In a free-market economy, a product that entails a negative externality (additional social cost) will be underproduced. A free-market economy is when the government has little or no restrictions and regulations on buyers and sellers in the market. They are essentially 'free' of all control and can base their inputs and outputs off of supply and demand. If there is a negative externality, then there too few items being produced in the economy.
Answer:
$32 per pound
Explanation:
<u>Given </u>:Standard input per unit of output = 3 pounds
Actual quantity used = 9000 units
Actual price per pound of input = $30
Direct material price variance = $18000
Direct Material price variance
= (standard price of input - actual price of input) × Actual Quantity used
= (y - $30) × 9000 units = 9000 y - 270,000
9000 y - 270,000 = 18000
9000y = 18000 + 270000
9000y = 288,000
y = $32 per pound
Hence standard price per unit of input is $32
Answer:
Explanation:
1. Wood used in the production of furniture is a variable cost
2. Fuel used in delivery trucks is variable cost
3. Straight Line depreciation on factory building is a Fixed cost
4. Screws used in production is a Variable cost
5. Sales staff Salaries is a Fixed cost
6.Sales commissions Variable
7.Property taxes Fixed
8. Insurance on buildings Fixed
9. Hourly wages of Furniture is Variable
10. Salaries of factory supervisrors is Fixed cost
11. Utillities is Mixed cost
12. Telephone bill is a Mixed cost
Answer:
The correct answer is option (A) . Objectivity is not one of the ethical standards included in the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice.
Explanation:
The Institute of Management Accountants (IMA) Statement of Ethical Professional Practice are integrity, competence, credibility and confidence.
<u>Integrity.</u> Management accountants are also required to uphold very high levels of integrity. The ethical standards therefore require them to avoid any conduct that would prejudice carrying out duties ethically.They are also required to contribute to a positive ethical culture by shunning any activity that might discredit the profession.
<u>Competence.</u> As a measure of ensuring high competency levels,the Institute of Management Accountants (IMA) requires management accountants to sustain a high degree of professional expertise.They urge management accountants to consistently expand their knowledge and skills.
<u>Credibility.</u> The ethical standards championed by the Institute of Management Accountants (IMA) also emphasizes a high level of credibility. It asserts that management accountants should communicate information fairly and objectively, providing all relevant information that could reasonably be expected to influence judgment.
<u>Confidentiality.</u> All management accountants are required to retain a high level of confidentiality.The ethical standards prescribes that all information obtained while performing their tasks should be kept confidential except when disclosure is authorized or legally required. Additionally, confidential information should not be used for unethical or illegal advantage.
Answer:
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