Answer:
- The adjustment causes an increase in an asset account and an increase in a revenue account.
- Accounts receivable is usually increased when accruing revenues.
- They refer to revenues that are earned in a period, but have not been received and are unrecorded.
- They refer to earnings which have been earned but not yet billed.
Explanation:
Accrued revenue refers to cash earned for selling a good or delivering a service yet the cash has not been received and the transaction was not recorded in the books as revenue. This means that the cash has been earned but it has not been billed to the customer it was earned from.
When the books are being adjusted for this, the accounts receivable - which is an asset account - will increase to show that cash is owed. Revenue will also increase as this was cash earned from delivering a good or service.
Answer:
This finding is explained by the fact that ratios express relationships between variables not in absolute terms but in relative terms. The variables used for calculating the income inequality ratio in England takes into consideration the level of income distribution and the population. These may not be equal to the level of income distribution and the population of Guatemala. For instance, if England's income inequality ratio is 10% and Guatemala's is also 10%, it does not mean that they have the same amount of population and income distribution. Each ratio is expressed in relation to its related variable. England's variables cannot be used to express Guatemala's.
Explanation:
To measure inequality ratios for England and Guatemala one divides the standard deviation of the income distribution of England and Guatemala respectively by their means. These are separate indices in value terms.
If the price of good X rises and the demand for good X is inelastic, then the percentage fall in quantity demanded is greater than the percentage change in price, and total revenue falls.
Demand elasticity, often known as the elasticity of demand, gauges how consumers react to changes in price or income. Due to the fact that the price of a good or service is the most typical economic component used to measure it, it is frequently referred to as price elasticity of demand.
The whole amount of money a seller can make by providing goods or services to customers is known as total revenue. The formula for this is P
Q, or the purchase price times the quantity of the products sold.
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