Answer:
a. Budgets are detailed forward-looking financial reports based on expected income and expenses.
Explanation:
A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis.
The first step of the budgeting process is to prepare a list of each type of income and expense that will be part of the budget.
The final step by the management of an organization in the financial decision making process is making necessary adjustments to the budget.
The benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.
It is typically used by various organizations or companies due to the fact that, it's tied directly to the strategy and tactics of a company on an annual basis. Also, it is used to set a budget for marketing efforts while anticipating on informations about the company.
Answer:
c. $1.58.
Explanation:
The computation of the direct materials cost per equivalent unit is given below:
Equivalent units for material is
= 100% of 193,000 + 100% of 28,000
= 193,000 + 28,000
= 221,000
Equivalent cost for material is
= $94,100 + $254,800
= $348,900
So, the direct materials cost per equivalent unit is
= $348,900 ÷ 221,000
= $1.58
Player 2 does not have a dominant strategy in this game.
What is dominant?
To be dominant is to exercise power. One male wolf in a pack engages in combat with the others, prevails, and rises to the position of leader. Dominus, which means "lord or master" in Latin, is where the word dominant originates. This is one of many names for God that you may be familiar with if you attended a Latin mass as a child. If you treat others as though you are their master, you are dominant. The word dominant can also be used to describe something frequent as well as typical. For instance, making calls was the primary function of cell phones when they first became available. Some people hardly ever make calls on their cell phones because they can do so much more now.
A dominant strategy is one that provides the best outcome regardless of what strategies the other player chooses. In this game, if Player 1 cooperates, then Player 2's best strategy is to also cooperate. However, if Player 1 cheats, then Player 2's best strategy is to cheat. Therefore, Player 2 does not have a dominant strategy because the best strategy depends on what Player 1 does.
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Answer:
Expenditures of $12,000 and a $12,000 prepaid asset
Explanation:
Since only half of the policy has been consumed (or accrued), then half of the premium must debited to expenditures, which is similar to debiting insurance expenses on a private company. Since half of the prepaid insurance asset has been used during this year, the account must be reduced by crediting it (same as recording for a private business).
