Teenage entrepreneurship is growing especially in the health industry and saving the environment.
Answer: B. No. Imposing a price control below the equilibrium price in a market causes the quantity of the good available to consumers to fall because sellers will supply a smaller quantity, thereby causing some consumers to go without food that they would have been able to buy in the absence of the price control.
Explanation:
If price controls are introduced below the equilibrium price in the market, farmers or sellers will supply less to the market because they will not be incentivized to produce more seeing as they are not making what they should be making.
This, coupled with increased demand on account of food being cheaper, will lead to shortages which would mean that those that could have been able to afford the food at the equilibrium price would not be able to access food leading to even worse food shortages.
Answer:
b. No journal entry is required
Explanation:
Given that
Estimated percentage of losing = 40%
Estimated amount = $800,000
By considering the above information, we concluded that
As in the case of the litigation, there is no journal entry is recorded as the possibility of the event is not certain with respect to the entity's economic resources.
Therefore in the given case, the correct option is b.
Generally Accepted Accounting Principles is the body of rules and procedures that guide the measurement and communication of financial accounting information.
Given that there is a body of rules and procedures that guide the measurement and communication of financial accounting information.
We are required to give the name of the body that guide the measurement and communication of financial accounting information.
The body that guide the measurement and communication of financial accounting information is Generally Accepted Accounting Principles.
Generally accepted accounting principles (GAAP) basically refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board . Public companies in the U.S. have to follow GAAP when their accountants compile their financial statements.
Hence Generally Accepted Accounting Principles is the body of rules and procedures that guide the measurement and communication of financial accounting information.
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