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2 years ago

What is opportunity cost? ( selext the best answer)

Business

1 answer:

bixtya [17]2 years ago

8 0

Answer: the loss of potential gain from other alternatives when one alternative is chosen

Explanation:

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LO 2.2Which of the following are prime costs?

sesenic [268]

Answer:

OPTION D: Direct Labor and Direct Material

Explanation:

Prime cost of a product is defined as the direct costs of producing a product including direct material costs and direct labor costs. Any other manufacturing overheads, indirect expenses and indirect materials/labor cost are not included in the calculation of PRIME COSTS .

Prime Cost = Direct Material Cost + Direct Labor Cost

Therefore, OPTION D: direct Labor and direct materials is the correct definition of prime costs.

4 0

3 years ago

If the price of a product increases, then the budget line rotates and the optimal quantity demanded, which corresponds to the hi

Hoochie [10]

Answer:

Budget Line rotates inwards (leftwards/ downwards) on that axis, optimal quantity demanded at that higher price .

Explanation:

Budget line represents product combinations that a consumer can afford , using all income with given prices & income.

If price of a product increases, the consumer can consume lesser amount of the product due to higher prices . So, the budget line rotates inwards (leftwards / downwards) on the corresponding x / y axis denoting that good.

So, inwards rotation of the budget line on the corresponding axis representing the price risen good - leads to reduction in the quantity of the good whose price has risen.

7 0

3 years ago

At year-end, Sample has cash of $ 14,000, current accounts receivable of $ 70,000, merchandise inventory of $ 42,000, and pr

Delicious77 [7]

Answer:

Days to collect receivables = 26 days

Explanation:

At the start Accounts Receivable = $10,000

Ending Accounts Receivable = $70,000

Credit Sales = $560,000

Average Accounts Receivable = ($10,000 + $70,000) / 2

Average Accounts Receivable = $40,000

Accounts Receivable Turnover = Credit Sales / Average Accounts Receivable

Accounts Receivable Turnover = $560,000 / $40,000

Accounts Receivable Turnover = 14

Days to collect receivables = 365 / Accounts Receivable Turnover

Days to collect receivables = 365 / 14

Days to collect receivables = 26 days

7 0

4 years ago

Q 7.37: Eric Hansen is a receiving clerk who has just been denied a raise. He has approached his subordinate, who is the new sto

makkiz [27]

Answer:

Human element; collusion.

Explanation:

In this scenario, Eric Hansen is a receiving clerk who has just been denied a raise. He has approached his subordinate, who is the new storeroom clerk, about diverting inventory to sell for personal gain. This is an example of the human element, which may lead to collusion.

Human element can be defined as a strategic technique for improving and dealing with the way or manner employees work together in a business environment in order to achieve greater organizational performance and accomplishments. Human element can be used to improve openness, sincerity and honesty among the the very many people (employees) working individually or together as a team in an organization.

In this case, when the storeroom clerk agrees to Eric's suggestion, this would lead to both of them diverting inventory to sell for personal gain. This is simply an act of collusion.

Collusion is an illegal cooperation or agreement between two or more people with an ulterior motive, for personal benefits.

3 0

3 years ago

On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $45,000. Alan made the appropriate year-end

shepuryov [24]

Answer:

Debit Notes Payable $45,000; debit Interest Payable $750; debit Interest Expense $750; credit Cash $46,500

Explanation:

The journal entry is given below:

Notes payable $45,000

Interest payable ($45,000 × 10% × 60 ÷ 360) $750

Interest expense ($45,000 × 10% × 60 ÷ 360) $750

To Cash $46,500

(Being payment of notes payable is recorded)

here note payable, interest payable, interest expense is debited as it increased the expenses and decreased the liabilities while on the other hand the cash is credited as it decreased the assets

8 0

3 years ago