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Liono4ka [1.6K]
3 years ago
6

A major drawback of using historical results for judging current performance is that _____. A. past results may be incorrect B.

results may refer to a different manager C. inefficiences may be concealed in the past performance D. all of these answers are correct
Business
2 answers:
pychu [463]3 years ago
8 0

Answer:

C. inefficiences may be concealed in the past performance.

Explanation:

A major drawback of using historical results for judging current performance is that inefficiences may be concealed in the past performance.

Neporo4naja [7]3 years ago
6 0

A major drawback of using historical results for judging current performance is that inefficiences may be concealed in the past performance.

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For every decision you make, there is a trade off?
Ede4ka [16]
I’m confused about the question
5 0
3 years ago
Read 2 more answers
A price ceiling will have NO immediate effect if: a. it is set above the equilibrium price. b. the equilibrium price is above th
ioda

Answer:

A. Set above equilibrium price

Explanation:

A price ceiling is a mandatory maximum price that a seller is allowed to charge. Generally, a government may impose this in order to protect consumers, especially with regards to the purchase of essential goods.

If the price ceiling was set below the equilibrium price (option c) or if the equilibrium price is above the price ceiling (option b), it will immediately cause a shortage (option d) since the quantity demanded would be higher than the quantity supplied when the price falls. This is because people will be willing to purchase more since it is cheaper but suppliers will be willing to produce less due to lower profits. Hence, options b, c and d are eliminated.

Option A is correct because... (please refer attached diagram):

When the price ceiling is above the equilibrium price, suppliers are willing to supply more since they can make higher profits but consumers will reduce purchasing since it is expensive. However, it does not cause any immediate effect because it takes time for suppliers to be able to produce more and cannot be done immediately unless anticipated in advance. In the long run however, quantity demanded will fall from equilibrium quantity to D1 and quantity supplied will rise from equilibrium quantity to S1. Hence, causing a surplus between D1 - S1 in the long run.

4 0
3 years ago
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: Accepted $19,800 on April
antiseptic1488 [7]

To show the effects of these transactions on the financial statements of Hart, Attorney at Law, include:

<u>Balance Sheet:</u>

Assets                           = Liabilities + Equity

Cash +$19,800             = Liabilities (Unearned Service Revenue) +$19,800

Cash +$68,000            = Liabilities + Equity (Service Revenue) +$68,000

Office Supplies +$1,100 = Liabilities (Accounts Payable) +$1,100 + Equity

Cash -$990                = Liabilities (Accounts Payable) -$990 + Equity

Cash -$6,000             = Liabilities  + Equity (Dividend) -$6,000

Cash -$21,000            = Liabilities + Equity (Operating Expenses) -$21,000

Dec. 31 Year 1:

Office Supplies -$1,005 = Liabilities + Equity (Supplies Expenses) -$1,005

Assets                            = Liabilities (Unearned Service Revenue) -$14,850 + Equity (Service Revenue) +$14,850

<u>Income Statement:</u>

Service Revenue +$68,000

Operating Expenses -$21,000

Supplies Expenses -$1,005

Service Revenue +$14,850

<u>Cash Flows Statement:</u>

Unearned Service Revenue +$19,800 Operating cash inflow

Service Revenue +$68,000 Operating cash inflow

Accounts Payable -$990 Operating cash outflow

Dividend -$6,000 Financing cash outflow

Operating Expenses -$21,000 Operating cash outflow

Data Analysis:

April 1, Year 1:

Cash $19,800 Unearned Service Revenue $19,800

Cash $68,000 Service Revenue $68,000

Office Supplies $1,100 Accounts Payable $1,100

Accounts Payable $990 Cash $990

Dividend $6,000 Cash $6,000

Operating Expenses $21,000 Cash $21,000

Dec. 31 Year 1:

Supplies Expenses $1,005 Office Supplies $1,005 ($1,100 - $95)

Service Revenue $14,850 Unearned Service Revenue $14,850 ($19,800 x 9/12)

Thus, the relevant effects of the transactions in Year 1 are showed on the financial statements of Hart, Attorney at Law above.

Learn more about financial statements at brainly.com/question/15407416

7 0
2 years ago
How does an error that results in an overstatement of ending inventory affect the elements of the company's financial statements
Kruka [31]

Answer:

A. + NA + NA - + NA

Explanation:

Since in the question there is an overstatement of ending inventory which affect the financial statements i.e increase in the gross profit due to which the net income is also increase that reflects the increment in the retained earning and the equity as well plus the asset side is also increased but it does not have any change in the cash flow statement as it does not involve any transaction of cash

Hence, the first option is correct

7 0
3 years ago
Transactions Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equ
mart [117]

Answer:

The below details are missing from the question:

1. Paid rent for the month, $2,500.

3. Paid advertising expense, $675.  

5. Paid cash for supplies, $1,250.

6. Purchased office equipment on account, $9,500.

10. Received cash form customers on account, $16,550.

15. Paid creditor on the account, $3,180.

27. Paid cash for repairs to office equipment, $540.  

30. Paid telephones bill for the month, $375.

31. Fees earned and billed to customers for the month, $49,770.

31. Paid electricity bill for the month, $830

31. Paid dividends, $1750.

Since the question  details are already here, I would show the journal entries in the explanation section below:

Explanation:

1

Dr  Rent expense    $2,500

Cr Cash                                 $2,500

2

Dr Advertising expense      $675

Cr Cash                                         $675

3.

Dr Supplies                         $1,250

Cr Cash                                            $1,250

4.

Dr Equipment                   $9,500

Cr Accounts payable                    $9,500

5.

Dr  Cash                            $16,550

Cr Accounts receivable                $16,550

6.

Dr Accounts payable      $3,180

Cr Cash                                         $3,180

7

Dr Miscellaneous expenses      $540

Cr Cash                                                  $540

8

Dr  Utilities           $375

Cr Cash                              $375

9

Dr Accounts receivable        $49,770

Cr  Fees earned                                      $49,770

10

Dr Utilities                                $830

Cr Cash                                                $830

11

Dr Dividends                               $1,750

Cr Cash                                                      $1,750

The rationale for these postings is simply debit the receiving account and credit the giving account.

For instance in the payment of rent, rent expense account received and the cash account gave.

8 0
3 years ago
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