Answer: In cardinal utility analysis, numbers can be assigned to utility.
Explanation:
Cardinal Utility is the utility that describes that an economic welfare can be observed directly and be given a value. One way to put value on goods is to see the price paid for the good. The utility derived from each commodity is measurable and the most convenient way of measuring utility is money that is, utility is measured by the amount of money that a consumer is willing to pay for units of a commodity.
For example, if we are ready to pay £7,000 for a second-hand Toyota Car, we can infer that we must get 7,000 utils. In other words, there is a relationship between the value of cardinal utility and the price one is willing to pay. The idea of cardinal utility is vital to rational choice theory as it allows consumers make optimal choices in order to maximise their utility.
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Answer:
C) Debit Cash $2,750
Credit Accounts Receivable $2,750
Explanation:
When payment is received in respect of services rendered or goods sold in the past periods, the accounting rule is to debit cash or bank as the case may be and credit account receivable for the amount received. This is necessary because in period when transaction took place, revenue has been credited and account receivable debited.
The financial accounts can be of various types depending on their usage. Income statements are mostly used in the hospitality industry. Thus, option D is correct.
<h3>What are income statements?</h3>
Income statements are defined by the reports of the finances that record the income along with the expense of the company over a period of time. It is maintained annually or quarterly.
It can also be a profit and loss statement and is used in the hospitality industry to know the financial performance of the company in a record time. It includes expenses, revenues, and profits.
Therefore, option D. income statements are used extensively in the hospitality industry.
Learn more about income statements, here:
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Your question is incomplete, but most probably your full question was, This is used extensively in the hospitality industry as a means of control because it is results driven.
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