The measures that change in prices of a basket of goods and services in a given year include option D: inflation.
<h3>
What do you mean by term Inflation?</h3>
The term inflation is defined as the rise in the prices of goods and services in an economy.
The average change over time in the prices paid by urban consumers for a market basket goods and services of consumer is measured by the consumer price index.
Therefore, correct option is D.
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Answer:
Explanation: Only in exceptional cases may inventories be stated above cost according to the Accounting Standards Codification. For instance, precious metals, which have a fixed monetary value with no substantial cost of marketing may be stated at its monetary value, which may be above cost; For agricultural, mineral, and other products that can be substituted for one another and have immediate marketability at quoted prices, it may be difficult to obtain appropriate costs leading to inventory being stated above costs.
Answer:
$11,250
Explanation:
The amount of insurance expense that would be reported on the income statement for the year ended December 31, 2014
1. Since a four year policy was purchased for $60,000 it will have to be amortized yearly to get the annual figure for insurance expense
2. The amount is also apportioned to take note of the number of months that elapsed in the first year.
Therefore if the four-year insurance policy was purchased on March 31st (Since the month is omitted in the question) then the insurance expense will be for the remaining 9 months in 2014.
Hence insurance expense will be [9 months (April to Dec 2014) / 12 months in a year] x (Insurance amount / 4 years) = $11,250
The reasons to use single measure and multiple standards are given below.
<h3>
The reasons for using a single measure and multiple standards are:</h3>
- The use of a single-item measure decreases the possibility of common method variance, which occurs when misleading correlations are seen due to the usage of the same response format rather than item content. Furthermore, the face validity of the single-item measure should not be overlooked.
- Standards ensure the safety, quality, and dependability of products and services; they facilitate trade and safeguard our and the environment's health. Standards in business improve systems and processes by reducing waste, lowering costs, and ensuring uniformity.
- Standards also help to rationalize and minimize production costs, which helps to meet consumer demands for low-cost services while retaining high quality.
- Standards specify quality and minimum criteria and give accepted solutions for consumer, health, safety, and environmental protection.
Therefore, the reasons for using the single measures and multiple standards are given.
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Answer: $64000
Explanation:
The amount that should be charged to the repair and maintenance expense in year 4 will be calculated thus:
Continuing and frequent repairs = $40,000
Add: Repainted the plant building = $10,000
Add: Partial replacement of roof tiles = $14,000
Repair and maintenance expense = $64,000
