When making deferral adjustments to record the amount used during the period for items such as prepaid insurance or supplies, the debit will be an Expense account.
What are deferral adjustments?Deferral adjustments are accounting entries that shift some portions of a deferred account into the current period.
These deferral journal entries include:
Revenue entries (recognizing current or earned revenues)Expenses entries (recognizing current or incurred expenses against prepayments).Thus, when making deferral adjustments to record the amount used during the period for items such as prepaid insurance or supplies, the debit will be an Expense account.
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Identify the correct definition of economy. Click or tap a choice to answer the question. an exchange of goods and services one for the other a practice in which a nation-state extends power beyond its own borders over an extended period of time to secure access to certain commodities in other regions a system of financial transactions within a country a cultural adaptation that enables a group of humans to use land, resources, and labor to satisfy their needs
The correct definition of an economy from the list of options is a cultural adaptation that enables a group of humans to use land, resources, and labor to satisfy their needs
What is Economy?
This refers to the production of goods and the distribution of the goods to people to satisfy a need.
Hence, we can see that the correct answer that gives the best definition of an economy is the last option as it shows the use of land and other resources to satisfy their needs.
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Shelly is interested in buying a used Jeep from a private individual. She would really like to have some type of warranty, however this sale would be covered by the principle of:
Sale are generally covered by the principle of caveat emptor in the contract.
What is the maxim "caveat emptor"?This is a principle that states that the buyer purchases at his own risk in the absence of an express warranty in the contract.
Hence, as she would like to have some type of warranty, then, such sales will be covered by the principle of caveat emptor in the contract.
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The law of diminishing returns states that, ceteris paribus, the
The law of diminishing returns states that, ceteris paribus, the rate of profit from an investment will continue to diminish as more capital ins invested into that product.
What is Ceteris Paribus?Ceteris Paribus is a Latin phrase often quoted in economics that means "all things being equal". It is used to connote the fact that in the consideration of a law, sometimes it is assumed that all other factors are given or at play.
It is to be noted that the Law of Diminishing Returns is also applicable to Labor, Utility and Marginal Returns.
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d) Identify and explain two reasons why accurate market research
information should be accurate
Answer:
When businesses are deciding how to develop their products and services, they undertake market research. Market research can either be done by the company itself or taken from elsewhere. Having reliable market research data is essential. Basing decisions on unreliable research can be very costly to a business. For research to be reliable, it must have a high level of validity. This means that the facts and evidence gathered are accurate.
Two reasons why market research should be accurate:
Business Risks: Regular market research will be your way to check in with your current customers and potential customers to ensure that you’re still meeting their needs. If it is accurate business risks are reduced but if inaccurate, it could lead to the crash of your business.
Decision-making: The need for and importance of marketing research frequently comes up when making tough business decisions. Instead of having arbitrary criteria for the decisions you make as a business owner, you can always go back to your market research report. Based on that report, will this decision lead to more customers? Will you be able to reach more people who are likely to buy from you? Will it be clear to them that your business can meet their needs? With an accurate market research, the business can make properly informed decisions but with inaccurate market research, the business will be making unwise decisions
Which of the following is true of specialty stores? Group of answer choices They carry a deep assortment of merchandise within a single category of interest. They offer consumers very limited service and carry a vast assortment of well-known, nationally branded goods such as toys, housewares, and clothing. They carry a wide range of products and specialty goods, including apparel, cosmetics, housewares, electronics, and sometimes furniture. They price products lower than specialty discount stores.
The correct option is that they carry a deeper by narrower assortment of merchandise within a single category of interest.
What is a specialty store?This refers to a retail store which lay emphasis on selling products which have specific category. It is to be noted that specialty store have a wide selection of products but few categories.
Hence, the correct option is that they carry a deeper by narrower assortment of merchandise within a single category of interest.
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Maricel’s new job with the federal government provides a comfortable and stable income. She would like to buy a new car now that she has a job; however, maricel hesitates to purchase a new car because she is concerned about how poor economic conditions may affect her position in the future. Maricel lacks _______.
