Answer:
1. A is temporary
2. B is permanent
3. C is temporary
Explanation:
1. A is temporary because these Valentine's day card are sold seasonally. That is at a particular time of the year. It's inventory is not for a permanent basis or for a long period of time.
2. Acquiring a new forklift is a permanent inventory because the equipment will stay in the company for a long period of time, for as long as it continues to serve the purpose for which it was acquired. This makes it a life asset.
3. The Increase in account receivable do due to expansion in customer base is for a short term due to goods sold on credit therefore they are temporary.
Contribution format income statement
Contribution margin income statements refer to the statement which shows the amount of contribution arrived after deducting all the expenses that are variable from the total revenue amount. Then, further fixed expenses are deducted from the contribution to get the net profit/loss of the business entity.
break-even point
The Break-Even Point The break-even point (BEP) in economics, business —and specifically cost accounting —is the point at which total cost and total revenue are equal, i.e. "even". There is no net loss or gain, and one has "broken even", though opportunity costs have been paid and capital has received the risk-adjusted, expected return.
Learn more about break-even point here
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Answer:
1. To insure the effective operation of an organization.
2. To review compliance with a multitude of administrative regulations.
3. To instill a sense of confidence in management that the business is functioning well and you are prepared to meet potential challenges.
4. To maintain/enhance the organization’s reputation in the community.
5. To perform a “due diligence” review for shareholders or potential investors.
6. Not all policies, practices, and procedures are committed to writing. It is vitally important that companies have a process to ensure that everything stays up-to-date and legal, AND actually works as intended.
Explanation: smort doggo is off to another question
Answer:
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Explanation:
The law of demand states that the price and demand have an inverse relationship.
As the price of a product goes up, then fewer people will want to buy the product. For example, Honda sells more cars on average each year than Lexus because more people are able to afford the lower priced Honda. Producers can also use this law to say that as the demand for a product goes up, they will be able to charge more for the product as well.
