Mick purchased a few CDs. The value of the cd's before taxes is $1.58 if tax rate was 6% as well as the tax on his sale was $1.68.
How is a purchase defined in accounting?The two most common payment methods are cash and credit. Another way to make a purchase is to assume a debt or participate in a trading where different non-cash goods are traded, 10,000 pairs or sneaker are ordered by Shoes Unlimited from a foreign vendor. This entails the filing of a requisition, which is a formal declaration by the business that it will buy the specified kind and number of shoes. The area of accounting known as tax accounting is responsible for processing tax payments and tax returns. Individuals, companies, corporations, and other entities all use tax accounting.
Let x be the cost prior to taxes.
x+6% of x = 1.68
106x/100 = 1.68
x = 1.68*100/106 = $1.58
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What are the 5 levels of credit?
The five credit levels are bad, fair, good, very good, and outstanding.
Credit is the trust that enables one party to loan another party assets or money with the knowledge that the second party would return the assets or pay the first party back at a later date rather than immediately. Reciprocity can be formalized, made enforceable, and extended to many unrelated parties through the use of credit. Resources can include money, goods, and services. A credit agreement is one that postpones payments. Credit is given to a debtor, also known as a borrower, by a creditor, also known as a lender. Within that range, scores can often be divided into one of five categories: bad, fair, good, and very good.
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You have $252,000 to invest in a stock portfolio. Your choices are Stock H, with an expected return of 14.2 percent, and Stock L, with an expected return of 10.3 percent. If your goal is to create a portfolio with an expected return of 12.1 percent, how much money will you invest in Stock H and in Stock L
The amount invested in stock H=0.4615-$252,000.00=$116298.00
The amount invested in stock L=$135,702.00
Required expected return=12.1%
Amount to be invested-$252,000.00
Let the amount invested in stock H=X
Then, the amount invested in stock L=1-X
Expected return=Xx0.142+(1-X)×0.103
0.121=0.142X+0.103-0.103X
0.121=0.039X+0.103
0.018=0.039X
X=0.4615
1-X=0.5384
The amount invested in stock H=0.4615-$252,000.00=$116298.00
The amount invested in stock L=$135,702.00
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. If a 30 percent change in price causes a 15 percent change in quantity supplied, then the price elasticity of supply is about
Microeconomics Principles (ACTS Equivalency: ECON 2203). Price elasticity is roughly 0.5, and demand is inelastic if a 30% change in price results in a 15% change in the amount delivered.
The breadth and organization of the majority of introductory economics courses are covered in Principles of Economics 2e. Many recent instances are used throughout the course, and they are all treated fairly from a political standpoint.
When price changes result in a disproportionately modest change in the quantity required, there is inelastic demand. For instance, a good with quantity demanded may have a price increase of 30% while only experiencing a 10% decline in demand as a result.
The relationship between the percentage change in a product's quantity demanded and the percentage fixed price is known as price elasticity of demand. It helps economists comprehend how demand and supply shift in response to changes in a product's price.
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A company reported gross profit of $84,000, total operating expenses of $67,000 and interest expense of $5,100. What is the net income from operations
A company reported gross profit of $84,000, total operating expenses of $67,000 and interest expense of $5,100. the net income from operations=$84,000 − $67,000 = $17,000
In the context of business and accounting, net income, also referred to as total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales, refers to an entity's income less cost of goods sold, expenses, depreciation and amortization, interest, and taxes for a particular accounting period. The net increase in shareholders' equity as a result of a company's operations is another way to define it. It is determined by subtracting all expenses and losses from the period's income and gains.This is not the same as gross income, which simply subtracts the cost of goods sold from revenue.
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The US economy is considered a mixed economy because of
The United States is said to have a mixed economy because privately owned businesses and government both play important roles. ... The American free enterprise system emphasizes private ownership.
How long will it take P6700 to accumulate to P7604.50 if the money is invested at 9% simple interest?
Answer: The answer is 1.5 years or about 1 year and 6 months.
Explanation: The formula used to solve the problem is
t = I / Pr
which is derived from the formula of Simple Interest (SI)
SI = Prt
where, P is the principal amount, r is the rate of interest and t is the time period.
