Answer: The correct answer is C. The value of the best alternative that is given up in order to do or get something.
Explanation: Opportunity cost literally means alternative thing forgone - meaning what is given up to get something <em>(sacrifice</em>). It is a concept used by economists to allocate limited resources for production, consumption, distribution and exchange of goods and services. Production of goods or services entails the creation of value. In other words, it gives a more understanding on how limited resources are allocated in order to satisfy the human insatiable desires.
For example, a student may be constrained with limited amount of pocket money, say $100 and the student wants to buy textbooks that cost $10 each or go for different outings going for $20 each. In this scenario, the student has different options: a) buy 10 textbooks and 0 outing b) buy 8 textbooks and a outing c) 6 textbooks and two outings d) 4 textbooks and three outings e) 0 textbooks and five outings. For the student to have any more of the other, he has to give up the other unit. What is given up is called opportunity cost.
Answer:
correct answer is C. Shrinkage
Explanation:
Shrinkage is industry term for an inventory and the cash losses
because shrinkage is difference between the record inventory and actual inventory so that shrinkage is the loss of an inventory and some factor that is attribute like vendor is fraud , employee theft or cashier errors or could be administrative error etc
so here correct option is C. Shrinkage
Answer:
Dr Work in Process Inventory for $6,000
Cr Manufacturing $6,000
Explanation:
Preparation of The journal entry under perpetual inventory procedure
Based on the information given if the Manufacturing overhead was applied to production at 60% of the direct labor cost of the amount of $10,000 which means that The journal entry under perpetual inventory procedure is :
Dr. Work in Process Inventory for $6,000
Cr Manufacturing $6,000
(60%*$10,000)
In this case, the economy had been suffering from a recession leading to lower output, aggregate demand and real GDP. The government can boost the economy by engaging in expansionary fiscal policy.
Government can implement expansionary fiscal policy by increasing government spending on goods and services, which will directly increase aggregate demand, thus boosting income and real GDP. Alternatively the government can lower tax rate. When individual tax rate falls, personal disposable income rises, increasing consumption demand and aggregate demand. When business tax rate falls, corporate net profits rise, which encourages firms to invest more in expanding their output. Higher investment by corporate firms increase aggregate demand.
Answer:
Balance = $1,650
Explanation:
As Norma company has paid 4 months rent in advance, therefore at the end of June, norma company will record its 1-month expense as follows
Adjusting entry at the end of June would be
DEBIT CREDIT
Entry
Rent Expense $550
Prepaid Rent $550
The balance on Norma's prepaid expense would be
Prepaid Rent = $2200
Rent Expense = ($550)
Balance = $1,650
