GATT is a very common term in business. One of the global institutions that emerged over the past 75 years is GATT which stands for the General Agreement on Tariffs and Trade.
<h3>What is the meaning of GATT?</h3>
The word simply means General Agreement on Tariffs and Trade. This General Agreement is known to covers international trade in goods.
They are involved in Trade negotiations. The WTO is regarded as the successor to the General Agreement on Tariffs and Trade (GATT) set up after the Second World War.
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Answer:
B) GDP would definitely increase because GDP excludes leisure.
Explanation:
The gross domestic product GDP includes the market value of all the final and legal goods and services produced within a country during one year.
Leisure time by itself is not included in the GDP, recreational and travel activities are, e.g. hotel services, restaurants, camping equipment, etc.
Merging and milking brands are examples of creating brand extensions.
Brand extension refers to the process in which a firm markets a new product by using its established brand names. It is a way to take advantage of the company’s already established brand equity to increase the market and reach of the new product.
The assumption is that consumer loyalty, familiarity, brand popularity and reputation of the producer will ensure that the product is readily integrated into the market. Product extension can further help in expanding the reach of the product to new markets and consumer base, and increase overall profit margins as a result.
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Improved Healthcare and Education
A significant chunk of the collected taxes is spent on improving healthcare in the country. There are government hospitals that offer medical services without any cost or at minimum cost. Over the years, the quality of service provided by government hospitals has improved by leaps and bounds, and it has only happened because of taxpayers paying tax.
Helps Build the Nation
The cost of running an entire country, especially one that is as large and populated as ours, is humongous. It is through the taxes we pay that the government can perform civil operations. In other words, without taxes, it would be impossible for the government to run the country.
Avoid Tax Back
When being confronted with back taxes we owe the government, we often think of ways to cut back on it. Well, most tax laws understand the hardships of every taxpayer. Though, tax services are available for those who are delinquent in paying their taxes, which is a helpful opportunity to people who don’t have available money or funds.
Answer:
$660 (credit balance)
Explanation:
the question is missing the numbers, so I looked for a similar one:
- 4% of units will be defective
- average repair cost of $20
- 1,100 units sold during the first month
- 11 defective units were repaired
The journal entry to record warranty liability:
Dr Warranty expense 880
Cr Warranty liability 880
the journal entry to record actual money spent repairing defective units:
Dr Warranty liability 220
Cr Cash 220
the balance of the warranty liability account at the end of the month = $880 - $220 = $660
