When a product price increases, why does the substitution effect encourage a consumer to buy less of a product?
a) It works because other products are now relatively more expensive than they were before.
b) It works because the product is now relatively more expensive than it was before.
c) It works because when the price of one good increases, the consumer’s income effectively increases.
d) It works because the real income of the consumer has been increased.
Answers
When a product price increases, the substitution effect encourages a consumer to buy less of a product because the product is now relatively more expensive than it was before. Thus the correct option is B.
What is a product?A product is referred to as final or finished goods distributed in the market to serve the customers. This product can be both goods and services in which goods are tangible and services are intangible.
When a product's price increases, consumers may transfer to less expensive alternatives, which results in a decline in sales known as the substitution effect.
The substitution effect encourages a consumer to purchase less of a product when the price of the product increases since the product is now comparatively more costly than it was before.
Therefore, option B is appropriate.
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Related Questions
INFORMATION: List of balances extracted from the accounting records of BERGVILLE LTD on 29 February 2023, the end of the financial year, unless otherwise stated. A. B. C. D. E. Ordinary share capital Retained income Loan from Iniwe Bank Fixed assets at carrying value Fixed deposit: Khula bank Trading stock Creditors control Bank (unfavourable) Accrued expenses (expenses payable) Net trade debtors SARS income tax (provisional tax payments) Petty cash - Dividends: Interim dividends : R123 000 Final dividends: R320 000 ? 280 000 985 400 ted the following: ? 200 000 ? 440 000 25 000 11 500 ? 560 000 ? Bank reconciliation statement: The bank reconciliation on 29 February 2022 reflected a post-dated EFT for R5 000 dated 31 March 2023. Trade and other receivables occupied 54% of the current assets. Loan: CAPITEC bank ne ansac edite ACCO
Answers
Given balances extracted from the accounting records of BERGVILLE LTD on 29 February 2023 are as follows:Information:Ordinary share capital = R200,000Retained income = R440,000Loan from Iniwe Bank = R25,000Fixed assets at carrying value = R11,500Fixed deposit:
Khula bank = R560,000Trading stock = R985,400Creditors control = R280,000Bank (unfavorable) = R25,000Accrued expenses (expenses payable) = R11,500Net trade debtors = R280,000SARS income tax (provisional tax payments) = R54,000Petty cash = R5,000Dividends:Interim dividends: R123,000
Final dividends: R320,000Therefore, total shareholders' equity can be calculated as:Share capital + Retained income = 200000+440000= R640,000The total current assets would be:Trading stock + Debtors + Cash = 985400+280000+5000= R1,270,400As given, Trade and other receivables occupied 54% of the current assets.
Therefore, Trade receivables = 54% * 1270400 = R685,216Bank balance as per cash book = 560000 - 25000 - 11500 + 280000 - 54000 - 5000= R1,95500Bank reconciliation statement:Bank balance as per bank statement as at 29 February 2023 = R2,000,500Post-dated EFT of R5,000 dated 31 March 2023Add: Unpresented cheque = R 3,000Add:
Deposit in transit = R12,000Less: Bank charges = R300Less: Uncredited cheque = R7,000Adjusted bank balance as per bank statement = 2,00,500 + 5000 + 3000 + 12000 - 3000 - 7000 = R2,13,500Thus, the adjusted bank balance as per bank statement is R2,13,500.
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After Luke tries to understand Wang-Li’s family situation, Wang-Li shares concerns about his ability to complete his work responsibilities. Then, Luke asks questions and listens carefully to further understand Wang-Li’s worries about the work. Luke learns that Wang-Li is especially worried because his family has invested so much into his career success. Which element of EQ is most displayed in this case?
Answers
Answer:
Empathy
Explanation:
There are two definitions I would use to describe empathy as:
1. The psychological identification with or vicarious experiencing of the feelings, thoughts, or attitudes of one another
2. The imaginative ascribing to an object, as an natural object or work of art, feelings or attitudes present in oneself
Luke was being empathetic when he tried to understand Wang-li's family situation with his work. To explain better, empathy can be shown by listening and understanding.
Basics Ltd reported current liabilities of R3 000 and a quick ratio of 1,2. The company has current assets of R6 000. If the company reports the cost of goods sold at R4 000 for the given year, what is the inventory turnover?
