The bank reserves would increase $1 million. The reserve ratio is the percentage of reservable liabilities that banking institutions must retain and not lend or invest.
The requirement for the reserve ratio set by the nation's central bank, in this case the Federal Reserve in the United States. The term "cash reserve ratio" is also used to describe it.
In the given question, when the Fed sells bonds, it does so in exchange for money. Therefore, the Fed is taking money away from the general public by issuing bonds worth $1 million. As a result, the economy is forced to lose money. Therefore, the economy's money supply (Ms) declines.
The necessary reserve is a portion of the deposits that commercial banks are required to maintain with the central bank as reserves.
Given that the statutory reserve is 0.1 and the sale of bonds is worth $1 million, the money multiplier will be 1/0.1, or 10. The multiplication impact will cause the Ms to drop by more than $1 million as a result. Therefore, the Ms will reduce by $10 million for a bond sale of $1 million ($1*10).
The selling of the $1 million in government bonds will increase the Fed's reserves. Consequently, the reserves of the economy will rise by $1 million.
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which of the following appraisal methods will best help guard against recency error? a. critical incident b. forced-choice method c. graphic rating scales d. mixed-standard scale
Critical incident method will best help guard against recency error.
The critical incident technique, also known as CIT, is a set of steps used to gather firsthand accounts of human behavior that are of vital importance and satisfy meticulously specified requirements. The episodes that result from these observations are then recorded and used to build both general psychological concepts and practical problem-solving strategies.
A key episode is one that contributes to an activity or phenomena, either positively or negatively. Critical occurrences can be obtained in a number of different methods, but often respondents are invited to share a personal experience.
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g which of the following is true of the market demand for a public good? a. the efficient quantity of a public good produced occurs where the marginal utility from the last dollar spent on the good is zero. b. the market demand curve for a public good is the sum of the quantities demanded by each consumer at a given income level. c. the market demand curve for a public good is the vertical sum of individual consumers' demand curves. d. the efficient quantity of a public good produced occurs where the market demand curve intersects the market supply curve. e. the market demand curve for a public good is the horizontal sum of individual consumers' demand curves.
The market demand curve for a public good is the vertical sum of individual consumers' demand curves is true of the market demand for a public good. Thus, option (c) is correct.
What is market demand?Market demand alludes to the number of buyers want your goods for a particular amount of time. Market demand is the sum of all individual price elasticity. Market demand refers to the amount of a good or service that customers in the existing market are willing to pay for.
According to the market demand curve for public goods, the marketplace demand curve for a common commodity is the vertically total of the market dynamics of existing clients. To calculate the marketplace demand curve, we must keep the price constant and add all individual quantities requested.
Therefore, option (c) is correct.
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When entering into an income based repayment plan option, a student must contact their to select the repayment plan option.
A. student loan facilitator
B. FAFSA service coordinator
C. student loan service provider
D. career coach and financial services counselor
When entering into an income based repayment plan option, a student must contact their loan service provider.
The U.S. Department of Education appoints a corporation as the federal loan servicer to manage the billing and other services associated with a federal student loan. The loan servicer collaborates with the borrower on choices for federal student loan repayment and other duties.
If you have any inquiries prior to submitting an application for an income-driven repayment plan, speak with your loan servicer. You may choose which of these programmes is best for you with the assistance of your loan servicer. You must fill out an application known as the Income-Driven Repayment Plan Request in order to apply.
Hence the correct option is C
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fixed costs are in a natural monopoly, so average total cost as output increases. group of answer choices small; increases nonexistent; decreases large; decreases small; decreases large; increases
Fixed costs are large in a natural monopoly, so the average total cost decreases as output increases.
Any increase or decrease in sales or production quantities has no impact on fixed costs, which are expenses that never change. Because they are not directly involved in the process of creating a good or rendering a service, this is the case. Therefore, fixed costs are viewed as indirect costs.
Fixed costs are those that are not affected by volume. The majority of fixed costs are outlaid that are more time-dependent than they are production- or sales-related. Some examples of fixed costs include rent and leasing fees, salaries, energy bills, insurance, and loan repayments.
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What are 3 reasons why the government taxes?
Taxes are a necessary part of life, and the government has a variety of reasons for why they are imposed. Here are three of the most important reasons why the government taxes citizens:
1. To Fund Government Programs – The most obvious reason for taxes is to fund government programs. This includes everything from infrastructure upkeep to public education and even social welfare programs like unemployment benefits and subsidies. Without taxes, these programs simply wouldn’t exist, and the government would be unable to provide the services and support that citizens rely on.
