Of the eight core it processes that must be managed for an effective it department, Human capital management competency involves development of it staff skills and retention of it talent.
Social scientists refer to personal qualities that are seen to be helpful in the manufacturing process as "human capital." Employee education, health, and knowledge are all included in it. Individual profits are significantly influenced by human capital. Knowledge, skills, and physical and mental health make up human capital.
Steel, cement, electricity, fertilisers, refinery products, natural gas, crude oil, and coal. The eight core industries make up 40.27 percent of the total weight of the goods covered in the industrial production index. Annexes I and II, respectively, contain details on annual and monthly indices and growth rates.
The Ministry of Commerce and Industry's Department of Industrial Policy and Promotion, Office of the Economic Adviser, is in charge of compiling and distributing the index. The following information is contained in the Index of Eight Core Industries UPSC curriculum.
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which of the following entries records the adjustment for revenue earned, but not yet collected? multiple choice debit accounts receivable and credit sales revenue. debit sales revenue and credit accounts receivable. debit deferred revenue and credit sales revenue. debit accounts receivable and credit deferred revenue.
various options Debit receivables from customers, credit sales. Accounts Receivable is debited and Sales Revenue is credited. Sales revenue is debited and deferred revenue is credit. Debit receivables and credit deferred revenue are the two balances.
What are debit and credit?An accounting entry that decreases an asset or cost account is known as a debit. or reduces an equity or liability account. In an accounting entry, it is placed on the left. An accounting item known as a credit raises a liability or equity account's balance. or lowers an account for an asset or expense.
The money that is placed into your checking account is a credit to the bank even if it is a debit to you (an increase in your asset) because it is not their money. It is your money, and the bank owes it to you, so it is a liability on their books. A credit is an increase in a liability account.
Explain debit and credit with an example:
Debit what comes in, credit what leaves, first. Second, credit all gains and revenue while debiting all expenses. Thirdly, debit the sender and credit the recipient.
Can you credit revenue and debit accounts receivable?An accounts receivable transaction in journal entry form debits accounts receivable and credits a revenue account. Credit accounts receivable (to eliminate the receivable) and debit cash (to show that you have been paid) when your customer pays their invoice.
Debit or Credit Account: As a business owner, your equity grows as a result of your revenue. Revenues must be reported as credits rather than debits because your equity typically has a credit balance.
Revenue from sales is it an accounts receivable?
When a business sells anything, it reports the revenue from the transaction on its income statement. They list the amount owed as accounts receivable on their balance sheet if the consumer hasn't yet paid them for the purchase. The amount indicated on the income statement is offset by accounts receivable.
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cox construction, a company in its 10th year of business, purchased a piece of equipment on april 1, year 9, for $20,000. cox has used it for business purposes since the initial purchase date. the company depreciated the equipment using the macrs half-year table for 5-year assets. for tax purposes, what is the amount of accumulated depreciation expense for the equipment as of december 31, year 10?
The amount of accumulated depreciation for the equipment as of December 31, year 10 is $10, 400.
The fraction of a fixed asset considered consumed in the current period is referred to as the depreciation amount. The cost is after that added to expenses.
We have Given,
Cox construction, a company in its 10th year of business, purchased a piece of equipment on April 1, year 9, for $20,000. And cox has used it for business purposes since the initial purchase date. Then the company depreciated the equipment using the marcs half-year table for 5-year assets.
Now, we need to find the amount of accumulated depreciation for the equipment as of December 31, year 10
According to the definition of the depreciation amount,
It can be calculated through the following steps by using the purchase amount of equipment,
= 20000 x 0.2 = 4000
= 2000 x 32 = 6400
Now, we have to add these values in order to find the depreciation
= 4000 + 6400
= 10,400
Therefore, the depreciation amount is $10,400.
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if you borrow money on a single-payment loan and discover that you cannot pay it back when it is due, you should:
If you borrow money on a single-payment loan and discover that you cannot pay it back when it is due, you should: a. consolidate the loan.
A mortgage that you repay with one unmarried charge at the end of a specific time frame is called a single-fee mortgage. The adulthood fee of a mortgage is the total quantity you need to repay, together with the predominant and any interest you incur. The time period of the loan is the time for which it's been granted.
these notes payable require you to repay the lender the main borrowed plus the hobby charged multi-functional lump-sum fee through the due date certain in the notice.
unmarried-fee loans can be available in several one-of-a-kind bureaucracies. Many loans require the borrower to make numerous month-to-month bills until their loan is paid in complete. but, unmarried-fee loans are paid lower back with one massive charge by way of the due date determined by the lender. One not unusual shape of an unmarried-price mortgage is known as a payday loan.
