This reflects the philosophy of Andrew Carnegie.
He was a famous businessman, who is actually even now considered to be one of the richest people ever. However, he was a philanthropist as well, having donated over $350 million to various charities. The sentence above was his philosophy.
Answer:
The primary service outputs of the spatial convenience, lot size, waiting time, and product variety) are important to logistics management and these importance are highlighted below:
Spatial convenience provide customers the benefit of shopping with lesser time and efforts as they can easily locate the products and find their product needs at a single place or well organised to find out and identify.
Lot size is important in logistics as larger lot size leads to more costs for storage and transportation and risks associated while smaller lots leads to faster service and delivery and lesser payments compared to bigger lot sizes.
Waiting time is important to logistics as the customers expect faster and efficient service in buying goods with less time for billing and purchasing the products. It improves the quality of service and indicates better management for customer convenience and satisfaction.
Product variety in logistics management helps to provide customers more value for their product and time and greater scope of satisfying their needs through different product options and wide range of products.
Answer:
At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both cash basis accounting and GAAP require that Paul’s recognize the employees’ total salary expense in April.
Explanation:
A collection of accounting rules and standards usually followed, for financial reporting is known as GAAP (generally accepted accounting principles) .
For businesses, GAAP needs accrual accounting.
Accrual accounting operates on the basis of matching both revenue and expenses. Revenues and the related expenses occur concurrently, though the cash transaction concerning thereto might happen in some other period.
In the situation given in the question, the revenue from the project is earned in April, subsequently, the salary expense related to that work should also be recognized in the same period due to an accrual basis.