Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: a. Received $70,800 cash from the managers; each was issued 1,180 shares. b. Purchased equipment for use in the business at a cost of $48,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). c. Signed an agreement with a cleaning service to pay it $660 per week for cleaning the corporate offices, beginning next week. d. lan Harrigan borrowed $19,000 for personal use from a local bank, signing a one-year note. Required: 1. Create T-accounts for the following accounts: Cash, Equipment, Note Payable, and Contributed Capital. Beginning balances are zero. For each of the above transactions, record its effects in the appropriate T-accounts. Include referencing and totals for each T- account. Cash Equipment 0 Beg. bal. 0 Beg. bal. a. End. bal. b. Note Payable Contributed Capital C. 0 Beg. bal. 0 d. b. d. End. bal. End. bal.
Answers
Cash: Received $70,800 from managers and borrowed $19,000, resulting in a balance of $89,800.
Equipment: Purchased equipment for $48,000, increasing the balance to $36,000.
Note Payable: Signed a note for the equipment purchase, creating a payable balance of $55,000.
Contributed Capital: Received $70,800 from managers, resulting in a balance of $70,800.
Cash:
Transaction Debit (+) Credit (-) Balance
Beginning - - $0
a. Received $70,800 - $70,800
d. Borrowed $19,000 - $89,800
Equipment:
Transaction Debit (+) Credit (-) Balance
Beginning - - $0
b. Purchased $36,000 - $36,000
Note Payable:
Transaction Debit (+) Credit (-) Balance
Beginning - - $0
b. Purchased - $36,000 $36,000
d. Borrowed $19,000 $55,000
Contributed Capital:
Transaction Debit (+) Credit (-) Balance
Beginning - - $0
a. Received - $70,800 $70,800
Explanation of transactions:
a. Received $70,800 cash from the managers; each was issued 1,180 shares.
Cash is increased by $70,800, and Contributed Capital is increased by $70,800.
b. Purchased equipment for use in the business at a cost of $48,000; one-fourth was paid in cash, and the company signed a note for the balance (due in six months).
Equipment is increased by $36,000.
Cash is decreased by $12,000 (one-fourth of $48,000).
Note Payable is increased by $36,000 ($48,000 - $12,000).
c. Signed an agreement with a cleaning service to pay it $660 per week for cleaning the corporate offices, beginning next week.
Since this transaction does not involve any cash or financial accounts, it does not impact the Cash, Equipment, Note Payable, or Contributed Capital accounts.
d. Ian Harrigan borrowed $19,000 for personal use from a local bank, signing a one-year note.
Cash is increased by $19,000.
Note Payable is increased by $19,000.
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Related Questions
the knowledge and skills that can be used to create new products, attract new customers, and increase profits is called
Answers
The knowledge and skills that can be used to attract new customers is
called Marketing.
Marketing is done by most organizations to enable them have more
customers thereby increase their profit margin as a result of high sales.
It is a skill that involves convincing people of the products advantages and
durability when compared to others. It also involves gathering information
from consumers to make a better product.
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Below are your options for a bank. Look at the banks details and decide which bank you would choose. Be sure to explain your answer.
Keys Bank
Insured: yes
Services: checking, savings, loans, CDs
Locations: downtown, near the office
Hours: 8 a.m. - 4 p.m.
ATMs: many convenient locations
Membership: none
Fees: $25 fee for going below minimum balance, $30 fee for bouncing a check, $10 fee for overdraft, ATM fees
Interest rates: .15 percent
New England Bank
Insured: yes
Services: checking, savings, online banking, loans, CDs
Locations: near the grocery store, throughout New England
Hours: 8 a.m. - 6 p.m.
ATMs: at the bank, near school
Membership: none
Fees: $25 fee for bouncing a check, $15 fee for overdraft
Minimum balance: no minimum balance
Interest rates: .5 percent
Answers
Answer: New England Bank.
Explanation: Starting with the services offered by both banks which are very similar except for the online banking afforded to New England Bank customers which means customers can bank from the comfort of their mobile devices and PC. Online banking is a very essential services in banking today.
Location : Throughout New England means customers need not worry traveling long distances before being able to visit their banks.
