The Principle of Least Privilege (PoLP) ensures that audit processes are managed by someone other than the employees whose activities are being audited.
What is the principle of least privilege?It corresponds to a form of internal audit that is conducted by a professional who is not related to the audited activities, so that ethics, information security and reliability are maintained.
Therefore, the principle of least privilege ensures that information is intended for individuals to carry out their tasks, without some type of privilege for this or authority to make decisions for their own benefit or that of third parties.
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when writing a recommendation report using a direct strategy, how can you describe the problem or need that your recommendation addresses?
Begin with the foremost doubtless to succeed, then gift the smallest amount promising various last. Using the direct approach, you deliver the message right now when your salutation.
Whereas an additional indirect approach can embrace some quiet buffer before you deliver your message. An advocate action report is written to propose or recommend the choices accessible to unravel a tangle or fill a necessity. The report aims to match choices, advocate one choice, and support that recommendation.
A recommendation letter should include information on you, your reference to the person you're recommending, why they're qualified, and the specific skills they need. Specifics. Whenever potential, it's useful to supply specific anecdotes and examples that illustrate your support.
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which of the following is a correct statement regarding the nature and timing of communications between an accounting firm performing an initial audit of an issuer and the issuer's audit committee?
Which one of the following is true about the type and timing of contacts between an accounting firm conducting an initial audit of an.
What what is involved in an audit?
Auditing is defined as an on-site verification operation, such as an inspection or examination, to ensure that a process or quality system is working in accordance with specifications. An audit may concentrate on a particular task, procedure, or stage of the manufacturing process rather than the entire company.
Why is auditing so important?
What makes audits so important? An audit is essential because it lends credibility to a set of financial statements and provides shareholders with confidence that the accounts are true and accurate. A corporation's internal systems and controls can also use some upgrading.
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What is the purpose of the World Trade Organization ?.
The World Trade Organization (WTO) is the only international body responsible for enforcing international trade regulations.Making sure that trade moves as smoothly, predictably, as freely as possible is its main goal.
What does the World Trade Organization aim to accomplish? In a nutshell, the World Trade Organization (WTO) is the sole international body in charge of regulating international trade.The major goal of this organization is to make sure that trade proceeds as easily, reliably, and freely as possible.In order to ensure that commerce flows as easily, reliably, and freely as possible, its primary purpose is to liberalize trade.To maintain effective, equitable, and predictable global commerce is the WTO's mission.The World Trade Organization, sometimes known as the WTO, is an intergovernmental body whose main goal is to promote free trade for the good of all. WTO' s primary duties:Implement the accords that the WTO's member countries have pledged to uphold.Make a venue available for upcoming trade talks.Allows for the resolution of trade disputes (binding process).To learn more about WTO refer
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prepare journal entries to record the following transactions for a retail store. the company uses a perpetual inventory system and the gross method. april 2 purchased $4,600 of merchandise from lyon company with credit terms of 2/15, n/60, invoice dated april 2, and fob shipping point. april 3 paid $300 cash for shipping charges on the april 2 purchase. april 4 returned to lyon company unacceptable merchandise that had an invoice price of $600. april 17 sent a check to lyon company for the april 2 purchase, net of the discount and the returned merchandise. april 18 purchased $8,500 of merchandise from frist corporation with credit terms of 1/10, n/30, invoice dated april 18, and fob destination. april 21 after negotiations over scuffed merchandise, received from frist a $500 allowance toward the $8,500 owed on the april 18 purchase. april 28 sent check to frist paying for the april 18 purchase, net of the allowanc
The journal of transactions above will be:
Data Name Debit Credit
April 2 merchandise inventory $4,600
account payable-lyon $4,600
April 3 merchandise inventory $300
cash $300
April 4 account payable-lyon $600
merchandise inventory $600
April 17 account payable-lyon $4,000
merchandise inventory $80
cash $3,920
April 18 merchandise inventory $8,500
account payable-first corp $8,500
April 21 account payable-first corp $500
merchandise inventory $500
April 28 account payable-first corp $8,000
merchandise inventory $80
cash $7,920
A journal entry refers to the act of holding or creating records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that performance a company's debit and credit balances.