2. To Regulate the Economy – Taxes can also be used to help regulate the economy. For example, certain taxes can be used to encourage certain behaviors, such as saving or investing, while other taxes can be used to discourage certain activities, such as smoking or drinking. By using taxes as a tool, the government can ensure that people are making responsible economic decisions, while also raising revenue.
3. To Combat Inequality – Finally, taxes can also be used to help combat inequality. By taxing the wealthy and providing benefits to the less fortunate, the government can help to create a more equitable society. This can help to ensure that everyone has access to the same opportunities and that no one is left behind.
Ultimately, taxes are an important and necessary part of our society. They are used to fund essential government programs, regulate the economy, and combat inequality. Without taxes, our government wouldn’t be able to provide the services and support that citizens rely on, and our economy wouldn’t be able to function properly.
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New classical economists believe that an increase in deficit financing by the government will: __________
New classical economists believe that an increase in deficit financing by the government will Increase savings and fail to stimulate the economy.
A budget deficit can lead to more borrowing more interest payments less reinvestment, and less income next year. Fiscal deficits will make business decision-makers more optimistic. Increased demand for borrowable funds through borrowing will raise interest rates.
Reduce private investment. Neoclassicals believe in a more passive fiscal policy approach designed to support economic growth at stable prices. They believe in low tax rates and limited government spending, which they believe allows the private sector and thus the economy as a whole to thrive. Fiscal deficits will make business decision-makers.
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25. is an adaptation of the divisional structure whereby various divisions or parts of divisions are grouped together based on some common strategic elements, usually linked to distinct product/market differences. group of answer choices a) the product-team structure b) the strategic business unit (sbu) structure c) the holding company structure d) the ambidextrous organization e) the modular organization
B) The strategic business units (sbu) structure. While a strategic business unit functions independently, it is also an essential component of the business. It communicates its operational status to headquarters.
Grouping activities by geography, such as into Latin American divisions, is known as geographic structuring. Because it allows for flexibility in product offerings and marketing strategies, geographic structuring is especially crucial when tastes and brand responses differ across regions.
A fully functional business unit with its own vision and direction is referred to as a strategic business unit, or SBU. A strategic business unit is an important part of the company, even though it typically operates independently. It reports to the base camp about its functional status.
What is the structure of a strategic business unit (SBU)?Independent operating units that operate independently are part of a strategic business unit structure. Top corporate officials delegate to division owner's responsibilities for business unit strategy and regular operations within the structure.
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a fixed asset is purchased at the beginning (january 1) of 2011. information relating to the asset is as follows: cost of acquisition $220,000 residual value estimated at the time of acquisition $20,000 residual value revised estimate on 1 january 2012 nil useful life estimated at the time of acquisition 20 years useful life revised estimate on 1 january 2013 16 years based on this information, the depreciation for 2013 will be equal to:
The depreciation of a fixed asset purchased at the beginning of 2011 for 2013 will be $11,875.
Depreciation allocates a tangible asset over its useful life. Depreciation estimates the reduction of a fixed asset's value within a fiscal year. Depreciation calculation starts in the first second year since the asset is place in service.
From the case, we know that:
Fixed asset original value = $220,000
Residual value = $20,000
Estimated useful life (2012) = 20 years
Revised estimated useful life (2013) = 16 years
Depreciation for 2013?
To find the depreciation for 2013, we have to know the annual depreciation after the estimated useful life is revised. Before that, we need to find the remaining fixed asset value after depreciation in 2012.
Remaining value of FA = Original value of FA - annual depreciation
To find the annual depreciation in 2012, we need to use the assumption of 20 years estimated useful life. We assume that the depreciation is working on straight-line method.
Annual depreciation = Original value - Residual value
Estimated useful life
Annual depreciation1 = ($220,000 - $20,000) / 20
Annual depreciatioin1 = $200,000 / 2
Annual depreciation1 = $10,000
FA depreciation in 2012 = $10,000
Remaining value of FA after depreciation in 2012 is:
Remaining value from 2012 = Original value - FA depreciation in 2012
Remaining value from 2012 = $220,000 - $10,000
Remaining value from 2012 = $210,000 = Original value 2013
The remaining value from 2012 will be taken as the original value in 2013. Hence, the depreciation for 2013 will be equal to:
Annual depreciation = Original value - Residual value
Estimated useful life
Annual depreciation = ($210,000 - $20,000) / 16
Annual depreciation = $11,875
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what is the most important factor leading to rising health care costs in the united states since 1980?