Answers
The inventory turnover for the given year is 3.33, calculated by dividing the cost of goods sold by the average inventory of R1200.
To calculate the inventory turnover, we first need to determine the inventory value. We can use the quick ratio formula to find the inventory amount.Quick ratio = (Current assets - Inventory) / Current liabilitiesRearranging the formula, we have: Inventory = Current assets - Quick ratio * Current liabilitiesSubstituting the given values, we have:Inventory = R6000 - 1.2 * R3000Inventory = R6000 - R3600Inventory = R2400The inventory value is R2400. To calculate the inventory turnover, we divide the cost of goods sold by the average inventory. In this case, the cost of goods sold is given as R4000. The average inventory is the sum of the beginning and ending inventory divided by 2. Since we don't have information about the beginning and ending inventory, we can assume they are equal, resulting in an average inventory of R2400/2 = R1200.Inventory turnover = Cost of goods sold / Average inventoryInventory turnover = R4000 / R1200Inventory turnover = 3.33Therefore, the inventory turnover for the given year is 3.33.For more questions on inventory
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Group Assignment: Principle of Macroeconomics (TECO 1123)
Instructions:
• The assignment is assessed in accordance to the rubric provided.
Hence, students should attempt to meet the expectations illustrated as per the rubric when providing their answers.
• Students are encouraged to use economic diagrams to illustrate economics concepts.
• The maximum word for the assignment is 1,200 words, which include tables and captions but exclude footnote, endnote and references.
Total number of words must be specified at the end of the assignment. Over length assignment will be penalized as below:
Assignment Question:
International news article on:
* unemployment during covid
Write a commentary on the news article. The articles must NOT be any older than 1st January 2020.
Your commentary should meet the following requirements:
a. Provide a concise summary of what is reported in the newspaper.
Along with the concise summary, provide an appropriate context or background to the event as well.
b. Make use of all relevant economic theories or economic concepts that are included in the syllabus of Principle of Macroeconomics - TECO 1123 (Check the course plan)
c. The use of diagrams and figures to illustrate economic theories or economic concepts is necessary.
d. Provide a conclusion. You can conclude by providing opinions or suggestions on further improvement or you can make a forecast on how the issue will develop based on the economic theories or concepts that you have employed.
Students are encouraged to cite relevant journal articles in their assignment.
Harvard referencing system should be used to reference their work and citations (if any).
Further information on Harvard referencing can be obtained from the below:
http://libweb.anglia.ac.uk/referencing/harvard.htm
Answers
My commentary is given below:
COVID-19 caused unemployment and disrupted global economies with lockdowns and social distancing.
What is the news article about?In continuation, Unemployment has surged due to pandemic, leading to poverty, social unrest, and strain on welfare systems. The pandemic has emphasized the labor market's significance in the economy, impacting supply and demand and disrupting employment balance.
The pandemic caused lower demand, less spending, reduced production, and more joblessness. Governments worldwide take steps to reduce pandemic impact on economy and employment.
Therefore, The pandemic revealed labor market vulnerability and emphasized the need for policies promoting employment and economic growth.