April 17:
Account payable:
= $4,600 - $600
= $4,000
Merchandise Inventory
= $4,000 × 2%
= $4,000 × 0.02
= $80
Cash = $4,000 - $80
= $3,920
April 28:
Account payable:
= $8,500 - $500
= $8,000
Merchandise inventory
= $8000 × 1%
= $8000 × 0.01
= $80
Cash = $8,000 - $80 = $7,920
Thus, the journal will be:
Data Name Debit Credit
April 2 merchandise inventory $4,600
account payable-lyon $4,600
April 3 merchandise inventory $300
cash $300
April 4 account payable-lyon $600
merchandise inventory $600
April 17 account payable-lyon $4,000
merchandise inventory $80
cash $3,920
April 18 merchandise inventory $8,500
account payable-first corp $8,500
April 21 account payable-first corp $500
merchandise inventory $500
April 28 account payable-first corp $8,000
merchandise inventory $80
cash $7,920
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after gaining union representation, any workers with complaints regarding promotion, layoffs, and job assignments will file a(n) with their shop steward.
After gaining union representation, any workers with complaints regarding promotions, layoffs, and job assignments will file a(n) Grievance with their shop steward.
When a union tries to form a group within a company, which law strengthened management rights?A) The Labor-Management Relations Act, often known as the Taft-Hartley Act, was passed in 1947 in an effort to curtail union authority following a string of violent strikes in 1946. In the course of an organizing campaign, the legislation increases management's rights.
Who will evaluate the evidence and arguments presented by each side and render a definitive judgment?Arbitration. An impartial third party acts as the arbitrator in arbitration and is in charge of deciding the case. After hearing both sides' arguments and pertinent evidence, the arbitrator will make a binding ruling.
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a salesperson saying that using his or her sales force automation software is like having a secretary that will work for free, is using a(n):
The salesperson is using an analogy.
Analogy is a verbal word that describes the cognitive method of transferring knowledge or meaning from one subject to another.
An analogy is similar to a metaphor in that it helps us convey a complex concept or circumstance in terms or through a narrative that the other person can relate to and better understand.
Spending the time to express this information properly will make it more effective, memorable, and "to the point" when communicating with others.
An analogy serves both the purposes of illustration and explanation. An analogy is therefore more complicated than a simile or a metaphor, which solely seek to illustrate without providing context.
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The safety and convenience of (fill the blank) has made checkable deposits a large component of the M1 money supply.
The safety and convenience of checks has made checkable deposits a large component of the M1 money supply.
People can convert checkable deposits into paper money and coins on demand. Checkable deposits are the debts or liabilities of commercial banks. Checkable deposits are basically the available balance in the account against which the checks and demand drafts can be made. Fixed account deposits are non-checkable in nature. The high liquidity of checkable deposits allow easy access to depositors to their funds. Liabilities are the items which the bank owes to someone else. It may be a deposit by the person, firm or another bank itself or any borrowing made from someone. Different kinds of checks are:
Certified checksCashier's checksPayroll checksLearn more about checkable deposits at:
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you must show all your work. a cylindrical can is to be made to hold 1 liter of oil. find the dimensions that will minimize the cost of the metal to manufacture the can
The sum of the base area and height can therefore be used to calculate the cylinder's volume.
What is a cylindrical can's volume determined?The sum of the base area and height can therefore be used to calculate the cylinder's volume. The volume will be equal to the base multiplied by the height for any cylinder with base radius "r" and height "h." Thus, r2h cubic units are the cylinder's volume.The term "right cylinder" refers to a cylinder with an axis that is perpendicular to the bases.As a result, the cylinder's height and base radii are 3 500 3 and 1000 1 3 (500 2) 3 respectively, respectively, where the cylinder's surface area is the least.To learn more about Cylinder's volume refer to:
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kaiwan, inc., a calendar year s corporation, is partly owned by sharrod, whose beginning stock basis is $142,500. during the year, sharrod's share of a kaiwan long-term capital gain (ltcg) is $21,375, and his share of an ordinary loss is $86,213. sharrod then receives a $85,500 cash distribution.
Sharrod's deductible and suspended loss are $77,000 and $7,700.
What is deductible and suspended loss?Casualty losses are generally deductible in the year in which they occur. If you have a reasonable chance of recovering through a reimbursement claim, you have not suffered a loss.A suspended loss is a capital loss accumulated in the current or previous year that cannot be realized until a future year.Here,
Sharrod's deductible loss is calculated as follows:
$140,000 + $21,000 - $84,000
= $77,000.
Sharrod's suspended loss = ordinary loss share - deductible loss
= $84,700 - $77,000
= $7,700
Sharrod's new Kaiwan stock basis is $0.
