Answer:
a prior period adjustment
Explanation:
A prior period adjustment -
It is the correction of the accounting error which took place in the past and was written in the prior year of financial statement , net of the income taxes , is known as a prior period adjustment .
It is the method to fix the previous problem of past during the reporting .
hence , the correct term fro the given statement is a prior period adjustment .
Answer:
keep producing in the short run but exit the industry or go out of business in the long run
Explanation:
A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
A firm should shut down in the short run if price is less than average variable cost. But since the diner's price is greater than average variable cost, it should continue production.
A firm should exit the industry in the long run if price is less than average total cost. the diner's price is less than average total cost, so it should shut down in the long run
Answer:
A) define the goals. (part of define the problem)
Explanation:
The 5 stages of the Six Sigma process (DMAIC) are:
- <u>D</u>efine the problem: involves defining the problem statement ⇒ the reasons for creating or improving the process ⇒ define the goals of the process ⇒ establish a timeline ⇒ determine the scope of the project ⇒ choose the team that will be in charge of carrying out the project.
- <u>M</u>easure or quantify the problem.
- <u>A</u>nalyze and identify the cause of the problem.
- <u>I</u>mprove by solving the root cause of the problem and verify the improvement.
- <u>C</u>ontrol the improvements and pursue perfection.
The elements surrounding a word which influence its meaning are called the CONTEXT.
Context is also defined as the set of circumstances in a communicative situation which will influence how the word is perceived, received, and understood.
