Answer:
The correct answer is C
Explanation:
Economies is the study of how the society uses the resources which are limited and it deals with the consumption, production as well as distribution of the goods and services.
And under the economics the cost of something like or product is defined as what the person give up in order to get something.
For example, a person wants to purchase to product, he needs to give up the money against it in order to have the product or item with him.
Answer:
the management of money and things that are worth money.
Explanation:
Finance is best defined as the management of money and things that are worth money.
Answer: c. An inside director is a board member who also holds a managerial position in the company
Explanation:
Inside Directors are indeed Board members who are employees/ hold managerial positions in the company.
They are in a unique position to help the board in Corporate Governance because as they are on the ground, they have specialized knowledge of the company and as such can provide complete information to the Board.
They typically include a Company's top executives such as the CEO, CFO and the COO.
Answer:
$400,000
Explanation:
Since at December 31, Year 5, Tedd's tax advisor believed that an unfavorable outcome was <u>probable</u>. And a <u>reasonable estimate </u>of additional taxes was $400,000 but could be as much as $600,000.
Although after the Year 5 financial statements were issued, Tedd received and accepted an IRS settlement offer of $450,000.
Tedd should have included an amount of $400,000 as accrued liability in its December 31, Year 5 balance sheet
The reason is that according to the International Financial Reporting Standards, a PROVISION must be made as long as the conditions below were obtainable at year end.
- Existing Condition (which in this case is the tax dispute with the IRS)
- Probable Cash Outflow (which Tedd's Tax adviser confirmed)
- Reliable Estimate of Outflow ( which the scenario stated ''A reasonable estimate of additional taxes was $400,000'')
Hence, such 'reasonable estimate is the appropriate amount for inclusion in the financial statements.
Explicit costs are business expenses that are easily identifiable and can be accounted for.
1) Wages and salaries = 100,000
2) Utilities expenses = 15,000
3) Materials and Supplies = 150,000
4) Gasoline expense = 5,000
100,000 + 15,000 + 150,000 + 5,000 = 270,000 answer is C.
