Answer:
Relationship selling involves mutual respect and trust among buyers and sellers, and focuses on creating long-term customers, not a one-time sale.
GDP deflator is nominal GDP divided by real GDP.
Therefore, 225/real GDP = 3, and then real GDP would then equal 75.
Answer:
Debit Cash accounts $6,000
Credit Bad debt expense (p/l) $6,000
Explanation:
To write off the receivable using the direct method, the entries posted would have been;
Debit Bad debt expense (p/l) $6,000
Credit Account receivables $6,000
Being entries to write off accounts receivables gone bad.
To reverse this on payment by the customer after 3 months,
Debit Cash accounts $6,000
Credit Bad debt expense (p/l) $6,000
Being entries to recognize payment of previously recognized bad debt.
For produced goods, supply is typically more elastic over the long term compared to the short term because it is generally believed that over the long term, all production factors can be used to increase supply, whereas over the short term, only labor can be increased and even then, changes may be prohibitively expensive.
Because consumers don't have time to look for alternatives, demand is typically more price inelastic in the short term. Consumers eventually grow more aware of their options. The responsiveness of demand to a change in price is measured by price elasticity of demand. Electricity demand's price elasticity is higher over the long term and lower over the short term.
To learn more about long term, click here..
brainly.com/question/7787473
#SPJ4
Answer:
e. Commitments for purchase orders are recorded as expenses.
Explanation:
The official statements of Governmental Accounting Standards Board (GASB) are the most superior authoritative rules for local and state government accounting in a country.
The following statements below are all correct in line with the Governmental Accounting Standards Board (GASB);
1. Governmental funds account for expenditures of financial resources rather than matching revenues and expenses.
2. The Encumbrances Outstanding account should be reversed and closed at the end of a fiscal year.
3. Revenues from licenses and permit fees are recognized when received in cash if using the modified accrual basis of accounting for governmental funds.
4. A fund is an independent accounting entity composed of cash and other financial resources, segregated for the purpose of carrying on specific activities and objectives.
Also, commitments for purchase orders are recorded in the purchase order or an approved requisition.