Answer:
B. if all resources are fully and efficiently utilized, more of one good can be produced only by producing less of another good.
Explanation:
Assuming that production is optimally efficient, the production possibility frontier model shows the different possible quantities that two separate commodities may be produced at when there is a limited availability of a certain resource which are required by both commodities for manufacture.
The model assumes that the production of one commodity can only be increased when the production of the other commodity decreases due to the limited available resource.
Answer:
Debit Cash account $8,400
Credit Sales account $8,000
Credit Sales tax payable $400
Being entries to record cash proceeds from sale.
Explanation:
Since total cash received from the sale was $8,400, a debit entry for this amount is posted to the Cash account.
Of the amount received, $400 is for sales tax. This is a liability to the organization and as such a credit entry for sales tax payable of $400 is recorded until it is remitted.
The balance of $8000 is the actual amount to be recognized as sales.
Job 1
Direct material 6000
Direct labor 4000
Overhead=4000x
Where x is the predetermined rate
Job 2
Direct material 3000
Direct labor 2000
Overhead=2000x
Total cost=total cost of job 1+Total cost of job 2
18000=6000+4000+4000x+3000+2000+2000x
Solve for x to find the percentage
6000x=3000
X=3000/6000
X=0.5×100=50%
Answer:
In addition to the explicit costs and revenues used by accountants, economists include all implicit costs and revenues when calculating profit. This means that they include opportunity costs and changes in the value of any assets owned by the firm.
Explanation:
accounting profit = total revenues - total explicit costs
- explicit costs include all the actual measurable expenses like manufacturing costs, selling costs, etc.
economic profit = accounting profit - opportunity (implicit) costs
- opportunity or implicit costs are extra costs incurred or benefits lost from choosing one activity or investment instead of another one
Answer:
Option A.
Explanation:
Bank credit refers to the total amount of credit which is available to an individual or a business from a banking institution. It is the total amount of combined funds which financial institutions can provide to an individual or business.
A business or an individual's credit approval will depend on the following:
- borrower's credit rating,
- income,
- collateral,
- assets,
- pre-existing debt,
- total amount of credit available in the banking institution, etc.