Solving the sum step by step,
First, converting R percent to r a decimal
r = R/100 = 9%/100 = 0.09 per year,
to find out amount of SI we use,
SI = Final value - Principal amount = 7604.5-6700 = 904.5
then, we substitute the values that are known to us in the equation provided,
t = 904.5 / ( 6700 × 0.09 ) = 1.5
t = 1.5 years
Therefore, the time required to accumulate simple interest of 904.50
from a principal of 6,700 at an interest rate of 9% per year
is 1.5 years or 1 year and 6 months.
Which of the following is NOT considered to be an operating expense on the income statement? A) salaries B) depreciation and amortization
C) corporate taxes D) administrative expenses and overhead
On the income statement, corporate taxes are not considered an operating expense.
What is indirect corporate taxation?Corporate tax, also known as corporation tax, is a type of direct tax. Any earnings generated by a corporation's operations, whether domestic or international, are subject to corporate taxation. Corporations pay rates ranging from 15% to 40%.
Customers pay indirect taxes whenever they buy goods and services, as opposed to paying direct taxes like income tax or corporate tax to the government.
The term corporate/corporation tax refers to a direct tax levied by the government on business organizations as a source of revenue. In order to comply with laws, a company compiles its financial statements for an accounting period (usually 12 months).
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Jacob was assigned recently to a large team working on a major software release that was taking longer than expected. Jacob and the other latecomers into the project spent a month partnered with a senior programmer who went over the project in detail with them and got them up to speed. Unfortunately, this training put the project even farther behind schedule. After a few months of working on the project with many other programmers, Jacob's work output becomes noticeably lower than it was before when he was working independently. The loss of work time on the project because of the training is known as
Answer:
Brook's law
Explanation:
Brook's law postulates that adding manpower late to a software project increases the time of project completion rather than shorten it. This law was postulated by Fred Brooks in The Mythical Man-Month.
Adding new personnel to a project takes the attention of other personnel from the project to training new personnel. This would increase the time for project completion. This is referred to as the ramp up time
As more manpower is added to the project, communication overhead increases. this increases the time for project completion as more time would be spent on communication rather than on carrying out the project
Which of the following is an impact of the Great Recession on retailing trends? A) economic shift toward higher prices. B) lower costs for retailers
(C) tighter consumer spending patterns. Retail trends include changes in customer expectations, technology improvements, and other aspects of the industry's operations.
Among the important retail trends are omnichannel retail, AI usage, same-day delivery, social commerce, and interactive retail. Retail analytical trends include dealing with labor shortages, demand forecasting, and hyper-personalized experiences. A few technical developments in the retail sector include the usage of AI security cameras, retail video analytics, contactless checkouts, and retail demand planning. The retail sector is reimagining the shopping experience for 2022, including the great benefits independent shops already enjoy as well as how we buy and sell. Every stage of the process is being guided by the innovative retail trends listed below.
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The correct response is C) tighter consumer spending patterns. An impact of the Great Recession on retailing trends is tighter consumer spending patterns.
A person or group that doesn't actively engage in commercial or entrepreneurial activities but who plans to order or utilizes purchased goods, services, or experiences primarily for personal, social, family, or household needs is referred to as a consumer. The expression is most usually used to refer to someone who makes purchases for their own use. President John F. Kennedy offered his definition of consumers to the US Congress on March 15, 1962, saying, "Consumers, by definition, encompass us all." A consumer in an economy typically purchases goods or services for personal use rather than for resale or for business objective services for personal use only; not for sales or for commercial purposes. When purchasing products or services, consumers must pay money (or an equivalent) before they can utilize them (use up). Thus, consumers are an essential component of any economy and play a crucial role in the economic system of a capitalist system. Without consumer demand, one of the primary driving forces behind production—the desire to sell to consumers—would not exist. One end of the supply chain is also the consumer.
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Which of the following is an impact of the Great Recession on retailing trends?
