Answer:
True or false: The inventory method selected by management does not have to correspond to the physical flow of goods to be in accordance with GAAP. True (The inventory method is an assumed cost flow and does not have to correspond with the actual physical flow of goods.
The value created by firms in the form of goods and services are distributed among various economic entities that consume them such as private consumers, government etc. But a closed circular flow diagram does not depict the other external values created. For example, a private college is a firm that produces education or provides education as a service to individuals who pay for it. This has a positive externality on society since these students can later teach others in society. Also firms produce under certain conditions and surveillance.
Firms can gain a certain control over society by studying the elasticities of demand. Also, firms generate certain expectations regarding wages and other social benefits. On the other hand, firms are controlled by governmental policies such as minimum wage laws, pricing laws etc. Such policies bind the full potential output if the potential output is not in confluence with social goals or maximization of social welfare.
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<span>She has a high need for affiliation. She, as shown, is trying to "fit in" with everyone else at the business and needs to be part of all the social groups. In addition, she takes every opportunity to meet with other co-workers outside of the work environment: this shows that she has a need for being a part of a larger group at all times.</span>
Answer:
The Journal entry are as follows:
(i) On May 31,
Miscellaneous Expense A/c Dr. $50
To cash A/c $50
(To record bank service charges)
(ii) On May 31,
Supplies A/c Dr. $18
To cash A/c $18
(To record difference in recording)
Workings:
Supplies = $97 - $79
= $18
Answer:
A) Product Differentiation
Explanation:
Product differentiation is referred as a strategy which companies or firms use to showcase the abilities which their products have and the competing product does not have. Some go as far as displaying an added advantage which their products have. Forms which this strategy can take may be through price of the product, reliability of the product or location of the product.