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MAXImum [283]
2 years ago
10

Identify the importance of accounting by select statement(s) that is (are) correct below

Business
1 answer:
anygoal [31]2 years ago
8 0

Answer:

A,B,C are correct

Explanation:

Accounting involves collection and reporting of financial information of a firm. This includes information on financial position, profitability, , and cash flows of the business. This helps to make decisions on how to invest in the business, manage the business, or lend money to it and tracks business income and expenses. Among the choices, these three are correct;

  • accounting information helps users make business and financial decisions .
  • Accounting is a system that identifies, records, and communicates financial informationRevenues – Expenses = Net Income
  • Accounting information is used throughout the year (NOT only at the end of a year when tax returns and financial statements are prepared) by businesses and individuals to help make financial decisions
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The value of U.S. imports is Multiple Choice
Salsk061 [2.6K]

Answer:

Option (1) is correct.

Explanation:

The value of imports refers to the amount of goods that are purchased by the residents of the home country from the foreign country. While calculating the gross domestic product (GDP) of a particular nation the value of imports is subtracted from the value of exports of that nation.

The value of imports doesn't contribute towards the domestic production of United States because these goods are produced in the foreign country.

GDP = Consumption + Investment + Government spending + Net Exports

        = Consumption + Investment + Government spending + (Exports - Imports)

6 0
3 years ago
Demand is created through meeting customer buying criteria, credit terms, awareness (promotion) and accessibility (distribution)
fredd [130]

Answer: cake

Explanation:

Demand is created through meeting customer buying criteria, credit terms, awareness (promotion) and accessibility (distribution).

According to the Thrift segment's customers, the product that was the most competitive at the end of last year is Cake.

3 0
3 years ago
3. The economic system that is found in a Socialistic political system is a: *
lara [203]

Answer:

Command Economy.

Explanation:

6 0
3 years ago
If the demand for product x is inelastic, a 15 percent decrease in the price of x will:____.
Marrrta [24]

If the demand for product x is inelastic, a 15 percent decrease in the price of x will: Reduce by more than 15 percent the amount of X that is being requested. Reduce by less than 15 percent the amount of X that is being requested.

This is further explained below.

<h3>What is the inelastic market?</h3>

Generally, An economic concept known as inelastic refers to an item or service's static quantity when its price varies. When a product's price increases or decreases, customers' purchasing patterns are said to be inelastic, which indicates that neither change affects the other.

In conclusion,If there is no elasticity in the demand for product x, then a price reduction of 15% for product x will have the following effects: The quantity of X that is being requested should be decreased by more than 15 percent. The quantity of X that is being sought should be decreased by more than 10 but less than 15 percent.

Read more about the inelastic market

brainly.com/question/24013367

#SPJ1

5 0
1 year ago
You are an adviser to the Indian government. Until now, government policy in India has been to severely limit imports into India
iVinArrow [24]

Answer:

1. The size of the economy as a whole grows as a result of free trade.

2. Consumers benefit from free trade.

3. Free trade can reduce cost of trading:

Explanation:

The three strongest arguments that you can offer to the Indian government about why the policy shift to freer trade is desirable for India are as follows:

1. The size of the economy as a whole grows as a result of free trade: It provides for more efficient production of goods and services. This is because it encourages goods and services to be created in areas with the finest natural resources, infrastructure, or skills and experience. It boosts productivity, which can lead to greater long-term wages. There is universal consensus that growing global trade has boosted economic growth in recent decades.

2. Consumers benefit from free trade: By removing barriers and promoting competition, it lowers prices. Quality and choice are likely to improve as a result of increased competition.

3. Free trade can reduce cost of trading: Non-tariff barriers can be reduced, resulting in less red tape and lower trading costs. Companies that deal in multiple nations might reduce their compliance expenses by working with a single set of laws. In principle, this will lower the cost of goods and services.

3 0
2 years ago
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