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2 years ago

For each error below, indicate:

Business

1 answer:

patriot [66]2 years ago

8 0

Answer:

1. Inventory account will be affected and assertions of accuracy and valuation will be violated.

2. Assets are overstated and assertion classification is violated.

3. Liability is understated and assertions of accuracy is violated.

4. No impact.

Explanation:

Assertions are certain claims of a business which a business must fulfill in order to make its financial statements reliable. A company has to record the expense when it is incurred in order to provide accuracy in valuation. In the given cases the assertions are violated which impact business accounts.

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2. In 2016; the cost of a market basket of goods was $2,000. In 2018, the cost of the same market basket of goods was

GREYUIT [131]

Answer:

105

Explanation:

base year = 2016

cost of market basket of goods in base year = $2,000

CPI for base year = 100

year 2018

cost of market basket of goods in 2018 = $2,100

CPI for 2018 = (cost of basket of goods in 2018 / cost of basket of goods in base year) x 100 = ($2,100 / $2,000) x 100 = 105

7 0

3 years ago

You put $10000 in an account earning 5%. After 3 years, you make another deposit into the same account. Four years later (7 year

ikadub [295]

Answer:

money deposited after end of 3rd year is $4877.75

Explanation:

given data

initial amount = $10000

rate = 5%

time = 3 year

after 7 year account balance = $20000

solution

we consider here money deposited after end of 3rd year is = x

first we get here compounded amount after 3 years as

compounded amount = initial amount × $(1+r)^{t}$ ................1

compounded amount = 10000 × $(1+0.05)^{3}$

compounded amount = $11576.25

so at 7 year account balance is

account balance = ( compounded amount + x ) × $(1+r)^{t}$ ....................2

$20000 = ( $11576.25 + x ) × $(1+0.5)^{4}$

solve it we get

x = $4877.75

so money deposited after end of 3rd year is $4877.75

7 0

2 years ago

Select the correct answer.

kati45 [8]

Answer:

Consumer Bill of Rights

Explanation:

5 0

3 years ago

Suppose that the u.s. government doubles its spending on health care. the _____ curve shifts _____, output _____, and prices ___

denpristay [2]

The aggregate demand curve shifts right, output increases, and prices increase when the U.S. government doubles its spending on health care.

Aggregate demand or AD refers to the total demand for all individual goods and services.

The aggregate demand and supply for an economy can be depicted by a schedule, a curve, or even an algebraic equation. Just like the demand and supply for individual goods and services.

The total quantity of all goods and services that the economy demands at various price levels is illustrated by the aggregate demand curve.

Therefore, if the U.S. government doubles its health care spending, the aggregate demand curve shifts right, output rises, and prices rise.

Know what happens when there's equilibrium or when supply and demand meet: brainly.com/question/1342403

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8 0

1 year ago

The situation where the buying power of money in terms of goods and services increases is called:_____

Alla [95]

The situation where the buying power of money in terms of goods and services increases is called deflation

In economics, deflation is a general decline in the price level of goods and services. Deflation occurs when inflation falls below 0% (negative inflation). Inflation depreciates a currency over time, while sudden deflation increases it. As a result, more goods and services can be purchased with the same currency than before. Deflation is different from disinflation, which is a slowdown in the rate of inflation. H. Inflation is declining but still positive.

Economists generally consider sudden deflationary shocks to be a problem in the modern economy. This is because the real value of debt increases, especially if deflation occurs unexpectedly. Deflation can also exacerbate the recession and lead to a deflationary spiral.

Learn more about deflation here: brainly.com/question/13562161

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6 0

1 year ago