Answer:
<em>Please see explanation</em>
Explanation:
1. Commitment : A contractual obligation to carry out a transaction at specified terms in the future. Material commitments should be disclosed in the financial statement.
2. Contingent liability: a possible liability stemming from past events, that would be resolved as to the existence and amount by some future event.
3. General risk contingency: An element of the business environment that involves some risk of a future loss. Examples include the risk of accident, strike, price fluctuations, or natural catastrophe. General risk contingencies should not be disclosed in financial statements.
4. Iron curtain approach: An approach to making materiality judgments that quantifies the total likely misstatement as of the current year-end based on the effects of reflecting all misstatements (including projecting misstatements where appropriate) existing in the balance sheet at the end of the current year.
5. Known misstatements: Specific misstatements identified by the auditor during the course of the audit.
6. Likely misstatements: Misstatements identified by the auditor during the course of the audit that are due to either extrapolation from audit evidence or differences in accounting estimates.
7. Loss contingency: A possible loss, stemming from past events that will be resolved as to the existence and amount by some future event.
8. Rollover approach: An element of the business environment that involves some risk of a future loss.
Government Licensing is a barrier to entry. The obstacles or hindrances that make it difficult for new companies to enter a given market are referred to as barriers to entry.
Licenses and permits are government-issued entry barriers. These are typically issued by the government in order to maintain quality while also reducing competition. As a result, it will be difficult for new businesses or individuals to enter.
Barriers to entry generally operate on the asymmetry principle, which states that different firms have different strategies, assets, capabilities, access, and so on. When barriers become dysfunctional, incumbents can keep out virtually all competitors, resulting in a monopoly or oligopoly.
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The answer would be C.
savings accounts typically have lower earning potentials than investments do.
Answer:
Explanation:
negative externality (NE)
positive externality (PE)
a. Overallocation of resources: NE
b. Tammy installs a very nice front garden, raising the property values of all the other houses on her block. PE
c. Market demand curves are too far to the left (too low). NE
d. Under allocation of resources. PE
e. Water pollution from factory forces neighbors to buy water purifiers. NE
