Answer: Increase in equilibrium quantity of fish.
Explanation: New technology allows fishing boats to catch more fish while using the same number of crew-members. This will increase supply of fish shifting the supply curve for fish to the right.
At the same time a new study shows that eating fish at least three times a week helps prevent heart attacks. This will increase demand for fish shifting the demand curve for fish to the right.
The net effect of these changes is an increase in equilibrium quantity of fish. However, the change in the price of fish cannot be determined as it depends on the magnitude of shift in the two curves.
Answer: C.the perpetual inventory records are accurate and related controls operate effectively
Explanation: When the perpetual inventory records are accurate and related controls operate effectively, it is frequently possible to test the physical inventory prior to the balance sheet date. An auditor will generally decide whether the inventory count can be taken before year-end primarily on the basis of accuracy of the perpetual inventory master files.
5 can fit into 39 seven times. 5 x 7 = 35 and 39-35=4. So the mixed number is 7 4/5.
Answer: D produces more good and services
Explanation:
Edg 2021
Answer:
A) Recognize the write-down as a separate line item.
Explanation:
IAS 2 Accounting for Inventory requires that inventory be recognized at the lower of cost or net realizable value. Inventory is a balance sheet item which is initially recognized at cost.
However, once there is an indication that the cost is lower than the net realizable value, the carrying amount of inventory is written down with the write off recognized as a separate line in the P/l and not as an addition to the cost of goods sold.
Hence the right option is A) Recognize the write-down as a separate line item.