Sharrod's loss cannot exceed his basis, so only $77,000 can be deducted and $7,700 can be carried forward.
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Artworks created by artists outside of a particular community often do not appeal to members of that community because of a lack of connection between the artists and their
intended audience
Which of the following versions of sentence 4 best accomplishes this goal?
A) (As it is now)
B
Works of art from a variety of different genres can play a role in fostering communication,
Ğ¡
The communicative function of art can change when a piece or performance moves from one physical space to another
D
Recognizable themes from a particular social setting can quickly establish a connection between the artwork and its audience,
E
Art can play a unique role in starting conversations and cultivating group pride by representing communities to themselves.
Artworks created by artists outside of a particular community often do not appeal to members of that community because of a lack of connection between the artists and their intended audience
C: The communicative function of art can change when a piece or performance moves from one physical space to another
A target market is a collection of those who participate in a display or stumble upon a piece of art, literature, theatre, music, video video games, or academics in any medium. target audience participants take part in unique ways in different styles of artwork.
An audience is a set of folks that take part in an occasion. as an instance, folks that go to an e-sports occasion to observe others play a game are a part of an audience. The photo is an example of lots of people accumulated right into a crowd at an arena to watch an e-sports event.
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Alicia deposited $400 in the bank. The bank paid her simple interest at the rate of 5 percent per year. How much money will she have in her account at the end of 6 months?.
Using simple interest, she will have $410 at the end of six months.
Principle = $400
Rate = 5%
Time equals 6 months, or 0.5 years.
Simple interest is equal to PRT/100.
S.I. = 400*5*(1/2)/100
S.I. = 10
Consequently, $400 plus $10 equals $410.
What is simple interest?To calculate the amount of interest that will be charged on a loan, use the quick and easy formula known as simple interest. For the purpose of calculating simple interest, the daily interest rate, the principal, and the number of days between payments are multiplied.
A loan's principal or the first deposit into a savings account serves as the basis for simple interest. Because simple interest doesn't compound, a creditor would only pay interest on the principal sum, and a borrower will never have to pay interest on the interest that has already accrued.
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What are the revenue projections for experiential industry player quintevents expected to be by 2024?.
By 2024, Quint is anticipating more than $400 million.
What is Revenue Projection?
Revenue forecasting, also known as revenue projection, is the process of predicting your sales over time. This can be accomplished by looking at previous trends and making educated guesses based on what you know about your customers, competitors, and the industry as a whole.
Executive leadership and investors work together to issue guidance and determine which revenue projections to share. However, missed guidance is on the rise, and companies are struggling to beat the numbers. This is a disservice to the organization's shareholders, employees, and customers.
The amount of money that a company expects to earn in the future is known as projected revenue. It is typically calculated by analysing past performance and forecasting future performance.
Revenue projections can be used to help plan budgets, develop revenue optimization strategies, set prices, and make other important decisions.
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avery company has two divisions, polk and bishop. polk produces an item that bishop could use in its production. bishop currently is purchasing 25,000 units from an outside supplier for $14 per unit. polk is currently operating at less than its full capacity of 620,000 units and has variable costs of $9 per unit. the full cost to manufacture the unit is $11. polk currently sells 470,000 units at a selling price of $19 per unit.
The total cost of manufacturing the unit is $13. Polk currently sells 450,000 units at a selling price of $17 per unit. Bishop is currently purchasing 25,000 units from an outside vendor for $14 per unit. Polk is currently operating at less than its full capacity of 620,000.
Avery Company has two divisions, Polk and Bishop. Polk produces an item that Bishop could use in his production. Bishop is currently buying 26,000 units. Polk produces an item that Bishop could use in his production. Bishop is currently purchasing 25,000 units from a third-party vendor for $24 per unit. Ganesh Ltd produces a product, which has a variable cost of materials 40 labor 10 and overhead 4. similar business after your franchise ends, even if you still have retail units averaging less than $2,000 per week based on the above . The reorganized units are now joined with those of the Active Army to provide the necessary total in a suitable area of no less than 25,000. Development of GIS data for the geology of the Fort Polk region. .. Production of digital geological maps in North Carolina. Geological study.
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Good Firm is highly profitable and will grow rapidly in the future. Bad Firm faces the same risks but barely makes a profit and will not grow at all. In an efficient market, _____.