The increased use of expensive medical technology is the most important factor leading to rising health care costs in the united states since 1980.
Why is medical technology so expensive?Due to the high expenditures of clinical trials, research and development, and market variables, medical equipment is quite expensive. A cutting-edge medical technology nearly typically costs more money.America's healthcare system has grown more complex. Each insurer has their own specifications. Because of this, hospitals must produce a wide range of documentation according to the patient's insurance company. They are unable to reduce expenses and standardise the procedure.The money needed to establish the infrastructure for a private medical college is the cause of the high fees.If you are unable to obtain a seat at the government medical college of India, it may be assumed that becoming a doctor in India might be quite expensive.Learn more about expensive medical technology refer to :
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quzlet what is the name used to describe a resident of spain who travels to andorra to purchase clothing there, in order to take advantage of the lower vat, and then returns home the same day
An excursionist, the name used to describe a resident of Spain they travels to Andorra to purchase clothes.
What is an excursionist?A resident of one nation who visits another for a short while is known as an excursionist.
They don't stay a night away from home, the term is used to refer to a person in Andorra purchasing clothing there.
Therefore, who lives in Spain but travels to Andorra to buy clothes there to benefit from the cheaper taxes, then returns the same day to Spain.
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list the five foundations in order. how can they help you make wise choices with your money?
The five foundation to use money are debt, savings, budgeting, taxes, and career.
Describe the purposes of money.Money serves several functions: it is a medium of exchange, a unit of account, a store of value, and a method of postponed payment. Money can be used as a unit of account since it serves as a medium of exchange for buying and selling as well as a value indicator for all commodities and services. This means that money can keep track of how the worth of goods changes over time and across several transactions. Money is a common medium of commerce or accounting unit. Because diverse commodities and services are measured in different units such as meters, litres, and grams, comparing them with a single unit is challenging. Money has provided a common yardstick for measuring all of these various quantities in a single denomination known as price.
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A balance sheet is a financial statement that reports assets, liabilities, and owners' equity on a specific date. True or false?
Option a. True is the correct answer. The balance sheet is a financial statement that reports assets, liabilities and owner's equity on a specific date.
A financial statement that lists a company's assets, liabilities, and shareholder equity at a certain point in time is referred to as a balance sheet. The foundation for calculating investor return rates and assessing the capital structure of a firm is provided by balance sheets.
The balance sheet is a financial statement that gives a quick overview of the assets and liabilities of a firm as well as the amount of shareholder investment. When doing basic analysis or calculating financial ratios, balance sheets can be utilized in conjunction with other crucial financial data.
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carducci corporation reported net sales of $3.54 million and beginning total assets of $0.96 million and ending total assets of $1.36 million. the average total asset amount is:
Net sales were recorded by Carducci Corporation. A total asset has an average value of $1.12 million.
By sales, what do you mean?A sale is an agreement between a buyer and a seller where the seller exchanges money for the sale of tangible or intangible products, assets, or services. There are at least two parties involved in a sale. A sale, or a contract involving two or more parties, such as the buyer and seller, can be thought of in larger terms.
What does "sales" signify in business?Sales in general daily operations refer to any exchanges of money or value for the right to possess a good or get a service. Sales in an accountancy context means to an income statement from product sales.
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Why is it difficult to compare the financial statements of a U.S. company with those of a company in India or Germany? And How would McDonald’s benefit if IFRS were adopted for use in all countries worldwide?
IFRS Accounting requirements convey transparency by using enhancing the global comparability and excellent of monetary facts, allowing traders and other marketplace participants to make knowledgeable economic decisions.
IFRS is ideas-based, while GAAP is policies-based. essentially, because of this GAAP is some distance stricter than IFRS, providing unique regulations and tactics that leave little room for interpretation. by assessment, IFRS gives standard pointers that corporations are advocated to interpret to the best of their capacity.
IFRS or worldwide monetary Reporting standards refers to a globally-normal set of accounting and financial reporting tips for making ready and presenting economic statements. It ensures uniformity in accounting practice that makes monetary data similar throughout different reporting entities worldwide.
The Indian Accounting standards (Ind AS), as notified under segment 133 of the organizations Act 2013, were formulated keeping the Indian economic & prison environment in view and in order to converge with IFRS requirements, as issued by using and copyright of that's held by means of the IFRS foundation.