New England Bank also offers more opening hours to attend to customers
Even though ATM's are located at the bank or near school, since New England banks are easy to access and the availability of online banking. ATM location wouldn't be much of an issue.
New England Bank also offer higher Interest rate of 0.5% and doesn't require a minimum balance.
If a company mistakenly counts less items during a physical inventory than actually exist, how will the error affect the cost of merchandise sold?.
Answers
The error will be declared as overstated.
What is overstated?
If an account or a figure on an account is inflated, the amount represented on the financial statement will be more than it should be.
Auditors will question the board of directors of the corporation to explain why non-current assets in the accounts were exaggerated and not represented at their recoverable amount.
Preproduction expenses for the fiscal year 2010 were inflated by almost $4 million, totaling $55.4 million.
If an account or a figure on an account is inflated, the amount represented on the financial statement will be more than it should be.
The phrase "overstated" has two meanings when used by an accountant:
1. The reported sum is inaccurate, and
2. The amount that was reported exceeds what is true or accurate.
Another account will also have an inaccurate balance in a double-entry accounting or bookkeeping system.
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If a company mistakenly counts less items during a physical inventory than actually exist, how will the error affect the cost of merchandise sold?
What costs are associated with transactions that can result in damage to the environment, human health, and property?
A) traditional market costs
B) internal costs
C) tangential costs
D) external costs
Answers
The costs associated with transactions that can result in damage to the environment, human health, and property are referred to as external costs.
External costs are costs that are not directly paid by the buyer or seller involved in the transaction but are instead borne by society as a whole.
External costs are not directly included in the price of goods or services but have negative consequences on society and the environment. It is a cost associated with but not borne by the manufacturers or producers of goods and services who create it. By internalizing external costs and making them a part of the transaction price, it is possible to incentivize more sustainable and socially responsible practices.
Examples of external costs include pollution, deforestation, and the depletion of natural resources. These costs can have serious implications for the environment, human health, and property, and it is important for businesses and policymakers to take them into account when making decisions.
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Discuss whether or not a firm will benefit from an incr ease in its output.
Answers
Explanation: if a firm manages to grow their level of output and reduce their cost of production at the same time they may benefit from economies of scale such as purchasing economies of scale or financial economies of scale , therefore they would be able to reinvest the increased profit into their business and develop new products which will help them have a wider customer base by reaching different segments of the market.
If you were a merchandiser for Ralph Lauren Corporation, would you recommend that
Ralph Lauren Corporation add another diffusion brand? Why or why not? If yes, which
category? If no, which diffusion line should be removed?
Answers
Answer:
Ralph Lauren has always enjoyed success due to positive consumer perceptions of its classic designs, high quality and premium image. It has followed an expansion strategy using the same core credentials into other fashion segments.Explanation:
Central bank regulation of money supply and interest rates.
a) gross domestic product
b) inflation rate
c) labor force
d) business cycle
e) recession
f) monopoly
g) fiscal policy
h) monetary policy
i) commerce
j) price fixing
Answers
John from sales has just sent you an e-mail. He needs a decision made on the Johnson account as soon as possible. You can make the decision, but you feel like you’d like to ask your boss for her advice. Unfortunately, she is in a business meeting, and the decision needs to be made very soon. You decide to take the initiative and ______.
a.
Interrupt your boss to make the decision
b.
Ask a coworker to make the decision
c.
Wait to make the decision
d.
Make the decision
John from sales has just sent you an e-mail. He needs a decision made on the Johnson account as soon as possible. You can make the decision, but you feel like you’d like to ask your boss for her advice. Unfortunately, she is in a business meeting, and the decision needs to be made very soon. You decide to take the initiative and ______.
a.
Interrupt your boss to make the decision
b.
Ask a coworker to make the decision
c.
Wait to make the decision
d.
Make the decision
Answers
Answer:
I believe the answer is D.
Explanation:
When you take initiative, it means you have to make a decision on your own.
The above thing regarding the decision-making was that Unfortunately when the boss was in a meeting, the decision was made me. Hence, fill in the gap - You decide to take the initiative and make a decision. This feature is known as the Decision making.