Answer:
Willingness to spend
Maricel now has a new job and has a steady income flow as well. She wants to buy a new car, but is concerned abou how economic conditions may affect her position in the future. Nobody can predict the future, and she has no evidence that there will be poor economic conditions in the future, but is still concerned. This is because she lacks Willingness to Spend.
The market for orchids is in equilibrium. If a freeze in the southeast causes the rose growers to begin growing orchids, then we would expect to see a/an increase in supply of orchids. decrease in supply of orchids. surplus in the market of orchids. decrease in quantity supplied of orchids. increase in quantity supplied of orchids.
Based on the freeze in the Southeast, we can expect to see the following changes in the market for orchids:
a/an increase in supply of orchids. surplus in the market of orchids.What will happen in the orchid market?The fact that rose growers are growing orchids means that there will be a larger supply of orchids in the market.
Seeing as the orchid market was in equilibrium, the increased supply will mean that there would be a surplus of orchids.
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Andrew needs yo save $500 to attend a soccer tournament im three months. He should set a ___ goal in order to save the money
A) long-term
B) medium-term
C)short-term
D) unrealistic
Answer:
Andrew should set a short-term goal since a short-term goal is a goal that needs to be achieved in less than a year and he needs to save $500 in three months.
Andrew needs to save $500 to attend a soccer tournament in three months. He should set short-term goals in order to save money.
What is money?
Money is a trade good accepted by general consent as a medium of economic conversation. It is the medium in which prices and values are expressed. It flows from person to person and country to country, making trade, and it is the debt measure of wealth. Money is any good that is widely used and accepted in written accounts involving the transfer of goods and divine service from one person to another.
Your immediate objectives should be to create a budget, pay down debt, and develop an emergency fund. You may learn how to budget using a variety of free online programs. It's crucial to begin considering debt reduction once you've created a budget.
Financial short-term objectives help you build the foundation and confidence you'll need to accomplish longer-term, more ambitious goals. In as little as a year, it should be possible to complete these initial steps: Set a spending limit and adhere to it. Establish reserve money.
Therefore, Thus, option (C) is correct.
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The field of accounting that focuses on providing information for external decision makers is.
How are time tickets and materials requisition slips similar?
Time tickets and materials requisition slips are similar to. The cost associated with both must be credited to the Work in Process Inventory. Option A. This is further explained below.
What are time tickets?Generally, A time ticket is a form filled out by workers to keep track of their working hours.
In conclusion, Both time tickets and materials requisition forms have certain similarities. Both must be accounted for in the Work in Process Budget.
Complete QuestionHow are time tickets and materials requisition slips similar?
The cost associated with both must be credited to the Work in Process Inventory. Costs associated with both must be recorded in the general ledger and job cost sheets.
Costs associated with both must be debited to Manufacturing Overhead.
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When an organization evaluates people based on the economic or productive potential of their knowledge, experience, and actions, the organization is viewing them as ______.
When an organization evaluates people based on the economic or productive potential of their knowledge, experience, and actions, the organization is viewing them as human capital.
What is human capital organization?Human capital is referred to as an intangible asset for any firm but is absent from the balance sheet of a corporation. Human capital, which includes an employee's education, health, intelligence, punctuality, values, ethics, corporate citizenship, and loyalty, is the economic value of their knowledge, abilities, and experience.
Thus, it is human capital.
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Fifteen years ago, Lenny purchased an insurance policy on his own life. The policy provides a $3 million death benefit. Lenny has paid $682,000 of premiums, and the cash surrender value of the policy is $725,000. He plans to liquidate the policy to generate cash for his business. If Lenny's marginal tax rate is 35%, how much after-tax cash will the liquidation generate
Lenny will generate $471,250 after-tax cash.
What is an insurance policy?The insurance policy, which establishes the claims that the insurer is legally obligated to pay, is a contract between the insurer and the policyholder. The insurer guarantees to reimburse losses brought on by risks covered by the policy language in return for an upfront payment known as the premium.What is a cash surrender value?If a policyholder or the owner of an annuity contract chooses to cancel their policy before it matures or an insured event occurs, the insurance company will give them the cash surrender value as compensation.Solution -Money Lenny will get = $725,000.