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Louvers, incorporated, accepted a $15,000, 180-day, 10 percent note from a customer on may 31. Louvers plans to prepare financial statements as of june 30, the end of its fiscal year. Prepare the necessary june 30 adjusting entry for louvers by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
The adjusting entry for Louvers will be:
Interest receivable......Dr. $125
Interest revenue...........Cr. $125
Journal entries known as adjusting entries are those that are made at the conclusion of an accounting period to change the final balances of various general ledger accounts.
Adjusting Journal Entry: Louvers, Inc.
Interest receivable......Dr. $125
Interest revenue...........Cr. $125
($15,000 × 10% × 30/360)
(To record interest receivable)
At maturity, a $125 interest payment calculated as ($15,000 x 10% x 30/360) is required. There were 30 days between May 31 and June 30.
Conclusion For Louvers, the essential June 30 adjustment input will be:
Interest receivable......Dr. $125
Interest revenue...........Cr. $125
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real gdp is $8,000, autonomous consumption is $500, and planned investment spending is $200. the marginal propensity to consume is 0.8. if real gdp is $3,000, planned aggregate spending is:
Planned aggregate spending is 3100
C=Co + bY,
where Co is autonomous consumption and b represents MPC, Y is the GDP
C = 500+0.8*3000 = 2900
I = 200
AE = C+I = 2900+200 = 3100
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the time between when a recession begins and when the central bank lowers interest rates to stimulate aggregate demand is an example of an:
The time between when a recession begins and when the central bank lowers interest rates to stimulate aggregate demand is an example of an inside lag of monetary policy. (Option D)
What is inside lag?The time it takes for a government or central bank to react to an economic shock is known as the inside lag (or inside recognition and decision lag) in economics. It is the postponement of the execution of a monetary or fiscal policy.
In conclusion, internal lags cause delays in the execution of a policy since it takes time to pinpoint the issue and more time to put monetary measures into place. The central bank's or the government's delay in responding to the country's economic shock is referred to as the outer lag, in comparison.
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The complete question can be found below:
The time between when a recession begins and when the central bank lowers interest rates to stimulate aggregate demand is an example of an:
A. inside lag of fiscal policy.
B. outside lag of fiscal policy.
C. outside lag of monetary policy.
D. inside lag of monetary policy.
Answer: Option D
assuming an economy is initially at potential output, in the long run, an expansionary monetary policy is expected:
Assuming an economy is at the beginning at achievable output, in the lengthy run, an expansionary economic coverage is expected: no longer to affect output in the long run.
-In the long run, an expansionary economic coverage does not have an effect on possible output and is translated alternatively into greater prices, no longer higher output
What is an expansionary monetary policy?Expansionary Monetary Policy
Also recognised as free monetary policy, expansionary coverage will increase the grant of money and deposit to generate economic growth. A central financial institution may installation an expansionist monetary coverage to decrease unemployment and improve increase for the duration of hard economic times.The remaining long-run effect of an increase in the cash furnish in a floating exchange fee device is a depreciation of the forex and no change in real GNP. In the transition process, there is an inflationary effect.
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The US economic policy does not specifically aim to promote entrepreneurship.
Explain about the Entrepreneurship?The process of starting, setting up, and operating a new company in order to make money while taking on financial risk is known as entrepreneurship.
A person who spots a need in the market and works to fill it is called an entrepreneur. The word has historically been used to describe a person who begins a business because they sense an economic opportunity in being able to meet a specified need.
An example of a small company enterprise might be a restaurant with only one location, a single grocery store, or a retail store where you may sell your handcrafted goods. These people typically invest their own money and are successful if their firm makes a profit, which they use to support themselves.
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assurance services are best described as group of answer choices services designed for the improvement of operations, resulting in better outcomes. independent professional services that improve the quality of information, or its context, for decision makers. the assembly of financial statements based on information and assumptions of a responsible party. services designed to express an opinion on historical financial statements based on the results of an audit.
Assurance services are best described as Independent professional services that improve the quality of information, or its context, for decision-makers.
A type of independent professional service provided by some certified chartered accountants generally by some certified public accountants. They can review some documents which are related to finance or some kind of money transaction, such as some kind of loan. There are three types of assurance services which are compilations, reviews, and audits. The kind of assurance that is good for a company depends on the needs of investors, as well as the size, complexity, and risk level of your organization.