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Newell Company completed the following transactions in October:
Credit Sales Sales Returns
Date Amount Terms Date Amount Date of
Collection
Oct. 3 $600 2/10, n/30 Oct 8
Oct. 11 1,700 3/10, n/30 Oct. 14 $400 Oct. 16
Oct. 17 5,000 1/10, n/30 Oct. 20 1,000 Oct. 29
Oct. 21 1,400 2/10, n/60 Oct. 23 200 Oct. 27
Oct. 23 2,300 2/10, n/30 Oct. 27 400 Oct. 28
Indicate the cash received for each collection. Show your calculations. Date of Collection Oct. 8 Oct. 16 Oct. 29 Oct. 27 Oct. 28
Answers
Answer:
a. Cash receive on Oct. 8 = $588
b. Cash receive on Oct. 16 = $1,261
c. Cash receive on Oct. 29 = $4,000
d. Cash receive on Oct. 27 = $1,176
e. Cash receive on Oct. 28 = $1,862
Explanation:
a. Oct. 8
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 8 = $600 - ($600 * 2%) = $588
b. Oct. 16
Since cash was received within 10 days, it qualified for the stated 3% discount. Therefore, we have:
Cash receive on Oct. 16 = ($1,700 - $400) - (($1,700 - $400) * 3%) = $1,261
c. Oct. 29
Since cash was received outside 10 days, it was NOT qualified for the stated 1% discount. Therefore, we have:
Cash receive on Oct. 29 = $5,000 - $1,000 = $4,000
d. Oct. 27
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 27 = ($1,400 - $200) - (($1,400 - $200) * 2%) = $1,176
e. Oct. 28
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 28 = ($2,300 - $400) - (($2,300 - $400) * 2%) = $1,862
Answer:
a. Cash receive on Oct. 8 = $588
b. Cash receive on Oct. 16 = $1,261
c. Cash receive on Oct. 29 = $4,000
d. Cash receive on Oct. 27 = $1,176
e. Cash receive on Oct. 28 = $1,862
Explanation:
a. Oct. 8
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 8 = $600 - ($600 * 2%) = $588
b. Oct. 16
Since cash was received within 10 days, it qualified for the stated 3% discount. Therefore, we have:
Cash receive on Oct. 16 = ($1,700 - $400) - (($1,700 - $400) * 3%) = $1,261
c. Oct. 29
Since cash was received outside 10 days, it was NOT qualified for the stated 1% discount. Therefore, we have:
Cash receive on Oct. 29 = $5,000 - $1,000 = $4,000
d. Oct. 27
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 27 = ($1,400 - $200) - (($1,400 - $200) * 2%) = $1,176
e. Oct. 28
Since cash was received within 10 days, it qualified for the stated 2% discount. Therefore, we have:
Cash receive on Oct. 28 = ($2,300 - $400) - (($2,300 - $400) * 2%) = $1,862
Creed Boxing Company issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Creed received $206,948 in cash proceeds. Which of the following statements is true?
Answers
From the following statement, the one which is true is that, the Creed Boxing Company must pay $200,000 at maturity plus 20 interest payments of $8,000 each.
Given,
Creed Boxing Company issued a 10-year - 8% bonds
Par value - $200,000.
Market rate - 7.5%
Cash proceeds - $206,948
So here, over the life of the bond, the Creed Boxing Company would pay the semiannual coupons of $200,000
So, $200,000 * 8% / 2 = $8,000
Plus this would also include the par value of the $200,000 at the maturity.
Hence, here the one which is true is that, the Creed Boxing Company must pay $200,000 at maturity plus 20 interest payments of $8,000 each.
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What body of people do not have to worry about raising capital?
Answers
-Entrepreneurs
I hope this helps! Have a good rest of your day/night :)
True or False? If the world price of a good is greater than the domestic price in a country that can engage in international trade, then that country becomes an importer of that good.
Answers
The statement If the world price of a good is greater than the domestic
in a country that can engage in international trade, then that country becomes an importer of that good is false. When a nation permits free trade of a good.
The nation will start exporting the good if the international price is higher than the domestic price. Allowing free trade will reduce the overall surplus in the nation if the global price of a good is less than the domestic price in that nation. A nation will become an importer of a good if it permits commerce and the domestic price of the good is higher than the international price.
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Which best describes how consumers may benefit from specialization?
Consumers can only purchase high-quality goods.
Consumers have more price options.
O Consumers receive more sale offers.
O Consumers find products at lower prices.
Answers
In specialization a company have produced the product at different price levels. Consumers have more price options.
What is consumer?A consumer is a person who purchases the goods and or services from the business and is also the ultimate user of the products or services. In specialization the company produces a certain product at many different levels by which they have many price options available which vary according to their customization and quality that can be offered to the consumers and hence the customer can purchase different types of a single product from a single company or Brand.
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If you were to make an advertisement using the three word technique what three words would you use
example: powerful, brilliant, useful
Answers
Answer:
convenient, durable, easy
Daniel is working on a project where he needs to anticipate future events and conditions, as well as avoid costly mistakes. Daniel is engaged in the _____ managerial function.
Answers
Daniel is working on a project that requires him to foresee potential problems and circumstances as well as to steer clear of costly errors. Daniel is working in the managerial planning role.
