Electric bill payable Liability
<h3>Is an electric bill considered a liability?</h3>
In our example, the utility bills for gas and electricity used in December are both an expense and a liability as of December 31.
When the utility bills are paid, the liability is eliminated.
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Answer:
The credit manager, and the Controller
Explanation:
The credit manager is responsible for maintaining the credit policy, in order to fulfil this target they are responsible to look at the sales and ensure the credit sales are in the sales limit.
Further that the company do not have the bad debts, it shall verify each customer properly that they have enough funds, and ensure their credibility.
Controller is responsible for maintaining the financial records of accounts, and reporting the transactions to managers.
Accordingly, Credit manager along with controller are directly responsible to the vice president of finance.
Answer:
D. Market supply and market demand determine the price and quantity bought and sold in the market.
Explanation:
In perfectly competitive market, equilibrium price and quantity is determined at the point where the aggregate supply curve and aggregate demand curve intersect.
If either supply or demand changes, the supply/demand curve will shift to intersect the demand/supply curve at a new equilibrium point.
In other words, although both suppliers and buyers are price-takers they both influence price and quantity bought and sold,<em> at the aggregate level</em>.
Answer:
Price elasticity of demand shows how much a 1% change in the price of a good or services changes the quantity demanded.
In the short run, a 10% increase in price decreases quantity demanded by 4%
PED short run = % change in price / % change in quantity = 4% / 10% = 0.4
PED long run = % change in price / % change in quantity = 7.5% / 10% = 0.75
Both PEDs are inelastic since they are less than 1, which means that an increase in price will result in a proportionally smaller decrease in the quantity demanded. But the PED in the long run is less inelastic, which means that an increase in price will decrease the quantity demanded more in the long than in the short run.
This happens because smokes consider that cigarettes are a basic necessity, so they are willing to purchase them even if the price increases. But as time passes (long run), more smokers will consider that it is not worth paying that much for cigarettes and will probably quit smoking or at least reduce the number of cigarettes they smoke per day.
True actually because look in your text books !!