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which target market the Beetle’s makers and promoters were aiming at.
Answer:
(I don't know if this is what your looking for but)Explanation:
The target segment for the new Beetle is 18-34 years olds and baby boomers
When businesses sponsor
community events they are largely
fulfilling their
responsibility to:
When businesses sponsor community events they are largely fulfilling their responsibility in order to grow their customer base through the promotional benefits of the event.
A community event is an event which is based on the public property, and either has attendees over 50, or blocks or reserves which have access to public passages or the right of way. So, such events have direct and indirect impacts on communities.
These events tend to provide opportunities for skills development, participation, volunteering and social, cultural economic and environmental developments. Thus, this way they also grow their customer base through the promotional benefits.
Hence, such community events also attract the tourists.
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your company will generate $77,000 in annual revenue each year for the next seven years from a new information database. if the appropriate discount rate is 6.75 percent, what is the present value? (
The interest rate that the Federal Reserve charges banks for short-term loans is referred to as the discount rate, but the rate used to discount future cash flows in discounted cash flow (DCF) analysis is referred to as the discount rate.
The rate employed in discounted cash flow analysis to calculate the present value of future cash flows is sometimes referred to as the discount rate.
Year 1 / ( 1 + r )n Discounting at 6.75% (B)
1 1/(1.0675) 0.937
2 1/(1.0675*1.0675) 0.878
3 1/(1.0675*1.0675*1.0675) 0.822
4 1/(1.0675*1.0675*1.0675*1.0675) 0.770
5 1/(1.0675*1.0675*1.0675*1.0675*1.0675) 0.721
6 1/(1.0675*1.0675*1.0675*1.0675*1.0675*1.0675) 0.676
7 1/(1.0675*1.0675*1.0675*1.0675*1.0675*1.0675*1.0675) 0.633
Discount lending is a crucial tool of monetary policy in the banking industry and is a component of the Fed's role as the lender of last resort. If the compounding is to be done every six months, figure out the discount rate.
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on january 1, 2021, glanville company sold goods to otter corporation. otter signed an installment note requiring payment of $15,500 annually for six years. the first payment was made on january 1, 2021. the prevailing rate of interest for this type of note at date of issuance was 9%. glanville should record sales revenue in january 2021 of:
Glanville should record sales revenue in January 2021 of $104,846.70
Annual payments are $21,000
And, the PVIFA factor is 3.9927
So, the sales revenue is
= $21,000 + $21,000 × 3.9927
= $21,000 + $83,846.70
= $104,846.70
In general business operations, income discusses any transactions where money or price is exchanged for the ownership of a good or entitlement to a provider. In an accounting context, sales talk to a business enterprise's revenue earned from the sales of services or products (internet sales).
Income is the system of convincing a purchaser to purchase items or offerings. At a business, the sales method commonly includes salespeople contacting leads who shape the customer profile in their goal market (regularly it is the advertising department that first identifies these leads).
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what are the names of customers who have bought products with a current list price of over $60 made by manufacturers in new jersey? show first and last names
The names of customers Select distinct FirstName ,LastNamefrom Customer Cjoin Sale S on C.CustomerID = S.CustomerID Join SaleItem SI on S.SaleID = SI.SaleID join Product P on SI.ProductID = P.ProductID join Manufacturer M on P.ManufacturerID = M.ManufacturerID where ListPrice > 60and M.State = 'NJ'.
A customer is an individual or company that purchases goods or services from another company. Customers are very important because they generate revenue. Without them, companies would go bankrupt.
A customer is generally defined as someone who purchases goods, products, or services. More specifically, a customer is a person or company who is currently purchasing, may have purchased, or be interested in products or services from another person or company.
A customer need is a need that motivates a customer to purchase a product or service. The need may or may not be known (that is, the customer can verbalize it) and is an important factor in deciding which solution the customer will purchase.
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a wholesaler that carries a narrow range of products and performs all channel functions is referred to as a
a wholesaler that carries a narrow range of products and performs all channel functions is referred to as a specialty merchandise wholesaler.
