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MaRussiya [10]
3 years ago
5

Mr. Hamid is running his small retail business under the name of Hamid Store. He has recently hired Mr. Imran as a junior accoun

tant to maintain the books of accounts of his business. Mr. Imran has little knowledge in accounting. Recently, it has been observed that Mr. Imran wrongly treated installation charges of plant and machinery worth Rs. 500,000 as revenue expenditure under the heading of administration expenses. As a result, financial statements failed to reflect true and fair business affairs.
Business
1 answer:
prohojiy [21]3 years ago
3 0

The type of error committed by Mr Imran is the error of principle.

<u>Explanation:</u>

An error of principle is a mistake done in the accounting. Because of this mistake, the entry is done in the wrong account. As a result of this, there is violation in the fundamental principles of Accounting. The meaning of this principle is that the value recorded was correct but the account in which it was recorded was not correct.

In the example given in the question, as a result of the error of principle, there is understatement of the assets of the firm of Mr Hamid because the value that was to be recorded in the assets account is recorded somewhere else, in the account of charges of plant and machinery.

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Professional organizations and producer groups have the incentive to restrict advertising in order to reduce competition on the basis of price.

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8 0
2 years ago
Joe, Patrick, and Adam are friends. They have the same preference over consumption and leisure. Joe has two jobs. He auditions f
Roman55 [17]

Answer:

2. For Joe income effect dominates while for Adam substitution effect dominates

Explanation:

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In the given case, Joe works at two jobs which means that for a greater income he is willing to work for more hours. Thus, in his case it can be said that income effect is prominent.

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6 0
3 years ago
Pablo, a resident of New Mexico, while driving through Arizona was struck by an SUV driven by Drew, a resident of California. Dr
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Answer: See explanation

Explanation:

Based on the information that was provided in the question, Pablo’s case with regards to the scenario given will be regarded as a civil case due to the fact that Drew is being sued.

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6 0
3 years ago
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lesantik [10]

Answer:

Intrinsic Motivation

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The right answer according to the given condition is <em>Intrinsic motivation.</em>

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Hence, in this question, Chip Conley discusses about an idea called intrinsic motivation. Where intrinsic means internal rewards or encouragements that employees are getting due to which they are satisfied to work har irrespective of the pay they are getting.

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False. Companies actually pay 5 million for a 30 second ad on the Super Bowl.

8 0
3 years ago
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