Answer:
B) Favourable Variances occur whenever actual prices or actual usage of inputs are greater than standard prices or standard usage.
Explanation:
Variances refer to the difference between actual and standard or budgeted costs. Standard cost is also referred to as budgeted cost. Budgeted costinh can be used by a food nutritionist to determine the food quantity he can cook as well as the ingredient amount which consists of the budgeted costs and the actual cost of preparing the food. Budgeted costchas a major advantage which is its ability to determine the pricing policy even before the product or service is delivered. When favourable or unfavourable variances are mentioned, it refers to the greater of budgeted or actual price or quantity. Favourable goes with a greater actual price or quantity while unfavorable or adverse goes with a greater standard price or quantity.
Answer:
When something is vague, it is not being specific but when something is ambiguous, it has multiple meanings and so can be open to interpretation.
a. Middle class ⇒ Both VAGUE and AMBIGUOUS
Middle class is non specific because it is used as a blanket term for people or things not in either first or lower class. It also has multiple meanings.
b. Odd number ⇒ NEITHER
c. Gold ⇒ AMBIGUOUS
Gold has several meanings such as being a mineral, medium of exchange or even a color.
d. Bank ⇒ AMBIGUOUS
Bank also has different meanings. It could be a financial institution, land next to water or even a repository for blood.
e. Opportunity ⇒ VAGUE
Opportunity is vague unless the opportunity is described.
f. Jaguar ⇒ AMBIGUOUS
Jaguar has multiple means. It could be a animal or it could be a car.
g. Credit ⇒ AMBIGUOUS
Credit has several meaning as well. It could refer to loans, financial entry, increase in bank account etc.
Answer:
the long-run framework.
Explanation:
In Economics, Growth can be defined as an increase or rise in the level of output and production of goods and services over a specific period of time by a business entity.
Issues of growth are generally considered by economists in the long-run framework because growth itself is a long-run phenomenon in economics.
A long-run growth refers to the continuous and sustained increase in the level of output of goods and services or quantity of production that a business is able to achieve.
Hence, all of the four factors of production affects the level of growth that is being experienced by an individual or organization. These factors are;
1. Capital.
2. Labor.
3. Land.
4. Entrepreneur.
<em>In a nutshell, business owners and economist usually consider the growth of a business as a long-run phenomenon rather than as a short-run phenomenon. </em>
Answer:
Product or service profiling.
Explanation:
Product or service profiling is the term used to describe the linking of key product or service requirements to process capabilities.
Generally, most organizations and business owners use the product or service profiling strategy to enhance consistency through the identification of their key services or product line and as such are avail the opportunity to select the appropriate process, procedures and techniques to achieve their goals and objectives successfully.
Answer:
depreciation expense 2021 = $6,200
depreciation expense 2022 = $6,700
Explanation:
depreciable value = $29,000 - $200 = $28,800
depreciation expense per mile driven = $28,800 / 144,000 = $0.20
number of miles driven during 2021 = 31,000
depreciation expense 2021 = 31,000 x $0.20 = $6,200
number of miles driven during 2020 = 33,500
depreciation expense 2022 = 33,500 x $0.20 = $6,700
