Revenue and liability has influence on reported financial statements because;
- it understates liabilities
- it overstates revenues
<h3>What is revenue and liability?</h3>
Revenue serves as the money that is been generated by the company as a profit while a liability serves as future sacrifices of economic benefits.
However, recognizing something as revenue instead of liability is dangerous because it can results in overstated net income.
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Answer:
Complete the problem. What are you trying to solve for?
Explanation:
Answer: Decrease in the short run aggregate supply. increase in long run aggregate supply
Explanation:
assuming the wage stays constant in the short run (price of labour), an increase inflation/general prices will lead to a decrease in the Supply of labour because the current wage is no longer enough to cover the same number of goods people used to buy which will then increase Unemployment. The Labor market will experience a situation where inflation and unemployment are increasing at the same time
The Supply of Labour will increase in the Long run because the wage price will have sufficient time to adjust and increase to a new equilibrium level. .an increase in wage price will increase the quantity of supplied.
Answer:
Developing
Explanation:
A developing country is one where,
- Per capita income is lower which means individuals earn money for basic survival. There are no means of investment and savings.
- Life expectancy is higher due to absence of modern medical facilities in all areas.
- Technology is still reaching people in rural areas. Not everybody has access to modern technology.
- High rates of population and unemployment.
Here, the country has all features of a developing world nation.
Answer:
an indeterminate effect on equilibrium quantity and a fall in equilibrium price.
Explanation:
A normal good is a good whose demand increases when income increases and falls when income falls.
If income falls and the good is a normal good, demand would fall. This would lead to a fall in price and quantity.
If cost of input falls, the cost of production would fall and supply would increase. This would lead to an increase in quantity and a fall in price.
The combined effect would an indeterminate effect on equilibrium quantity and a fall in equilibrium price.
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