What are wholesalers?Purchasing items in bulk at a reduced cost from a manufacturer and selling them to a retailer at a higher price for them to repackage and then sell to customers in smaller quantities at an even higher price is known as wholesaling.A company known as a wholesaler is one that purchases goods in bulk from the producer and then resells them in smaller quantities.A company that sells smaller quantities of goods directly to customers is a retailer.Products can be purchased from a wholesaler or directly from the manufacturer.To learn more about wholesaler refer,
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which of the following is one of the terms of a real estate contract? group of answer choices mechanical equipment must be in good condition title must be marketable price must be paid property must be free of all termites
Price must be paid is one of the terms of a real estate contract.
There are many different types of real estate and contract law. Real estate law deals with the buying, selling, and leasing of property. Contract law deals with the formation and performance of contracts. It is important to carefully review a lease before signing it, in order to understand the parties' rights and obligations.
Real estate law and contract law are both governed by state and federal laws. Real estate law is also governed by common law, which is a body of law that is based on court decisions, rather than statutes.
Hence the correct option is (C).
The question is incomplete, the complete question is:
Which of the following is one of the terms of a real estate contract?
A) Mechanical equipment must be in good condition.
B) Title must be marketable.
C) Price must be paid.
D) Property must be free of termites.
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which of the following situations best exemplifies role exit? a.) a child celebrates a birthday. b.) an employee experiences job dissatisfaction. c.) a student graduates high school and gets a full-time job. d.) an employee completes a project and begins another.
A student graduates high school and gets a full-time job is the situation which best exemplifies role exit.
What is Role exit?
Role exit is a shift where someone leaves behind their previous roles to take on new ones. Because of how complicated human society is, each person fills a variety of jobs and obligations. These roles, which can be as complex as parent or as straightforward as sports teammate, are defined in part by our relationships with one another.
Role exit is frequently linked to either social qualities or role-set attributes. Role exits might also be brought on by a life-changing experience or personal injury. People may quit their jobs due to organizational changes, uncertainties, and new expectations for the position.
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after a period of exercise, a person will breathe heavily for some time after the activity has ceased. what is happening during this time as the oxygen debt is being paid?
Even though the muscles no longer require the extra energy they did a few seconds earlier, the body responds to strenuous exercise by continuing to take deep breaths. This is due to the body's accumulation of an oxygen deficit.
Why does a person continue to struggle to breathe after doing a lot of exercise?
Your body uses more oxygen and produces more carbon dioxide when you exercise and make your muscles work harder. Your breathing must increase from approximately 15 times per minute (or 12 liters of air) when you are resting to approximately 40–60 times per minute (or 100 liters of air) when you are exercising in order to meet this additional demand.
What is involved in repaying the oxygen debt after muscle activity?
The liver and muscles need to turn the lactic acid back into pyruvic acid after exercise. A lot of the oxygen that the body is currently taking in does the conversion rather than being used elsewhere in order to accomplish that. This is called "repaying the debt," which is why it is called "oxygen debt."
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the expected rate of return of an investment . a. equals one of the possible rates of return for that investment b. is the mode value of the probability distribution of possible outcomes c. is the mean value of the probability distribution of possible outcomes d. is the median value of the probability distribution of possible outcomes e. equals the required rate of return for the investment
The expected rate of return of an investment is the mean value of the probability distribution of possible outcomes.
In a monetary outlook, an investment is the acquisition of goods that are not consumed these days but are used in the future to generate wealth. In finance, funding is a financial asset bought with the concept that the asset will offer earnings further or will later be offered at a higher cost price for a profit.
By means of investment, economists mean the production of products is a good way to be used to provide other items. This definition differs from famous usage, wherein choices to purchase shares (see stock market) or bonds are ideas of as investments. investment is usually the result of forgoing consumption.
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A retailer has two merchandizers, sue and bob, who are responsible for setting order quantities for the products they manage. For all of their products, the critical ratio is 0. 7 and the coefficient of variation of their demand forecasts is 0. 35. At the end of the season, sue is proud to report that she has sold the entire inventory she purchased. Bob, on the other hand, sold only about a third of his products. Who is more likely to be choosing quantities that maximize expected profit?.
The person who will be more likely to choose quantities that maximize the expected profit will be Bob.
Bob will take this step because Sue has sold all his items while bob has only sold one- third of the items. this means that bob is ordering more items than what is demanded in the market that is why he has more amount of goods left. The market runs in this manner only. A customer demands a certain product which the seller of the retailer buys from the manufacturer and sells it to the customer. Suppose if the customer is no longer in need of the product, then the goods which the retailer buys from the manufacturer will not be sold and it will lie in the inventory of the retailer. This creates the imbalance for the retailer as the demand of the goods have decreased.
