Answer:
c. law of demand
Explanation:
In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.
Demand can be defined as the total amount of goods or services that consumers are willing and able to purchase at a given price.
Law of demand states that quantity of goods or services demanded varies inversely with their price, other things constant or being equal. Thus, the smaller the quantity of goods or services demanded, the higher the price and vice-versa.
According to the law of demand, there exist a negative (inverse) relationship between the quantity of goods demanded and the price of a good i.e when the prices of goods and services in the market increases or rises: there would be a significant decline or fall in the demand for this goods and services.
This ultimately implies that, an increase in the price level of a product usually results in a decrease in the quality of real output demanded along the aggregate demand curve.
Additionally, the law of demand states that, the higher the demand for goods and services, the higher the price it would be sold all things being equal.
Summary of accounting chapter 1
Answer:
Chapter 1 introduces the study of accounting. Accounting is defined as a set of concepts and techniques that are used to measure and report financial information about an economic entity. Accounting consists of both external reporting issues known as “financial accounting,” and internal reporting issues related to “managerial accounting.”
Explanation:
All of the following statements are true about a member firm's Business Continuity Plan EXCEPT the BCP must: A address how the member firm would deal with a significant business disruption B include scenarios of increasing severity and how the member plans to respond C be provided to any new customer at account opening D be provided to customers every 36 months after the account is opened
Answer:
D. be provided to customers every 36 months after the account is opened
Explanation:
business continuity plan can be regarded as system of procedures of organization that is aim to restore critical business functions whenever the situation of of unplanned disaster events surface. These disasters could be service outages as well as natural disasters and other potential threats. It is the the capability that an organisation could have to be able to continue the delivery of products/services following a disruptive incident at pre-defined acceptable levels.
It should be noted that For a member firm's Business Continuity Plan , the BCP must;
✓ be provided to any new customer at account opening
✓ address how the member firm would deal with a significant business disruption
✓ include scenarios of increasing severity and how the member plans to respond
Gross domestic product refers to Multiple Choice the difference between all domestic exports and imports for any nation during the course of one fiscal year. the monetary value of all products and services produced in a country during one year. the monetary value of all domestic exports of a nation during one year. the monetary value of all domestic imports of a nation during one year. the monetary value of all products and services produced by a single manufacturer during one year.
Answer:
the monetary value of all products and services produced in a country during one year.
Explanation:
Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.
Basically, the four (4) major expenditure categories of GDP are consumption (C), investment (I), government purchases (G), and net exports (N).
Hence, gross domestic product refers to the monetary value of all products and services produced in a country during one year.
In conclusion, the Gross Domestic Products (GDP) of a country's economy gives an insight to it's social well-being.
Near the end of 2010, the ledger of Stivers Company included the following accounts and balances: Allowance for Doubtful Accounts$ 1,000credit balance Bad Debt Expense 0balance Accounts Receivable 200,000 debit balance Cash collections on accounts receivable during 2010 amounted to $450,000. Sales revenue during 2010 amounted to $800,000, of which 75% was on credit, and it was estimated that 2% of the credit sales made in 2010 would ultimately become uncollectible. Before adjusting entries were made for 2010, a $10,000 account was determined to be uncollectible and written off by Stivers. In the adjustment process, Bad Debt Expense was recorded to 2010. This information is not reflected in the account balances above.After the above entries were posted to the ledger, calculate the balances of the Allowance for Doubtful Accounts, Bad Debt Expense and Accounts Receivable. Indicate whether the balance is a debit or a credit.
Answer and Explanation:
The computation of the balances of the Allowance for Doubtful Accounts, Bad Debt Expense and Accounts Receivable is shown below;
For Accounts receivable
a) Opening balance $200,000 Debit balance
b) Current year credit sales (75% of $800,000) $600,000 Debit balance
c) (-) Current collection from accounts receivables -$450,000 Credit balance
d) (-) Bad debt expenses -$11,000 Credit balance
e) Closing balance of accounts receivables $339,000 Debit balance
for Allowance for Doubtful Accounts
Allowance required as per Current year analysis (2% of (75% of $800,000) $12,000 Credit balance
(-) Opening balance $1,000 Credit balance
$11,000 Credit balance
The journal entry is
Bad debt expense a/c …Dr 11000
To Allowance for Doubtful Accounts 11000
The Closing balance of Allowance for Doubtful Accounts 12000 Credit balance
For Bad debt expenses
The journal entry is
Bad debt expense a/c …Dr 11000
To Allowance for Doubtful Accounts 11000
The Closing balance of Bad debt expense account 0
An economic system Multiple Choice requires a grouping of private markets linked to one another. is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem. requires some sort of centralized authority (such as government) to coordinate economic activity. is a plan or scheme that allows a firm to make money at some other firm's expense.
Answer:
The correct answer is the second option: Is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.
Explanation:
To begin with, in the economic science the term known as "economic system" refers specifically to the set of institutions that are bound together with the only purpose of fighting against all the economic problems inside the economy itself. Therefore that those institutions work together concious and unconciously in order to avoid macroeconomic chaos in the country, so that the devolpment and growth of that particular economy can succeded in the process of making the most relevant activities in the main focus of it, like selling and buying, etc.
