Answer:
a. the college is a constructive bailee, obligated to return the textbook to Lacy, and until it does, it is liable for harm to the property.
Explanation:
When a party comes into possession of a property not by contractual agreement, they are referred to as constructive bailee and are obligated to take care of the property till it is returned to the owner.
The bailee does not willingly take possession of the property, rather unforseen circumstances leads to them possessing it.
This is common when a person forgets his property in a place.
In the given scenario the college (Dean of Business College) became a constructive bailee when they recieved the misplaced textbook. So they are obligated to care for the textbook till it get back to Lacy or be held liable for any harm done
Answer:
a. does not shift
b. shifts to the left
c. increases
a. decreases
Explanation:
As a result of the drought affecting the supply of cream, the supply of chocolate would fall. As a result, the supply curve would shift to the left. The demand curve would remain unchanged.
As a result of the leftward shift of the supply curve, the equilibrium price would increase and quantity would fall.
Answer:
The correct answer is accounting profit is positive.
Explanation:
Economic profits are the difference between the total revenue earned by selling the goods and total costs incurred in the production process. It includes both implicit as well as explicit costs.
The explicit costs are the direct costs incurred in the production process. There is an actual payment involved.
The implicit costs are the indirect costs incurred. They are generally the opportunity cost of sacrificing the alternative option. There is no actual payment involved.
The accounting profits include only explicit costs incurred in the production process. It is the difference between total revenue earned and explicit cost.
A normal profit means zero economic profits. But accountable profits is higher than economic profits, so there will be some positive accountable profit.
Answer:
The correct answer is D. Not subject to any form of punishment regarding the license to practice accounting
Explanation:
The accounting professional should use their professional judgment to make their decisions, consult a guide such as the Code of Conduct, give some guidelines on what is the correct behavior, to apply the rules and reach correct conclusions.
However, when the professional acts fraudulently, he will be responsible to the competent authorities. When it does not follow the guidelines but still acts under the law, it cannot be sanctioned.
A—he has no unearned income
B—$82,250
C—I think $7,980
Because I done see his total tax
