Solution :
Correcting the errors by reversing the incorrect entry and then preparing the correct entry :
<u>Sl. No. </u> <u>Description</u> <u> Debit</u> <u>Credit</u>
1. Cash $600
Equipment $600
Salary and wages $600
Cash $600
2. Service revenue $450
Cash $450
Cash $4500
Account receivable $4500
3. Accounts payable $250
Equipment $250
Equipment $520
Accounts payable $520
Answer:
The correct answer is option b.
Explanation:
A firm is able to maximize it's profit by producing output at the level where the marginal revenue earned from the last unit of output is equal to marginal cost incurred on it.
If a firm is operating at the point where the marginal revenue is lower than the marginal cost then the firm can maximize profit by reducing its output till the point where the marginal revenue and marginal cost are equal.
Based on their observations of what actually occurs in the organization, employees demonstrate the enacted values and norms.
Your values are the things you hold dear in terms of how you conduct your life and career. Value indicates the significance of an action or thing in ethics and social sciences. Values include things like money, allegiance, independence, fairness, equality, justice, brotherhood, and friendship. Values include things like money, allegiance, independence, fairness, equality, justice, brotherhood, and friendship. In the social sciences, norms are a key notion. Norms are most frequently described as socially imposed laws or expectations. Norms can be prescriptive (encouraging good behavior, such as "be honest") or proscriptive (forbidding bad behavior, such as "do not cheat").
Learn more about Norms here
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Answer:
B. It is a part of the marketing mix.
Explanation:
Price refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. The price of goods and services are primarily being set by the seller or service provider.
Price is important to a company because it is a part of the marketing mix.
Generally, a marketing mix is made up of the four (4) Ps;
1. Products: this is typically the goods and services that gives satisfaction to the customer's needs and wants. They are either tangible or intangible items.
2. Price: this represents the amount of money a customer buying goods and services are willing to pay for it.
3. Place: this represents the areas of distribution of these goods and services for easier access by the potential customers.
4. Promotions: for a good sales record or in order to increase the number of people buying a product and taking services, it is very important to have a good marketing communication such as advertising, sales promotion, direct marketing etc.
Price is generally considered to be a variable in the marketing mix that is most flexible because unlike other elements of production, it can be easily changed. An organization can decide to either raise or lower it's price depending on the nature of the market.
