It’s going to be A and it’s self explanatory so i don’t have an explanation
Answer:
Under capitalistic economy, allocation of various resources takes place with the help of market mechanism. Price of various goods and services including the price of factors of production are determined with help of the forces of demand and supply. Free price mechanism helps producers to decide what to produce.
The goods which are more in demand and on which consumers can afford to spend more, are produced in larger quantity than those goods or services which have lower demand. The price of various factors of production including technology helps to decide production techniques or methods of production. Rational producer intends to use those factors or techniques which has relatively lower price in the market.
Factor earnings received by the employers of factors of production decides spending capacity of the people. This helps producers to identify the consumers for whom goods could be produced in larger or smaller quantities. Price mechanism works well only if competition exists and natural flow of demand and supply of goods is not disturbed artificially.
Explanation:
Answer:
D) i and iii
Explanation:
Implicit cost refers to economic costs that are not directly attributed to the business but are nevertheless important in making informed decisions. In this case the opportunity costs are implicit cost. They are:
- Salary forgone which should have been earned at another job, and
- Interest lost from savings account.
Answer:
$8000
Explanation:
Given: Budgeted Overhead $240,000
Budgeted Labor Hrs 60,000
Actual Labor Hrs for Job B25 200
Actual labor cost for B25 $2,200
Direct Material cost for B25 $5000
Standard/ Budgeted overhead absorption rate = Budgeted Overheads/ Budgeted labor hours = $240,000/60,000 = $4 per labor hours
Budgeted overheads for actual 200 labor hours = 200 × $4 = $800
Labor cost and material cost incurred for Job B25 = $2200 + $5000 = $7200
Add: Budgeted overhead cost for 200 labor hours = $800
Cost of Job B25 = $7200 + $800 = $8000
Answer: Reconciled ending balance of cash=$7,925
Explanation:
Bank reconciliation is used by companies to reconcile thier ledger balances and that of their bank's balance and to make necessary adjustments where necessary.
BanK Reconcillation on August 31, 2021
Bank cash balance $6,012
add
Deposit outstanding +$3,308
deduct :
Checks outstanding -$1,395
Bank balance reconciliation $7,925
Company's book balance $7,914.
add:
interest earned + $43
deduct:
service fees - $32
Company balance reconciliation $7,925
