experienced marketing manager assesses current market tactics.
How well do you understand strategic marketing?- a collection of marketing plans created to help a business achieve its goals. - A marketing strategy might, for instance, lay out plans for product development, price, and advertising in order to fulfill marketing goals like expanding into new markets or boosting sales of already-existing products.
What are the four pillars of marketing (the "four P's")?The four main components of a marketing strategy are product, pricing, place, and promotion, and together they make up the marketing mix, commonly referred to as the four P's of marketing.
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personal taxes joe and jane keller are a married couple who file a joint income tax return, where the tax rates are based on the tax tables presented in the chapter. assume that their taxable income this year was $165,000. 2. what is their federal tax liability? b. what is their marginal tax rate? c. what is their average tax rate?
For the tax year in question, Joe and Jane Keller's federal tax liability can be calculated by using the tax tables presented in the chapter and their taxable income of $165,000.
Their marginal tax rate is the rate at which their last dollar of income is taxed. Their average tax rate is their total tax liability divided by their total income. According to the tax tables, the tax liability for a taxable income of $165,000 for the year would be $27,065. Their marginal tax rate would be 24%. And their average tax rate would be 16.4%. These rates may change depending on the tax laws of the year and also the deductions and exemptions availed by them. It is always recommended to consult a tax professional for accurate and precise calculations.
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if a bill is approved by the house of representatives where must it go next
The bill goes to the Senate if it receives a simple majority (218 votes out of 435). The bill is referred to another committee in the Senate and, if it is released, is the subject of debate and voting.
Bill, what does that mean?A request for the payment of a debt, or the bill itself, such as an electricity, gas, or phone bill. For the work they did, they sent us a bill.
Which is better, bills or invoices?You might receive an invoice from a business for services rendered, but when you get it, you simply view it as a bill. A bill is a straightforward statement of what is currently due, whereas the word "invoice" can imply that payments, such as "NET-30 days," have been established.
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true or false? the tools for conducting a risk analysis can include the documents that define, categorize, and rank risks.
The tools for conducting a risk analysis can include the documents that define, categorize, and rank risks. This is true.
Risk analysis is the process of estimating the probability of any unfavorable events that can have a negative impact on enterprises and the environment. Risk analysis is a common practice in business (banks, construction firms, healthcare providers, etc.), government, and nonprofit organizations. By performing a risk analysis, organizations can choose whether to embark on a project or approve a financing application as well as what actions may be required to defend their interests. It is simpler to balance risks with risk mitigation using this type of analysis. Risk analysts commonly work with forecasting experts to lessen the likelihood of unpleasant unexpected occurrences.
A risk analyst starts by identifying potential issues. These issues need to be contrasted with a probability meter that calculates the likelihood that the event will occur.
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true or false? changes to external requirements, such as legislation, regulation, or industry standards, that require control changes can result in a security gap for an organization.
False, changes to external requirements, such as legislation, regulation, or industry standards, that require control changes cannot result in a security gap for an organization.
Describe organization.An organization, such as a business, institution, or association, is a group of people who come together for a common goal.
The term is derived from the Greek word organon, which can also refer to a musical instrument, tool, or organ.
An organization is a group of people who cooperate, such as a business, charity, union, or neighborhood association.
The term "organization" can be used to describe a person, a company, a group, or the process of creating something.
A group of two or more individuals who work together to allocate resources toward a single objective is referred to as an organization.
A group of people coming together to work toward a common objective is an organization.
All of the formal human interactions fall under this social system.
The organization's role is to allocate responsibilities and labor among workers in a way that helps the business achieve its long-term objectives.
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Identify the accounting concept, assumption, or principle that best applies to each of the following situations: a. Inflation has been abound 2.5% for some time. Village Realtors is considering measuring its land values in inflation-adjusted amounts. b. You get an especially good buy on a laptop, paying only $300 when it normally costs $800. What is your accounting value for this laptop? c. Burger King, the restaurant chain, sold a store location to McDonald's. How can Burger King determine the sale price of the store—by a professional appraisal, Burger King's original cost, or the amount actually received from the sale? d. General Motors wants to determine which division of the company—Chevrolet or Cadillac—is more profitable.
Burger King can use the historical cost principle to calculate the sale price of the restaurant based on a professional evaluation, Burger King's original cost, or the money they actually made from the sale.
What does "cost" mean?A cost is the worth of revenue that has been expended to make something or provide a service and is therefore no longer available for use in output, research, marketing, and finance. In business, a cost could be an acquisition expense, for which case the cost would be the sum of money spent to acquire it.
We calculate cost because:Thus, cost computation aids in making choices about pricing, manufacturing volume, and sales as well as determining the prices of the goods and services the company sells.
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