Answer: a. rise, the supply of bread to decrease, and the demand for potatoes to increase.
Explanation:
According to the Economic law of SUPPLY AND DEMAND, less supply means HIGHER prices simply because the good is becoming scarce not unlike fuel during global oil shortages.
Now, we are told that the drought reduced the supply for wheat which means the SUPPLY of wheat has DECREASED and this will translate to the SUPPLY of Bread DECREASING as well. According to the aforementioned law, prices of Bread will therefore RISE.
Since Bread prices have risen, people will seek alternatives to bread as they may not want to pay the high price. This will lead them to choosing the alternative to bread which in this case are Potatoes which would therefore INCREASE the DEMAND for potatoes.
Answer:
8) In civil court, one person - "plaintiff" files a lawsuit against another person "defendant" because of a dispute or problem between them. If the defendant loses the case, the person may be ordered to pay money to the plaintiff or return the stolen property like in the case of Carl and Vince, but the defendant does not go to jail just for losing the case.
If Vince does not want to bring action against Carl, the civil case would therefore be dropped.
9) If Vince does not want to bring an action against Carl, there would be no criminal case against Carl from Vince but the criminal case may be brought on by the government (note that the police already have evidence in the form of a footage of Carl committing the crime) and in this case if found guilty, then Carl may go to jail or prison.
10) A defendant can still go to jail even if a victim does not want to go forward with a case - True.
Like in this case for instance the Prosecutor can present other evidence that show the theft occurred such as the footage and if Carl is found guilty “beyond a reasonable doubt” which is a very high standard, then he can be sentenced to jail
Explanation:
Answer: B. Record revenue that will be received in cash in a subsequent period.
Explanation: Accrual Accounting is a method that records transactions when they have inccured. Instead of when the cash is exchanged.
A. Incorrect. Impossible to record in earlier periods. As the past financial statements from previous years have already been closed off.
B. Correct. Accrued accounting entails recording the transaction when it has occurred. So the cash will be recorded as received. However the cash will only be transferred to the revenue account when the obligation has been met. Therefore it will only be transferred to revenue in the period that it applies to.
C. Incorrect. This is already general expense and general accounting rules apply. I.e. The expense is incurred in the same year and paid out in the same year. This is how most income and expenses are treated, except for prepaid and accrual income and expenses.
D. Incorrect. This is an example of a prepaid expense. Prepaid expenses are expenses that have already been paid even though they haven't been inccured yet. This is an asset, and is thus recorded on the debit side.
Answer:
740,960 equivalent units
Explanation:
equivalent units of production = units completed and transferred out + equivalent units in ending work in process
- units completed and transferred out = 655,600
- equivalent units in ending work in process = (213,400 units x 40% completion rate = 85,360 equivalent units
equivalent units of production = 655,600 units + 85,360 equivalent units = 740,960 equivalent units
Equivalent units shows the number of partially completely units as fully completed units.