Economic Growth and Tax Relief Act law signed by President George w. bush, allowed for more economic freedom amongst different kinds of businesses on the 401(k)
A standard definition of economics might describe it as a social science focused on the satisfaction of needs and desires through the allocation of scarce resources with alternative uses. Economics can be said to be the study of scarcity and choice.
In its simplest and most concise definition, economics is the study of how societies use their limited resources. Economics is the social science of producing, distributing, and consuming goods and services.
Example: When the corn crop increases, the farmer reduces the price of the crop so that the product can be sold. When supply exceeds demand, meaning too much corn is needed to feed the people of the country, the produce is forced to waste and farmers lose production costs.
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Two special methods vital to marketing researches are <u>sampling</u> and <u>statistical inference.</u>
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Answer:
a) Disclose in the notes
b) no Disclosure
c) Record a liability
Explanation:
There are three scenarios to be considered
1) It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable
First, premise is that Huprey Co. is facing a lawsuit and the possibility of a loss is most possible. If Huprey Co is able to recognize the amount of loss, then he would have been able to record a liability but the inability to estimate the loss means, the company can o<u>nly make appropriate disclosure in notes</u>
2)Huprey is being used for damages of $2 million. It is very unlikely (remote) that Huprey will lose the case.
This second premise is also a lawsuit on damages for $2 million, however, it is most reasonably acceptable that Huprey will win the lawsuit. As such there is no loss, that way there will be no disclosure in Huprey Co's books.
3. Huprey can reasonably estimate that a pending lawsuit will result in damages of $1.25 million, it is probable that Huprey will lose the case.
The probability of losing a case means that there will be a loss to be recorded in the books and since the damages are already estimable to be $1.25 million. Huprey Co should record a liability
Answer:
Not sure but I think is B. again not sure
Explanation:
