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3 years ago

The terms of sale are best defined as the

Business

1 answer:

Ierofanga [76]3 years ago

4 0

Group of answer choices.

A. total invoice amount including all shipping costs and taxes.

B. legal documents related to the credit sale of either goods or services.

C. conditions under which a firm sells its goods or services for either cash or credit.

D. process used to determine which customers will be granted credit and which will not.

E. period of time during which a sale price applies.

Answer:

C. conditions under which a firm sells its goods or services for either cash or credit.

Explanation:

A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks, etc.

On the other hand, a service can be defined as a collection of intangible goods that are being offered by a service provider to the end user in order to meet their needs or requirements. Thus, it is any intangible offering that involves a deed, performance, or effort that cannot be physically possessed by the service takers.

A term of sales can be defined as an agreement that exists between the seller of a goods or services and a buyer (consumer).

In Economics, the terms of sale are best defined as the conditions under which a firm sells its goods (products) or services for either cash or credit, especially when both parties have agreed on quantity, quality, price, payment type, delivery, warranty, etc.

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Takes a firm stand on the program of the administration and publicized its views

fiasKO [112]

Q:Takes a firm stand on the program of the administration and publicized its views

A: Loyal Opposition

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4 years ago

Compton Inc. made a $500 ordinary repair to a piece of equipment. Compton's accountant debited this amount to the asset account.

wariber [46]

Answer:

b) No, the correct entry would be a debit to Maintenance and Repairs Expense and a credit to Cash.

Explanation:

Any expense will be capitalized when it increases the capacity and efficiency of the asset. A routine repair cost is incurred in order to keep the asset operational to generate income for the business.

To record the repair cost we need to debit the Maintenance and Repairs Expense and crediting cash ( assumed cash payment is made for the repairs ). We should not capitalize this cost by debiting the asset cost account.

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3 years ago

A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are p

Elza [17]

Answer:

2) Chemotherapy for cancer patients

Explanation:

Chemotherapy for cancer patients is a basic necessity needed for the patient to continue living, so if the price of chemotherapy increases or decreases will not affect the patient's choice of getting it. What can affect the patient's decision is whether he/she can afford the treatment, but even if he/she can't they will seek other ways of trying to obtain it, e.g. going to public hospitals.

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3 years ago

Assume that factory space freed up by purchasing the part from an outside source can be used to manufacture another product that

kkurt [141]

Complete Question:

Harvey Automobiles uses a standard part in the manufacture of several of its trucks. The cost of producing 40,000 parts is $130,000, which includes fixed costs of $70,000 and variable costs of $60,000. The company can buy the part from an outside supplier for $3 per unit, and avoid 30% of the fixed costs.

Assume that factory space freed up by purchasing the part from an outside source can be used to manufacture another product that can be sold for $13,000 profit. If Harvey Automobiles makes the part, what will its operating income be?

A. 156,000 greater than if the company bought the part

B. 26,000 less than if the company bought the part

C. 26,000 greater than if the company bought the part

D. 62,000 greater than if the company bought the part

Answer:

Option C. 26,000 greater than if the company bought the part

Explanation:

Option A: In House manufacturing of 40,000 parts:

Variable Cost is always Relevant and is ($60,000)

The Fixed cost is always irrelevant unless it is specific fixed cost related to the decision. Hence Fixed cost is irrelevant here.

Option B: If we purchase from outsiders

The purchase cost of the product is variable cost hence it is relevant as it is always relevant.

Purchase Cost = $3 * 40,000 parts ($120,000)

The decrease or increase in the cost or income, due to a decision is always relevant. The decrease in cost is Opportunity income or benefits and is given as under:

Decrease in Fixed cost by 30% = $70,000 * 30% $21,000

Now the additional profit that will arise as we can manufacture additional parts of another Product B. This is only possible if we free factory space by purchasing parts of Product A from outsiders. This additional manufacturing of Product B parts will generate profit of $13,000 and thus is a relevant income here. It is also referred to as Opportunity Income.

Opportunity Income $13,000

Total Relevant Cost ($86,000)

<h2>Decision</h2>

The cost of option A is lower from Option B by $26000 ($86000 - $60000). Hence the operating income would be higher by $26,000 if the company manufactures in-house rather purchasing 40,000 parts from outsiders.

Option C is correct option here.

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4 years ago

Richard has discovered that the photographs that he took are shaky. He figured out that when he presses the shutter button, his

tester [92]

Buy a tripod that he can set his camera on to avoid shaky images. If the problem still continues, he should visit a technician to help him figure out what to do.

3 0

3 years ago