Answer:
GDP is an imperfect measure of Economic well being because of : Production of - Non Monetary Exchange goods , Positive & Negative Externalities goods, Negative Impact goods.
Explanation:
GDP is the total value of goods & services produced by an economy during a period of time.
Although reflecting flow of goods & services in an economy, GDP is still not a perfect measure of well being because :
- Non Monetary Exchange Goods : Services of family members (housewives), leisure production (eg painting) are non monetary.
- Positive & Negative Externalities Goods: Benefit or harm to un-involved party, without any monetary exchange. Eg - Education, Pollution.
- Negative Impact Goods : Goods consumption leading to well being loss rather than well being gain. Eg- Addiction (Alcohol / Smoking).
All these goods change well being : Non Monetary Exchange Goods increase well being , Positive Externalities increase welfare , Negative Externalities decrease welfare , Negative Impact goods decrease welfare.
But, these are still not included in GDP evaluation. So, all these make GDP an imperfect measure of well being.
Answer:
Being More Responsive to Customer’s Unique Product Requirements with Short-Notice Production Flexibility is the New Normal.
Explanation:
Answer: The amount of bad debt expense the company would record would be $3,470.
Explanation: Bad debt expense is an estimate of accounts receivable that is deemed as uncollectible while allowance for doubtful accounts is a balance sheet allowance account that warehouses the total balance of accounts receivable that is deemed irrecoverable.
In this scenario, Simple Co. estimated, using the aging method, that the allowance for doubtful accounts is $3,800. However, it had a credit balance of $330 in the same account. The reinstate the allowance account to $3,800, $3,470 has to be adjusted for by debiting bad debt expense and crediting allowance for doubtful account.
Answer:
Paticipative budgets
Explanation:
A budget can be defined as a financial plan which gives an estimate of income and expenditures. A budget is a tool that is utilized by different organisations to manage their resources inorder to achieve their various objectives and goals.
A budget shows the different costs incurred by the organisation within a particular period of time.
Participative budgets is a type of budget in which the low level management of an organization are involved in the preparation of budget. It helps to prevent top managers from unruly behaviours.
Participative budget enables the top level and low level managers to share information that will lead to the growth of the organisation.
