Answer:
C) the industry would more closely approximate pure competition
Explanation:
A monopolistically competitive industry is one with different firms selling similar products that are slightly differentiated. It is very easy for firms to enter into industries that are monopolistically competitive. They also have the autonomy to increase their prices.
If the number of firms in a monopolistically competitive industry increases and the degree of product differentiation diminishes they would then resemble a pure competition because they would all be selling identical products which would result in little or no competition.
Answer:
Profits and losses play an important role in helping direct businesses toward productive projects and away from ones that are productive.
Explanation:
That is the essence of accounting and finance monitoring that the efforts that the company is carrying out are compensating with the corresponding profits; If this is not the case, we make corrections or start new projects. Knowing profits and losses, we can know if a business is viable or not.
Answer:
b) People who operate and function within the control system.
Explanation:
Internal controls are the process and mechanisms that an organization puts in place to ensure the integrity of its accounting and financial information. Internal control helps a business achieve operational efficiency and effectiveness. It ensures that a company financial reporting complies with the relevant laws, policies, and regulations.
The people working in internal control determines whether the mechanisms will succeed or fail. Employees assigned in internal control must be of high integrity and be able to discharge their duties without fear or favor. Internal control protects company resources from theft, wastage, or misuse. For internal control to achieve its purpose, the Individuals in that department must not comprise in any situation.
Answer:
Estimated manufacturing overhead rate= $23.973 per machine-hour.
Explanation:
Giving the following information:
Estimated total machine-hours= 15,000
The estimated variable manufacturing overhead was $7.36 per machine-hour.
The estimated total fixed manufacturing overhead was $249,200.
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= (249,200/15,000) + 7.36
Estimated manufacturing overhead rate= $23.973 per machine-hour.
