The initial step in bounded rationality decision-making is to select an alternative.
We try to satisfice rather than optimize when making decisions as a result of bounded rationality. To put it another way, we aim for a decision that will be adequate rather than the best one that is possible.
The decision-making process of bounded rationality states that due to cognitive and temporal constraints, we are unlikely to gather all the information that would be necessary to make a rational choice. Because of this, we tend to choose less-than-ideal options.
Even though bounded rationality leads us to make acceptable decisions, that does not necessarily imply that they are the best ones. The term "homo economicus," which refers to the "ideal rational man/woman," is used by economists in place of "satisficers."
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if two events are independent, then their joint probability is a. computed with the special rule of addition b. computed with the special rule of multiplication c. computed with the general rule of multiplication d. computed with bayes theorem
If two events are independent, then their joint probability is computed with the special rule of multiplication.
What is probability ?Probability refers to chance of an event being occurred.A branch of mathematics that deals with the possibility of random events. Values are represented from 0 to 1.Probability was introduced into mathematics to predict the likelihood of an event occurring. Probability is one of the a branches of mathematics that quantifies the likelihood of an event occurring. The probability of an event refers to a number between 0 and 1, with approximately 0 indicating the improbability of the event and 1 indicating certainty. Probability is generally being calculated by dividing the number of ways an event can occur by the total number of outcomes. Probability and odds are different concepts.Odds are the probability that something will happen divided by the probability that it won't.To learn more about probability from the given link :
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We predict the long-run price elasticity of demand of gasoline would be ________ the short-run price elasticity of demand of gasoline.
Larger than
We predict the long-run price elasticity of demand of gasoline would be Larger than the short-run price elasticity of demand of gasoline.
Elasticity:
Elasticity refers the economic concept used to measure the change in the aggregate quantity demanded of a good or service in relation to price movements of that good or service.
Given,
Here we need to find difference between the the long-run price elasticity of demand of gasoline would be and the short-run price elasticity of demand of gasoline.
According to the definition of elasticity, the difference between the the long-run price elasticity of demand of gasoline would be is larger.
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Your mentor suggests that you assume a ''power pose'' before a stressful job interview. Striking such a pose is an example of positive __________ behavior that helps some people perform better.
Striking a “power pose” is an example of positive kinesic behavior that helps some people perform better.
Holding a position of power produces a chemical process, causing our testosterone to increase and cortisol to decrease. These lead us to a confident and calm state that others can evidence.
Through body language, the interviewer can gather valuable information that is not expressible by words alone. It helps identify whether the candidate is self-assured, confident, focused, or motivated. It can also reveal whether the person is nervous, insecure, or bored.
Non-verbal communication is the communicative process by which signals are sent and received without the need for spoken words.
Besides body language (kinesics), touch (haptic) can reveal aspects of a person by how they approach others with a touch, as well as the distances a person chooses to maintain in front of others (proxemics).
Kinesics derives from the word “Kinesis”, meaning movement. It stands to the study of the body’s movements, specifically head movements, eye contact, hand gestures, and, more importantly, posture, as if they were verbal communications.
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physical counts of inventory are never made with perpetual inventory systems. group startstrue or false
Physical counts of inventory are never made with perpetual inventory systems False.
The perpetual stock approach does now no longer try and hold counts of bodily merchandise. Perpetual stock structures are in evaluation to periodic stock structures, wherein reoccurring counts of merchandise are applied in record-keeping.
Perpetual structures provide businesses stock statistics that replace in actual time. Purchasing and making plans can rely upon the stock statistics to make selections concerning fabric purchases and paintings scheduling. The commercial enterprise isn't required to close down on the cease of every month to bodily matter the stock.
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What are the 4 types of outsourcing?.
The most prevalent forms of outsourcing include projects outsourcing, professional outsourcing, and IT outsourcing.
What is an example of outsourcing?The best instances for exporting are in advertising, office and warehouse cleaning, and website creation. A majority of business owners transfer control to outside experts for tasks like bookkeeping, maintenance, and hiring. This enables businesses to focus a most of their resources on the primary operation.
What is outsourcing in a company?When a business purchases a product or service from a 3rd person rather than managing it itself, such practice is known as outsourcing. As a small business, outsourcing enables you to achieve more by assigning important jobs and procedures to experts without having to broaden your full-time staff.
