Answer:
If a statute is silent on this point, enforcement depends on whether it is a(n) REGULATORY statute or a revenue-raising statute.
Explanation:
Regulatory statutes regulate practitioners, e.g. doctors, constructors, real estate brokers, dentists, etc., and its main purpose is to protect the general public. This statues are state laws meant to regulate certain professions that may be considered sensitive or hazardous. E.g. a person that pretends to be a doctor can severely injure a patient or even kill him/her. A person that pretends to be a real estate broker can be committing fraud against his/her clients.
Answer:
True
Explanation:
<em>Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work. These units are determined as follows:
</em>
Equivalent units = Degree of work done(%) × units of inventory
Equivalent units
<em>Direct material:</em>
Balance of work = 100-80 = 20%
Equivalent of work to be added = 20% × 40,000 = 8,000
<em>Labour</em>
Balance of work = 100-50= 50%
Equivalent of work to be added =50% × 40,000 = 20,000 units
<em>Equivalent of work to be added(units)</em>
Material 8000
Labour 20,000
Out of the roughly 142 million filers, people under the age of 35 account for 35 percent of all returns but just 17 percent of total AGI. By far, the largest number of filers are between the ages of 35 and 55, and they account for nearly half of total AGI
Answer:
1. Journal entries are quicker and more comfortable in the manual accounting
2. Posting is easier in computer software-based accounting
3. Trial balance adjustment in manual accounting is tricky. However, a lengthy process may pose a challenge for computerized accounting.
4. Financial statements are more straightforward in software-based accounting than manual accounting
Explanation:
The introduction of accounting software such as QuickBooks has transformed the working for accounting professionals. The conventional accounting system replacement has made the job more comfortable. However, there are new challenges added, such as learning the software, making error-free inputs, and pace of computer-related entries. However, considering that once these skills are learned, the overall job is easier than before.
1. Journal entries in manual are made quicker, and errors can be rectified. However, entries are linked automatically to their respective ledgers that solve the challenges with compound entries
2. Posting is simpler in software as the general ledger is created on a single click. Manual posting requires time and efforts
3. Adjusted entries need to manual input in conventional method to create the adjusted trial balance whereas, in software, its added through adjusting journal entries.
4. Financial statements are much more straightforward in software as they are available on one click, whereas in manual accounting, they are required to be calculated.
Answer:
Bellisima's opportunity cost to produce 1 bushel of corn = 2 pairs of jeans
Explanation:
Bellisima uses 1 million hours of labor to produce corn and 3 million hours of labor to produce jeans. Produces 8 million bushels of corn and 48 million pairs of jeans.
- Production of corn per million hours of labor = 8 / 1 = 8 bushels of corn
- Production of jeans per million hours of labor = 48 / 3 = 16 pairs of jeans
Felicidad uses 3 million hours of labor to produce corn and 1 million hours of labor to produce jeans. Produces 15 million bushels of corn and 20 million pairs of jeans.
- Production of corn per million hours of labor = 15 / 3 = 5 bushels of corn
- Production of jeans per million hours of labor = 20 / 1 = 20 pairs of jeans
The opportunity cost refers to the extra costs or benefits lost form choosing one activity or investment over another alternative.
- Bellisima's opportunity cost to produce 1 bushel of corn = 16 pairs of jeans / 8 bushels of corn = 2 pairs of jean per bushel of corn.
- Bellisima's opportunity cost to produce 1 pair of jeans = 8 bushels of corn / 16 pairs of jeans = 0.5 bushels of corn per pair of jean.
- Felicidad's opportunity cost to produce 1 bushel of corn = 20 pairs of jeans / 5 bushels of corn = 4 pairs of jean per bushel of corn.
- Felicidad's opportunity cost to produce 1 pair of jeans = 5 bushels of corn / 20 pairs of jeans = 0.25 bushels of corn per pair of jean.