Answer:
3. No, due to unilateral mistake
Explanation:
Lacey and Cagney both had agreed to wok for 30 hours per week and the agreement is in written format since it is enforceable. Both of them are sharing 50% profits so both will have to share the duties equally. When Lacey makes an excuse and is working for 20 hours per week only Cagney can sues her and she is in a probability to win against her. Lacey should have informed Cagney about the vacation from school scenario before signing the contract.
The correct answer is A) Yes, meets all assumptions.
Dozens of companies produce plain white socks. Consumers regard plain white socks as standardized and don't care who manufactures their socks: Yes, meets all assumptions.
What we are trying to do here is to define if the affirmation is about a competitive market. And the answer is yes, it meets all assumptions. The socks market is a competitive market because it has a large number of buyers and sellers that is not as big if compared to the size of the total market. The socks matter is offering barely the same product to customers. There is no differentiation at all. And in this case, companies can enter or leave the market whenever they want.
The road-map which tells where the business is going is a Business plan.
A business plan is basically a map which visualize a goal desired outcome and draws out the steps needed to reach the goals.
- In other word, a business plan shows where a company is going and steps required to get there.
- A typical business plan will state likely Challenges, defined Objectives, Courses of Action, Initiatives, Mode of operation etc.
In conclusion, every successful business that exists today started with well-drawn business plan.
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Option C is incorrect when allocating service department costs to operating departments.
<u>Explanation:
</u>
Typically, fixed costs are not assigned to working departments; however, they have to be absorbed by the service. This statement is incorrect in the service dept. Cost to Operating dept.
The reciprocal method assigns the cost of services to operating departments and other departments. The reciprocal costs are identified and the costs are assigned to each other and to services offered by each service department.
For example, if Service Department A requires certain services of Service Department B, the cost allocation system would not include these services. Since these services are not delegated to other departments, some auditors assume that the direct approach is not right.
The correct answer is option B. Frictional unemployment is the result of worker skills not matching the jobs available. This type of unemployment normally occurs as a result of workers and employers not having enough or the proper information when looking for a new job, or looking for a new employee. Sometimes the worker is not being successful in finding the right company that is looking for someone with skills that the person possesses. Or sometimes is the company that believes that they should not hire someone, waiting to fins a better candidate.
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