A.it is better to buy shares in Bad Firm
B.both stocks are equally good investments
C.it is better to buy shares in Good Firm
D.both stock prices react equally to the same information
2.If markets are efficient, _____.
A.security selection is useful, but asset allocation is not
B.both asset allocation and security selection are useless
C.both asset allocation and security selection are useful
D.asset allocation is useful, but security selection is not
Good Firm is highly profitable and will grow rapidly in the future. Bad Firm faces the same risks but barely makes a profit and will not grow at all. In an efficient market, both stocks are equally good investments.
Pricing reflects all available information in a market that functions well. Let's suppose, for the sake of simplicity, that the two companies have equal shares outstanding. Then, both companies will have the same risk-adjusted anticipated return since the stock price of Good Firm will be significantly greater than that of Bad Firm.
If markets are efficient, both asset allocation and security selection are useful.
Asset allocation and security selection are influenced by the effectiveness of market operations because asset allocation creates a framework for an investor's portfolio that allows them to assess the performance of an investment. This framework helps investors make successful investments.
Hence the correct option is B and C
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the maximum penalty that may be imposed by the superintendent under the insurance fraud prevention act for a single violation is:
The insurance fraud prevention act allows the superintendent to impose a maximum penalty of $5,000 for a single violation.
What is the Insurance Fraud Prevention Act of New Jersey?
This law aims to aggressively combat insurance fraud in New Jersey by requiring restitution of fraudulently obtained insurance benefits, facilitating the detection of insurance fraud, and reducing the likelihood of such fraud occurring through the creation of fraud prevention programs.
In California, how do I report insurance fraud?
To meet the requirements of the general public, the California Department of Insurance maintains a Consumer Hotline. The Consumer Hotline can be reached at 800-927-4357 if you have any information about insurance fraud. The Fraud Division receives all reports of suspected insurance fraud from the Consumer Hotline.
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The Insurance Fraud Prevention Act allows the superintendent to impose a maximum penalty of $5,000 for a single violation.
What is the Insurance Fraud Prevention Act of New Jersey?
This law aims to aggressively combat insurance fraud in New Jersey by requiring restitution of fraudulently obtained insurance benefits, facilitating the detection of insurance fraud, and reducing the likelihood of such fraud occurring through the creation of fraud prevention programs.
In California, how do I report insurance fraud?
To meet the requirements of the general public, the California Department of Insurance maintains a Consumer Hotline. The Consumer Hotline can be reached at 800-927-4357 if you have any information about insurance fraud. The Fraud Division receives all reports of suspected insurance fraud from the Consumer Hotline.
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T/F challenge questions offered by websites to automate password distribution and resets are formidable in protecting the privacy of email accounts.
False, challenge questions offered by websites to automate password distribution and resets are formidable in protecting the privacy of email accounts.
Privacy of email accounts- Emails are frequently sent in "plain" or "clear" text. That means the email's content is not encrypted. If your email is intercepted, your password is easily extracted. On its way to you, your email is frequently stored in multiple systems or servers.
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cash flow from operating activities, $251,000 net income, $193,000 interest expense, $31,000 interest cash payments, $21,000 income tax payments, $151,000 income tax expense, $147,000 using the modified method discussed in the text, what was lee's cash coverage ratio?
cash coverage ratio is 11.96.
Given,
Net Income = 1,93,000
Add: Interest Expense = 31,000
Add: Income tax Expense = 1,47,000
EBIT = 3,71,000
Cash Coverage Ratio = (Earnings before interest and Taxes + Non cash expenses) / Interest Expense
=(371000/31000)
= 11.96
Hence 11.96 is a correct answer.
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TRUE/FALSE. a deadweight loss results from the imposition of a tax on a good because the tax reduces the quantity of exchanges between buyers and sellers.
TRUE. a deadweight loss results from the imposition of a tax on a good because the tax reduces the quantity of exchanges between buyers and sellers.
taxation, the government's imposition of mandatory fees on people or organizations. Nearly every nation in the world imposes taxes, which, although also serving other objectives, are largely intended to fund government spending.
According to who pays for them, who ultimately bears the burden of them, how much the burden can be shifted, and other factors, taxes have been categorized in different ways in the literature on public finance. Most taxes are categorized as either direct or indirect, with the income tax serving as an example of the former and the sales tax serving as an example of the latter.
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ballyhoo media creates phone, radio, and television advertising for other companies around the country. what brand type does this best represent?
