Answer:
Whenever an accountant have some alternatives for reporting a transaction then there are some certain ethical issue for which an accountant must be aware;
1. is this method is permissible by the accounting standards?
2. Is this method permissible by the norms of the firm and industry?
3. Is this method violates ethical code of an accountant?
4. Is this method helps in maximizing overall welfare of stockholders?
5. Is this method helps in depicting true financial information to the stakeholders?
6. is this method really helps a firm in getting its objectives?
So before accepting any alternative an accountant should consider above mentioned points.
If alternative are successful on the above parameters then accountant can accept that alternative and in such case this alternative will not violate any ethical issue.
Explanation:
Answer:
C. it will sell its products only to people who agree to buy only from it and not from rival firms.
Explanation:
Generally, any business can choose its business partners. But, under certain circumstances, there are limits on this freedom for a firm with a big market power.
There is an attempting to define those limited situations when this kinds of firm may violate antitrust law:
- The first option is that it violate the antitrust law by refusing to do business with other firms, or do business but under certain requisites. The key here is how the refusal to deal helps the monopolist maintain its empire, or allows the monopolist make an strategy where its monopoly is use in another market to attempt to monopolize other market.
- They can also refuse to deal with customers or suppliers, what cause the effect of preventing them from dealing with a rival: "If you deal with my competitor, I refuse to deal with you."
- Also, regarding to a firm dealing with its competitors, if the monopolist refuses to sell a product or service to a competitor and it makes it available to others, or if the monopolist has done business with the competitor and then stops, then the monopolist needs a legitimate business reason for its actions.
Answer:
(A) June 4
Inventory debit 1,065
Accounts Payable credit 1,065
(B) June 15
Inventory debit 1,550
Cash credit 1,550
(C) June 30
Accounts Payable debit 1,065
Cash credit 1,065
Explanation:
(A) there is no information or suggestion that Lweis will take the discount, we post as it was nominal, if later on it is paid within the discount period, we will recognize it. <u>No discount is recorded</u>
(B) Simple: increase the inventory receive and decrease cash by the amount paid.
(C) We settle the account payable for the nominal of the purchase.
It wasn't within the discount period. So <u>no discount is granted.</u>
Answer: An absolute minimum occurs at the x value where the function is the smallest, while a local minimum occurs at an x value if the function is smaller there than points around it (i.e. an open interval around it)
Answer: Customers in a nonprofit's target market may be reluctant or strongly opposed to receiving their services.
Explanation: A non profit organization is an organization formed to meet some needs in the society without demanding for payments or trying to make profit.
Most times individuals in the society, tends not to value the services rendered by non profit organizations thereby making them reluctant to going to receive the services rendered. Some individuals may based on their personal beliefs strongly stand against some non profit services offered to them also.
