Answer: A. is an institution that brings together buyers and sellers.
Explanation: A market is an institution that brings together buyers and sellers of goods and services.
A market can also be said be a place where goods and services are exchanged and where buyers and sellers interact.
A market can be face to face or virtual (online).
I’m guessing the answer is D
Answer:
Letter e is correct.<u> All of the above except (b).</u>
Explanation:
A service is a set of activities whose objective is to satisfy some human need without the presence of a material good.
Service providers constitute the tertiary sector in economics, so there is a need for the development and improvement of service techniques so that the sector meets the demands of customers.
Some characteristics that define a service are:
Intangibility: Services are intangible processes and ideas, so the consumer is influenced by the reputation of a company, brand or service for the ideal choice.
Heterogeneity: The service varies from customer to customer. It is not possible to offer exactly the same service every time, often due to outsourcing in companies.
Simultaneity: Services are consumed at the same time they are created.
Customer participation in the process: There is an integration between the customer and the service provider, so there are opportunities for service production with customer participation.
Perishability: Services cannot be stored, if they are not consumed it is lost.
Answer:
The adjusted balance of prepaid insurance is $ 1,600 and the statement is true.
Explanation:
A prepayment refers to payments made for which the benefit is to be received in the future. Common examples of prepayments are prepaid rent and prepaid insurance.
An adjustment is made at the end of an accounting period to reduce the prepaid balance to reflect the unused portion of benefit.
In the given question, $ 1,200 value of prepaid insurance had expired hence it is reduced from the pre adjusted balance of prepaid insurance.
Answer:
$3,176 , it's two months of interests $1,588 + $1,588
Explanation:
If the company paid each month 1/12 of capital plus interest it means that it's necessary to deduct the total amount of interests paid each month.
The company paid $25,588 and the monthly capital it's $24,000, therefore the company paid on interest an amount of $1,588 each month.
The issue of a one year installment note means that the company repay the principal to the lender in a series of periodic payments, in this case each month pay principal plus interests
In the income statement we have to applied the accrual criteria which means that the company only recognize the interest paid in the past months, November and December.