Answer:
$3
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.
Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied
Shortage = $12 - $9 = $3
Earning a profit may not be a companies only responsibility
Answer:
This can be due to the method of allocating cost.
Explanation:
In the given scenario a division in a decentralised company earned the largest amount of income from operations, yet it was the least profitable.
This can be as a result of the cost allocation method the company uses.
If the company uses a cost allocation method where cost from other division is paid for by the division with largest income. The result will be that the other divisions that generate less income will appear to be more profitable.
The remedy for this is to use activity based costing. Where cost is allocated based on the level of activity of a division.
That way divisions will only pay for cost associated with their activity
Two people are assigned the task of, and are present for, opening the mail. The recordkeeper and the person who reconciles the bank balance do not have access to cash.
An organization may define internal controls as a set of policies and practices to safeguard its resources, increase productivity, improve financial accountability, ensure corporate guidelines, and stop employee fraud. Since there is a precise and trustworthy accounting system, internal controls are meant to ensure that loss is eliminated. Internal control involves the timely use of both internal and external auditing or financial reporting resources. As a result, it helps maintain correct and proper financial records, which also helps increase operational effectiveness. Internal controls that are implemented correctly aid in improving operational effectiveness, safeguarding assets, providing accurate financial information, preventing fraudulent or illegal behavior, and timely filing of financial reports.
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