Answer:
At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both cash basis accounting and GAAP require that Paul’s recognize the employees’ total salary expense in April.
Explanation:
A collection of accounting rules and standards usually followed, for financial reporting is known as GAAP (generally accepted accounting principles) .
For businesses, GAAP needs accrual accounting.
Accrual accounting operates on the basis of matching both revenue and expenses. Revenues and the related expenses occur concurrently, though the cash transaction concerning thereto might happen in some other period.
In the situation given in the question, the revenue from the project is earned in April, subsequently, the salary expense related to that work should also be recognized in the same period due to an accrual basis.
The closest to the minimum number of consumers needed to obtain the estimate with the desired precision is (b) 271
Explanation:
When the prior estimate of population proportion is not given , then the formula to find the sample size is given by :-
where E = Margin of error.
z* = Critical z-value.
As per given , we have
E = 5%=0.05
Confidence level = 90%
The critical value of z at 90% is 1.645 (By z-table)
Put all values in the formula , we get
n=0.25(1.645/0.05)²
n=0.25(32.9)²
n=270.6025≈271
Thus, the minimum sample size needed = 271
Hence , the correct answer is 271 .
Answer:
a) the correct answer is "B"
b) the correct answer is "C"
Explanation:
a) the correct answer is "B"
relies on nominal GDP which might have increased because of price increases and not output increases. As nominal GDP accounts for the price and it is calculated at the current price level. The answer is "B".
b) the correct answer is "C"
We can ask for growth rate of real GDP which excludes price change.
How does a subsidy affect supply?
A subsidy by nature increases the purchasing power of the individual or class it is awarded to. It's like free money that can only be spent on certain things.
Answer:
The correct answer is option A.
Explanation:
An increase in supply decreases the equilibrium price as the supply curve shifts rightward and intersects the demand curve at a lower point. This decline in the equilibrium price causes the quantity demanded to increase. The demand for the product remains the same.
The statement given in the question is false. A change in demand is caused by a change in other factors while the price of the product remains the same. The change in price affects the quantity demanded.