A) economic shift toward higher prices
B) lower costs for retailers
C) tighter consumer spending patterns
D) longer retail life cycles
E) prohibition on new retail forms
What is the best reason to request a personal loan?
Settling debt with a high interest rate It is a great idea to take out just a personal loan to repay off these high types of credit if you have a lot of debt from payday loans, debit, as well as other high interest debt.
What is a personal loan?You can borrow money from a personal loan to spend it for a range of things. For instance, you might use a personalized loan to pay for home improvements, debt consolidation, or a fantasy wedding.
What lenders provide personal loans?Personal loans are available through institutions, financial institutions, and online lenders. Personal loans can really be secured, which requires security, or unsecured, which requires no collateral. Personal loans come in a wide range of interest rates, costs, and quantities.
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What are the 3 big questions of economics?
Scholars will read and take notes on the three main questions of economics. These are what to produce, how to produce it, and who to produce it for.
The generalities of failure, choice, and occasion cost are at the heart of economics. A good is scarce if the choice of one volition requires that another be given up. The actuality of indispensable uses forces us to make choices. Since coffers are scarce, society must determine which goods it'll produce and what amounts.
The product possibilities wind stylish illustrate this question. The wind shows all of the possible product combinations in society for economics. There are three main types of profitable systems command, request, and mixed.
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Number of days a taxpayer is allowed to extend the time to petition the tax court?
As per Section 249( 2), the appeal should be presented within 30 days of the following date( a) Where the appeal relates to any assessment or penalty, the date of service of Notice of Deficiency relating to the assessment or penalty.
The Notice of Deficiency IRS Letters 3219 and 531( also appertained to as 90- Day Letters) is a taxpayer's legal notice that the IRS is proposing an insufficiency( balance due). This notice or letter may include fresh motifs that haven't yet been covered.
A Notice of Deficiency is also known as a 90- Day Letter. occasionally it's called a" ticket to the Tax Court." It's the last letter that the IRS must shoot to all taxpayers in income and estate duty cases before the IRS can begin collecting the duty.
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Which of the following is not a phase of escalation during an ethical disaster? a. The firm's discovery of the misconduct b. Ethical issue recognition
Recognizing an ethical problem is not a stage of an ethical catastrophe.
All issues relating to moral judgment and behavior during disasters are covered by disaster ethics. The distinguishing characteristic of disaster ethics is the particular issues that catastrophes face and how they differ from ordinary situations. I believe that harassment and discrimination are the two biggest ethical issues facing business owners today. The effects of harassment or discrimination at work could be terrible for your company's bottom line and reputation. False accounting, sexual harassment, data privacy, nepotism, and discrimination are just a few of the ethical dilemmas that arise in today's workplace. Moral conundrums are something that many managers and business owners may experience at some point in their careers.
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Machine X has an initial cost of $14,000. It is expected to last 10 years, to cost $255 per year to maintain and to have a salvage value of $6,000 at the end of its useful life. The equivalent uniform annual cost of the machine at 7% interest is approximately __
The total amount of labor and resources needed to make one unit of any product is what you call your variable costs.
What does "cost" mean?The value of money that is spent on producing an item or rendering a service and is now unavailable for use in business, research, retail, or accounting is known as the cost. In the case of an acquisition cost, the money spent on the acquisition is considered the cost.
What are company costs?Definition: Cost in financial management refers to the money that a firm has spent to provide a good or service. Cost in a business entails the amount of cash wasted on the creation or manufacturing of
Initial cost of Machine X = $14,000
Annual maintenance cost = $225
Salvage value = $6000
Interest rate = 7%
Useful life = 10 years
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The equivalent uniform annual cost of the machine at 7% interest is approximately $2,928.
How do you determine the equivalent uniform annual cost?The equivalent uniform annual cost (EUAC) of the machine can be calculated using the formula:
EUAC = (Initial cost - Salvage value + Total annual costs) / (1 - (1 / (1 + Interest rate)^Useful life)) where
Initial cost = $14,000
Salvage value = $6,000
Total annual costs = $255 per year for 10 years = $2,550
Interest rate = 7% (expressed as 0.07)
Useful life = 10 years
Plugging in the values, we get:
EUAC = ($14,000 - $6,000 + $2,550) / (1 - (1 / (1 + 0.07)^10))
EUAC = ($8,550) / (1 - 0.3429)
EUAC = $8,550 / 0.6571
EUAC ≈ $13,032.
