Answer: When a market price allocates resources, everyone who is able to pay the price gets the resource.
Explanation:
The market allocates prices to goods and services based on the scarcity of the said goods and services. This means that regardless of how scarce a good is, you can get it if you are willing to pay the price that it is being offered at.
For instance, if the price of tomatoes suddenly went up from $4 to $12 per pack, it means that tomatoes are now more scarce and not many people can afford it. If you can afford that $12 however, you will be able to get the tomatoes despite how scarce it is.
Answer:
1. Companies using FIFO will report the highest gross profit and net income.
2. Companies using FIFO will report the smallest cost of goods sold.
3. Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.
4. Companies using FIFO will pay higher taxes than companies using LIFO, assuming all else being equal.
Explanation:
If costs are rising, companies using FIFO will report higher profits simply because they calculate cost of goods sold based on the oldest products which were purchased at a lower cost.
FIFO and LIFO costs will be the extreme points, FIFO showing lowest costs while LIFO will result in the highest costs, while the weighted average will be in between.
Since companies using FIFO report higher profits, they will have to pay more taxes.
Answer:D) The limited partners would not need to contribute any amounts to the satisfaction of the debts, but the assets of the corporation would be available for this purpose.
Explanation:A limited partnership is a type of partnership in the business ,in which limited partners only contribute financially and are solely liable to the extent of how much they have contributed or invested anything beyond what they have invested is not their liability.
Answer: expectancy
Explanation:
From the question, we are informed that Peter struggled with the accounting training, and as a result is unsure whether he can complete the end-of-year financial reporting with no errors in the time allotted.
This shows that Peter is low on the expectancy element of expectancy theory. Expectancy element in the expectancy theory is when one has the belief that his or her effort will lead to the achievement of ones goals and objectives.
