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Ierofanga [76]
3 years ago
8

(1) You go to Greater's Ice Cream and see the price of a cone quoted as $3.00. (2) You buy the cone and pay with $3.00 in cash.

In the first instance money serves as ___________, while in the second instance money serves as ___________. Choose one: A. a unit of account; a store of value B. a medium of exchange; a store of value C. a medium of exchange; a unit of account D. a store of value; a unit of account E. a unit of account; a medium of exchange F. a store of value; a medium of exchange
Business
1 answer:
Nutka1998 [239]3 years ago
4 0

Answer:

The answer is E. a unit of account; a medium of exchange

Explanation:

Because they allows different things to be compared against each other; for example, goods, services, assets, liabilities, labour income, expenses.

A unit of account is a monetary unit of measurement of value or cost.

And the second is a medium of exchange because $3 is being used to buy cone. It exchanged money for cone.

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ABC purchases inventory for $2,000 and incurs shipping costs of $100 for the goods to be delivered. To record this transaction,
Rus_ich [418]

Answer: 1. D) Assets are understated

2. D) Car dealers

Explanation:

1. The shipping costs to bring Inventory into a business are known as Carriage Inwards. This amount is to be debited with the Inventory as it is considered to be part of the cost of acquiring the inventory. By not putting this cost with the inventory, ABC is undervaluing the inventory account which is an Asset account. The Assets are therefore understated.

2. The Specific Identification Method of inventory valuation is based on each individual unit purchased or sold. It does not group items and tracks each item from the moment it is purchased to the moment it is sold so the cost of the specific inventory is known. This method is used more often by businesses that deal with easily identifiable items such as Jewellers and Car dealers because each car is big enough to be tracked individually.

6 0
3 years ago
Markland Manufacturing intends to increase capacity by overcoming a bottleneck operation by adding new equipment. Two vendors ha
Veseljchak [2.6K]

Answer:

Proposal A: 5,455 units

Proposal B: 5,770 units

Explanation:

The break-even point is the number of units required for the revenue to equal the total costs.

For proposal A:

Fixed Costs = $60,000

Variable Costs = $13 / unit

Selling Price = $24 / unit

(P-VC)*n-FC = 0\\(24-13)*n-60,000 = 0\\n=5,454.5\ units

For proposal B:

Fixed Costs = $75,000

Variable Costs = $11 / unit

Selling Price = $24 / unit

(P-VC)*n-FC = 0\\(24-11)*n-75,000 = 0\\n=5,769.2\ units

Rounding up to the next whole unit, the break-even points for proposal A and B, respectively, are 5,455 and 5,770 units.

3 0
3 years ago
The interest rate charged to AAA corporate borrowers is 7.8% for 5 year bonds. The interest rate charged to BBB corporate borrow
azamat

Answer:

Answer is option c.

Default Risk and Liquidity Risk

Explanation:

  • Default risk - because AAA and BBB differ in credit quality
  • Liquidity risk - because BBB could potentially have lower liquidity than AAA bond (more stable and could be more traded)
5 0
2 years ago
Horner Construction Co. uses the percentage-of-completion method. In 2014, Horner began work on a contract for $16,500,000; it w
Leno4ka [110]

Answer:

2014 =  zero

2015 = $6,450

Explanation:

2014

Under the completed-contract method of accounting, revenue, expenses, and gross profit is deferred until the completion of the contract.  If at the end of the business fiscal year of a company work on a contract remains incomplete, no revenue, expenses, and profit on that contract is recognized in the current year on the income statement; all costs and billings are accumulated in respective balance sheet accounts.

2015

This year, the construction is completed so Horner Construction Co. will now recognize its Revenue and gross profit in relation to the project.

            Contract price          $16,500,000

Less:     constructions costs   <u>10,050,000</u>

             Gross profit             $6,450,000

* construction cost    =    ($5,850,000 + $4,200,000)  

8 0
2 years ago
Which of the following would not involve a capital-budgeting analysis?
JulijaS [17]

Answer:

The correct answer is B. The adoption of a new cost driver for overhead application.  

Explanation:

This option is chosen because it is not directly related to organizational capital, or the production of goods or the provision of services. Otherwise it happens with options A and C, which does merit an analysis of the capital budget.

Option B is only taken into account in the analysis of the sales budget or production costs.

7 0
2 years ago
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