The consumer surplus associated with the consumption of furniture increases. Wood is an input in the production of furniture therefore it constitutes the cost of production, the decrease in the price of wood would therefore mean a decrease in the production cost. A decrease in the cost of production in turn causes a decrease in the buying price of furniture and therefore, consumer surplus increases.
Answer:
A) Consider sending a printed message.
Explanation:
According to the scenario, the most sensible step to get an important response from a supplier after the supplier has not responded would be to send a printed message.
This option would be ideal among the other alternatives above, as it demonstrates that you understand that the supplier may not have seen or been aware of your question, even if numerous e-mails have already been sent, and still awaits an answer , in accordance with professional and ethical communication standards.
Answer:
A written warranty promises replacement or refund for defective products.
Answer:
January 2, 2020
Dr Accounts receivable 410,000
Cr Sales revenue 370,000
Cr Unearned revenue 40,000
Dr Cost of goods sold 300,000
Cr Merchandise inventory 300,000
Accrual accounting states that revenues must be recognized during the periods that they actually occur (i.e. the earning process is completed). Since the installation process lasts 6 months, the unearned revenue will be recognized as the process is being completed.
Answer and Explanation:
Purpose of Ethics- Ethical codes are the fundamental principles that accounting professionals choose to abide by to enhance their profession, maintain public trust, and demonstrate honesty and fairness.
Nature of Ethics- Independence and objectivity, Integrity, Confidentiality, professional confidence and professional behaviour.
Role of Ethics:
Understanding the ethical frameworks for independence, integrity, confidentiality and professional competence can help decision-making & enhance reputation of the field of accounting.
