The common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication.
In accounting, there are different type of error that could result to the unbalanced account, that is, leaving the Trial balance or Balance sheet unbalanced.
Generally, the recognized type of errors in accounting includes:
Error of Original EntryError of DuplicationError of OmissionError of Entry ReversalError of Principle Error of CommissionTransposition ErrorsRounding Errors etcIn conclusion, the common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication because they are easy to correct.
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intelligent industries recently purchased a $50,000, 10% 12-month bond. from intelligent’s point of view, this bond would be considered a
from Intelligent’s point of view, this bond would be considered a current asset, because it represents a resource that can easily be converted to cash within one year.
A bond is a debt instrument. A bondholder is entitled to regular predetermined interest rate payments and at the end of the bond's tenure, the bondholder would receive the amount invested.
Current assets are assets that are expected to be sold, used, or exhausted through standard business operations with one year.
Examples of current asset are:
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Acme, Inc. had net income of $120,000 in its 1st year and net income of $126,000 in its 2nd year. The percentage increase in net income was ______.
Answer: 5% increase in net income.
Acme, Inc. had a net income of $120,000 in its 1st year and a net income of $126,000 in its 2nd year. The percentage increase in net income was 5%.
What is net income?Net Income = Total Revenue — Total Expenses.
Net income, also known as total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales, in the context of business and accounting refers to an entity's income less cost of goods sold, expenses, depreciation and amortization, interest, and taxes for a given accounting period. It has also been described as the net growth in shareholders' equity that arises from a company's activities.
It is calculated as the residual of all revenues and gains less all costs and losses for the period. Contrary to gross income, which merely deducts the cost of products sold from revenue, this is not the same thing. If you are paid a salary, the annual salary you get from your company equals your yearly gross revenue.
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Economists normally assume that the goal of a firm is to Group of answer choices maximize its total revenue. minimize its explicit costs. minimize its total cost. maximize its profit.
Economists normally assume that the goal of a business firm is to: D. maximize its profit.
Profit can be defined as an amount of money that is generated by an individual or a business firm when the manufacturing cost is deducted (subtracted) from total revenue.
Generally, economists usually consider the maximization of profit as the goal of a business firm.
In this context, economists usually assume that the goal of a business firm is to earn:
Profits as large as possible, even if it has to reduce its level of production.Profits as large as possible, even if it has to incur a higher total manufacturing cost.Read more: https://brainly.com/question/25087943
Situational variables that cause one style of leadership to be more effective than another are also called:
Answer:
leadership style and situational favorableness
Explanation:
when the government injects money into the economy, consumers may have more disposable income, which may lead to:
Answer: Inflation
Explanation:
(a) (b) (c)
AS(P100) AS(P125) AS(P75)
P Q P Q P Q
125 $560 125 $500 125 $620
100 500 100 440 100 560
75 440 75 380 75 500
Suppose the full employment level of real output (Q) for a hypothetical economy is $500, the price level (P) initially is 100, and prices and wages are flexible both upward and downward. Refer to the accompanying short-run aggregate supply schedules. In the long run, an increase in the price level from 100 to 125 will
a. increase real output from $500 to $560.
b. decrease real output from $500 to $440.
c. change the aggregate supply schedule from (a) to (c) and result in an equilibrium level of real output of $560.
d. change the aggregate supply schedule from (a) to (b) and result in an equilibrium level of real output of $500.
Answer:
XDXDXDXDXDXDXDXDXDXDXXDXD
Explanation:
Brie has a really busy day. She has several tasks to do and she needs to get them all done by the end of the day. She’s worried that she won’t be able to complete them all. Which of the following actions should her get each task done?
A. NOT LOOK AT THE CLOCK
B. SAVE SOME TASK FOR TOMMOROW
C. SPEND TIME REORGANIZING HER "TO DO" LIST
D. IMPOSE A TIME LIMT ON EACH TASK
Answer : C
Explanation:
Brie has a really busy day. She has several tasks to do and she needs to get them all done by the end of the day. The following actions should her get each task done spend time reorganizing her "To Do List."