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What are the disadvantages of a command economy ?.
There isn't enough to satisfy customer demand, no reason to put up extra effort People with various talents and responsibilities make comparable money.
Why do command economies fail ?Decisions are made by people who might not be aware of what is truly happening as a result of centralization. For instance, a lot of the created commodities were not used in the command economy of the Soviet Union. Consumer preferences cannot be accommodated in a command economy.Lack of competition, which can result in a lack of innovation, and inefficiency are disadvantages of command economies.Structures based on a command economy have advantages and disadvantages. The advantages of a command economy include low levels of inequality and unemployment as well as the shared goal of displacing profit as the main driver of production. Critics contend that command economies' inherent lack of competition limits innovation and prevents prices from stabilising at a level that is best for consumers.To learn more about command economy refer :
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you manage the two folders listed below on your computer. c:\confidential d:\public reports the c:\ drive is formatted with ntfs, and the d:\ drive is formatted with fat32. on the c:\confidential folder, you edit the properties for the following two files and assign the deny read permission to the users group: reports.doc costs.doc you then take the following actions. you: move reports.doc from c:\confidential to a:\public reports. copy costs.doc from c:\confidential to d:\publicreports. which of the following best describes what happens to the permissions for both files as they are created in the d:\publicreports folder?
Allow both full control best describes the permissions that members of the user's group will have for the two files in the D:\PublicReports folder.
A software function or feature called a public folder enables users to share files with other users and devices on the same network or computer. These users and devices often handle data of any sort. Depending on the application, a public folder may have a variety of features and configurations.
Using public folders is a quick and efficient method to gather, organize, and share information with other members of your department or the entire company. Public folders may be used to store any kind of file or Outlook item. Post material to an electronic bulletin board using public folders.
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which legislative act restricted commercial banks from engaging in certain high-risk trading activities and also raised the required capital that banks must hold on their balance sheets?
The dodd frank act was the legislative act that restricted commercial banks from engaging in certain high-risk trading activities and also raised the required capital that banks must hold on their balance sheet.
In the field of social studies, the dodd frank act can be described as a kind of act that was included in the United States in order to achieve financial stability.
The dodd frank act focused on accountancy and listed all those high risk factors that were included in the field of accountancy. As banks were most likely to become prone to risking financial stability, the dodd frank act occurred as a legislative act to guide banks about the risks that were associated with different kinds of trading activities.
This legislative act, known as the dodd frank act, was brought to help the bankers after a financial crisis had been observed in the year 2008.
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In Texas v Johnson, the Supreme Court overturned a Texas state law banning flag burning as a violation of the First Amendment's protection of free speech. According to an article by the Washington Post, polls show most Americans want flag desecration outlawed.A) Explain why federalism makes it difficult for states to address an issue like flag burning, even though most Americans want flag desecration outlawed.
Federalism makes it difficult for states to address an issue like flag burning the flag as a violation because the burning of the flag is considered a symbol of speech which is protected by the First Amendment in the Constitution.
Federalism refers to control over a country or territory by two levels of government. A national government looks up to the development of the country while the smaller divisions and sub-divisions look up to the local concerns of the various states in the country.
The federal government does not allow the states to address issues such as flag burning. Although, Americans have preferred to outlaw flag violation it has not been acted upon by the local state governing bodies as the flag burning is considered a way of expressing which is a part of free speech.
Constitutionally free speech is protected by First Amendment, therefore, flag violation is not outlawed.
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1. Explain how Starbucks’s strategy evolved through different periods since its founding.
We define strategy in this course with the help of the following five elements: Arenas, Vehicles, Differentiators, Economic Logic, and Staging & Pacing. In other words, a firm’s strategy is based on the decisions they make and the activities they put into place regarding each of these elements.
Your first task is to explain how Starbucks’s strategy changed over time by analyzing the changes in these elements. Be specific about time periods and what changed during those periods.
Good strategy formulation is what Starbucks’s strategy evolved through different periods since its founding.
The process of determining the best course of action for achieving organisational goals and objectives and, in turn, realising the organisational vision, is referred to as strategy formulation. There are actually six main steps in the process of formulating a strategy.
