Answer:
D. because it has financial regulations that benefit start-up businesses
Explanation:
In a laissez-faire economy, the government does not interfere with economic activities of such as production, consumption, or private contracts. The government focuses on enforcing law and order, providing public goods, and regulating activities in the country.
Starting a new business in a laissez-faire economy assures an entrepreneur of fair business practices due to government regulations. The business owner will be confident when entering into contracts as the government enforces them.
It is true that an external transaction is a transaction the firm conducts with a separate economic entity.
<h3>What are internal and external transactions?</h3>
An internal transaction is any financial activity that occurs within an organization rather than with a third party. Usually, money is exchanged between divisions or between the business and its employees. Even while internal transactions aren't sales like external ones are, they still have an impact on the company's finances.
An external transaction is one that involves a third party from outside the transaction. A company conducts external transactions the majority of the time throughout an accounting period.
The acquisition of goods from a supplier, the payment of cash to a creditor, and the payment of wages to employees are examples of external transactions.
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Answer:
$85 per machine hour
Explanation:
Actual Budgeted
Fixed costs $50,000 $47,960
Machine hours – Assembly 1,900 1,976
Variable costs – Assembly $121,000 $120,000
since the single rate method does not distinguish between fixed or variable costs, in order to determine the cost allocation rate we must add the fixed allocation rate and the variable allocation rate:
- variable allocation rate = $120,000 / 1976 machine hours = $60.73
- fixed allocation rate = $47,960 / 1976 = $24.27
total = $60.73 + $24.27 = $85 per machine hour
Answer:
The August 31 trial balance is a debit and credit amount of $16,986
Explanation:
The journal entries for the following transactions is as follows;
General Journal Debit Credit
1. Cash $6,500
Photography equipment $33,500
Common stock $40,000
2. Prepaid insurance $2,100
Cash $2,100
3. Office supplies $880
Cash $880
4. Cash $3,331
Photography fees $3,331
5. Utilities expense $675
Cash $675
August 31 trial balance $16,986 $16,986
The August 31 trial balance is a debit and credit amount of $16,986
Answer:
According to the economists, the resources are scarce and human wants are unlimited. So, it is difficult to satisfy each and every want of people. But according to the theory of abundance, we can overcome from this problem by division and specialization of labor. If there is a proper division of labor according to their specialization then this will increase the productivity and one can produce more goods with the same level of resources.
From this economic practice, we can overcome from the problem of scarce resources.