What is the meaning of Decision making?Decision-making is an important moral part of the life of any individual. Decision-making has over the years helped the living condition of human beings to get smoother and smoother.
In the case of Decision making the most important thing was to understand the fact whether the individual was talking for the oneself and the other important fact or reason is that people have been more interested in their lives and also, the motive which the yes or no depends.
Decision-making is an human perspective of the thought process regarding thee right or wrong. Hence, option D is correct.
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Which career field is likely to experience increased job openings and security over the
next few years? (10 points)
O Retail
O Nursing
O Government
O Manufacturing
Answers
Answer: government
Explanation:
Government is the career field is likely to experience increased job openings and security over the next few years. Hence, option C is correct.
What is Government is the career?Public Sector Employment is "a particular government responsibility or action. A "government job" is widely defined for recruitment purposes as any position in any department or entity that works for the government. Consequently, a position carrying out government business is a government employment ".
Among the job options in the U.S. government are political jobs working for the executive, judicial, and legislative branches of the federal government.
Government employees are employed by the military, the post office, federal law enforcement organizations, and other governmental agencies and departments.
Thus, option C is correct.
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Which of the following taxpayers in most likely to have income or loss from a passive activity? Jerald- He is a general partner in a financial planning business, and he manages the day-to-day operations of the business Holly- She in a full-time employee at a limited liability law partnership. Robert- He is a self-employed legal consultant, and he spent 500 hours during the current your doing legal work. He also owns rental property and he spent 900 hours making repairs and management decisions relating to his rental property Judy- She has invested in a limited partnership that designs specialty t-shirts, but she does not actively participate in any business or management activities
Answers
Passive activity is any activity in which the taxpayer does not actively participate.
Taxpayers with passive activities have income or losses that are treated differently than income or losses from non-passive activities. They are generally not fully deductible in the current tax year but are carried forward to future years and used to offset future passive activity income.
The passive activity rules limit the taxpayer's ability to deduct passive activity losses against income from other sources. Judy is most likely to have income or loss from a passive activity. She has invested in a limited partnership that designs specialty t-shirts, but she does not actively participate in any business or management activities.
Because Judy does not actively participate in the business, the partnership's income or loss is considered passive income or loss. As a result, Judy's ability to deduct losses from her investment is subject to the passive activity rules.
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What is cash flow?...................................
Answers
Answer:
Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company's ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow
Explanation:
On December 28, Kerr Manufacturing Co. purchased goods costing $50,000. The terms were F.0.B. destination. Some of the costs incurred in connection with the sale and delivery of the goods were as follows.
Packaging for shipment $1,000
Shipping 4,500
Special handling charges 2,000
These goods were received on December 31. In Kerr's December 31 balance sheet, what amount of cost for these goods should be included in inventory?
Answers
Explanation: This is why I believe the answer is $50,000
- When the shipping terms are FOB
destination, the seller has the responsibility of all costs of
transporting the goods to the buyer.
Therefore, the seller is responsible for the
payment of packaging costs ($1,000),
shipping costs ($4,500), and the special
handling charges ($2,000). The only
amount to be included as the buyer's cost
of the inventory purchased is the purchase
price ($50,000).
pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond fund, and the third is a T-bill money market fund that yields a sure rate of 5.5%. The probability distributions of the risky funds are: Expected Return Standard Deviation Stock fund (S) 15 % 32 % Bond fund (B) 9 % 23 % The correlation between the fund returns is 0.15. Suppose now that your portfolio must yield an expected return of 12% and be efficient, that is, on the best feasible CAL. a. What is the standard deviation of your portfolio? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Answers
The standard deviation of the portfolio is 7.09%.
What is the proportion of stock in minimum risky portfolio?= [(0.23)² - (0.32*0.23*0.15)] / [(0.32)² + (0.23)² - (2*0.32*0.23*0.15)]
= 0.31421708452
= 31.42%
What is proportion of bond fund in minimum risky portfolio?= 1 - 0.31421708452
= 0.68578291548
= 68.58%
What is the expected return of minimum risky portfolio?= 0.3142*15% + 0.6858*9%
= 0.04713 + 0.061722
= 0.108852
What is the standard deviation of your portfolio?= ((0.6858)² * (0.23)² * (0.3142)² * (0.33)²) + ((2 * 0.6858 * 0.3142 * 0.32 * 0.23 * 0.15))^0.5
= (0.00026747972 + 0.00475776218)^0.5
= 0.0050252419^0.5
= 0.0708889406
= 7.09%
Therefore, the standard deviation of the portfolio is 7.09%.