Setting goals and determining their viability need the design of strategies. An organisation often teaches its employees after developing strategies so they are aware of the organization's purpose and the workplace's aims and goals.
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When writing a presentation for clients and customers, you should primarily focus on influencing which two of the following groups?
key decision makers
prospects for future business
When writing a presentation for clients and customers, you should primarily focus on influencing prospects for future business
Prospects for future business-Market prospects are the potential future performance of a company in a competitive market. In other words, a company's market prospects are its estimated ability to compete in a market.
A prospect is a person or organization who meets the seller's criteria for being a potential customer. In a nutshell, a prospect is a prospective customer. You'll create a list of criteria based on your company's customer profile to determine the type of person who best fits the product or service you're trying to sell.
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Select the correct answer. which is an advantage of using a credit card? a. you can make purchases even when you don't have cash. b. you don't indulge in impulse buying. c. you don't have to pay interest.
Answer:
You can make purchases even when you don't have cash.
Explanation:
company x sells a building for $600,000. the book value of the building is $1 million. the accumulated depreciation on the building is $300,000. what is the gain (or loss) recorded on the building sale?
The gain (or loss) recorded on the building sale -100,000.
Adjusted basis of building = 1,000,000 – 300,000 = 700,000
Sale price = 600,000
It is loss as basis is higher than selling price.
Loss on sale = 600,000 – 700,000 = -100,000
Straight-Line Method: This is the maximum usually used technique for calculating depreciation. In order to calculate the cost, the distinction among the asset's price and the anticipated salvage cost is split with the aid of using the overall quantity of years a organisation expects to apply it.
Under the revaluation technique, a ready individual values the organization's belongings on the stop of every economic yr. and the depreciation are calculated with the aid of using deducting the cost on the stop of the yr. from the cost at the start of the yr. The reason of depreciation is to symbolize a correct cost of belongings at the books. Every yr., as belongings are used, their values are decreased at the stability sheet and expensed at the earnings statement.
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when subsequently discovered facts that would result in either the revision of the auditor's report or the financial statements are discovered after the audit report release date and individuals are continuing to rely on the statements, . multiple select question. the auditor must immediately notify regulatory agencies that the auditor's report cannot be relied on management must notify appropriate individuals that the financial statements should not be relied on revised financial statements should be issued as soon as practicable
The audit report release date and individuals are continuing to rely on the statements is management must notify appropriate individuals that the financial statements should not be relied on, and revised financial statements should be issued as soon as practicable.
The auditor should follow processes that are intended to gather enough relevant audit evidence to demonstrate that all events that have occurred as of the date of the auditor's report and that would need adjusting or disclosed in the financial statements have been identified.
The auditor is required to investigate whether the information is accurate and if the facts existed at the time of his report under Section 561, Subsequent Discovery of Facts Existing at the Date of the Auditor's Report. Even after the auditor has quit or been fired, this obligation still has to be fulfilled.
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Monopoly profit will _____ when a monopolist goes from single-price monopoly to perfect price discrimination.
Monopoly profit will maximize when a monopolist goes from single-price monopoly to perfect price discrimination.
One company produces one product in a monopolistic market.The ability to maximize profits is a key trait of monopolist businesses.Because there is no competition in a monopolistic market, the monopolist has control over both the quantity and price of goods sold.When the marginal cost and marginal revenue are equal, the level of output that maximizes a monopoly's profit is reached.Competitors, on the other hand, tend to lower the marginal cost and reduce profitability in a market that is highly competitive.By taking the first derivative with respect to the quantity, a firm's marginal cost is determined in calculus if the total cost function is known.Learn more about Monopolistic, here
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which of the following is an advantage of using bank accounts? bank accounts reduce the amount of cash on hand. the use of bank accounts facilitates the transfer of funds using eft systems. bank accounts provide an independent recording of cash transactions that can be compared to the company's recording of cash transactions. all of these choices are correct. 2. which of the following is not a reason for which a bank issues debit memos? service charges customer checks returned for insufficient funds payments made by electronic funds transfer interest earned on the company's account
A) The advantages of using bank account is :
Bank accounts reduce the amount of cash on hand. The use of bank accounts facilitates the transfer of funds using eft systems. Bank accounts provide an independent recording of cash transactions that can be compared to the company's recording of cash transactionsB ) Interest earned on the company's account is not the reason bank issue debit memos .