What is "TO DO LIST?A to-do list is simply a list of tasks that need to be completed. In other words, pretty much anything and everything can be on your to-do list. However, just because you've written your tasks down doesn't mean they'll actually be done. You can prioritize your tasks and produce excellent work by keeping track of when they are due.
It is a list of things you need to get done or desire to do. They are usually arranged according to priority. They serve as a memory aid and are typically written on paper or post-it notes.
Further that TO DO LIST have to complete is one of the core time management tools. It places all of your tasks in one location. From there, you can order them by importance and focus on the most crucial ones first.
Therefore brain is not the most effective memory tool and only relies on methods that it is certain will work.
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What is the term applied to the excess of net revenue from sales over the cost of merchandise sold?.
Answer:
gross profit
Explanation:
I took the test, good luck on the other questions
A producer of pottery is considering the addition of a new plant to absorb the backlog of demand that now exists. The primary location being considered will have fixed costs of $9,200 per month and variable costs of 70 cents per unit produced. Each item is sold to retailers at a price that aver- ages 90 cents. a. What volume per month is required in order to break even? b. What profit would be realized on a monthly volume of 61,000 units? 87,000 units? c. What volume is needed to obtain a profit of $16,000 per month? d. What volume is needed to provide a revenue of $23,000 per month? e. Plot the total cost and total revenue lines.
Based on the information that is given, the volume per month that will be required to break-even will be 46000 units.
The breakeven quantity will be:
= 9200 / (0.90 - 0.70)
= 9200 / 0.20
= 46000 units.
The profit that would be realized on a monthly volume of 61,000 units will be;
= 0.90(61000) - [9200 + 0.70(61000)]
= 54900 - 51900
= 3000
The profit that would be realized on a monthly volume of 87000 units will be;
= 0.90(87000) - [9200 + 0.70(87000)]
= 78300 - 70100
= 8200
The volume that is needed to obtain a profit of $16,000 per month will be:
= (16000 + 9200) / (0.90 - 0.70)
= 25000/0.20
= 126000 units
The volume that is needed to provide a revenue of $23,000 per month will be:
Quantity = Total revenue / Price
Quantity = 23000/0.90
Quantity = 25556 units
Lastly, the total cost will be:
= Fixed cost + Variable cost .
= 9200 + 70000
= 79200
The total revenue will be:
= Price × Quantity
= 0.90 × 100000
= 90000
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what is a signed affidavit verifying self employment
a sworn statement and written legal document that is under the oath of law typically used to show a court proof of employment
Kristina (41), a freelance photographer, reports a net profit of $50,000 on schedule c, profit or loss from business. This is her only income. How much is kristina's self-employment tax?.
Based on the slab rates for self-employment tax, Kristina's self-employment tax is "$7,650."
What is Self Employment tax?The self-employment tax rate for 2021 is 15.3 percent which is a summation of the 12.4% Social Security tax and a 2.9% Medicare tax on net earnings.
Given that the net profit of Kristina is $50,000
Therefore, the self-employment tax is calculated as
$50,000 × 15.3% = $7,650
Hence, in this case, it is concluded that the correct answer is $7,650
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Calculate the total revenue if the firm produces 8 versus 7 units. Then, calculate the marginal revenue of the eighth unit produce
The total revenue at the 7th and 8th unit will be $1155 and $1280 respectively while the marginal revenue is $125.
From the complete information, the total revenue at the 7th unit will be:
= 165 × 7 = $1155
The total revenue at the 8th unit will be:
= 160 × 8 = $1280
The marginal revenue will be:
= $1280 - $1155 = $125
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An annuity refers to a a.principal payment. b.lump sum payment. c.balloon payment. d.series of equal cash receipts at fixed intervals.
which is most important to evaluate when considering extending credit to a small business and why?
When evaluating a small business for credit extension, one should watch out for D : The relationship of current assets to current liabilities which represents a company's ability to meet short-term debt obligations when due.
When assessing whether to give a small company credit:
Check if they can pay back the credit Check their net working capitalIt is important to check whether a company is capable of paying back the credit you are to extend to them and the net working capital - calculated as the difference between current assets and liabilities - is one of the best ways of doing so.