Ballyhoo media creates phone, radio, and television advertising for other companies around the country. what brand type does this best represent manufacturer.
A logo is a product, provider or idea this is publicly prominent from different products, offerings or standards in order that it could be without problems communicated and generally marketed. Branding is the system of making and disseminating the logo name, its features and personality.
A producer is someone or agency that produces completed items from uncooked substances with the aid of using the usage of numerous tools, equipment, and processes, after which sells the products to consumers, wholesalers, distributors, retailers, or to different producers for the manufacturing of greater complicated items.
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the currency of the united arab emirates is fixed relative to the u.s. dollar: this means that the exchange rate between the united arab emirates dirham and other currencies is determined by the dollar exchange rate. this is an example of a exchange rate.
This is an example of a Pegged exchange rate.
What is meant by Pegged exchange rate ?An exchange rate stabilization strategy known as a currency peg involves a national government or central bank setting a fixed exchange rate for its own currency with a foreign currency or a basket of currencies.A currency peg is a policy in which the government or central bank keeps the value of one currency fixed in relation to another country's currency, therefore ensuring a stable exchange rate between the two. For instance, before 2015, China's currency was linked to the US dollar.A floating exchange rate is set by the supply and demand of the private market. A fixed rate, often known as a pegged rate, is the official exchange rate set and maintained by the government (central bank).Learn more about Pegged exchange rate refer to :
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Is a tax or duty imposed on imported goods?.
Taxes on foreign merchandise encompass tariffs and customs duties. each product is allotted an HTS code that determines the number of duties owed on a product looking on its country of origin.
Understanding import taxes is important to calculate import prices and making certain you’re able to with success import your merchandise. Import tariffs are obligatory directly on products foreign to the country, as hostile import duties that are charged indirectly. Import tariffs are enforced by customs authorities on specific categories of things used for import and export.
When mercantilism, customs duties are typically used interchangeably with import tariffs once relating to the number of taxes owed on foreign products. Countervailing duties are placed on specific imports from bound countries in an endeavor to counter the negative impact of export subsidies on domestic industries.
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FILL IN THE BLANK. the management team at kyra electronics, is looking for ways to achieve higher levels of performance. it is trying to obtain higher yields and reduce cycle times. in the context of the three major activities involved in process management, the management team at kyra, is engaged in the ___ activity of process management.
Improvement activity of process management.
What is process management?Process management includes designing and implementing process architectures, establishing process measurement systems that support organizational objectives, and training and organizing managers to ensure effective process management. It also includes aligning processes with an organization's strategic goals.
Identifying, assessing, and improving upon current business processes within a company for optimization and to achieve new quotas or standards of quality is the proactive activity of process improvement.
an endeavor to optimize essential company procedures so that you can increase work output. Process optimization should ideally result in both more efficient and effective workflows.
To meet customer needs and maintain alignment with the goals and objectives, process management (development and improvement) focuses on developing effective, flexible, and efficient systems.
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the decision on how to divide your portfolio among different types of securities is known as: question 35 options: arbitration asset allocation portfolio tracking estate planning investment planning
This asset selection decision, like the asset allocation decision, can be an lively one, where the investor attempts to buy undervalued belongings in each asset type (or promote overrated ones) or a passive one, the place the investor invests throughout assets in an asset class
What does asset allocation mean?Asset allocation entails dividing your investments amongst special assets, such as stocks, bonds, and cash. The asset allocation choice is a private one. The allocation that works first-rate for you modifications at special instances in your life, relying on how lengthy you have to invest and your potential to tolerate risk.
For example, investing absolutely in stock, in the case of a twenty-five year-old investing for retirement, or investing completely in cash equivalents, in the case of a household saving for the down charge on a house, may be real looking asset allocation techniques underneath certain circumstances.
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https://brainly.com/question/28025267#SPJ4What is the main benefit of investing in a 401k, ira, or other retirement account?.
The benefit is Whether you itemize or use the standard deduction, the pre-tax nature of the contributions lowers your overall taxable income, which could result in a smaller tax bill. It might possibly lower your tax bracket for you.
What is a 401k, ira, or other retirement account?You can save money for retirement through two different types of investment accounts: 401(k)s and IRAs. Both accounts allow you to deposit money on a regular basis1 and put your money into the stock market for future growth. They each offer specific tax advantages, however they differ slightly from one another.
