<u>Explanation:</u>
Note, the term diminishing marginal utility refers to an economic principle that states that the more unit of a particular commodity or service we consume, the more the satisfaction (utility) derived out of the consumption reduces or diminishes.
For instance, if I watched movies produced by a particular entertainment company for several days (eg Disney Studios), I may become dissatisfied using this particular entertainment provider and may decide to try another service (Netflix).
Another instance could occur after exercising, I'm given 3 bottles of coke, after taking my first bottle, the amount of utility I derive would reduce until I get to the third bottle, at this point I've reached my peak.
The law of diminishing marginal utility failed for someone I know who had used the same type of toothpaste and brushed her teeth at least once a day for a period of over 10 years.
Well, in my opinion, there should be a little category for that, but then again, that may require extra moderation. Also, the guide lines say to never include personal information. Everyday issues often include personal info. Mostly all of the everyday issues we have can call under the line of math, science, reading, language arts, music, so on.
<u>Explanation:</u>
Note, in the ICT field, the term social engineering refers to actions that involve the use of cunning to steal sensitive or unauthorized information from someone by means of social or human interactions with them.
For example, such information could be manipulatively gotten;
- address,
- age,
- Social security number,
- the number of children, etc.
Answer:
Orange Co.'s budget will include the cost of production, which is made up of raw materials, direct labor, and manufacturing overhead. The above cost of production and the accompanying items will not be found in the budget of Pineapple Company. The latter's budget will focus on purchase of goods for sale (instead of raw materials) and inventories of finished goods (instead of raw materials and work in process). Orange Co. determines its product cost per unit from the cost of production divided by the quantity produced. Pineapple Company's product cost is based on the purchase price of goods, which includes the manufacturer's profit.
Explanation:
The operations and accounting for the cost of production of Orange Co. will be different from Pineapple Company's. The difference is a reflection of their statuses as manufacturer and merchandiser respectively. Orange Co. manufactures and sells goods while Pineapple Company sell manufactured goods.
Answer:
a. Reversal entry:
Debit Rent expense $4,650
Credit Miscellaneous Expense $4,650
Correct Entry:
Debit Rent expense $4,650
Credit Cash $4,650
b. Reversal entry:
Debit Accounts payable $3,700
Credit Cash $3,700
Correct Entry
Debit Cash $3,700
Credit Accounts Receivable $3,700
Explanation:
Reverse entry is to simply close to zero the original entry that has been made in mistake. Afterwards, record the correct entry to properly account the transaction.
To reverse the previously made entry, we simply debit what is credited and debit what is credited.
a. We need to close the rent expense credited by debiting it and credit the miscellaneous expense that is previously debited to zereod out the mistake recording. Then to record the correct entry, Debit Rent expense and Credit Cash at the amount $4,650
b. Just ike what we did on the previous transaction, we will debit the Accounts payable and credit the cash that has been recorded by mistake to zereod out the balance and then make the correct entry. Debit Cash $3,700 and credit Accounts receivable $3,700.
