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3 years ago

Link between economic wants and preferences

1 answer:

7 0

Economic wants are the products and goods that people need and want; if they had unlimited purchasing power, they would want to obtain all of them.

In contrast economic preferences are compared to something, so while you might prefer one thing to another, you might not necessarily need it, or you might even need and want both of them!

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expensing the cost of copy paper when the paper is acquired is an example materiality. industry practices. conservatism. expense

sergejj [24]

Expensing the cost of copy paper when the paper is acquired is an example of .Cost constraint.

<h3>What is Cost constraint?</h3>

A cost constraint in accounting occurs when it is excessively expensive to report specific information in the financial statements. The applicable accounting standards permit a reporting entity to forego the associated reporting where doing so would be prohibitively expensive. The purpose of enabling the cost constraint is to prevent firms from paying excessive expenditures to fulfill their financial reporting duties, especially when compared to the benefit received by readers of the financial statements.

Only certain requirements for financial reporting that are mentioned in the accounting standards are subject to the cost limitation. In all other instances, regardless of the underlying cost, financial information must be reported.

To learn more about Cost constraint from the given link:

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4 0

2 years ago

An insurance policy with a higher premium most likely has

Alexxandr [17]

An insurance policy with a higher premium most likely has a lower deductible

5 0

3 years ago

Each of the following firms benefits from barriers to entry in its industry. Indicate whether each of the barriers is natural or

gavmur [86]

Answer:

Natural:

b.A diamond company that owns nearly all of the world's diamond mines.

d.A soda company that spends over $3 billion on advertising every year.

e.A waste-treatment plant that cost a lot to build even though it costs only two cents to treat each gallon of waste.

Government

a.A small-town bar that is the only establishment in the county licensed to serve liquor.

c. A pharmaceutical company receives a patent for a new cancer-fighting drug.

Explanation:

Government barriers are licenses or patents that prevent future firms from entering, natural is everything else.

4 0

3 years ago

Read 2 more answers

A company purchased 300 units for $60 each on January 31. It purchased 150 units for $25 each on February 28. It sold a total of

Daniel [21]

Answer:

Weighted-average inventory costing method Ending Inventory = $ 9666.67= $ 9667

Explanation:

Date Particulars Units Unit Cost Total Cost

January 31 Purchases 300 $ 60 $ 18,000

February 28 Purchases 150 $ 25 $3750

Total 450 $ 21,750

Weighted-average inventory costing method= Total Cost/ Total Units=

$ 21,750/450= $48.33 purchase price per unit

Sales 250 units at $ 70 = $ 17500

Ending Units = Purchases-Sales = 450-250= 200

Weighted-average inventory costing method Ending Inventory = $ 9666.67

200 units at 448.33= $ 9666.67= $ 9667

3 0

4 years ago

Read 2 more answers

Ivanhoe Corporation issued $468,000 of 6% bonds on May 1, 2020. The bonds were dated January 1, 2020, and mature January 1, 2023

max2010maxim [7]

Answer:

May 1, 2020

Dr Cash $477,360

Cr Bonds Payable $468,000

Cr Interest Expense $9,360

July 1, 2020

Dr Interest Expense $14,040

Cr Cash $14,040

Dec 31, 2020

Dr Interest Expense $14,040

Cr Interest Payable $14,040

Explanation:

May 1, 2020

Dr Cash $477,360

Cr Bonds Payable $468,000

Cr Interest Expense $9,360

(Accrued Interest = 468,000 x 6% x 4/12)

July 1, 2020

Dr Interest Expense $14,040

Cr Cash $14,040

(Bond interest expense = $468,000 x 6% x 6/12)

Dec 31, 2020

Dr Interest Expense $14,040

Cr Interest Payable $14,040

6 0

4 years ago