Answer:
This would affect the income statement by having expenses
c. understated and therefore net income overstated revenues
Explanation:
Adjusting Entry:
It is such entry which is added at the end of the fiscal period in order to make the income statement accurate.
Overstated:
In Accounting, overstated amount means that amount is greater than the true amount.
Understated:
In Accounting, if an amount is less than the true amount then it is known as understated.
- As in our case, the adjusting entry for supplies was not added so in this way expenses became understated means they become less as compared to actual expenses. Therefore, revenues overstated.
Answer:
open-book management or it can also be called a boundaryless organization.
Explanation:
Open-book management
This is simply the act of sharing with employees at all levels of an organization some vital information that is somehow or previously meant for too management staff only. It also involves opening a company's financial statements to all employees and giving them the education that will enable them to understand how the company makes money and how their actions affect its success and bottom line.
Boundaryless organization
This is simply known as a form of organization structure in which there are no barriers to information flow. Boundaryless designs include barrier-free, modular and virtual organizations. An organization without barriers has permeable internal and external boundaries and requires higher level of trust and shared interests, a shift in philosophy from executive development to organizational development, greater use of teams etc.
Answer:
1. Inside the dorm room, the movies are <em>Non-Rival</em> which means that one person can watch the movie and it will not diminish the ability of others to watch as well.
Also as they are all in the same dorm, the showing of the movie is <em>Non-Excludable</em> as well because no one can stop the other from watching.
Public good is both Non-Rival and Non-Excludable so the showing of a movie IS a public good.
2.
Musashi Sean Bob Eric Total Willingness to pay
10 9 8 3 30
8 7 6 2 23
6 5 4 1 16
4 3 2 0 9
2 1 0 0 3
The optimal number of movies that can be rented is dependent on their total willingness to pay. If their Total willingness to pay for the movie is above $8 which is the cost of a movie, then they will get it. From the table, the fifth movie is below the price of $8 so they <u>should rent 4 movie</u>s.
3. If they rent 4 movies and there are 4 of them then the cost per person is;
= (8 *4)/4 people
= 24/4
= $8
This means that each roommate will pay <u>$8</u>.
Their benefit is to all of society rather than to an individual