Therefore, the equivalent uniform annual cost of the machine at 7% interest is approximately $13,032.
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Xavier and Leigh are planning to buy a car. Xavier wants to save money and buy a used vehicle. Leigh considers the price and wants a new red convertible sports car. This scenario exhibits what type of conflict
The marketing process consists of three steps, according to the mass communication theory of persuasion, which deals with messages intended to subtly alter the attitudes of listeners.
Which of following concepts could be used to describe vocal properties like pitch, volume, inflation rate, and rhythm?A part of meta-communication known as paralanguage—also called vocalics—can modify meaning, provide sophisticated definition, or convey emotion by employing prosody, pitch, loudness, intonation, and other approaches.
What distinguishes the communication models of Lasswell and Shannon?Not long that after Desmond Weaver model was produced, Lasswell was developed. The main difference between them is that, as opposed to focusing on a straightforward two-person discussion, Lasswell's model investigates mass communication. Predicting the message's impact on the audience is a key component of this strategy.
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If the consumer price index (CPI) were 131 at year-end 1999and 125 at year-end 1998, then inflation during 1999 was
From the base year to the current year, prices have risen by 30%. First, divide the result by the CPI for the starting date by the difference between the consumer starting date (A) and the ending date (B) (A).
Then divide the value by 100 to obtain the percentage inflation prices. Typically, to obtain a baseline for the consumer price index, multiply the sum by 100. The number that sets the comparability of your total is known as the baseline. For instance, if you divided $290 by $260, the result was 1.16. To get your baseline, multiply this value by 100.
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The cost object(s) of the activity-based costing method is(are):
A) The unit of product.
B) The production departments of the company.
C) The production activities of the company.
D) The production activities in the first stage and the unit of product in the second stage.
E) The unit of product in the first stage and the production activities in the second stage.
The correct answer to the given question about cost objects is option D) The production activities in the first stage and the unit of product in the second stage.
A cost object is something for which a cost has been compiled. This could be a product, product line, service, project, client, distribution method, or activity, for instance. In activity-based costing analyses, cost objects are used as the center of cost accumulations. A thorough examination of cost objects is also helpful for controlling costs across the board of a business. One of the main reporting targets in a managerial accounting system is cost objects. A cost object is something to which costs are attributed, and the term is most commonly used in cost accounting. Product lines, geographical regions, clients, departments, or anything else for which management would wish to quantify cost are typical examples of cost objects.
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Bookmark question for later The degree of supplier integration may vary, from ________ to ________ at the extremes.
Save the inquiry for later Supplier integration levels can range from severe levels of supplier integrated production to collaborative forecasting.
What is degree of integration in logistics?An organization of consumers and suppliers that collaborates to maximize their collective performance in the development, distribution, & support of an end product is referred to as an integrated supply chain.
The level of cooperation between businesses and their suppliers is known as supplier integration. This partnership encompasses idea generation, the creation of new products, the development of product concepts, industrial-scale manufacturing, and market research. Integrating systems allows distributors to easily access the data they need to place, manage, and execute orders, which enhances supplier customer service.
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Segregation: Low wages: High wages: Barriers to voting: A variety of jobs: The chance to go to school/college: Poverty:
Segregation, voting-related obstacles, low salaries, and poverty are push factors. High salaries, the opportunity to attend school or college, and a range of jobs are all pull factors.
How does Business Migration Affect It?Migrant workers with lower skill levels are regularly hired in the global economy. For instance, companies with manufacturing operations in Thailand hire workers from Laos, Cambodia, and Myanmar. From as far away as Vietnam and Mongolia, people in Hungary hire. Even China's abundant and cheap labor supply is gradually becoming scarce.
A sizeable portion of the top talent in today's economy is made up of high-skilled immigrants, who help firms grow their knowledge, technological competence, and innovation. You have undoubtedly seen these employees' efforts if you work in a creative sector. Data show that: Every foreign immigrant has qualities and background that can help them be a valuable contribution.