What is meant by bank account ?You can deposit and withdraw money from a bank account, make payments, send money to another person or organization, pay bills online, and more. Direct payments from employers or other institutions can be received through bank accounts, allowing you to spend without having cash on hand.
Various account kinds are available from banks. Savings, current, salary, and BSBDA accounts are a few typical examples. Additionally, fixed and recurring deposit accounts are available. Almost all accounts come with a variety of services from banks, such as debit cards, net banking, and other things. To access your accounts, you can also download banking applications.
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mark, a resident of illinois, while driving on the freeway, hits bill, a resident of wisconsin, and totally destroys bill's brand new mercedes benz. bill may bring suit in federal district court
If the sum in dispute exceeds $75,000, Bill may file a lawsuit in federal district court.
What is the purpose of a federal district?The district courts serve as the general trial courts for the federal court system. For a lifetime appointment to each district court, the President must choose and the Senate must approve at least one United States District Judge. District courts judge over both civil and criminal proceedings under the federal court system.
How are the federal courts run?Federal courts have jurisdiction over cases concerning the United States government, the Constitution or federalism legislation, as well as conflicts between states or between the U.S. government and other governments.
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a feasibility analysis is an assessment of a potential product or service idea rather than a potential business. question 59 options: true false
A feasibility analysis is an assessment of a potential product or service idea rather than a potential business. question 59 options: FALSE.
Potential Business Opportunity means a potential transaction or matter (and any such actual or potential business opportunity).
A potential market is a market that has not yet been entered and contains prospects but no buyers. As brands expand their offerings, they are able to attract and reach new demographics that are not their current customers. Oct 28, 2022
To ensure future customer loyalty, companies are continually expanding their products. You should aim to surprise and delight your future customers by expanding into For example, customers receive ongoing upgrades to their image processing software with new and useful features.
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the concept that has provided a contrast between the twin challenges of unemployment and inflation in one number is the .
The concept that has provided a contrast between the twin challenges of unemployment and inflation in one number is the Philips Curve.
What is the Phillips Curve?The economic relationship between the rate of unemployment (or the rate of change in unemployment) and the rate of change in money earnings is depicted graphically by the Phillips curve. It reflects the belief of economist A. William Phillips that wages tend to increase more quickly when unemployment is low. The Phillips curve is an economic theory that bears the name of William Phillips, who postulated a link between declining unemployment and higher rates of wage growth in an economy. According to economists, there are two things that influence how the Phillips curve shifts. The first is supply shocks, such as the Oil Crisis in the middle of the 1970s, which introduced the term "stagflation" to the public. The second is that people's expectations of inflation have changed.
Hence, The concept that has provided a contrast between the twin challenges of unemployment and inflation in one number is the Philips Curve.
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g direct material beginning balance 5,450 9,900 5,650 work in process debit credit beginning balance 4,550 22,650 6,650 8,950 8,750 finished goods debit credit beginning balance 2,650 20,850 22,650 manufacturing overhead debit credit 3,250 8,750 3,950 3,650 wages
G direct fabric starting balance. The debit aspect of the producing Overhead account indicates the real Overhead incurred which is [$3,250 + $3,950 + $3,650] = $10,850
The credit score side of the producing overhead suggests Overhead applied that's $8,750
since, the manufacturing overhead applied is much less than the actual manufacturing overhead the overhead is stated to be underneath-carried out by way of [$10,850 - $8,750] = $2,100
The producing overhead implemented changed to $8,750
answer.
$8,750
Balanced residing method thinking about all components of our lifestyles relationships, work, fitness and health, and emotional properly-being. we all get bogged down with work and the circle of relatives' responsibilities from time to time, however, making time for ourselves is important so we can preserve up with all our responsibilities.
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Creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.
Omnichannel retailing creates a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.
The term "omnichannel retailing" refers to a retailer's efforts to offer a unified, coordinated customer experience through all relevant customer channels while utilizing standardized, global data.
