What is the meaning of accounting.

Suppose in 2016, you purchase a house built in 2003. Which of the following would be included in the gross domestic product for

Katen [24]

Answer:

1) C) The value of the services of the real estate agent

2) B) $6,400

Explanation:

First, there are two questions lumped together as one

Question 1: Suppose in 2016, you purchase a house built in 2003. Which of the following would be included in the gross domestic product for 2016?

A) The value of the house in 2013

B)The value of the house in 2016 minus depreciation

C) The value of the services of the real estate agent

4) The value of the house in 2016

Question 2: Suppose that a simple economy produces only four goods and services shoes. DVDs, tomatoes, and ketchup. Assume one half of the tomatoes are used in making the ketchup and the other half of the tomatoes are purchased by households.

Products Quantity Price

Shoes 40 $60

DVDs 100 $18

Tomatoes 2,000 $1

Ketchup 300 $4

Using the information in the above table, nominal GDP for this simple economy equals A) $7, 400. B) $6, 400. C) $5, 800 units. D) $2, 440.

Answer to the First Question

First the Gross Domestic Product of a Country usually represents the market value or referred to as total monetary value of finished products as well as services that were engaged in during a specific period of time and within the borders of that country. The thing about GDP is that it only reflects items that are captured as products or services and which are reported for the year.

In the question therefore, the GDP will only reflect the value of product or service that was newly created in 2016. The house was built in 2003, therefore the relevant GDP item (value of the house) was captured in 2003.

The only new value is the Value of the services of the real estate agent who was engaged in 2016 to facilitate the sales of the house.

Answer to the Second Question:

Nominal GDP represents GDP valued at current market prices for products or services.

To calculate the Nominal GDP we look at the goods and then calculate based on their current market prices.

(Shoes = 40 pieces x $60) + (DVDS = 100 pieces x $18) + (Tomatoes (1000x$1 - 1/2 purchased by households) + (Ketchup 300 x $4)

= $2400+ $1,800+ $1000+ $1,200

= $6,400

5 0

3 years ago

Some companies want to get their products into as many outlets as possible, understanding that the more exposure a product gets,

azamat

Answer:

Mass Distribution

Explanation:

Mass distribution strategy is one of three approaches to distribution in marketing. It is engaged where an organisation seeks to sell its goods to as many customers as possible. Intermediaries with very wide market base are usually the targets for such organisations.

7 0

3 years ago

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You are the manager of a fertility clinic and you need to purchase an Ultrasound for the providers. The equipment's acquisition

Elena-2011 [213]

The supervisor bought Ultrasound for the company, so his month-to-month bills will be $5200.

<h3>What is an easy hobby? </h3>

Simple interest is a short and smooth approach to calculating the interest rate on a loan. Simple interest is calculated by multiplying the daily interest fee by the number of days between bills.

This kind of interest generally applies to car loans or short-term period loans, despite the fact that a few mortgages use this calculation approach.

When you're making a charge on an easy interest loan, the charge first goes towards that month’s interest, and the rest goes towards the foremost.

Each month’s interest is paid in full, so it by no means accrues. In contrast, compound interest provide a number of the month-to-month interest lower back onto the loan; in every succeeding month, you pay for a new interest on the vintage interest.

The formulation for an simple interest is pretty, well, easy:

Simple Interest = PxIxN, where P denotes the principal and I denotes the daily interest fee. N = Number of days between bills "Simple" interest" generally applies to car loans or short-term non-public loans.

In the U.S., maximum mortgages on an amortization schedule are also easy interest loans, despite the fact that they are able to genuinely experience compound interest ones.

Learn more about Simple interest, refer to:

brainly.com/question/22621039

#SPJ1

5 0

2 years ago

QS 11-9 Recording warranty repairs LO P4 On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty

prisoha [69]

Answer:

On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts

Recording of revenue:

Cash $490 (debit)

Revenue $490 (credit)

Recording of Warranty granted :

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00 (credit)

$490 × 10% = $49.00

On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory

When warranty is subsequently received:

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

Explanation:

On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts

Recording of revenue:

Cash $490 (debit)

Revenue $490 (credit)

We Recognise Revenue to depict transfer of control of mower

Recording of Warranty granted :

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00 (credit)

$490 × 10% = $49.00

There is no option for customer to take the warranty or not, so this is a service warranty.The warranty is measured at the best estimate of expenditure required to settle the obligation that is at 10% of sales.

On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory

When warranty is subsequently received:

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

Utilise the Warranty Provision when the warranty claim is subsequently received

7 0

4 years ago

The government wants to ensure that emergency exits are accessible in office buildings. Its incentive is to _____. provide safe

tatiyna

Provide safe workplace!
Hope this help

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3 years ago

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