Answer:
Selling expenses
Explanation:
Selling expenses are the costs associated with distributing, marketing and selling a product or service.
Skoot wants data regarding online product searches which they would use to design their marketing campaigns and to gather customer insights.
The cost incurred is an expense that is termed selling expense, that would be classified as indirect expenses on their Income statement because they do not contribute directly to the making of products or delivery of a services.
Answer:
TRUE: A. Different companies will use different charts of accounts based on individual company need.
C. The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.
Explanation:
A. <u>Different companies will use different charts of accounts based on individual company need.</u>
A chart of accounts is the combination of all the accounts of an organization in an organized and structured model whose objective is to establish a codification so that there is a standardization of the company's financial information to assist the work of the accounting sector.
Therefore, each company will have a model chart of accounts referring to its activities and processes.
<u>C.</u><u> </u><u>The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.</u>
<u>
</u>The general ledger can be defined as the set of all accounts held in the organization in detail.
Through the information in the accounts, the organization is able to correctly separate each one by type and carry out the organizational financial statement.
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Answer:
It serves as a medium of exchange.
Explanation:
It serves as a medium of exchange is the correct answer because in the trade money plays an important role and it makes the trading very easy as compared to barter system where a person has to find the other person who is in the need of same commodity through which the other person wants to exchange. Moreover, the use of money as a medium of exchange eliminated all the problems that were in the barter system.
Answer:
The warehouse should be recorded at $600000
Explanation:
The historical cost pricniple or convention is a really important convention in accounting that states and requires that assets should be recorded in the books at the orignal price thata was paid for them at the time of purchase. Thus, basing our decision on the historical cost principle, as Green Enterprises purchases the warehouse at a cost of $600000, it should be recorded at this cosy only.
Answer:
In a monopolized market, producer surplus is higher than in a competitive market, while consumer surplus is lower.
Explanation:
A monopolized market is a market in which there is only one producer or seller of a product. The monopolist has market power. A competitive market is a market with many buyers and sellers who cannot individually influence price. In a competitive market, the players are price takers. Consumer surplus measures the difference between what the consumer was willing to pay for a particular commodity and how much he actually pays. Producer surplus refers to the excess of price received by producer over the unit cost of production. Total surplus is the addition of consumer surplus and producer surplus.
In a monopolized market, total surplus is lower than in a competitive market because monopolistic market is characterised with lower quantity and higher prices when compared with competitive market. However, producer surplus is higher in a monopoly market than in a competitive market. This is because in monopoly market the seller makes economic profit by setting prices above his unit cost; this is not possible in competitive market since prices are set at the point where average revenue (price) equals average cost. There is dead weight loss in the outcome of a monopolistic market. This implies a lower total surplus when compared to competitive markets. Consumer surplus is lower in monopolized market because consumers pay higher prices for lower quantities than in competitive markets.