How does management fit into the planning process?Managers plan, organize, direct, and control resources with the aim of achieving specific goals. By establishing them during planning, they choose how to carry out their objectives. Putting the company's objectives into practice involves allocating resources (people, money, and equipment).
Choosing a strategy for achieving objectives and choosing goals is part of the planning management activity. In order to make effective plans, managers must anticipate future circumstances and comprehend the environmental challenges that their company is currently facing.
One of the main roles of managers is managerial planning. Some would argue that the most important position in a firm is planning because it controls and directs all operational actions.
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First one to answer gets a brainly, look at the picture please
Answers
Answer:
c
Explanation:
Answer: B
Explanation:
What are the key players/ people you need to know in the investment banking industry For Bank of America
Answers
Find the ideal team for you by exploring our assortment. Banking, markets, and finance; business support services; technology & operations. The bank's banking, markets, and finance functions interact directly with clients worldwide as well as with businesses and institutions in the United States.
What does the word "banking" imply to you?
The banking industry includes protecting other people's money. As banks lend this money, interest is generated, which benefits both the bank and its clients. An institution of this nature that is permitted to accept deposits and provide loans is a bank. But they might also offer additional financial services. An institution of this nature that is permitted to accept deposits and provide loans is a bank. Retail, commercial, and investment banks are just a few of the numerous sorts of banks.
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John plans to invest in Casper Inc. Therefore, he is going through the balance sheet of the company. He realizes that the working capital has drastically reduced in the current year because of purchase of fixed assets. How would he view the financial position of Casper?
Answers
Answer:
A. negatively; as Casper does not have enough funds to pay off its current liabilities
Explanation:
PLATO
The operating budget provides a roadmap for financial plans for a short-term, future period. What is a typical “future period” for an operating budget?
Answers
An operating budget is a financial statement that outlines the organization's expenditures and revenues for a specific period.
The operating budget is typically for a fiscal year, which is usually twelve months. The future period for an operating budget is usually a fiscal year or less than a year. The operating budget is critical because it establishes guidelines for financial activities and operations in an organization. It provides a roadmap for financial plans for a short-term, future period, which typically begins on January 1st and ends on December 31st.
An organization creates an operating budget to aid in the allocation of resources and expenditures to achieve its objectives for a given period. A typical operating budget is for a fiscal year. A fiscal year is the period when an organization prepares its financial statements. It is usually 12 months, but it may be shorter or longer depending on the organization. An operating budget typically covers one fiscal year; however, it may be longer or shorter based on the organization's preferences.
The future period for an operating budget is frequently updated to reflect the company's current situation and financial standing. It takes into account the actual results of the previous period and the estimated expenditures and revenues for the upcoming year to develop the operating budget for a future period.
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Lorraine is a professional food critic. After each visit, she evaluates a restaurant on their service, food quality, and atmosphere. What type of quality assessment is this
Answers
The type of quality assessment that food critic Lorraine will make on each visit, assessment of the service, food quality and ambience of a restaurant will be based on their experience.
Quality assessment is carried out by collecting data to identify compliance with pre-established standards, such as those defined by Lorraine, regarding service, food and environment.
Therefore, through her on-site experience, she will be able to assess the quality according to her criteria and then share it with the public or in media such as newspapers, magazines and blogs.
The experience of the food critic will influence the public to decide if they want to go to the place and also to the restaurant to improve the quality of their service and products.
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Save our homes amendment, annual homestead assessment increases are limited to what maximum percentage
Answers
Save our homes' amendment, annual homestead assessment increases are limited to 3% is the maximum percentage.
What is annual homestead assessment?A Florida constitutional amendment known as "Save our Houses" became operative in 1995. It caps the annual growth in the assessed valuation of homestead properties to 3%, or whatever amount is less than the change in the National Consumer Price Index.
Voters changed the Florida Constitution in 1992, creating Amendment 10, which limits the Assessed Value of properties with Homestead Exemption to 3% or the Consumer Price Index, whichever is less.
Thus, 3% is the maximum percentage.
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organizations use estimated overhead rates, instead of actual cost, to apply overhead cost to work in porcess because that method is
Answers
Answer: The management requires the overhead rates before the end of the year
Explanation:
The overhead rates are used because the management requires the overhead rates before the end of the year and the predetermined overhead rates are helpful in keeping records very well. The overhead rates are more accurate in results also.