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Financing options for post-secondary education:
a
Are limited for many students across the country.
b
Include scholarships, grants, student loans, and work study.
c
Are very expensive and outweigh the value of the education attained.
Answers
Answer:
B.
Explanation:
Federal grants can be defined as financial aid or grants provided by the US grants from the general federal revenue. These grants are provided by the government for various purposes, and one of those purposes are for monetary help for college and education.
The ways in which federal grants or financial assisstance is provided to students is through scholarships, grants, student loans, and work study.
Scholarships are based on academic merit, talents, etc. It is a type of free education that can be earned if students excel in their studies.
Grants is a financial aid that does not need to be repaid unless service, which is promised in return of grant, is done. Example of grants are TEACH, FSEOG, etc.
Work study are those financial aids that helps students to earn on their own for their fees by doing a part-time job.
So, the correct answer is option B.
Formulate and answer a True/False question for each of the following topics:
a. Integer Optimization – Binary Constraint Types
b. Integer Optimization – Fixed Charge Model and Excel Solving
c. Project Scheduling – Impact of shortening an activity
d. Project Scheduling – Impact of delaying an activity
Answers
a. In Integer Optimization, binary constraint types restrict variables to only take on values of 0 or 1. True.
b. The Fixed Charge Model is a type of Integer Optimization problem and can be solved in Excel using the Solver add-in.
True.
c. False. Shortening an activity in a project schedule may not always result in a reduction of the project duration if the shortened activity is not on the critical path.
d. True. Delaying an activity in a project schedule will always result in an increase in the project duration, as it will push back the start and end dates of subsequent activities.
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What is the biggest attraction for businesses considering engaging in
international business?
A. The lack of domestic resources.
B. The cost of labor.
C. The size of the market.
D. The number of burdensome regulations.
Answers
The biggest attraction for businesses considering engaging in international business was The size of the market.
What is Business?An innovative company or group that engages in professional activities is referred to as a business. They could be industrial, commercial, or something else. Businesses that are for-profit operate to make a profit, whereas those that are nonprofit do so to further a philanthropic cause.
Increasing customer base, sales, and revenue is the primary objective of businesses expanding internationally. Your business gains access to customers who weren't previously on your radar by entering a new nation.
Therefore, Thus option (C) is correct.
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Need help fast please!!
8. Jill Jantzen's gross weekly pay is $298.00. Her earnings to date for the year total $14,900.00. What amount is
deducted from her pay each week for Social Security, which is taxed at 6.2%?
$30.88
$14.52
$18.48
$21.33
Answers
Which of the following is an example of cross-training?
A. A graphic designer is taking classes in project management and
finance to improve her skills in those areas.
B. An experienced pilot mentors newer pilots on their flying skills.
C. A business produces more goods than their competitors because
they can do it at a lower cost.
D. A contractor focuses solely on heating and air conditioning
repairs.
Answers
Answer: A. A graphic designer is taking classes in project management and finance to improve her skills in those areas.
Explanation: just took the quiz :)
A graphic designer is taking classes in project management and finance to improve her skills in those areas is an example of cross-training. Thus, option A is correct.
What is cross-training?Cross-training is the technique of preparing an individual for labor that isn't directly related to his core specific position, but is instead performed by some other individual.
This means that there will be some people who will be trying to achieve expertise in different areas.
The example where the main job of the graphic designer is to visualize some art and represent it, but the person is taking management classes as well as finance classes that mean that he is in a position of cross-training where is learning about management and to develop a base in the finance. Therefore, option A is the correct option.
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Which of the following is a style trend?