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in a friendly phone call, herbert, a seller, told max, the buyer, that he would leave behind the swing set in the back yard. herbert took the swing set with him when he left. what do we know about this situation?
In a friendly phone call, herbert, a seller, told max, the buyer, Section 29 of the sales contract, the parties are put on notice that the entire contract is contained with the offer and related addenda.
The mutual rights and obligations of the parties to a contract are established, clarified, and governed by law. A contract usually entails the transfer of products, services, cash, or a promise to transfer any of those things at a later time. A buyer, also known as a purchasing agent, is in charge of buying products for a company, such as supplies or equipment. Their responsibilities also include taking stock of the current product line and negotiating deals with suppliers. Purchasing goods for a business to use or sell in their own enterprise falls under the purview of buyers. In-depth research, the capacity to manage an inventory, assess the quality of products, stay within a budget, and contract negotiations with suppliers are all necessary for this position.
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a manufacturer of clothing currently sells its products at neiman marcus and dillard's. a survey shows that a majority of its customers expect to find its products at neiman marcus, macy's, and saks fifth avenue, but relatively few customers expect to find the products at dillard's or marshalls. if the manufacturer acts on its customers' expectations, what action would it take in regard to its retail partnerships?
If the manufacturer acts on its customers' expectations, it will start by partnering with Macy's and Saks fifth avenue and leave Dillard's behind.
What is partnering?
A process of building a connection between each party by knowing each other's obligations, and maintaining an attitude of goodwill and trust.
At first, the manufacturer probably know 2 department stores's key person and it is the main reason why the manufacturer sells its products in Neiman Marcus and Dillard's. Along the way, when the market segment of the manufacturer's products already settled, it acts to listen on the customers' expectations to make a greater sales and the manufacturer has to make a change as its customers wants. The main objective of the manufacturer is to make the greatest sales, so it has to join with the bigger department stores (Macy and Saks fifth avenue) and leave the smaller department store (Dillards) behind.
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low entry barriers, strong supplier and buyer positions, high threat of substitutes and intense competitive rivalry, then the profit potential of the industry is likely to be:
If an industry is characterized by low entry barriers, strong supplier and buyer positions, high threat of substitutes and intense competitive rivalry, then the profit potential of the industry is likely to be monopolistic industry.
What is Monopolistic competition?
A market model known as monopolistic competition involves numerous businesses that provide unique items against one another. Although the products or services they offer to their clients are comparable, they are not substitutes.
Due to high selling prices, excess capacity, a lack of specialization, and unemployment, this market model—a sort of imperfect competition—is viewed as inefficient. It's important to note that businesses operating in monopolistic competition frequently spend substantial sums of money on advertising. This step is unnecessary because it raises the cost of a good or service and causes a business to lose leads and clients.
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a food distributor sells canned vegetables by the case to grocery stores. it offers discounts of 10 percent on orders of more than 20 cases, and 20 percent on orders of more than 50. this is an example of a
"A food distributor sells canned vegetables by the case to grocery stores. it offers discounts of 10 percent on orders of more than 20 cases, and 20 percent on orders of more than 50, is an example of Quantity Discount."
A quantity discount is a promotion given to a customer that lowers the price per unit of goods or materials when more of them are purchased. Sellers frequently provide a quantity discount to persuade buyers to make more significant purchases.
Manufacturers typically give bulk or large-quantity purchasers discounts. Due to the businesses' ability to help customers save more money, this motivates customers to make larger purchases. Typically, bulk orders from manufacturers are placed by merchants.
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what sets focused (or market niche) strategies apart from low-cost leadership and broad differentiation strategies is the extra attention paid to top-notch product performance and product quality. their concentrated attention on serving the needs of buyers in a narrow piece of the overall market. greater opportunity for competitive advantage. their suitability for market situations where most industry rivals have weakly differentiated products. their objective of delivering more value for the least money.
The sets focused (or market niche) strategies apart from low-cost leadership or broad differentiation strategies is a concentration on a narrow piece of the total market.
A market is any vicinity wherein or more parties can meet to have interaction in an monetary transaction—even those that don't contain legal tender. A marketplace transaction may also involve goods, offerings, records, currency, or any mixture of these that pass from one party to every other.
In economics, a market is a composition of structures, establishments, approaches, social family members or infrastructures wherein events have interaction in trade. even as parties may additionally alternate goods and services by means of barter, most markets rely upon sellers presenting their items or services to customers in alternate for cash.