Project manager Anna is working with her team on risk management. Match the components of risk management with what each component involves.
Answers
The components of Risk Management are written below:-
Risk Evaluation involves:-
includes risk identificationincludes analysis of consequencesincludes impacts of risks and responsesRisk Control involves:-
includes action for minimizing risksincludes risk monitoringincludes prioritization of measuresRisk management is the process of identification, prevention and mitigation of risks. This process is used by the companies to avoid any monetary losses or unexpected events. Risk evaluation defines the seriousness of the risk and is considered to be the quantitative part of the assessment. Risk control is identified as one of the tools which can be used under risk management.
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A free enterprise system provides individuals the opportunity to make their own economic decisions, without restrictions from the government. It allows the supply and demand of consumers to determine the success or failure of an economic endeavor. As a result, some business owners have become successful, while others have not.
In an essay, you will choose an entrepreneur and argue whether the free enterprise system was necessary for that individual to make an impact on the business world.
Answers
The entrepreneur that is chosen for this argument is Steve Jobs. Steve Jobs was one of the co-founders of Apple, which is now a trillion-dollar company.
The free enterprise system was necessary for Steve Jobs to make an impact on the business world. Steve Jobs did not come from a wealthy background, but he had a passion for technology. The free enterprise system allowed him to start a business without any restrictions from the government.
He was able to create innovative products, such as the iPhone and iPad, and sell them to consumers. The supply and demand of consumers determined the success or failure of his business endeavors. Steve Jobs was able to create a successful company and become a billionaire because of the free enterprise system.
Without the free enterprise system, Steve Jobs may not have been able to start a successful business and make an impact on the business world.
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management accounting is accounting for effective management. Explain this statement.
Answers
Explanation:
Management is the process of organizing, commanding, coordinating and controlling administrative resources. When we talk about management accounting, we relate to a company's financial resources, which are essential for profitability, payments, investments, etc., that is, so that the business can flow effectively.
Therefore, it is correct to say that managerial accounting is the accounting for effective management because accounting is an instrument of control and management for organizing financial accounts and indexes, these being essential instruments in helping to better decision making in a period of time, giving subsidies for managers to adapt and anticipate negative financial situations for example.
What is the value of $1000 investment that loses 5% each year for eight years
Answers
Answer:
$663.420
Explanation:
The value for the investment is the future of $1000, earning a compound interest of -5% for eight years.
The formula for compound interest is as below.
FV = PV × (1+r)^n
Fv = $1000 x ( 1 + (-5/100)^8
Fv= $1000 x (1 +(-0.05)^8
FV= $1000 x (0.95)^8
Fv=$1000x 0.6634204
Fv=$663.420
The value will be $663.42
Answer:
663.42
Explanation:
Trust me and him ^
A company has two products: A1 and B2. It uses activity-based costing and has prepared the following analysis showing budgeted cost and activity for each of its three activity cost pools:
Budgeted Activity
Activity Cost Pool Budgeted Cost Product A1 Product B2
Activity 1 $60,000 2,400 6,000
Activity 2 $75,000 3,440 5,960
Activity 3 $104,000 8,400 2,000
Annual production and sales level of Product A1 is 9,680 units, and the annual production and sales level of Product B2 is 23,510 units. What is the approximate overhead cost per unit of Product B2 under activity-based costing?
A) $7.14
B) $7.98
C) $10.00
D) $13.28
E) $4.70
Answers
Answer:
The overhead cost per unit of product A1 under activity based costing is $13.53
Explanation:
Assume that one year ago, you bought 340 shares of a mutual fund for $36 a share, you received a capital gain distribution of $0.55 per share during the past 12 months, and the market value of the fund is now $40 a share.
a. Calculate the total return for your $12,240 investment.
Answers
The total return on this mutual fund investment is $12,427.
Total return on investment refers to the total profit or loss on an investment, including any capital appreciation and dividends or distributions received.
Here's how to calculate the total return on a mutual fund investment:
Step 1: Calculate the total initial investment by multiplying the number of shares by the purchase price per share. For this investment, the total initial investment is: 340 shares x $36/share = $12,240.
Step 2: Add any capital gain distributions received during the investment period. In this case, the capital gain distribution per share is $0.55, so the total capital gain distribution received is: 340 shares x $0.55/share = $187.