A. An increase in the population of young parents in a neighborhood
B. The popularity of a new type of jeans
C. An increased concern for protecting the environment
D. The popularity of cell phones that can access the Internet
Answers
B
Explanation:
what multiplication do you do to convert currency
Answers
Hope it helpss:))
Explanation:
you multiply by the exchange rate.
single view of customer (svoc) is important as a starting point for storing clean data because it accounts for customer change. T/F
Answers
The statement is true. A single view of the customer (SVOC) is important as a starting point for storing clean data because it accounts for customer change.
A single view of the customer (SVOC) refers to a comprehensive and unified representation of customer data across different systems and touchpoints. It aims to create a consistent and accurate record of customer information, allowing organizations to have a holistic understanding of their customers.
SVOC is important as a starting point for storing clean data because it takes into account customer change. Customers' information, such as contact details, preferences, and interactions, can change over time. By maintaining a single view of customer data, organizations can ensure that the most up-to-date and accurate information is stored, reducing data duplication, inconsistencies, and inaccuracies.
This enables businesses to make informed decisions and deliver personalized experiences based on a reliable and comprehensive understanding of their customers.
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PLEASE SEND HELP ASAP
Planning for regional natural disasters at work is _______.
a.
good practice
b.
unnecessary
c.
too cautious
d.
unsafe
Please select the best answer from the choices provided
A
B
C
D
Answers
Answer:
A. good practice
Explanation:
planning for these disasters can help reduce damage,injuries,even death.
Answer:
A
Explanation:
Just in case something were to happen it would be good to know where to go and what to do. It can prevent deaths and injuries if the real thing were to happen.
fireball company has fixed operating costs of $120,000 and fixed financing costs of $120,000. fireball's variable costs are $4 per unit of output. if fireball sells 200,000 units for $5 each, it will generate:
Answers
The fireball company has fixed operating expenditures of $120,000 and fixed finance costs of $120,000. The variable costs for fireball are $4 per unit of output. If Fireball sells 200,000 units at $5 each, it will generate an operating profit but a net loss.
What is company?The term company refers to the legal entities that are legally registered in accordance with the Company Act. Company is the main goal to earn higher profit, and they maintain the goodwill.
According to the company was the fixed in the operating expenditures and the fixed finance costs of $120,000. There was the shown in the operating profit of the company but, the net loss.
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Unit 5: Discussion Question 3 - Prompt:Your supervisor has asked you to compare three laptop computers that the department is considering. A presentation will be given to upper management so they can decide which computers fit the needs of the department. How will you present the technical information about the computers? What role will charts play in your presentation? - Requirements: 250 words minimum initial post, 100 words minimum reply
Answers
When presenting technical information about three laptop computers to upper management, charts can help make the information more accessible.
Here's how I would go about presenting the technical information on the computers:
1. Start by identifying the technical specifications that are important to the department, such as processor speed, RAM, storage capacity, graphics card, battery life, and connectivity options.
2. Research the technical specifications for each laptop computer and create a table that compares the specifications side-by-side. This table can be used to highlight the differences and similarities between the three laptops, making it easier for upper management to understand the information at a glance.
3. Create a line graph that compares the battery life of the three laptops. This graph can be used to show how the battery life of each laptop changes over time, and can help upper management understand the differences in battery life between the laptops.
4. Create a pie chart that shows the percentage of storage capacity that is used by the operating system and pre-installed software on each laptop. This chart can be used to show how much storage capacity is available for each laptop, and can help upper management understand how much space is left for additional software or files.
5. Use a bar graph to compare the prices of the three laptops. This graph can be used to show how much each laptop costs, and can help upper management understand the differences in price between the laptops. Overall, charts can play a valuable role in presenting technical information about laptop computers to upper management. They can help make the information more accessible and easier to understand, and can be used to highlight the differences and similarities between the three laptops.
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need help on econ please and thank you
Answers
Answer:
1. Bonds
2. Property
3. Mutual Funds
4. Starting a business
Explanation:
According to the video, what qualities do Reporters and Correspondents need? Select four options.
ability to work under deadline pressure
patience
curiosity
a loud speaking voice
people skills
an understanding of politics
a flair for language
Answers
Four qualities that are needed by those who become Reporters and Correspondents are:
ability to work under deadline pressurecuriositypeople skillsa flair for languageWhat qualities are needed by reporters and correspondents?Reporters and correspondents are those people who have to travel around to report on current events around the world. They also have to be the ones to dig up the stories they report on sometimes, as well as research news events to make sure they are credible.