Similar to multi-channel selling, omnichannel retailing usually includes a wider view of a opportunity. Omnichannel retailing emphasizes data & infrastructural preparedness to give a comprehensive view of the connection on any platform at any time, in contrast to multi-channel retailing, which concentrates on expanding the number of connected channels. The challenge for retailers is to provide customers with a single, reliable source of information, irrespective of how they decide to contact the business. Mobile devices, websites, physical storefronts, pop-up shops, tele sales, catalogues, and other means of interaction are examples.
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a(n) is when two firms agree to join and create a combined entity, and a(n) is when one firm buys or takes over another firm.
In a merger, two companies consent to integrating their business operations on a roughly equal footing.When two businesses decide to integrate or combine their operations on a largely equal footing, it is said that they have merged.
Acquisition is the process through which a business buys nearly all the stock of another business in order to fully control it. Companies in crisis or unable to continue as a going concern may put the company up for sale.In order to maximise earnings from a purchase, the buying company frequently keeps its name, which is already a brand, and works to strengthen the old business. Companies buy other businesses to expand their business operations and gain significant market shares.One advantage of acquisition is that it fosters innovation by bringing together individuals with diverse perspectives and subject-matter expertise.When two or more businesses merge, they become one new company.Companies or firms unite to create an alliance and to send a clear message to rivals.Additionally, businesses unite to expand their financial resources.
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risk to a bank that has outsourced its offsite backup media and record storage for many years to the same company and, because of familiarity, allows bank personnel to retrieve tapes without following formal procedures?
By establishing a statutory Fourth Amendment protection for bank records, the Right to Financial Privacy Act of 1978 safeguards the confidentiality of individual financial records.
Do banks have to maintain records?For a period of five years following the date the SAR was filed, a bank must keep a copy of any SAR that was submitted as well as the original or business record equivalent of any supporting evidence.
How long do banks maintain records about you?In order to confirm debit and credit activity, bank statements are crucial. They need to be stored in hard copy or digital form for a year. You will be able to read your bank's statements online for at least a year (the majority of banks maintain them for at least five years)!
Are records destroyed by banks?According to several requirements, financial records must: in such a way that the paper can't be put back together. Burned. Electronic data must be destroyed and erased.
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suppose the economy produces real gdp of $60 billion when unemployment is at its natural rate. use the purple points (diamond symbol) to plot the economy's long-run aggregate supply (lras) curve on the graph.
By using the purple points (diamond symbol) to plot the economy's long-run aggregate supply (LRAS) curve on the graph, then, the vertical line will be placed on the graph intersecting at (50, 0).
What is a long-run aggregate supply curve?In economics, a long-run aggregate supply curve means the vertical line at the economy's natural rate of output. The natural rate of output means the level of output consistent with the economy's natural unemployment rate, that is, it is the level of real GDP that the economy gravitates toward in the long run.
Furthermore, the long-run aggregate supply curve is seen as vertical at the natural rate of output because the price level has no bearing on the economy's long-run level of real output. Hence, supposing the economy produces real gdp of $60 billion when unemployment is at its natural rate, hence, the vertical line will be placed on the graph intersecting at (50, 0).
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on november 1, 2021, new morning bakery signed a $200,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on may 1, 2022. new morning bakery should record which of the following adjusting entries at december 31, 2021? (do not round your intermediate calculations.) multiple choice debit interest expense and credit cash, $6,000. debit interest expense and credit cash, $2,000. debit interest expense and credit interest payable, $6,000. debit interest expense and credit interest payable, $2,000.
Credit Interest Payable and debit Interest Expense, totaling $2,000.
Is the cost of interest a deduction or credit?First, interest expense is a liability account and is shown as such on the balance sheet, whereas interest payable is an expense account and is shown as such on the income statement. Second, whereas interest payable is documented with a credit in the accounting records, interest expense is recorded with a debit.
How are interest and credit costs debited?You must pay interest when you take out a loan or credit line. The cost and accrued interest must be recorded in your books. Debit the Interest Expense account and credit the Accumulated Interest Payable account to reflect the interest that has accrued over a given accounting period. Your spending and payable accounts grow as a result.
