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4 years ago

Do you think we need to prioritize wants? why

Business

1 answer:

Nadya [2.5K]4 years ago

4 0

Answer:

Explanation:

Wants are the items or things we desire to have. They make our lives pleasant and more comfortable. We buy wants for leisure or fun. We can live and survive without wants, although they make life enjoyable.

Unlike wants, needs are the things we require to survive. Needs include food, shelter, water, clothing, and other basic requirements for life, such as health care. While needs can be satisfied to a certain degree, human beings have insatiable wants. Care should be taken not to incur too many debts to meet one's wants. Prioritizing wants may lead to too much debt, which may end being counter-productive. As want makes lives more comfortable, too much debt causes financial distress, sadness, or even bankruptcy.

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Which of the following transactions will increase an asset and increase a liability? A. Purchasing office equipment for cash B.

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3 years ago

ABC opened for business on January 1, 2018, and paid for two insurance policies effective that date. The liability policy was $5

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Answer:

The balance in ABC's Prepaid insurance-account as on Dec 31, 2018 is <em>$27,000</em>

Explanation:

Liability policy = ($54,000 / 18) × 6 months

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3 years ago

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Answer:

B. Sarbanes-Oxley

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3 years ago

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4 years ago

In 2022 the Splish Brothers Inc. had net credit sales of $1020000. On January 1, 2022, the Allowance for Doubtful Accounts had a

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Answer:

$35,300 (Credit)

Explanation:

Given that;

Allowance = 10% × $242,000 = $24,200

Amount written off of $34,200 would have made the balance in the allowance for doubtful debts

= $34,200 - $23,100

= $11,100 (Debit)

However, the balance in the account at the end of the year should amount to $24,200 hence the adjustment required

= $24,200 + $11,100

=$35,300 (Credit)

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3 years ago

Do you think we need to prioritize wants? why​

Do you think we need to prioritize wants? why