A market is described as the sum general of all the consumers and sellers in the region or location under consideration. The place can be the earth, or countries, areas, states, or cities. The value, value and rate of objects traded are as according to forces of supply and call for in a marketplace.
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if you were to calculate the yield on a security with a 10-year us treasury security, the yield will be equal to
If we were to calculate the yield on a security with a 10-year US treasury security, The yield will be equal to 6.20%
Nothing says "safety of principal" like Treasury securities when it comes to conservative investments. For decades, these instruments have served as a last line of defense against any potential loss of principal in the turbulence of the investment markets.
The guarantees that back these securities are regarded as one of the key pillars of both the domestic and international economies, and they are appealing to both individual and institutional investors for a variety of reasons.
Treasury securities are among the most secure investments because they are backed by the full faith and credit of the United States government.
Treasury securities are classified into three broad categories based on maturity. Treasury Bills, Treasury Bonds, and Treasury Notes are examples of these.
These Treasury securities are available for purchase directly from the US government through the TreasuryDirect.gov website or through a bank or broker.
Though treasuries are considered low-risk investments, they carry some risks, such as inflation and interest rate changes.
Treasuries have low yields because they are safe investments.
The interest paid on Treasury securities is federally taxable.
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Describe one downside to borrowing the maximum allowed amount of federal student loans.
The one downside to borrowing the maximum allowed amount of federal student loans is: you must repay back the loan.
What is federal student loans?Federal student loans can be defined as the loan given to college students so as to enables them pay for their tuition fees among others.
One of the disadvantage of downside of collecting this loan is that the student must repay back the loan amount given to them even if the student did not graduate from the college.
Therefore the downside of borrowing huge sum is that you must pay it back.
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barry company sells a patent for 25000 the patent had an acquistion cost of 120000 and accumulated amortization of 100000 at the time of the sale what was the amount of gain or loss recognized on the disposal of the patent
Acquisition Cost = 120,000 Selling Price = 25000
Amortization accumulated = 100,000
Value of the patent at the time of sale
= 120,000 - 100,000
= 20,000
Therefore, Gain or loss recognized on the time of disposal = 25000 - 20000
= 5000
Hence, Gain of 5000 recognized on the time of disposal.
Patent Amortization is the process through which corporate bodies allocate the value of patents (intangible assets) over a period of time.
Intangible Assets like patents and trademarks are written off into an expense account called Amortization, just as tangible assets are through depreciation.
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At the end of the year 2 accounting period, deyoung company determined that the market value of its inventory was $79,800. The historical cost of this inventory was $81,400. Defazio uses the perpetual inventory method. Assuming the amount is material, how will the entry necessary to reduce the inventory to the lower of cost or market affect the elements of the company’s financial statements?.
Using the method of perpetual inventory Assuming the amount is significant, the entry required to reduce inventory to the lower cost or market affects the financial statements of the company by decreasing total assets, gross margin, and net income.
A perpetual inventory system is a program that estimates your inventory on a continuous basis based on your electronic records rather than a physical inventory. This system starts with a physical count as a baseline and updates based on purchases made in and shipments made out.
A good's value can change over time. This is important because if the price at which the inventory can be sold falls below the item's net realizable value, resulting in a loss for the company, the lower of cost or market method can be used to record the loss.
Net sales are subtracted from direct expenses or cost of goods sold (COGS) to calculate the gross profit margin (gross revenues minus returns, allowances and discounts). The gross margin ratio is calculated by dividing that figure by net revenues and multiplying it by 100%.
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the price level is aa. nominal variable.b. dichotomous variablec. relative variable.d. real variable
The price level is a nominal variable. The three different categories of categorical variables are nominal, dichotomous, and ordinal.
A nominal variable subtype known as a dichotomous variable can only have two levels or categories. On the other hand, an ordinal variable may have two or more categories, but these may also be ranked or ordered. Other forms of variables, like interval and ratio variables, are also employed in addition to category variables. A categorical variable with two or more categories is called a nominal variable. There isn't a hierarchy among these groups, though. Nominal variables are qualitative in nature and lack any numerical properties. An ordinal variable is one that has an appropriate numerical ordering. Although nominal variables can be coded, they cannot be subjected to mathematical processes. In other words, it is impossible to quantify nominal variables. We will learn more about a nominal variable, a nominal scale, and other related examples in this post.
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