Subtract the tax to find the money Lenny will get.
35% of 725,000 = $253,750.
[tex]725,000 - 253,750 = 471,250[/tex]
Therefore, Lenny will generate $471,250 after-tax cash.
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in which of the following situations would a functional resume be more preferable to a chronological resume?
The situation that a Functional resume would be preferred to a chronological resume is when a person has large gaps in employment.
What is a Functional Resume?This refers to type of resume that shows the skill set of a person instead of work experience.
Hence, we can see that for a person that has large gaps in employment, it would be more preferable to use functional resume to show his professional skill set.
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Cecilia has studied economics and knows about the value and investment potential of diamonds. the price of diamonds has recently decreased, and a new diamond mine has opened nearby. cecilia decides to buy a diamond necklace while the prices are lower. how did cecilia’s knowledge of economics help her make a savvy commodity purchase?
Cecilia's economics expertise helped her make a wise commodities purchase because she recognized that buying diamonds would satisfy her desires and needs.
What prompted Cecilia to purchase the diamonds?When the cost of diamonds falls, so does the cost of creating a diamond necklace, and so does the price of a diamond necklace.
In addition, the supply of diamonds would grow as a result of the new diamond mine's opening. Making a diamond necklace would be expensive as a result of this.
Thus, diamonds would satisfy her desires and needs.
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Answer:
D) She knew that the purchase of diamonds will satisfy wants and needs
Explanation:
Which form of personal power is used by leaders?
The form of personal power is used by leaders is Referent power.
What is Referent power?Referent power can be described as a kind of power that can be gotten by the leader's ability to influence and inspire those that he is leading especially in government.
It can be regarded as the adoration and respect that the leader gets as a result of his influence on his subordinates and other managers that are below him in the organization.
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All of the following were instrumental in suburban life and the rise of the subdivisions except a. the construction of malls. b. government-backed low-interest loans to returning veterans. c. the availability and affordability of cars. d. the loss of a communal city center.
All of the following were instrumental in suburban life and the rise of the subdivisions except the construction of malls. Option A. is the correct answer. Read below about suburban.
What is a suburban?Suburban areas are lower in population area that separate residential and commercial areas from each other. They are either part of a city or urban area, or exist as a separate residential community within commuting distance of a city.
Therefore, such will lack social amenities such as malls. Hence, option A. is the correct answer.
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Which will increase GDP the most: 1 pound of whole apples priced at $1.99/pound, or a
16 ounce package of sliced apples priced at $5.99? Explain why.
In the first case, one pound of whole apples which are priced at $1.99/pound will contribute more towards an increase in the GDP as whole apples can be used by households, and business organizations and also can be used for exporting but sliced apples have a time duration within which it has to be used or else will lead to wastage. Hence, the first option can be chosen.
What is the definition of GDP?The standard measure of the value-added created via the manufacturing of products and services in a country all through a certain period is known as the Gross domestic product (GDP).
It additionally measures the profits earned from that manufacturing or the entire amount spent on final goods and services (less imports).
Hence, the first option can be chosen which is one pound of whole apples which are priced at $1.99/pound will contribute more towards an increase in the GDP.
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Financial managers examine the financial data prepared by __________ and make recommendations to top executives about strategies for improving the financial strength of a firm. Multiple Choice managers accountants financial analysts stock brokers
Answer:
Financial managers examine the financial data prepared by accountants_____ and make recommendations to top executives about strategies for improving the financial strength of a firm. Multiple Choice managers accountants financial analysts stock brokers
On January 1, a company's allowance for doubtful accounts had a credit balance of $21,000. During the year, it had net credit sales of $800,000 and it had $25,000 of uncollectible accounts receivable that were written off. Past experience indicates that the allowance should be 8% of the balance in receivables (percentage-of-receivables basis). If the accounts receivable balance at December 31 is $300,000, what is the bad debt expense for the year
Based on the percentage of the receivables that go to the allowance account and the accounts receivable balance, the bad debt expense is $24,000.
