Answer:
Data Quality Principle
Explanation:
Collected data is said to be relevant if it is a true representation of real world facts. If it is not then conclusions drawn from it will be incorrect.
Data should be complete, consistent, have integrity, and relevant for a specific use.
For example in marketing, a company uses names and contact information to promote their goods and services. The data needs to be correct and updated for it to be useful. Assume a customer has changed his address and phone number, and these were not updated. It will be difficult for the company to conduct business with him.
Answer: See explanation
Explanation:
Economics is the study of human behavior and also how resources are allocated in the society. Economics studies the reason for the behavior in the individuals, firms or government when certain situations happen in the economy.
Opportunity cost is refered to as n alternative cost that's, the cos if what we forgo when we make an alternative decision. For example, if I purchase a book for $20, the opportunity cost is something else that I could have used the $20 for.
Answer:
$42.5 billion
Explanation:
the expected value formula = ∑ (valueₙ x probabilityₙ)
expected value = (low value x probability of low value) + (most likely value x probability of most likely value) + (high value x probability of high value)
= ($5 billion x 20%) + ($45 billion x 70%) + ($100 billion x 10%) = $1 billion + $31.5 billion + $10 billion = $42.5 billion
Answer: D. Manufacturing cost
Explanation:
Manufacturing costs include all costs related to the production of a good. This includes direct costs such as direct labor and material and also manufacturing overheads such as assembly line manager salary.
When talking about both labor and overhead costs in relation to a good in managerial accounting, the relevant concept is therefore manufacturing costs as it envelops the two terms.
Answer:
D. Ordinary Income: $20,000 , Guaranteed payment: $30,000
Explanation:
Ordinary Income refers to that part of income which is classified under salaries, wages or net income in case of Partnership. Such income is taxable at ordinary rates.
Net income refers to income arrived at after deduction of all expenses and taxes from profits. In case of partnership, profits and losses are distributed in agreed profit sharing ratio as per the clause in partnership deed.
In the given case,
Net Income before adjusting guaranteed payment to Clover: $90,000
Less: <u>Guaranteed payment to Clover</u>: <u>($30,000)</u>
Ordinary Income/Net Income for all 3 partner's $60,000
Clover's share in ordinary income is one third i.e $20,000
Clover's guaranteed payment $30,000
