Answer:
The term used to describe the reduction of the balance owed on a loan with each payment made over a period of time is:
d. amortization.
Explanation:
Amortization of a loan is the gradual reduction of the balance owed on a loan because payments are being made over a period of time. Each payment is, therefore, a reduction of the borrowed fund. This gradual reduction through periodic payments is called amortization of the borrowed fund. Loan amortization, therefore, implies the spreading out of the loan payments over time. It is not the same as asset amortization, which is a kind of depreciation.
A binding price ceiling is designed to c) keep prices below the equilibrium level.
<h3>What is a binding price?</h3>
A binding price ceiling is a term used to refer to a case whereby government sets a required price on a good or goods.
This price is usually set at a price below equilibrium.
Producers are are usually at the beneficial sides as a result of the binding price floor incase the price is higher than equilibrium price.
while Consumers are always worse off since they must pay more for a lower quantity.
Learn more about binding price at;
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Answer:
$57,400
Explanation:
The computation of the estimated total manufacturing overhead for the Customizing Department is shown below:
= Total fixed manufacturing overhead cost + Direct labor-hours × Variable manufacturing overhead per direct labor-hour
= $35,000 + 7,000 direct labor hours × $3.20
= $35,000 + $22,400
= $57,400
All other information that is given in the question is ignored.
Answer:
$858.45
The proration will appear in this format:
Debit seller $858.45, Credit buyer $858.45
Explanation:
$1,485 ÷ 365 = $4.07 per day $4.07 x 211 days (January 1 to July 30) = $858.45.
Debit seller $858.45, Credit buyer $858.45
Answer:
Oral tradition is a form of human communication that transmits knowledge, ideas, culture, thoughts, beliefs and other issues of social or ideological nature through verbal communication. Therefore, this was the main means of knowledge transmission in pre-literate societies, where older generations transmitted their knowledge to younger people, and also an important aspect in literate societies in parallel with written literature.
Therefore, since it is the first means of transmitting knowledge, and is still applied today in smaller social groups such as the family, oral tradition is a fundamental part in the construction of knowledge and people's identity.