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in which sdlc step do all the elements and activities of the system come together to form a completed operational system? a. operations and maintenance b. conceptual design c. physical design d. systems analysis e. implementation and conversion
The system-development life cycle enables users to transform a newly-developed project into an operational one.
The System Development Life Cycle, "SDLC" for short, is a multistep, iterative process, structured in a methodical way. This process is used to model or provide a framework for technical and non-technical activities to deliver a quality system which meets or exceeds a business"s expectations or manage decision-making progression.
Traditionally, the systems-development life cycle consisted of five stages. That has now increased to seven phases. Increasing the number of steps helped systems analysts to define clearer actions to achieve specific goals.
The SDLC highlights different stages (phrases or steps) of the development process. The life cycle approach is used so users can see and understand what activities are involved within a given step. It is also used to let them know that at any time, steps can be repeated or a previous step can be reworked when needing to modify or improve the system.
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a market is competitive if (i) firms have the flexibility to price their own product. (ii) each buyer is small compared to the market. (iii) each seller is small compared to the market. group of answer choices (i) and (ii) only (i) and (iii) only (ii) and (iii) only (i), (ii), and (iii)
Option c is correct. (ii) and (iii) only. A market is competitive if each buyer is small compared to the market and each seller is small compared to the market.
A market is said to be competitive when there are several buyers and sellers, and the impact of each on the market price is minimal. Buyers are prone to switch sellers if a seller raises their pricing. In a competitive market, no single seller can affect the market price. In economics, the term "competitive market" describes a market where there are many buyers and sellers and where no one buyer or seller has a significant impact on the market. Competitive markets have no obstacles to entry, lots of a customers and sellers and homogeneous products.
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social media company needs money to expand, so it decides to issue stock. the first-time sale of the company's stock directly to the public is called a
When a social media firm needs funds to expand, it decides to sell stock. An initial public offering is the first time a company's shares are sold directly to the public (IPO). Hence, the correct answer is IPO.
What is an initial public offering?An initial public offering (IPO) or stock launch is a public sale in which a company's shares are offered to institutional and, in most cases, individual investors. One or more investment banks often underwrite an IPO, as well as arrange for the shares to be listed on one or more stock exchanges. A privately owned corporation becomes a public company through this procedure, referred to colloquially as floating or going public. Initial public offerings (IPOs) can be used to raise additional equity capital for firms, to monetize the assets of private shareholders such as company founders or private equity investors, and to make current holdings or future capital raising easier to trade by becoming publicly traded.
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a group spends $277.50 to rent 15 tubes for a float down the ichetucknee river. how many of each type of tube does the group rent?
The cost of each tube is $18.5 when a group spends $277.50 to rent 15 tubes for a float down the ichetucknee river.
To find the cost of each tube, we may use the unit system. In unit system we divide the large value with small value to find the value of small object.
For example, if an individual purchase 50 chocolates in $100 then to find the cost of 1 toffee we can divide 100 by 50 and get the value of single toffee.
Total cost to rent 15 tubes = $277.50
Cost of 1 tube = $277.50/15
Cost of 1 tube = $18.5
The given question is incomplete, I answer the question in general as I did not find complete question anywhere.
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To pay for social insurance programs administered by the social security administration, employers, employees, and the unemployed must contribute.
a. True
b. False
To pay for social insurance programs administered by the social security administration, employers, employees, and the unemployed must contribute is a true statement.
Contributions must be made by employers, employees and the unemployed to pay for social security programs administered by the Social Security Administration. Tax rates may increase annually to provide adequate funding for OASDI programs. Employer and employee are each required to contribute 7.65% to his FICAS. For the self-employed, this amount is typically doubled, or 15.3%.
What is Social insurance ?Generally speaking, the word "social insurance" refers to a mandatory public insurance program that was created to safeguard people against a variety of financial risks (such as losing their income due to illness, old age, or unemployment).
The main purpose of social insurance as a kind of social welfare is to provide protection against the negative impacts of economic uncertainty. The government may provide the insurance, or private insurance firms may pay for it.
The loss of income due to illness, old age, or unemployment is one of the many financial hazards that social insurance, a type of obligatory public insurance, protects against.
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after working for the company for three years, roberto now qualifies to receive an annual bonus if he achieves the performance goals he has been given. this bonus is an example of blank . multiple choice question. a commission merit pay an incentive insurance
After working for the company for three years, Roberto now qualifies to receive an annual bonus if he achieves the performance goals he has been given. This bonus is an example of an incentive.
