Answer:
1. Periodicity assumption.
2. Going concern assumption.
3. Historical cost principle.
4. Economic entity assumption.
5. Full disclosure principle.
6. Monetary unit assumption.
Explanation:
1. <u><em>Periodicity assumption</em></u>: The economic life of a business can be divided into artificial time periods. It is also known as the Time period assumption.
2. <em><u>Going concern assumption</u></em>: The business will continue in operation long enough to carry out its existing objectives.
3. <em><u>Historical cost principle</u></em>: Assets should be recorded at their acquisition cost.
4. <em><u>Economic entity assumption</u></em>: Economic events can be identified with a particular unit of accountability.
5. <em><u>Full disclosure principle</u></em>: Circumstances and events that could make a difference to financial statement users should be disclosed.
6. <em><u>Monetary unit assumption</u></em>: Only transaction data that can be expressed in terms of money should be included in the accounting records.
Most trade is due to the comparative advantage of an organization's ability to produce a good or service with lower marginal cost and opportunity cost.
As an example, we can cite trade between Africa and the United States, where Africa markets agricultural products such as corn and citrus to the US, and the US markets technological products such as computers to Africa.
Therefore, companies will use comparative advantage to acquire goods and services at lower prices than other competitors.
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Answer:
"Silence is golden" teaches that it is not everytime that somebody must say something. At times, it is better to keep quiet and listen to others and the environment instead of talking meaninglessly.
At the workplace, it is better to apply this "silence is golden" rule instead of asking or making unrelated questions or comments. Relevance is important in communication. Off-handed revelations can be offsetting and can damage one's character, if left unchecked. If you want to ask a question in any situation, please ensure that the question is related to the topic under discussion. If you want to make a comment during departmental meetings, first make the comment in your head and evaluate its relevance to the subject being discussed. After your evaluation, you may discover it was not necessary to ask the question or make the comment, then withdraw it. Do not fall into the habit of asking irrelevant questions or making unnecessary comments because you want your voice to be heard. We learn more from listening to others than from talking.
Another instance were "silence is golden" is when you are under emotions. Hold yourself in check at such moments and do not allow yourself to ask questions or make comments that will hurt the feelings of those around you. Some people are sentimental and will not appreciate nor excuse such remarks. Hold your tongue. Cry if you must, but do not voice out your emotions without control. People do not easily forget such remarks even though they realize that you were emotionally charged. Let your peace reign in your heart.
Explanation:
A workplace is not the most appropriate place to voice out some thoughts. You must recognize your purpose of being there in the first instance: to work and earn a living. So, simply do that. Do not be known as a talkative.
