Answer:
8. First-In, First-Out (FIFO) - a.
7. Disclosure Principle - b
1. Specific Identification - c
6. Weighted-Average - d
4. Conservatism - e
3. Last-In, First-Out (LIFO) - f
5. Consistency Principle - g
2. Materiality Concept - h
Explanation:
FIFO is a sale technique which provides the oldest stoke of goods as the first sales batch, while LIFO brings the last inventory first.
The materiality concept is a situation where the financial information of a company is said to be material from observing the preparation of the financial statements if it can change the opinion of a reasonable person.
The consistency principle states that once an accounting principle is adopted, it can never be changed. Disclosure principle states that company report must be given to outsiders for knowledgeable decision.
Answer: $1000
Explanation:
Hi, the gross margin is equal to the sales revenues minus the cost of the goods sold.
Revenues: inventory sold for $3000
Cost: $2000 Purchase of inventory
So, in this case we have to subtract $2000 (cost) to $3000 (revenue)
Mathematically speaking:
$3000- $2000 = $1000
Feel free to ask for more if needed or if you did not understand something.
Explicit costs
Explicit costs are those that are reflected by actual cash flows and are direct payments made to others when running a business. These include payments or costs associated with wage, rent, and materials.
The short-run total cost includes both the variable and the fixed costs associated with the production.
In calculating for accounting profit, only the explicit costs are considered. However, when calculating for economic profit, the implicit costs are also included in the calculations.
The<u> "LMX"</u> model of leadership emphasizes that leaders have different sorts of relationships with different subordinates.
LMX theory is a remarkable hypothesis of authority as not at all like alternate speculations, it thinks and discussions about explicit connections between the pioneer and each subordinate.
LMX Theory is a powerful illustrative theory.
LMX Theory concentrates to the significance of correspondence in authority. Correspondence is a medium through which pioneers and subordinates create, develop and keep up valuable trades. At the point when this correspondence is joined by highlights, for example, common trust, regard and dedication, it prompts compelling initiative.
LMX Theory is particularly substantial and functional in it's methodology.