In conclusion, one should check the relationship between current assets and liabilities as a way to determine credit payback.
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a commuter railway has 800 passengers per day and charges each one two dollars per day. for each 1 cents that the fare is increased, 5 fewer people will go by train. what is the greatest profit that can be earned?
The biggest profit that can be made is $ 4,050 with 450 passengers.
To know how many passengers the train needs to obtain the greatest profit, it is necessary to carry out the following operation.
Subtract 5 passengers from the total passengers, and then multiply the result by $ 2.1 as shown below:800 - 5 = 495795 x $ 2.1 = $ 1,680This operation must be carried out repeatedly, decreasing by 5 passengers and increasing the value of the railway ticket by $ 0.1.
The highest value of gain that can be found with this procedure is as follows:
800 - 350 = 450450 x $ 9.0 = $ 4,050.Learn more in: https://brainly.com/question/14918190
overflow packages will have a color matched to it on the delivery app
There are thousands of packages being delivered daily. he overflow packages will have a color matched to it on the delivery app, will have a color matched to it on the Rabbit’s “Scan to Verify” screen is a false statement.
A package is simply referred to as a small container that has a quantity of something that is sold. They can be small boxes made of thin cardboard, or bags, envelopes etc.
An overflow is simply when a place or container is having too much people or things. That is, it is too full of them.
An overflow of packages is when there are too much packages. This is often seen during the festive periods and in airport and delivery companies.
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When money is acting as a store of value, it allows an individual to.
Answer:
Transfer dollars, and therefore purchasing power, into the future
Explanation:
A method used for establishing a logical framework for identifying the required activities for the project is called
I think it's
Work breakdown structure.
some of the elements of are a focus on a shared mission, a willingness to work together toward the same goals, and a sense of trust in each other.
Part of the element of teamwork includes the focus on a shared mission, willingness to work together etc.
At workplace, teamwork refers to the collaborative effort of the employee to achieve a common goal in most effective and efficient manner.
Hence, the part of the element of teamwork includes the focus on a shared mission, willingness to work together etc.
Therefore, the answer is element of teamwork.
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which state produces nearly 85% of wine in the u.s.?
Answer:
California is the largest wine producer in the United States, producing over 84% of all U.S. wine production.
Explanation:
According to the new classical critique of fiscal policy, an increase in government spending today will lead to what change in current savings
In accordance with the new classical critique of fiscal policy in today's world, an increase in government spending will lead to an increase in current savings.
Fiscal policy refers to a economic policy whereby governments seeks to stabilize the economy by manipulating the levels and allocations of taxes and government spending.
The new classical critique of fiscal policy states that an increases in government spending and decreases in taxes are largely offset by increases in savings.
Therefore, in conclusion, In accordance with the new classical critique of fiscal policy in today's world, an increase in government spending will lead to an increase in current savings.
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True or false: A management contract is an arrangement in which one firm contracts with another to produce products to its specifications.
The statement which states that a management contract is an arrangement in which one firm contracts with another to produce products to its specifications is false
According to the given question, we are asked to show whether a management contract is one where there is an arrangement between two firms to produce its goods to its specifications.
As a result of this, we can see that a management contract is one where one firm gives its management skills in part or in full to another firm.
With this in mind, we can see that contract manufacturing is one where there is an arrangement in which one firm contracts with another to produce products to its specifications but is in charge of the marketing.
Therefore, the correct answer is false.
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Any policy that is designed to reduce the competitiveness of foreign producers who wish to sell their goods or services in the domestic market is a:
Answer:
Barrier to trade
Explanation:
Any policy that is designed to reduce the competitiveness of foreign producers who wish to sell their goods or services in the domestic market is a Barrier to trade.
What is domestic market?A domestic market is the supply and demand for goods, services, and securities within a single nation. It is also known as an internal market or domestic trade.
In domestic trade, a corporation has just one set of competitive, economic, and market challenges and must essentially deal with only one group of clients, even if the company operates in many market sectors.