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According to Rachels, there is a close connection between our ability to control information about ourselves and our ability to create different kinds of relationships with different people
TRUE. According to Rachels, there is a close connection between our ability to control information about ourselves and our ability to create different kinds of relationships with different people
Speak to one another. No matter how well you know and love your partner, you cannot know what they are thinking. To prevent misunderstandings that could lead to resentment, rage, confusion, or hurt, we must communicate clearly.
Each person has different communication needs and communication styles, and relationships require two people. The best form of communication for a couple will depend on their dynamics. Practice and effort are needed to develop effective communication styles. There will never be a time when communication is flawless.
In order for your message to be received and understood by your partner, be clear when communicating with them. Make sure you comprehend everything your partner is saying.
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capital projects are either mutually exclusive or independent. which of the following phrases correctly describe independent projects? check all that apply. by definition, they are not also mutually exclusive projects involve more risk than mutually exclusive projects projects that, whether accepted or rejected, do not affect the cash flows of other projects project choices that do not rule out competing project choices
Independent capital projects: A project cannot be independent and mutually exclusive at the same time. Acceptance or rejection of an independent project does not affect the cash flows of other projects.
The cash flows of other projects' projects are unaffected by independent capital investment projects. Projects that are identical to or so similar to other capital investment projects that they have an impact on their cash flows are said to be mutually exclusive.
Any group of projects that, by choosing one, renders the others impossible are said to be mutually exclusive. Any group of projects in which selecting one does not affect our choice of another project from that group are independent (also known as stand-alone projects).
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Effective organizational design means that firms must have ________ that are consistent with their strategy.
A. designs and plans
B. organizational structures and designs
C. adopters and designs
D. adopters and plans
Effective organizational design means that firms must have A. designs and plans that are consistent with their strategy.
The Oxford Dictionary defines approach as: “A plan of action designed to gain a protracted-time period or average intention” “The art of planning and directing standard military operations and movements in a conflict or war”
A strategy refers to an business enterprise's lengthy-time period goals and the way it plans to reach them. In other phrases, it suggests the direction to achieve the defined vision. A tactic refers back to the specific actions taken to attain the set dreams in line with the strategy.
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on nov 10 ABC Co purchased $200 of merchandise for resale on account with credit terms of 2/10, n/30. assuming the gross method of recording is used show how to journalize the transactions into the purchases journal by selecting the correct actions below
1. the vendors name is entered into the account column
2. 200 is entered into the inventory dr. column
3. 200 is entered into the accounts payable cr column
The transactions that are journalized into the purchasing journal are:
This Inventory Dr. column now contains $200.The Account section is filled out with the vendor's name.An entry of $200 is made in the payable cr. column.Define the term gross method?In contrast to the net approach, the gross method records an invoice at its full price regardless of any offered cash discounts.
To put it another way, the gross technique makes the assumption that the consumer won't benefit from the cash and early payment incentive. If a discount was applied, it later makes the necessary adjustments to reflect the discount in the invoice's gross price.To encourage suppliers to make early payments for their goods, the majority of businesses provide cash incentives. 2/10, n/30 are the most typical discount terms. This indicates that the seller will receive a 2 percent discount if payment is made after 10 days of the invoice. If not, you have 30 days to pay the net sum.As the stated question-
On November 10th, ABC Co. made an account purchase of $200 in products with credit terms of 2/10, n/30.
The journalizion of the transactions into purchasing journal by choosing the appropriate actions from the list below, assuming the gross way of recording is chosen-
This Inventory Dr. column now contains $200.The Account section is filled out with the vendor's name.An entry of $200 is made in the payable cr. column.To know more about the gross method, here
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The given statements relate to variables in the equation of exchange. Place the appropriate variable or variables next to each statement according to how a monetarist would describe the variable or variables. money supply real GDP nominal GDP Answer Bank The average number of times each dollar is used in a year. total spending price level stable over time If M increases, this variable is most likely to increase as well.
If M increases, this variable in the equation of exchange is most likely to increase as well- P
Money supply - M
Real GDP- Q
Nominal GDP- P×Q
The average number of times each dollar is used in a year- V
Total spending- P×Q
Price level- P
Stable over time- V
Equation of exchange- The exchange equation is written as MV = PY. When M, V, P, and Y change, then%M +%V =%P +%Y, where denotes "change in." V is constant in the long run, so %V = 0.
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