Answer:
C. freely operating economy in which all markets are perfectly competitive.
Explanation:
When we have a lot of producers and many consumers in an economy, the best way to achieve an efficient allocation of resources is to have a freely operating economy in which all markets are perfectly competitive.
- In such a free economy, demand for goods and services are not controlled.
- The consumers behavior towards purchasing will determine if producers should allocate more resources to a production process or not.
- It is better to make such market competitive without interfering into how resources are managed and dispensed.
"Strategic thinking" of learning principle refers to using a variety of thinking and reasoning strategies to reach learning goals.
<h3>What is learning principle?</h3>
- A number of learning principles, often known as learning laws, have been established by educational psychology and educational psychologists that appear to be broadly applicable to the learning process.
- These ideas have been found, tried out, and applied in real-world circumstances.
- Education is explained by true principles. They demonstrate how things are carried out and how learning outcomes are attained.
- When a principle is comprehended and accepted by an individual, it significantly influences his reflective thinking and his decision-making process.
- The process of learning is fundamentally influenced by needs, interests, and goals.
Learn more about educational psychology here:
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Answer:
- What is the estimated total audited value of the population using the difference method?
c. $201,000.
Explanation:
The difference method works as follows:
We have a popuation of 1,000 accounts .
The sample items have a mean book of $200 and a mean audited value of $203
We have a difference of $3
This difference it's applied to the population of accounts and we get a value of $3,000 (1,000 accounts * $3)
As the book value in the population it's $198,000, we add the difference previously calculated of $3,000
So, we have $198,000 + $3,000 = $201,000
Answer and Explanation:
1. Petty cash Dr, 150
To Cash account $150
(Being establishment of the fund is recorded)
For recording this we debited the petty cash as it increased the current assets and credited the cash as it decreased the value of current assets
2. Office supplies $35
Entertainment expense Dr, $110
To Cash account (balancing figure) $140
To Cash short and over $5 ($150 - $35 - $110)
Here we debited the office supplies and entertainment expense as it increased the expenses and we credited the cash account as it decreased the current assets
3. Petty cash account $150 ($300 - $150)
To Cash account $150
(Being the increase in balance is recorded)
For recording this we debited the petty cash as it increased the current assets and credited the cash as it decreased the value of current assets