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nekit [7.7K]
3 years ago
13

A basic concept in economics is that all resources are scarce. Allocated. Valuable. Renewable.

Business
2 answers:
DIA [1.3K]3 years ago
7 0

A basic concept in economics is that all resources are scarce.

<h3><u>Explanation:</u></h3>

There are wants, needs and desires that are unlimited in nature with respect to humans. Resources are very essential for the survival of human beings. The distribution of these scare resources is studied by the Economics. Free goods refer to those goods that come without any cost associated with that.

The resources that are available naturally is scarce because there are only finite quantity available for the utilisation. Some of the examples of scarce resources include raw materials, workers, etc that are very essential for the production of the scarce goods.

maksim [4K]3 years ago
3 0

Answer: scarce

Explanation: edg 2020

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Presented below are four statements which you are to identify as true or false.
vagabundo [1.1K]

Answer:

1. True.

2. False.

3. True.

4. False.

Explanation:

GAAP is an acronym for Generally Accepted Accounting Principles. It comprises of the accounting standard, procedures and principles used by public institutions in the United States of America. The GAAP is issued by the Financial Accounting Standards Board (FASB) and adopted by the U.S. Securities and Exchange Commission (SEC).

GAAP includes each of the following pronouncements:

  • Statements of Financial Accounting Standards.
  • Accounting Research Bulletins.
  • Accounting Principles Board Opinions.

For external reporting purposes, US Generally Accepted Accounting Principles (GAAP) allows companies to use only the traditional format of the income statement.

When accountants prepare and compile financial statements for public firms, it must be in line with United States of America, Generally Accepted Accounting Principles (GAAP).

Also, the financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors.

<em>Additionally, Securities and Exchange Commission (SEC) reviews registration statements of bond issuers, investment advisers etc, to ensure they comply with current laws and regulations. </em>

1. <u>True</u>: GAAP is the term used to indicate the whole body of FASB authoritative literature.

2. <u>False</u>: Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. All companies are required to follow the disclosure requirements at all times.

3. <u>True</u>: The primary governmental body that has influence over the FASB is the SEC.

4. <u>False</u>: The FASB has a government mandate and therefore does not have to follow due process in issuing a standard. FASB has to follow due process all the time in issuing standards.

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3 years ago
Ursula has a high tolerance for ambiguity but focuses on technical aspects more than social aspects. She is a careful decision m
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Answer:

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Explanation:

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3 years ago
On a 100-acre farm, a farmer is able to produce 3,000 bushels of wheat when he hires 2 workers. He is able to produce 4,400 bush
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12. Which of these was a criticism of Bush's No Child Left Behind Act?
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Kết cấu TK 131 “Phải thu của khách hàng” có số dư?<br> Kết cấu TK 331 “Phải trả người bán” có số dư?
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8 0
3 years ago
Robust Resources expects to sell 440 units of Product A and 400 units of Product B each day at an average price of $18 for Produ
AleksAgata [21]

Answer:

Company's budgeted sales for the next week=$131,040

Explanation:

Step 1

Determine the total sales per day for Product A

Total sales=price per unit×expected number of units to be sold

where;

price per unit=$18

expected number of units to be sold=440 units

replacing;

Total product A sales per day=(18×440)=$7,920

Step 2

Determine total product B sales per day

Total sales=price per unit×expected number of units to be sold

where;

price per unit=$27

expected number of units to be sold=400 units

replacing;

Total product B sales per day=(27×400)=$10,800

Step 3

Total sales per day=total product A sales+total product B sales

total sales per day=(7,920+10,800)=$18,720

For the week=18,720×7=$131,040

Company's budgeted sales for the next week=$131,040

3 0
3 years ago
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