To be able to find these events, the quality of curiosity is needed as this would lead to the reporters looking for current events. People skills are then needed to dig deeper into events by talking to people who experience them.
A flair for language would allow reporters and correspondents to be able to properly report on news events and the ability to work under pressure ensures that current news events are reported on as fast as possible.
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Answer:
a c e g
1 3 5 7
In the united states, which of these financial institutions arrange most primary market transactions for businesses?
Answers
When a company seeks to offer shares or bonds to investors, investment banks basically take on the role of brokers. The correct option is C.
What is meant by Investment Banks?
Investment banking is the term used to describe a number of activities carried out by a financial services firm or corporate division that involve advisory-based financial transactions on behalf of private persons, public companies, and governmental entities. Investment banks essentially act as brokers when a business wants to sell shares or bonds to investors. The investment bank provides support in managing regulatory requirements and pricing financial products to optimize profit. Investment banks serve as an intermediary between investors and large corporations.
They primarily advise businesses and governments on how to address their financial concerns and assist them in obtaining finance, whether it comes via stock offers, bond issuance, or derivative products.
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Complete question
In the United States, which of these financial institutions arrange most primary market transactions for businesses?
a. Asset transformer
b. Direct transfer agents
c. Investment banks
d. Over-the-counter agents
2.Which of these statements is true?
a. The higher the default risk, the higher the interest rate that security buyers will demand.
b. The lower the default risk, the higher the interest rate that security buyers will demand.
c. The default risk does not impact the interest rate that security buyers will demand.
d. The higher the default risk, the lower the interest rate that security buyers will demand.
In which market would a producer sell bicycles to consumers?
Answers
In the markets for goods and services, a producer would sell his bike for purchase by customers.
What is the market for goods and services?Consumers buy consumables on the products and services market, and firms sell their commodities there. The market encompasses physical stores, the Internet, and any other location where consumers can exchange products and services.
The trading of finished goods takes place here. Businesses receive payment from customers in exchange for goods. The consumer gives money to the business in a flow. In contrast to this, enterprises can buy the materials they need on the factor market to make an item.
The rule of supply and demand governs how much is produced and at what price in the market for products and services.
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Number 2 please please help me
Answers
Answer: See explanation
Explanation:
a. Public sector simply means the sector of the economy that the government controls. Examples include the military, public education, law enforcement, etc
b. The secondary sector is the sector of the economy that is concerned with how raw materials would be processed to become finished goods. The industries in this sector include construction companies, car manufacturers, textile industries, etc.
c. The tertiary sector of the economy is the sector that is concerned with services. This sector is important because:
• it helps in the provision of basic services like health care delivery, education, etc.
• it also helps in the development of several sector in the economy such as communication, and transportation.
• it contributes a huge part to the gross domestic product of a country.
d. The reason why some ministers may want to privatize some business include
• when the resources are not being efficiently utilized and there's wastage of resources.
• to improve competition
• it also brings about increase in effectiveness and efficiency.
e. The public sector alwayw produces goods and services more efficiently than the private sector as the government always looks to tackle market failure. Apart from that, the government looks out for the welfare of the people in the society and it's main motive is not profit maximization like the private sector.
"Nepal has a great potentiality of operating local level Industries." Justify this statement with suitable example.
Answers
Answer:
tyo comments delete kinn garyau??
According to the Nepal Rastra Bank's Economic Activity Study Report, the average industrial capacity utilization in the fiscal year 2019 was 57.1 percent, which was lower than the average capacity utilization in the previous two years.
Which is the biggest industry in Nepal?Tourism is the largest industry in Nepal, as well as the largest source of foreign income and revenue. Nepal is well-known among mountaineers for having several of the world's tallest mountains.
In Nepal, industries are very important because agriculture alone cannot meet human needs in the modern era. Due to a lack of skilled resources, Nepalese agriculture has not improved. Cottage industries that can be started locally and use locally available raw materials create jobs and supply consumer goods.
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