A 401(k) is a retirement account that you open via your company, whereas an IRA is a retirement account that you open on your own. Both IRAs and 401(k)s provide both regular and Roth choices, with the former requiring pretax contributions and the latter post-tax ones.
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The cost-benefit principle states that _________ are the incentives that shape decisions.
Costs and Benefits
The cost-benefit principle states that Costs and Benefits are the incentives that shape decisions.
The value advantage precept is a essential idea in economics that indicates motion have to most effective be taken if the advantages derived from it are more than the expenses. This highlights the trade-offs concerned in any choice-making technique.
A value-advantage evaluation is the technique used to degree the advantages of a choice or taking motion minus the expenses related to taking that motion. A value-advantage evaluation includes measurable economic metrics which includes sales earned or expenses stored because of the choice to pursue a project.
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it is important for managers to understand that, to prevail, the impossibility must be (a reasonable person would consider the obligation impossible to perform) rather than .
It is important for managers to understand that, to prevail, the impossibility must be rather than a rule or a norm of international law.
Manager:
Manager refers the supervisor who controls and directs the personnel and activities of an organization or a department.
Given,
Here we need to find the important for managers to understand that, to prevail, the impossibility must be rather than.
As per the definition of impossibility, a reasonable person would consider the obligation impossible to perform is the norm that is defined by the international law of regulations.
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A monopolist must choose between two points on its demand curve. It can either sell 100 units for $3 each, or sell 150 units for $2 each. This implies that, for the given range of output, elasticity of demand for the monopolist's product is:
A monopolist must choose between two points on its demand curve. It can either sell 100 units for $3 each or sell 150 units for $2 each. This implies that, for the given range of output, elasticity of demand for the monopolist's product is one
A monopolist refers to an individual, group, or agency that dominates and controls the marketplace for a selected appropriate or service.
This loss of opposition and absence of alternative items or offerings method the monopolist wields sufficient strength withinside the market to price excessive prices. elasticity, Cap potential of a deformed fabric frame to go back to its authentic form and length while the forces inflicting the deformation are removed. A frame with this Cap potential is stated to behave (or respond) elastically.
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a closing balance at the end of a period is not the same as the opening balance at the beginning of the next period. true false
It is TRUE that, a closing balance at the end of a period is not the same as the opening balance at the beginning of the next period.
At the end of a reporting period, an account's closing balance is its total value. This sum is carried over to the start of the following reporting period if an account is a permanent account. If an account is a temporary account, the balance is reset to zero at the end of the fiscal year and the amount is rolled into retained earnings.
A closing balance is made up of transactions that might have an impact on an account hundreds or even thousands of times over the course of a reporting period. The specific transactions in an account that add up to the closing balance must be examined in order to determine why a closing balance is a certain amount.
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if the foreign subsidiary of a us corp uses us currency as its functional currency, whic of the following methods would the use? where would gains and losses be presented?
The unfamiliar auxiliary's expense-based stock would be changed over completely to U.S. dollars by interpretation through the ongoing conversion standard.
How is an unfamiliar auxiliary represented?
The cash that influences deal costs is the auxiliary's utilitarian money. The auxiliary's useful money is that of the country whose regulations and level of rivalry influence deals estimating.
Since it is the nearby money, the organization chooses to use euros as the practical cash. In an alternate situation, a Mexican business with most of its tasks in the US would use the US dollar as its utilitarian cash, even while its budget reports are communicated concerning Mexican pesos.
The fiscal summaries should be meant in U.S. dollars on the off chance that the abroad auxiliary doesn't keep records in that cash.
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If a $10 excise tax is collected from gasoline sellers on each gallon of gasoline sold, then the supply curve for gasoline will shift __________ by $10, thereby _________ the equilibrium price.
If a $10 excise tax is collected from gasoline sellers on each gallon of gasoline sold, then the supply curve for gasoline will shift leftward by $10, thereby increased the equilibrium price.
Economic equilibrium, as used in economics, is a state in which forces such as supply and demand are in balance and where, in the absence of external influences, the values of economic variables will remain constant. For instance, equilibrium occurs when the quantity demanded and the quantity supplied are equal in the classic text on perfect competition. When a market price is set via competition and the quantity of goods or services demanded by buyers and the quantity of goods or services provided by sellers are equal, the market is said to be in equilibrium. This price, which is frequently referred to as the competitive price or market clearing price, tends to remain constant barring changes in supply or demand. The quantity is referred to as the "competitive quantity."
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