When businesses raise the price of a needed product or service after a natural disaster, this is known as price gouging. Price gouging is something that businesses do after a natural disaster when they know consumers are going to need a specific product or service so they raise the price because they know people are going to buy it anyways. An example of this is when they raise gas prices after a natural disaster, knowing people still need gas.
Answer: Contract is voided
Explanation:
From the question, we are informed that Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who will then makes the pelts into hats to sell.
We are further told that a year into their contract, it becomes illegal to buy or sell beaver pelts in the United States. Based on the scenario explained, the contact will be voided.
A void contract is referred to as a formal agreement that cannot be enforceable and is not legitimate. Since it is illegal to either purchase or sell beaver pelts, it means that the context cannot be carried out anymore and should the be void.
Answer:
The correct answer to the following question is option C) compare the daily cash receipts totals with the bank deposits.
Explanation:
When cash receipts are received by a company, it is often deposited in bank on the bank the same day they are received or they should be deposited the following business day. If a auditor or a manger or owner wants to make sure that the cash is promptly deposited everyday, then one way in which he or she can make sure that this is happening promptly is by comparing the daily cash deposits with the bank deposits or bank statements, through this procedures a person comparing them would come to know of any discrepancy in cash deposit, if it exist.
Answer and Explanation:
The computation is shown below:
a. The standard cost is
Fo material
= $1,243,000 ÷ 565,000 units
= $2.20 per unit
And, for labor it is
= $1,638,500 ÷ 565,000 units
= $2.90 per unit
b. The budgeted cost would be remian the same as the total cost i.e. $1,243,000 and $1,638,500
Hence, the same would be considered and relevant
Answer: Reclassify Transactions
Explanation:
The accountants-only tool that enables one to be able to categorize a couple of transactions or a large batch of transactions in only a few clicks is referred to as the reclassify transactions.
In order to reclassify transactions, one has to find the transactions that the accountant wants to reclassify first, after which the transactions would then be reclassified and then moved.