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What are 3 facts about mixed economy?
Three of the following characteristics of a market economy exist in a mixed economy. The first line of defense is private property. Additionally, it permits price to be determined by the free market and the principles of supply and demand. The third justification is that it is motivated by people's own self-interest.
What characteristics set a market economy ?
Supply and demand, as opposed to governmental interference, control the economy in a system known as a "market economy." In an economy with a fully open market, every resource is individually owned. Independent of the government, individuals decide how to distribute these resources. In the purest sense, there is no such thing as "free enterprise" or "market economy." closer ties with the US
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What do you mean by a decidable problem?
A decision-making issue that can be resolved in a finite amount of steps by an algorithm that halts on all inputs.
What do you mean when you say to describe decidable and undecidable problems?If the language L of every instance of yes to a decision problem P cannot be decided, then P is not solvable. Although not decidable, an undecidable problem may be partially decidable. Let's assume that if a language is not even partially decidable, then it does not have a Turing machine.a decision-making issue that can be resolved in a finite amount of steps by an algorithm that halts on all inputs. A decidable language is the one that goes along with it. Additional names include algorithmically solvable, recursively solvable, and completely decidable issue.To learn more about decidable problem refer to:
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A registered representative has a customer, age 50, in the 35% tax bracket, who just sold his house for a 1-time gain. The customer intends to downsize, and after buying a smaller home, will have $400,000 to invest. The customer intends to retire in 15 years. The registered representative could recommend that the customer purchase a variable annuity separate account with a growth objective because:
The registered representative could recommend that the customer purchase a variable annuity separate account because the earning build tax-deferred during the 15 year period until retirement.
Retirement products include variable annuities. They are a type of tax-deferred investment vehicle made to build wealth and produce a steady stream of income for retirement. Variable annuities are a complex combination of investments and insurance.
The U.S. Securities and Exchange Commission and the insurance agencies of each of the 50 states oversee their regulation. You don't need to be an expert to purchase a variable annuity, but it does help to understand what the separate account is.
Because your retirement funds are there. Independent insurance agents specialize in annuities. Every day, they assist people like you in making wise decisions. A variable annuity is built on a separate account for variable annuities.
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Andre went to a sporting that was having a diferent sale, He bought a baseball glove and 2 packages of socks. The baseball glove normally costs $34. The baseball glove is not discounted. One package of socks normall costs 46. On sale, one package of socks costs $4. The sale tax rate is 7.5%. What percentage of the total regular (Before tax) Was his savings
Andre saved 66.67% on his purchase of a baseball glove and 2 packages of socks, by buying them at a discounted price of $42 (before tax).
Andre went to a sporting goods store that was having a sale and bought a baseball glove and two packages of socks.
The baseball glove, which normally costs $34, was not discounted, but the price of one package of socks, which normally costs $46, was discounted to $4. The regular price for two packages of socks was $92 and the regular price for the baseball glove was $34.
This means that the total regular price for the items before taxes was $126. On sale, the total price for the items before taxes was $42. This means that Andre saved $84 on his purchase. To find the savings percentage, we divide the savings by the regular price and multiply by 100%. In this case, the savings percentage is 66.67%.
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Of the following business transactions, the only one that describes an importing activity is:
A wholesaler in Brazil packs goods for shipment to Liberia.
A retailer in Sweden receives goods from Mexico to sell in a chain of stores.
A restaurant food supplier in Japan ships sushi ingredients to a restaurant in Turkey.
A customs agent checks the bags of a traveler for any purchased goods.
Answer: A retailer in Sweden receives goods from Mexico to sell in a chain of stores.
Explanation:
Import is when goods are brought from other countries into a particular country. On the other hand, exports are the goods that one sells to other countries.
From the options given, it should be noted that the importing activity is when a retailer in Sweden receives goods from Mexico to sell in a chain of stores. The goods being brought from other countries into ones country shows that it's an import.
