Answer:
b. Completeness
Explanation:
Cut off tests are designed to ensure that transactions which relate to a particular period are reported in that very period.
Assertions refers to the claims made by the management and it's staff relating to various aspects of the business.
Cut off procedures provide an auditor with evidence against management's assertion of completeness and occurrence of a transaction.
Completeness refers to whether transactions pertaining to a period have been recorded.
Occurrence means that recorded transactions ain't fictitious and have actually happened.
Answer:
-value of all goods and services produced in the economy this year
-this year's prices
-value of all goods and services produced in the economy this year
-the base year's prices
-bought by consumers
-the first scenario would have effect on the GDP deflator
-the second scenario would have effect on the GDP deflator
Explanation:
The GDP deflator is used in measuring inflation in the economy by measuring changes in prices of goods in the economy. It is used together with other indices such as consumer price index in arriving at a more accurate or balanced measurement of inflation I'm the economy. The GDP deflator would be affected above because it is more comprehensive in it's calculation or measurement as it doesn't take into account only a basket of goods and services like the Consumer price index does
<span>increase the prime lending rate and decrease government spending</span>
Answer:
C because Perishability is used in marketing to describe the way in which service cannot be stored for sale in the future
Answer:
b. 320000
Explanation:
In order to calculate the joint cost of Gorp we need to understand what the method means and how it's used to calculate it. The adjusted sales method is used to allocate joint costs based on the prices the products are sold.
First of all we need to calculate the percentage of Selling price of Gorp to that of the total selling price of both Gorp and Gumm.
I.e: 60 ÷ (60+30) × 100
SP % of Gorp= 66.67%
Now we calculate joint cost allocated to Gorp.
Total joint cost of both Gorp and Gumm = $480000
Joint cost of Gorp = $480000 × 66.67%
Joint cost of Gorp = $320,000