Step 3: Calculate the current market value of the investment by multiplying the number of shares by the current market price per share.
In this case, the current market value is: 340 shares x $40/share = $13,600.
Step 4: Add any dividends or interest payments received during the investment period, if applicable.
If no dividends or interest payments were received, skip this step.
Step 5: Calculate the total return by adding the initial investment, capital gain distributions, and dividends or interest payments (if applicable), and then subtracting any fees or commissions paid during the investment period.
In this case, the total return is: $12,240 + $187 = $12,427.
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how likely is it that 70% of students will pass this course with a Bor an A
would you look at data showing the success rate of previous courses?
would you check to see if the current gpa of students in your class is high or low?
what other data would you like to look at before determining the probability?
Answers
Probability is a branch of mathematics that measures the likelihood of an event occurring.
What is probability in this case?Data from previous courses can be used to determine the likelihood of students passing the course with a B or an A. If the success rate is consistently around 70%, then it is more likely that 70% of students will pass. Checking the current GPA of students in a class can help determine their success in the course, but it is important to remember that GPA is just one factor that can affect success. The difficulty level of the course, level of student engagement and motivation, teaching quality, availability of resources and support are all important factors in determining the probability of 70% passing the course with a B or an A.
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Periodic Inventory by Three Methods
The units of an item available for sale during the year were as follows:
Date Line Item Description Units and Cost
Jan. 1 Inventory 6 units at $47
Feb. 17 Purchase 12 units at $48
Jul. 21 Purchase 6 units at $51
Nov. 23 Purchase 19 units at $51
There are 6 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.
a. Determine the inventory cost by the first-in, first-out method.
b. Determine the inventory cost by the last-in, first-out method.
c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the two decimal places, and round your final answer to the nearest dollar.
Answers
The first-in, first-out method costs $306, the last-in, first-out method costs $282, and the weighted average cost method costs $297 for inventory.
What is Weighted Average Cost Method?The Weighted Average Cost Method is a method for valuing inventory that is used to figure out how much each unit of inventory costs on average. The weighted average cost of all units that were available for sale during the accounting period is used in this method to calculate the cost of goods sold (COGS) and the value of the ending inventory.
Divide the total cost of goods that are available for sale by the total number of units that are available for sale to get the weighted average cost per unit. The cost of goods sold (COGS) is then calculated by multiplying this average cost per unit by the number of units sold. To determine the value of the ending inventory, the remaining units are valued at the same weighted average cost per unit.
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types of collective bargaining
Answers
Composite bargaining, granted bargaining, egalitarian bargaining, integrating negotiating, and efficiency negotiations are the five primary categories of collective bargaining.
What serves as a means for provision?A provision is cash saved in the funds to cover any liabilities that may arise in the future. To improve the accuracy of something like the current year's balance, a provision is utilized to allow for costs that could, in some cases, be offset with in current or prior financial year.
Which preparations are required?A "business make better term" lease clause stipulates that the tenant must return the doors to the home in the same condition that they found it.
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if this paper takes 2 hours and there are 100 questions in all, what is the average time you should spend on each question?
Answers
Which statement is FALSE?
Management stages are:
A
Collections of activities and products whose delivery is managed as a unit
B
The element of work which the Project Manager is managing on behalf of the Project
Board at any one time
Partitions of the project with decision points
D
The amount of work defined in a work package
Answers
Answer:BB
Explanation:b
marketing intermediaries who bring buyers and sellers together and help negotiate an exchange without taking title to the goods themselves are blank .
Answers
Manufacturers are marketing intermediates who connect buyers and sellers and assist in negotiating a transaction without claiming ownership of the goods themselves.
In order to promote their goods, manufacturers may employ brokers and agents who do not assume ownership or control of the products. Only a handful of the marketing movements are normally carried out by brokers and agents, and their primary job is to make buying and selling easier by bringing buyers and sellers together and mediating negotiations between them.
Many producers opt to hire marketing intermediaries to carry out a variety of necessary tasks to get the product to the final user rather than selling goods or services directly to customers. These intermediaries often make longer-term commitments, such as middlemen (wholesalers, retailers, agents, and brokers), distributors, or financial intermediaries.
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