Leslee is a loan processor who is not required to perform her duties at the direction of or subject to the supervision. Leslee is an independent contractor.
An independent contractor is a self-employed person who is contracted in order to perform work for or provide services to another entity as a non-employee. Thus, independent contractors are not employees, nor are they eligible for employee benefits.
Here, as Leslee is a loan processor, so she is not required to perform her duties at the direction of or subject to the supervision and instruction of an individual who is licensed. As she is an independent contractor.
Hence, companies may also hire an independent contractor to do a job.
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Answer:
Total value added to the GDP is $500,000.
Explanation:
Given that,
Automobile factory uses parts that are purchased from foreign countries = $100,000
Total cars produce = 30
Price of each car = $20,000
Total cars sold = 20
Left in inventory = 10
Therefore,
Addition to GDP:
= Total value of car produced - Imports(parts purchased from foreign countries)
= (Selling price of each car × Total cars produced) - $100,000
= ($20,000 × 30) - $100,000
= $600,000 - $100,000
= $500,000
Hence, total value added to the GDP is $500,000.
According to the accrual accounting revenue recognition concept, revenues must be recognized when they are earned and realized rather than when cash is received.
A generally accepted accounting standard (GAAP) called revenue recognition specifies the particular circumstances under which revenue is recognized and how to account for it. When a significant event occurs, revenue is typically realized, and the corporation can simply quantify the financial amount. The foundation of any corporate performance is revenue. The sale is the keystone. Regulators are aware of how alluring it may be for businesses to stretch the boundaries of what constitutes income, particularly when not all cash is collected until the task is finished.
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