How can the bad debt expense be found?This is found as:
= (Accounts receivable balance x Percentage of receivables ) + (Amount written off - Credit balance on allowance account)
Solving gives:
= (300,000 x 8%) + (25,000 - 21,000)
= 24,000 + 4,000
= $28,000
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Morse Company reports total contribution margin of $68,640 and pretax net income of $13,200 for the current month. The degree of operating leverage is:
The degree of operating leverage is [tex]0.83[/tex].
What is the degree of operating leverage?How much a company's operating income alters in reaction to a change in sales is measured by the level of operating leverage.Analysts can assess the effect of any change in sales on business earnings using the DOL ratio.Due to the high percentage of fixed expenditures in an organization with high operating leverage, a significant increase in sales may result in outsized changes in profitability.Operating leverage formula:[tex]\frac{FC}{TC} = \frac{FC}{FC+VC}[/tex]
Where FC is a fixed cost, TC is the total cost and VC is a variable cost.
Solution -Contribution margin is $68,640 and pretax net income is $13,200.
So, applying the values in the formula we will get:
[tex]\frac{68,640}{13,200+68,640}[/tex]
[tex]0.83[/tex]
Therefore, the degree of operating leverage is [tex]0.83[/tex].
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Gross domestic product calculations count only final goods and services because ______.
Gross domestic product calculations count only final goods and services because counting all intermediate goods and services would lead to double-counting of many activities.
What is gross domestic product?The GDP of a country is what measures the total output of goods and services produced in a country. In other words, it measures the standard of living of a country's citizen.
The gross domestic product is a broad monetary measure of a nation’s overall economic activity.
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a commercial bank has $1,000,000 of customer checking deposits and actual reserves of $300,000. if the reserve ratio is 20 percent, what is the maximum amount of new loans the bank can extend?
The maximum amount of new loans the bank can extend is $800,000.
What is the maximum amount of new loans the bank can extend?The reserve ratio is the amount of deposits that must be kept as reserves with the central bank. The money that is not kept as reserves can be used to create loans.
Maximum loan amount = deposit - (reserve ratio x deposits)
1,000,000 - (0.2 x 1,000,000) = $800,000
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To win back customers after they have discontinued service, when should the initial communication be made? g
The following methods can be used to successfully win back customers after they have discontinued service.
Successfully Re-engage Customers:Consider the primary cause of the customer's initial reluctance. Take some time to consider what drove your brand to this point before developing unique methods for your re-engagement plan.Surveying your consumers is one of the finest ways to find the answers to your inquiries. Based on how long a consumer has been away from your store, create a survey and email it to them.Targeted email campaigns are a wonderful strategy to re-engage clients in addition to providing a generic email newsletter based on their prior actions and behaviours. Digital re-targeting is the practice of setting cookies on visitors to your website or social media profiles, or tagging them, and classifying them into groups depending on the pages they visit and how they interact with your website.Existing clients that have already chosen to use your brand for commercial purposes are quite valuable. Don't let them disappear into oblivion.
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Government provisioned goods and services for the poor, such as food or medical services, job training, or subsidized child care, are known as ________.
Government provisioned goods and services for the poor, such as food or medical services, job training, or subsidized child care, are known as Welfare or Consumer Subsidies
What are Welfare ?
Welfare are the subsidies the government pays to the fraction of people who are unemployed, poor, or ill. The payment which is paid by the government for welfare purpose i.e.; for poor people or jobless people.
What is Consumer Subsidies ?Subsidy means government pays part of the cost. Now, consumer subsidies means the government gives the subsidy to the consumer to reduce the price of goods and services .A subsidy is an incentive given by the government to individuals or businesses in the form of cash, grants, or tax breaks that improve the supply of certain goods and services.
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Compared to coffee, we would expect the cross elasticity of demand for: Group of answer choices tea to be positive, but negative for cream. tea to be negative, but positive for cream. both tea and cream to be negative. both tea and cream to be positive.
Tea to be negative, but positive for cream is the cross elasticity of demand as compared to the coffee.
What is cross elasticity demand?When the price of one of the items varies, the cross elasticity of demand analyzes the link between the two. It illustrates how the relative shift in demand for one good changes as the cost of the other increases or decreases.
