Answer:
False
Explanation:
The balance of an account refers to the closing balance of such an account head. Closing balance would be the balance at the end of the period which is carried forward and subsequently brought forward while preparing books of accounts of the subsequent period.
Such a balance is arrived at after posting all debit entries and credit entries relevant to an account and the difference between the two i.e excess of debit over credit or excess of credit over debit determines the balance to be carried forward to the subsequent period books.
Answer:
B. inconsistent
Explanation:
Marketing mix refers to a blend of those key marketing facets which increase consumer purchases.
Marketing mix is often emphasized by it's 4 P's i.e Product, Price, Place and Promotion.
Product is a bundle of attributes and utilities, price refers to the consideration received or receivable, promotion refers to sales promotion and advertisement channels while place refers to delivery or location where the buyer gets the product.
In case of a service, which is intangible unlike a product, it's quality and delivery is dependent upon it's provider. And since no two individuals can render exactly the same kind of service, owing to varied individual capabilities, the quality of a service is usually inconsistent or say unequal.
Answer:
Legal Component (Environment)
Explanation:
Business Environment
The environment of an organisation refers to several internal and external factors or components that affect the smooth running of a business. Most times a company's internal environment like its management, suppliers, employees among others can be significantly influenced by the business.
However, the external environment exert so much influence on the organisation whereas, the organisation is limited in the influence it can exert back on the external environment.
The Economic, political, social, legal and technological environments are the <u>external components that affect the business</u>.
Looking at the question, while the business had the influence on its employee by deciding to terminate 200 factory employees, the legal external component could not be influenced. The company had to pay a fine therefore for wrongful termination of those jobs.
The legal environment is made up of legislations and laws governing the way businesses carry out their transactions and where they over step the boundary of the law, they feel the effect of their wrongdoing.
Answer:
In a market economy resources tend to be allocated optimally is discussed below in detail.
Explanation:
In a market economy, resource allocation is circumscribed by the supply and request forces. In other speeches, the allocation of resources is determined using the payment mechanism. The resource allocation in a projected economy, on the other hand, is circumscribed by management or a central administration.
Answer:
$11,500
Explanation:
The elements of the income statements (revenue and expenses) are usually closed to the income summary.
The revenue account is normally a credit balance and would be closed by debiting it and crediting the income summary while the expense which is usually a debit balance is closed by crediting the account and debiting the income summary.
The dividend declared and paid is a part of the retained earnings and is not closed to the income summary.
Hence the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings account
= $18,000 - $6,500
= $11,500