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3 years ago

What is economic system ?

Business

2 answers:

CaHeK987 [17]3 years ago

8 0

Answer:

An economic system, also known as an economic order, is a method of producing, allocating resources, and distributing products and services within a community or geographical region.

Countries and governments allocate resources and trade commodities and services through economic systems. They are used to manage the five components of production: labor, capital, entrepreneurs, physical assets, and information assets.

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joja [24]3 years ago

4 0

An Economic System, sometimes known as an Economic Order, is a system for producing, allocating resources, and distributing products and services within a community or geographical region. It is made up of the numerous organizations, agencies, entities, decision-making processes, and consumption patterns that make up a community's economic structure.

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Adam was found to have used his license to procure insurance for relatives and it was also discovered that he was issuing rebate

Temka [501]

Adam's license will be suspended or revoked. It's because he was determined to have used his license to obtain insurance for family members and because it was found that he was giving insureds rebates.

After being found guilty of a significant traffic infraction, failing a road test, or providing false information on a government form, a license is frequently cancelled. One of the best rights is the ability to drive, therefore it's critical to understand whether your license is suspended or revoked as well as your options if it is. An "Administrative Review Suspension" is a unique classification of suspension used in several jurisdictions. This is given to persons whose medical conditions make it risky for them to operate a motor vehicle. Before relieving the suspension, the DMV may occasionally require written confirmation from the physician.

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2 years ago

During 2018, TRC Corporation has the following inventory transactions.

Soloha48 [4]

Answer:

Results are below.

Explanation:

Giving the following information:

Jan. 1 Beginning inventory 48 $40 $1,920

Apr. 7 Purchase 128 42 5,376

Jul. 16 Purchase 198 45 8,910

Oct. 6 Purchase 108 46 4,968

For the entire year, the company sells 427 units of inventory for $58 each.

Ending inventory units= 482 - 427= 55

1)

Under the FIFO (first-in, first-out) method, the ending inventory is calculated using the cost of the lasts units remaining in inventory.

Ending inventory= 55*46= $2,530

COGS= 48*40 + 128*42 + 198*45 + 53*46= $18,644

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,644= $6,122

2)

Under the LIFO (last-in, first-out) method, the ending inventory is calculated using the cost of the firsts units remaining in inventory.

Ending inventory= 48*40 + 7*42= $2,214

COGS= 108*46 + 198*45 + 121*42= $18,960

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,960= $5,806

3)

First, we need to calculate the weighted-average cost:

weighted-average cost= (40 + 42 + 45 + 46) / 4= $43.25

Ending inventory= 55*43.25= $2,378.75

COGS= 427*43.25= $18,467.75

Revenue= 427*58= $24,766

Gross profit= 24,766 - 18,467.75= $6,298.25

6 0

2 years ago

Gains or losses on cash flow hedges are Group of answer choices ignored completely. recorded in equity, as part of other compreh

Helga [31]

Answer: The correct answer is "recorded in equity recorded in equity, as part of other comprehensive income.".

Explanation: Gains or losses on cash flow hedges are recorded in equity, as part of other comprehensive income.

The gains or losses of a cash flow hedge must be recorded, as part of other comprehensive income, in equity.

7 0

3 years ago

LO 7.1What are the advantages and disadvantages of the bottom-up budgeting approach?

geniusboy [140]

Answer:

The following are the disadvantages and the advantages of bottom-up budgeting approach are as follows:

Advantages of bottom-up budgeting approach:

The bottom-up budgeting approach helps in making the decisions very quickly as compared to all other budgeting methods.
The main benefit of the bottom-up budgeting approach is that it helps in aligned the project goals in an organization by giving the specific direction.
It helps in understand the resources, needs, expenses and the cost of each department in an organization.

Disadvantages of bottom-up budgeting approach:

The bottom-up budgeting approach is complex as it sometimes cause misrepresent the budget figures in the given data.
In this budgeting method there is also a lack of context and also expertise.

4 0

3 years ago

You have the following information on Olivia's Bridle Shop: total liabilities and equity = $65 million, current liabilities = $1

Pepsi [2]

Answer:

Total Fixed Assets = 20 million

Explanation:

Total liabilities and equity = $65 million

Current liabilities = $10 million

Inventory = $15 million

Quick ratio = 3 times.

As we know

Total liabilities and equity = Total Assets

65 Million = Total Fixed Assets + Total Current Assets

65 Million = Total Fixed Assets + 45 million

Total Fixed Assets = 65 million - 45 million

Total Fixed Assets = 20 million

Quick Ratio = ( Total Current Assets - Inventory ) / Total Current Liabilities

3 = ( Total Current Assets - 15 million ) / $10 Million

3 x $10 Million = Total Current Assets - 15 million

30 million = Total Current Assets - 15 million

30 million + 15 million = Total Current Assets

Total Current Assets = 45 Million

8 0

3 years ago

What is economic system ?​

What is economic system ?