Incentives, broadly speaking, are any methods of persuading someone to change their behaviour. The fundamental rule of economics and the rules of behaviour highlight that incentives are important because they lead to greater levels of effort and, consequently, higher levels of performance.
There are two types of incentives: intrinsic incentives and extrinsic incentives. People's behaviour is driven by internal motivations. They are frequently more motivated by the work itself or the internal reward during activities than by the outward reward.
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which investment would generally be inappropriate for a 25 year old with a traditional ira invested for his/her retirement?
A substantial and permanent investment in money market mutual funds investment would generally be inappropriate for a 25-year-old with a traditional ira invested for his/her retirement.
An investment is an asset or item received with the aim of generating income or appreciation. Appreciation refers to growth within the fee of an asset through the years. whilst individual purchases a great as funding, the intent isn't always to eat the best however as an alternative to apply it inside the future to create wealth.
investing is an effective way to put your cash to work and doubtlessly build wealth. smart investing may additionally permit your money to outpace inflation and boom in cost. The greater increased ability to invest is primarily because of the strength of compounding and the danger-return tradeoff. funding is an asset that is received with the anticipation of generating a profit or profit or rate appreciation. The advantage derived from the funding is known as a return. chance and returns are without delay proportional (i.e.) the higher the risk, the better the returns.
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umpqua defines other financial institutions that perform banking services as their competitors. therefore they take a/an ___________ of its competition.
Umpqua defines other financial institutions that perform banking services as their competitors. therefore they take a/an competitor myopia point of view of its competition.
Companies who define their competition too narrowly and only recognize immediate and direct competitors suffer from "competitive myopia." It may result from a decline in peripheral vision or a failure to recognize less visible adversaries (those who are not on the radar screen but who nevertheless are present and dangerous).
the sector's organic development Only a small number of serious competitors will remain when the shakeout phase of the developing business is through and the majority of the original participants have left.
These people will only focus on themselves and neglect newcomers and players in specific niches until it is too late. the phenomena of clustering. Businesses congregate in one area due to the availability of resources (natural, labor and the like).
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Correct question:
FILL IN THE BLANK. Umpqua defines other financial institutions that perform banking services as their competitors. therefore they take a/an __ of its competition. market point of view strategic group point of view service point of view competitor myopia point of view industry point of view
over time, the amount of capacity that is devoted to firm customer orders does what in the master production schedule time fence?.
Time fence control is a rule or policy you set up to keep track of when different limitations or adjustments to operating processes occur. For instance, you can simply alter the master production schedule for a product with a cumulative lead time beyond that, with little impact on the material and capacity plans that are associated with it.
A rule or policy you establish called a "time fence control" keeps track of when various restrictions or modifications to running processes take place. For example, it would have minimal effect on the material and capacity plans connected with a product that has a cumulative lead time beyond that to simply change the master production schedule for that product. Time fences serve as divisions between several time frames within the planning horizon. They identify short-term regions where restrictions on planning prevent costly interruptions to supplier and shop floor schedules.
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a budget constraint: select one: a. shows different bundles of goods that all yield the same total utility. b. shows different bundles of goods that all cost the same amount. c. shows different bundles of goods that all maximize an individual's utility. d. shows how much income is needed to maximize total utility.
A budget constraint: select one: shows different bundles of goods that all cost the same amount.
Every combination of goods and services that a consumer may purchase at the current market price within the parameters of his or her available money is referred to as a budget constraint in economics. Consumer theory looks into how consumers make decisions by using the concepts of a preference map and a budget restriction. For both concepts in the two-good situation, a ready-made graphical representation is available. Budget restrictions are placed on the customer because they are only able to spend what their income will permit. The phrase "soft budget constraints" is frequently used to refer to economies that are in transition. This idea was first proposed in 1979 by János Kornai. This was used to describe the "economic behavior in communist economies defined by lack."
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g a corporation issued 7,500 shares of $10 par value common stock in exchange for some land with a market value of $120,000. the entry to record this exchange is:
The journal entry is Debit: Cash $120,000
Credit: Common Stock $75,000
Credit: Land $45,000
Journal entries are records of financial transactions used to track a business’s income and expenses. They include the date, description, amount, and account affected by the transaction.
Journal entries record all transactions for a business. Transactions are broadly defined as any financial activity that impacts the business. They are not limited to the buying and selling of goods and services, but include any exchange of monetary value, such as interest payments, depreciation, expenses, or payroll.
