Answer:
all firms produce and sell a standardized or undifferentiated product
Explanation:
A perfectly competitive market is a market in which there are many companies that offer the same product, there are not entry barriers which makes it easy for an organization to enter or exit the market. Also, the companies are not able to influence the market and they are not able to control the conditions in it. According to this, the answer is that in a perfectly competitive market, all firms produce and sell a standardized or undifferentiated product.
Answer:
c. used to indicate where changes in technology and machinery need to be made
Explanation:
Standard Costs are established through past experiences and hence they can be used to control costs, and plan production schedules.
Changes in technology and machinery need to be made is part of perfomance management with a future outlook.
Answer:
c. convergent thinking
Explanation:
Convergent thinking is the ability to think quickly about one or two good solutions to a problem, without needing to spend your time and thinking about it. This is especially important when it comes to decision-making processes. This is very different from a different idea, where you come up with a lot of possibilities
Answer:
$7,700
Explanation:
There are two basis of accounting. These are the cash and accrual basis. In the cash basis of accounting, expenses are full recognized only when cash has been paid.
Hence unlike in the accrual basis where the payment or non payment results in the recognition of the expense once it has been incurred (and a corresponding asset or liability in form of prepayments and accrued expense), expenses under the cash basis of account would always result in a debit to expense and a credit to cash.
As such, if On January 1, the law firm paid $ 7 comma 700 for seven months of advertising, this will be recognized as the expense for the two months ending February 28 under the cash basis.
