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Answer:
Most goods and services produced at home are included in GDP while most goods and services produced illegally are excluded from GDP.
Explanation:
The United states Gross Domestic Product is measured including only the production of legal goods and services within a given year. This means that all goods and services for previous year are not taken into account as well of illegal products or services.
Answer:
D) It helps managers exercise control after the product has been created and is ready for marketing.
Explanation:
Break-even point is the point where the total cost matches the total revenue,it is helpful to managers in order to control the business,it helps them to know when to implement certain changes or favorable incentives for improved sales and overall revenue.
It is calculated by dividing the total fixed cost/total revenue for one unit minus the variable cost for one unit.
It helps managers to control the profit margins in a given product,and also know the impact of changes to total revenue or profit when a process is Automated.
Answer:
The correct answer is the second option: unit of account.
Explanation:
To begin with, the particular concept of money, in the economics field, has a lot of application that can vary depending on wheter the use that person is going to give it to it. In the cases where the money is use in the accounts of the companies to keep the books in actual values of the day then the money has the function of acting as a unit of account in order to know how much is the amount that it has to be registered in the books and therefore that the banker is using the money as a unit of account for the bank.
Answer:
C. Net income and stockholders' equity are both overstated.
Explanation:
In the income statement , ending inventory is deducted from the addition of the beginning inventory and net purchases to arrive at the cost of goods sold. Therefore, the cost of goods can be stated as an equation stated as follows:
Cost of goods sold = Beginning inventory + Net purchases - Ending inventory
From the above equation, it can be observed that if the ending inventory is overstated, cost of goods sold will be understated by that amount.
Since gross income is determined by deducting cost of goods sold from the net sales, an understated cost of goods sold will result in an overstated gross income and subsequently overstated net income.
Since net income is one of the components of the stockholders' equity, an overstated net income will leads to an overstated stockholders' equity.
Therefore, the correct option is C. Net income and stockholders' equity are both overstated.
