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4 years ago

An increase in local competition, an increase in labor cost, or a fall in the economy are all _____ to an organization.

1 answer:

6 0

<span>These three are all considered potential threats to an organization. The reason for this is that local competition that becomes increased can potentially put someone out of business if done correctly (e.g., undercutting for the same product), increase of labor cost can put business costs too high to make a profit, and a fall in the economy can cause people to not have a disposable income to buy your product or service.</span>

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Away Travel filed suit against West Coast Travel seeking damages for copyright violations. West Coast Travel's legal counsel bel

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As a disclosure only. No liability is reported

Explanation:

According to the International Accounting Standard IAS 37 Provisions, Contingent Liabilities and Contingent Assets, contingent liability can only be recorded if the likelihood of recording of the loss is reasonably probable and in this case the chances of occurence of the liability is reasonably possible which must not be recorded. The only effect would be disclosing the litigation matter and not including the liability amount that will arise if it goes wrong.

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3 years ago

Microeconomics deals with which of the following?

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micro economics deals with industry competitive forces.. all other factors are macro economics

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3 years ago

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Myrtle Beach Pro-Shop receives information that requires the company to increase its expectations of uncollectible accounts rece

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b. Accounts receivables (gross) is reduced

Explanation:

As we know that

The journal entry to record the bad debt expense is

Bad debt expense A/c Dr

To Allowance for doubtful debts

(Being allowance of uncollectible accounts are recorded)

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3 years ago

Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occur

abruzzese [7]

Answer:

Kiona Co.

Journal Entries:

May 1:

Debit Petty Cash Fund $300

Credit Cash Account $300

To record the establishment of the petty cash fund.

May 15:

Debit Janitorial Services $93.60

Debit Miscellaneous Expenses $76.41

Debit Office Supplies $52.20

Debit Advertisement $68.58

Credit Petty Cash Fund $290.79

May 15:

Debit Petty Cash Fund $290.79

Credit Cash Account $290.79

To record the replenishment of the fund.

Debit Cash Account $13.80

Credit Surplus Cash $13.80

To record the excess cash counted.

May 16:

Debit Petty Cash Fund $200

Credit Cash Account $200

To record the increase of the fund to $500.

May 31:

Debit Office Stationery $53.73

Debit Transport $42.78

Debit Delivery Expense $44.17

Credit Petty Cash Fund $140.68

May 31:

Debit Petty Cash Fund $140.68

Credit Cash Account $140.68

To replenish the petty cash fund.

Debit Cash Account $50

Credit Petty Cash Fund $50

To record the reduction of the petty cash fund by $50.

Explanation:

A Petty Cash Fund is a system for meeting small-ticket expenses, by the use of the float system. This implies that the petty cashier is only reimbursed for actual expenditure in order to restore the float to the established amount.

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3 years ago