Example 1:
Date: June 1, 2020
Description: Purchase of office supplies
Amount: $200
Account: Office Supplies
Example 2:
Date: June 2, 2020
Description: Payment of rent
Amount: $2,000
Account: Rent Expense
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which of the following is not correct? a. an advantage of a negative income tax is that it is not based on the number of children, so it does not provide incentives for unmarried women to have children. b. supporters advocate the use of the earned income tax credit as a way to help the working poor. c. a negative income tax subsidizes the incomes of poor people. d. a negative income tax only applies to working people, so it encourages people to get full-time work.
An incorrect statement on tax credits and taxes is that a. an advantage of a negative income tax is that it is not based on the number of children, so it does not provide incentives for unmarried women to have children.
What is a negative income tax ?A system known as negative income tax (NIT) reverses the way taxes are paid for incomes below a specific threshold; in other words, those with incomes above that threshold give money to the state while those with incomes below it get it.
Negative income tax proponents contend that every American who earns less than the federal threshold for tax liability should get a basic income guarantee and that the NIT is a more affordable alternative to the welfare system for providing for the poor.
A negative income tax has an advantage of the fact that it does not provide an incentive for unmarried women to have children as the number of children one has is not taken into account.
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What role is money playing when comparing a $5 price for a gallon of milk to a $4 price for a gallon of gasoline?
When comparing a $5 gallon of milk to a $4 gallon of gasoline, it’s important to consider the role that money plays in the decision-making process.
When it comes to a gallon of milk, the price of $5 is a representation of the cost of the product itself. Milk is a commodity that has an intrinsic value and a price point associated with it. When looking at the $4 gallon of gasoline, the price is more reflective of the cost of production, transportation, and taxes associated with the product. Gasoline’s price point is also affected by market forces and supply and demand.
If one is looking to purchase a gallon of milk, then the $5 price tag is the determining factor. However, if one is looking to purchase a gallon of gasoline, then the $4 price tag may be more attractive depending on the current market conditions.
Ultimately, when comparing a $5 gallon of milk to a $4 gallon of gasoline, money is playing an important role in the decision-making process. It’s important to consider the cost of the product itself and any other factors that may affect the price of the product. By doing so, one can make an educated decision based on the value of the product and the cost associated with it.
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when walt disney moved their theme park business international, they adapted their parks for each local market in order to create a globally recognized brand. this in an example of which strategy for competing internationally?
The type of segment that's used by Walt Disney theme parks is known as an intermarket segment
Intermarket segmentation refers to shaping sections of purchasers who have comparable necessities and purchasing conduct, despite the fact that they are situated in various nations. It is the most common way of choosing shopper sections across a scope of nations that are focused on with an incorporated brand situating system regardless of geographic or public limits.
Intermarket segmentation empowers a business to make and distinguish target market sections of purchasers that share correspondence despite the fact that the individuals from those target showcases live in various nations or geological areas.
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Use the following data from Mayonnaise Manufacturing Co. to identify the revenues from sales of finished goods for the year. Manufacturing Finished Goods Raw Materials Ovherhead WIP Inventory Inventory Cost of Goods Sold 10,000 125,000 5,000 80,000 120,000 150,000 150,000 130,000 130,000 150,000 30,000 30,000 45,000 60,000 35,000 110,000 20,000 130,000 O Cannot be determined from the information provided O $150,000 O $150,000 O $130,000 $25,000
The revenue, based on the given data from Mayonnaise Manufacturing Co. on the sales of finished goods, and other things, is A. cannot be determined from the information provided.
How to find revenue ?Revenue is the sum of money that a business receives in return for its products and services, or, in the other direction, the price that a client pays for a business's products or services. On the first line of the income statement, a company's revenue is typically reported as revenue, sales, net sales, or net revenue.
The simplest way to determine revenue is to multiply the total number of units sold by the selling price.
As the number of units sold is not given, and neither is the price, we cannot find the revenue to Mayonnaise Manufacturing Co.. If the gross profit and the cost of goods sold were also available, then revenue could be calculated but they are not either.
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Temporary accounts include assets, expenses, and the owner’s drawing account.a. Trueb. False
Temporary accounts include assets, expenses, and the owner’s drawing account. This statement is False.
A temporary account is one that closes at the end of each accounting period and has no balance when a new period begins. To prevent their balances from being combined with those of the subsequent accounting period, the accounts are closed. The goal is to display the revenue that was earned as well as the accounting activities for various time periods.
By moving their balances to permanent accounts, temporary accounts are reset to zero. Businesses can track activity for a specific accounting period without fusing data from two different time periods by beginning an accounting period with a zero balance.
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