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2 years ago

4

1 answer:

6 0

Usually, a change of course such as the change in this company operation would be outlined in the firm's product vision statement.

<h3>What is product vision statement?</h3>

A product vision statement is a statement that is use as a guide or reminder to all the stakeholders involved in a product's development and also entails the objective they are aiming to achieve.

Usually, the product vision statement will reflect the change if the change of organization course occur.

In conclusion, the change of course such as the change in this company operation would be outlined in the firm's product vision statement.

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Economic profit is smaller than accounting profit because:

viva [34]

Answer:

A) accounting profit does not account for explicit and implicit costs.

Explanation:

As accountant and economist view profits differently as they view costs differently and thus are useful in making the business decisions and the only difference that occurs is in terms of opportunity cost.

As the economic profits are smaller and hs explicit ad implicit costs, as compared to the accounting profit.

Gross Profit - (Operating Expenses + Taxes) = Accounting Profit.

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4 years ago

Factors that make it difficult for new firms to enter a market are called

JulijaS [17]

The answer is Barriers to entry. The question is literally the definition of barriers to entry.

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3 years ago

Issued 150,000 shares of common stock in exchange for $750,000 cash. Purchased office equipment at a cost of $121,250. $48,500 w

-BARSIC- [3]

Answer:

1. Recorded depreciation expense:

Debit Depreciation expense $2,425

Credit Accumulated depreciation account $2,425

2. Recorded the amount of prepaid insurance that expired for the month

Debit Insurance Expense $300

Credits Prepaid Insurance $300

Explanation:

1. Recorded depreciation expense:

Debit Depreciation expense $2,425

Credit Accumulated depreciation account $2,425

2. Recorded the amount of prepaid insurance that expired for the month

The company paid $3,600 to an insurance company for fire and liability insurance for a one-year period, beginning June 1, 2021.

Insurance Expense for a month (at the end of Jun, 2021) = $3,600/12 = $300

The entry to record the amount of prepaid insurance that expired for the month:

Debit Insurance Expense $300

Credits Prepaid Insurance $300

4 0

4 years ago

Which inventory costing method assigns to ending merchandise inventory the newestlong dashthe most recentlong dashcosts incurred

dusya [7]

Answer:

B. First-in, first-out (FIFO)

Explanation:

Inventory costing method: A method of approximating the flow of inventory costs in a business that is used to determine the amount of cost of goods sold and ending merchandise inventory.

First-in, First-out (FIFO) Method: It is one of the inventory valuation methods to estimate the value of inventory at the end of the accounting period. This method assumes that the goods which are first, these are the one which will be also sold first. This method is also helpful for the business to determine the cost of goods sold during the period.

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3 years ago

According to Adam Smith and other classical economists, why is the economic theory supporting market economies (or capitalism) m

emmasim [6.3K]

According to Adam Smith and other classical economists, why is the economic theory supporting market economies (or capitalism) much more realistic than theories supporting command economies? ... Americans prefer to have the market, rather than the government, to manage their economy.

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3 years ago