Thus, option B is correct.
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A major focus of the Home Mortgage Disclosure Act (HMDA) and the Community Reinvestment Act (CRA) was to identify and suppress discrimination against neighborhoods on the basis of demographics, a practice called
A major focus of the Home Mortgage Disclosure Act (HMDA) and the Community Reinvestment Act (CRA) was to identify and suppress discrimination against neighborhoods on the basis of demographics, a practice called Community reinvestment act.
What is community reinvestment act?This is an Act passed in to law to help reduce that discrimination that often occur among the low income individual and the high class individual in a particular environment.
Therefore, A major focus of the Home Mortgage Disclosure Act (HMDA) and the Community Reinvestment Act (CRA) was to identify and suppress discrimination against neighborhoods on the basis of demographics, a practice called Community reinvestment act.
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John has $10,000 in debt with discover, $4,000 in debt with chase, $9,000 in debt with citi bank, and $3,000 in debt with wells fargo, giving him a total debt of $26,000. what percentage of john's total debt is with discover
The percentage of John's debts with discover is [tex]38.46%[/tex], by using percentage calculation.
Given,
John's total debt:
$10,000 with discover$4,000 with chase $9,000 with Citi bank$3,000 with wells FargoTotal debt of John is $26,000, to calculate his Percentage of debt with discover, we need to add all the debts and then calculate how much percentage is 10,000 of 26000.
Calculation is as follows:
[tex]10000/26000*100=38.46[/tex]
Hence, The percentage of John's debts with discover is [tex]38.46%[/tex][tex]%[/tex], by using percentage calculation.
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S Corporation makes 43,000 motors to be used in the production of its sewing machines. The average cost per motor at this level of activity is: Direct materials $ 10.20 Direct labor $ 9.20 Variable manufacturing overhead $ 3.80 Fixed manufacturing overhead $ 4.75 An outside supplier recently began producing a comparable motor that could be used in the sewing machine. The price offered to S Corporation for this motor is $26.05. If S Corporation decides not to make the motors, there would be no other use for the production facilities and none of the fixed manufacturing overhead cost could be avoided. Direct labor is a variable cost in this company. The annual financial advantage (disadvantage) for the company as a result of making the motors rather than buying them from the outside supplier would be:
The annual financial advantage is $438,600.
What is Variable manufacturing overhead?The running expenses of a business that change according to the volume of sales or production are known as variable overhead. Variable overhead goes along with changes in production output.What is Fixed manufacturing overhead?The real cost of manufacturing is incurred and is unaffected by variations in production volume. Examples include real estate taxes, rent, equipment, and building depreciation, as well as the salary of manufacturing managers.What is Variable cost?An expense for the company that varies according to how much is produced or sold is called a variable cost. Depending on a company's production or sales volume, variable costs grow or fall. They climb as production rises and reduce as production declines.Solution -To find the annual financial advantage divide Cost of Making Cost of Buying Increase by the Decrease in Income Direct materials.
Cost of Making Cost of Buying Increase / the Decrease in Income Direct materials.
43000 / 10.2 = 438,600
Therefore, the annual financial advantage is $438,600.
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The _____ is capable of imaging atoms and incorporating nanomaterial layers into hard disk recording heads and magnetic disk coatings
The scanning tunneling microscope is capable of imaging atoms and incorporating nanomaterial layers into hard disk recording heads and magnetic disk coatings. Read below on scanning tunneling microscope.
What is scanning tunneling microscope?Scanning Tunneling Microscope is a high-resolution microscope using neither light nor an electron beam, but with an ultra-fine tip able to reveal atomic and molecular details of surfaces.
Therefore, the correct answer is Scanning Tunneling Microscope.
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Although it may seem straightforward, the management process is complex. The management functions include:
Although it may seem straightforward, the management process is complex. The management functions include: applying and distributing organizational resources effectively.
What are management functions?This is a term that is used to refer to the work that is done by the people that are at the management level in an organization.
Most of these functions have to do with the fact that the resources in the business are well distributed.
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