Trade barriers are limits on international trade imposed by the government. Trade barriers, according to the principle of comparative advantage, are harmful to the global economy and reduce overall economic efficiency. Thus, the correct option is Trade barrier.
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Which among the 4 common errors that leads to unbalanced account is the HARDEST to resolve. Explain Why.
The common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication.
In accounting, there are different type of error that could result to the unbalanced account, that is, leaving the Trial balance or Balance sheet unbalanced.
Generally, the recognized type of errors in accounting includes:
Error of Original EntryError of DuplicationError of OmissionError of Entry ReversalError of Principle Error of CommissionTransposition ErrorsRounding Errors etcIn conclusion, the common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication because they are easy to correct.
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A budget that reports expected cash receipts and cash payments related to the sale and purchase of plant assets is called a: Multiple Choice Cash budget. Capital expenditures budget. Rolling budget. Sales budget. Production budget.
A budget that reports expected cash receipts and cash payments related to the sale and purchase of plant assets is called Capital expenditures budget
Capital expenditures budget shows the cash amounts estimated to be used up for the purchase of additional plant assets or expected from the sale of plant asset. Most Capital expenditures are usually for huge projects or for long term assets.After a financial evaluation to estimate if a company's return on investment targets are met, The Capital expenditure budget can then be reviewed to see what project to be done.Learn more here:https://brainly.com/question/15683430
Apple want to ensure their products continue to produce a positive cash flow. They are considering 2 options for their
iPod product range's product life cycle. Justify which option Apple should choose (9 Marks)
A-Use extension strategies to extend the product's lifecycle.
B-Decline
Answer:
The Product Life Cycle
Every product goes through the various life cycle phases of introduction, growth, maturity and decline.
Key Points
Depending on its current stage in the product life cycle, a product will have different marketing, financing, manufacturing, purchasing and human resource requirements.
In the market introduction stage (following product development ), the product is released on to the market.
Sales are low and costs are high in the market introduction stage, thus, no profits are made. There is little to no competition and demand must be created through heavy promotion.
Key Terms
decline stage: when a product is not predicted to continue to be successful or upgraded
product life cycle: The process wherein a product is introduced to a market, grows in popularity, and is then removed as demand drops gradually to zero.
maturity stage: when a product is no longer in the growth stage, but not yet in the decline stage
Product Life Cycle: Overview
The product life cycle (PLC) describes the life of a product in the market with respect to business/commercial costs and sales measures. It proceeds through multiple phases, involves many professional disciplines and requires a multitude of skills, tools and processes.
This is not to say that product lives cannot be extended – there are many good examples of this – but rather, each product has a ‘natural’ life through which it is expected to pass.
The stages of the product life cycle are:
Introduction
Growth
Maturity
Decline
PLC management makes these three assumptions:
Products have a limited life and, thus, every product has a life cycle.
Product sales pass through distinct stages, each of which poses different challenges, problems and opportunities to its parent company.
Products will have different marketing, financing, manufacturing, purchasing and human resource requirements at the various stages of its life cycle.
The product life cycle begins with the introduction stage (see ). Just because a product successfully completes the launch stage and starts its life cycle, the company cannot take its success for granted.
the purpose of _______ is to build selective demand.
Persuasive advertising serve as kind of advertising that build selective demand.
Persuasive advertising can be regarded as a form of product promotion which convince the potential customer in a persuasive manner to purchase a specific product.It is a kind of advertising that bring about Selective demand whereby demand for a specific brand is been set as a result of the advert to the potential customer.
Therefore, Persuasive advertising is the correct term.
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Which of the following have editors with specific expertise designated to specific sections
A. TV shows
B. Newspaper
C. Movie
Short paragraph about Junior Technical Assistant
Answer:
Ttechnical assistants are junior-level administrative employees who report directly to the company manager or team leader. Their role is to provide both administrative and technical support for business clients or the internal team. Technical assistants work in a variety of fields including healthcare, computer science, manufacturing, and bankingg.
Explanation:
what education do you need for high school
Answer:
To teach High School, you need a Bachelors degree.
To graduate it, you have to pass English/Language Arts · Mathematics · Science · Social Studies/History · Foreign Languages · Physical Education