2. Suppose the CPI for 1980 was 82.3 and for 1981 was 90.9. Based on this information, we can calculate that the inflation rate in 1981 was _____________. *
This data allows us to determine that the rate of inflation in 1981 was 10.4%.
What exactly does inflation mean?The pace of price growth over a specific time period is referred to as inflation. Inflation is frequently measured broadly, such as the general increase in costs or perhaps the rise in cost of residing in a particular country.
What is the current rate of inflation?As according U.S. Labor Board data released on December 13, the annual rate of inflation again for United States decreased from 7.7% to 7.1% for the year that ended in November 2022. On January 12, 2023, around 8:30 a.m. ET, the next inflation report is slated for publication.
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Julia works in an advertising company where there is intense competition. How can she prove herself as a reliable employee
Julia can prove herself as a reliable employee by consistently delivering high-quality work on time, effectively communicating with her team and managers, being proactive in finding solutions to problems, and showing a strong work ethic.
Julia should take initiative in her role, actively seek out new opportunities, and take on additional responsibilities when possible.
She should also be available to help her team members and show a positive attitude towards feedback and criticism. She can also build a strong network within her company.
Julia should strive to be a valuable asset to her team and company by continuously improving her skills and knowledge in her field.
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Answer: C
Explanation: Be punctual and deliver work on time
A customer orders a product in March but is expected to receive the product in May. How long is the lead time
A customer orders a product in March but is expected to receive the product in May. the lead time is 3 months.
Lead time is the amount of time from the start of a process to its end. Businesses assess lead times during the manufacturing, supply chain, and project management pre-processing, processing, and post-processing phases. By comparing findings to established criteria, they can spot inefficiencies. Productivity improvements and process simplification can raise output and revenue. The manufacturing and sales processes, however, are negatively impacted by longer lead times. The term "lead time" refers to the whole amount of time required to complete a task. In manufacturing, the term "lead time" is widely used to describe the time it takes to make a product and deliver it to a consumer. Add any number of the days it takes to buy something to get the lead time.
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The practice that all transactions affect the accounting equation in at least two places is where the
The concept in question is Double-entry bookkeeping. It is an accounting method that relies on bilateral accounting to preserve financial information.
Double-entry bookkeeping is a standard accounting method in which each transaction is recorded in two or more accounts, resulting in a debit to one or more accounts and a credit to one or more accounts.
Each account registration requires a corresponding and opposite registration to another account. The double posting rule is as follows: If a transaction increases an active or passive account, the value of that increase must be booked against or against those accounts.
Double-entry bookkeeping maintains this balance by posting each transaction as a journal entry that offsets an equal number of debits and credits. Double-entry bookkeeping is the concept that every accounting transaction affects a company's finances in two ways.
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Suppose a business earned a positive accounting profit, but a negative economic profit, then
A.
the firm will remain in business as long as its cash flow is sufficient.
B.
the firm will not be affected as long as accounting profit remains positive.
D.
it will be very unlikely for the firm to remain in business in the long run.
Option D is correct. It is highly unlikely that the company will continue to operate profit in the long term.
Earnings are one of the most commonly observed financial metrics when evaluating a company's financial health. Monetary profit or income derived from a business or investment activity in excess of all costs, taxes, and other charges. Simply put, profit is revenue minus costs. Business profit and accounting profit are two types of profit. Economic profit refers to sales minus the opportunity cost of all inputs. Book profit, on the other hand, represents the company's total revenue, including explicit expenses. Profit is a financial measure that indicates a company's financial profit or earnings from its business or investment activities.
Economic profit is the money you make after considering both explicit and implicit costs. Book profit is a company's net profit or sales minus expenses. Economic profit can be determined by subtracting the total cost from the total return or income of a business or investment.
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Under pressure to open new accounts, a bank employee creates savings accounts in the names of current customers. The accounts are small, and a fee is deducted from their current accounts to cover the new savings. This allows the employee to show 100 new accounts opened for the month and nets the bank $1000 in fees. What kind of crime is this an example of
Answer:
This scenario is an example of embezzlement, fraud or Misuse of confidential information by the bank employee.
Explanation:
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