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.
Answer:
Opportunity cost
Explanation:
The opportunity cost Bob's brother Joe $20,000. Remember, the term Opportunity cost refers to the cost (loss in this context) incurred when one forgoes an alternative best option–holding them in a brokerage account, in place for a less beneficial one.
Thus, Bob chose the best alternative over his brother.
Economists use the distinction between private and public goods to determine what projects and activities should be undertaken by the government.
In the economy, there are different types of goods among which, public goods are goods which are produced by the government or by nature for the welfare of the people without any cost. On the other hand, private goods are the ones manufactured and sold by private companies to earn a profit.
Economists use this distinction between different goods to allow the government to decide which goods are considered public goods so that the government can channel the funds in order to provide the public goods to the economy.
Hence, both public and private goods have their own importance in the economy.
To learn more about public and private goods here:
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Answer:
No, Kamal's father, Mr.Kishanlal is not justified in his point of view because although it is true that money is needed to start a new business but money is not that much necessary as many other things. To start a new business and make it a success, passion, new idea and determination is much needed. If you are passionate to start something new and provide people value then it will be very easy to become successful. You should have a new idea to start a business. You should provide people with ease with the help of your new idea and new product or service. People will definitely but your products and services if it is something of value. You should have an urge to be determinant. There are many entrepreneurs, who have not much money when they started a business, but with their passion and handwork they became successful i,e, Jeff Bozos, Bill Gates, Steve Jobs etc.
Answer:
Option (D) is correct.
Explanation:
Imperfect information refers to a situation in which both the parties (i.e buyer and seller) have different information. For example; In a market of second hand car industry, the buyer have less information about the car as compared to the seller. In this type of industry, the seller have more information about the condition and quality of used car.
In our case, the seller of antique have more information about the product, so this will lead to give a disadvantage to a potential buyer of antique.
