True- prices are supposed to be controlled by the changing equilibrium of supply and demand and when the government sets a price it may increase or decrease demand or supply in a way that would not naturally take place.
Answer:
- S = 1.2N + 3,000E + 1,000 * (A - 21)
- $204,000
Explanation:
1. An extra $1,000 for every year that they are over the age of 21. If the person is A years of Age then the expression is 1,000 * (A - 21).
An additional $3,000 for each year worked as a qualified lawyer. If the person has E years experience. Expression = 3,000E.
The basic salary is 1.2 time the candidate current salary. If the person currently earns $N the expression is; 1.2N
Putting that all together;
S = 1.2N + 3,000E + 1,000 * (A - 21)
2. Variables are; N = 150,000; E = 5 ; A = 30
S = 1.2N + 3,000E + 1,000 * (A - 21)
= 1.2 * 150,000 + 3,000 * 5 + 1,000 * (30 - 21)
= $204,000
Answer: b. pays cash before the expense has been incurred.checked
d. receives cash before the revenue has been generated
Explanation:
Here is the complete question:
Deferral adjustments are needed when the business:
a. pays cash after the expense has been incurred.unchecked
b. pays cash before the expense has been incurred.checked
c. receives cash after the revenue has been generated.unchecked
d. receives cash before the revenue has been generated.
Adjustments are made during the end of every accounting period in order to report the revenues and the expenses in proper period at which they occur and also in order to report the assets and the liabilities at their appropriate amounts.
Deferral adjustment is when the revenue or the expense has been deferred or postponed and will therefore be reported on the income statement at a later period.
Previously deferred amounts will show on the balance sheet when a company pays cash before having to incur the expense or in a case whereby the company gets and collects cash before earning the revenue.
When revenues are made or when expenses are incurred, the previously deferred amounts will have to be adjusted and then, the amounts will be transferred to income statement through the use of the deferral adjustment.
Answer:
D. Original cost.
Explanation:
As we know that the inventory should be valued at lower of cost or market value. Also , the market value is the middle amount among the replacement cost, net realizable value, net realizable value - normal profit margin
It can be the replacement cost or net realizable value. We don't have an idea which one is the middle amount
Also, if the original cost is less than the market cost so we assume that the inventory should be valued at original cost
Answer:
Explanation:
GDP is used to measure the Economic welfare or standard of living in the people when it is measured per capital terms. The short coming with GDP is that it does not show the true economic welfare or standard living of people in the society as GDP is calculated as whole for whole population prevalipre in the country which includes all level of income people. In any country there will be rich , poor and middle class.
Using GDP for finding social welfare it tells whether the country standard of living is increasing or not but it will not tell specially abpab poor and middle class. Any country standard of living goes up only if the poverty in the country eradicate. Thus GDP have a short coming of not finding the true social welfare or standard of living which is in the society.
There is nothing we can do to find the exact condition of society but government can implement policies to provide a better living for people who are in poverty.
