According to the accrual accounting revenue recognition concept, revenues must be recognized when they are earned and realized rather than when cash is received.
A generally accepted accounting standard (GAAP) called revenue recognition specifies the particular circumstances under which revenue is recognized and how to account for it. When a significant event occurs, revenue is typically realized, and the corporation can simply quantify the financial amount. The foundation of any corporate performance is revenue. The sale is the keystone. Regulators are aware of how alluring it may be for businesses to stretch the boundaries of what constitutes income, particularly when not all cash is collected until the task is finished.
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What type of value recognizes the cost to replace the improvements but does not include the land value?
Insurance value replace the cost of improvement but does not include the land value because insurance is done only for the building not for the land as it is considered that land is not destructible within the realm of real estate appraisal. Therefore land value is not insured.
Insurance is defined as risk management against the uncertain loss. It hedges the risk against the uncertain loss, damage, illness.
It protects from the financial loss as it is the arrangement in which company provides protection against specified loss but in return they charges the premium installment to be paid.
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When individuals want to start a new venture, they may obtain many small amounts of money from many people. what is this type of financing called?
When individuals want to start a new venture, they may obtain many small amounts of money from many people. This type of financing is called Crowdfunding.
What is Crowdfunding?Using modest sums of money from a large number of people in a process known as crowdsourcing, a new business endeavor can be financed. With the potential to increase entrepreneurship by broadening the pool of investors beyond the traditional circle of owners, relatives, and venture capitalists, crowdfunding makes use of the readily available, enormous networks of people through social media and crowdfunding websites.
The ability to fund a new business and the amount that individuals may contribute are both subject to restrictions in the majority of jurisdictions. Similar to the limitations on investing in hedge funds, these rules are meant to prevent novice or less wealthy investors from putting too much at risk.
Entrepreneurs now have the chance to raise hundreds of thousands or millions of dollars from anyone with money to invest thanks to crowdfunding. Anyone with an idea can use crowdfunding to present it to interested investors.
Thus, the mode of financing referred to in the question is crowdfunding.
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If lucinda has only $60 to spend and the price of kewpie dolls and the price of beanie babies are both $12, how many of each will lucinda buy if she is rational?
If she is rational, Lucinda will buy 5 of each artefacts which costs $12 each. See explanation below.
Who is a rational consumer?A rational consumer is an economic parlance that assumes that while making a decision, customers would always prioritize maximizing their own advantages.
When making a selection, rational consumers choose the alternative that will provide them with the maximum utility and satisfaction.
Hence, as a rational consumer, Lucinda will spend $60 to purchase 5 of each product.
Given that both dolls are $12, to max out or achieve maximum satisfaction, the entire $60 must be expended to the full.
Hence,
$60/ 12
Maximum Utility Spend = 5 of each product.
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A firm has a net working capital of 420, net fixed assets of 2166 sales of 5300 and currrent liabilityes of 730 how many dollars worth of sales are generated from every 1$ in total asstest?
1.69 times of sales are generated from every 1$ in total assest. The net working capital is $470, and the current liabilities are $800.
Current liabilities
Current liabilities are generally referred to in accounting as all liabilities of the firm that must be settled in cash within the fiscal year or the operating cycle of a particular company, whichever is longer. According to a more thorough definition, current liabilities are obligations that will be paid off by current assets or by the creation of new current liabilities. Accounts payable are due and payable within 30 days, however under particular situations, they frequently take longer than 30 or 60 days.
Current assets - current debts = gross working capital.
Current assets - 800= 470
Current assets = $1,270
Net fixed assets is given as $2,287.
Total assets = Net fixed assets + Current assets
Total assets = 2,287 + 1,270
= $3,557
Total assets turnover ratio = Sales / Total assets
= 6,000 / 3,557
= 1.69 times.
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Incomplete Question
Explain ONE possible non-financial aim an entrepreneur may have when starting a
small business
Answer:
Gaining experience
Explanation:
Which three parts of the external environment affect amazon's competitive actions and responses?
The three parts of the external environment affect amazon's competitive actions and responses are:
Generalindustry competitorWhat are competitive actions?A competitive action can be described as the strategic or tactical action which is been used by a firm to build or defend its competitive advantages so as to be able to improve its market position.
It should be noted that in doing this the external environment must be taken into consideration, and this external components are been listed above.
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Sales forecasting, economic forecasting, and environmental analysis are examples of the control of?
Sales forecasting, economic forecasting, and environmental analysis are examples of the control of information resources
What is environmental analysis?
By conducting an environmental analysis, organisations can identify internal and external elements that could have either a favourable or negative impact on their business. By considering factors like the economy and technology, businesses can anticipate potential possibilities and difficulties. By knowing how to do an environmental analysis, you may develop a profitable marketing strategy for your business. In this article, we define environmental analyses, describe their applications, outline their methodology, and discuss the PESTLE analysis.
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If the total surplus in a market with no government intervention is $500 and consumer surplus is $200, producer surplus is ____
Based on the total surplus with no government intervention in the market and consumer surplus, the producer surplus is $300.
What is the producer surplus?The producer surplus can be found by using the total surplus formula:
Total surplus = Consumer surplus + Producer surplus
We can then solve for producer surplus as:
500 = 200 + Producer Surplus
Producer Surplus = 500 - 200
Producer Surplus = $300
In conclusion, the Producer Surplus is $300.
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An income statement reflects activity that occurs _____ while a balance sheet reflects values ____.
An income statement reflects activity that occurs over a period of time while a balance sheet reflects values at a point of time.
The income statement of a company is the financial statement that shows its income and expenditures. This gives a picture of the profit or loss the company is making. This is calculated for a given period of time.
The balance sheet of a company, on the other hand, is calculated at a specific point in time. It shows the assets, liabilities, and shareholder equity of the company at that point.
Income statement and balance sheet both constitute the financial statement of a company.
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Why would you only want to do business at a bank or credit union that is INSURED?
Credit score unions typically offer decreased fees, better savings quotes, and a more personalized approach to customer service for individuals. in addition, credit unions might also offer decreased hobby costs on loans. it can additionally be less complicated to attain a loan with a credit score union than with a bigger financial institution.
Less rigid eligibility requirements. lower interest fees. Deposits are insured in an identical manner as banks. more economic literacy sources.
A commercial business account permits less difficult rate monitoring and tax filing. enterprise money owed also lend credit union to your commercial enterprise, in view that carriers will obtain tests from the name of your enterprise, now not your private account. each of your non-public and commercial enterprise money owed may be controlled online via digital banking apps.
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What is the maximum amount you would pay for an asset that generates an income of $150,000 at the end of each of five years, if the opportunity cost of using funds is 6 percent?
The opportunity cost of using funds is 6 percent will be $ 14305
What is meant by opportunity cost?When an amount of money is allocated to another type of investment or expense, an opportunity cost is said to have been foregone.
Given,
income = 150000
percentage = 6
number of years = 5
Present value = Future value [tex](\frac{1}{1 + r})^{n}[/tex]
r = rate of return
n = number of years
Present value = [tex]150000(\frac{1}{1 + 0.6})^{5}[/tex]
= 150000 × (1/1.6)⁵
= $ 14305
So, Opportunity cost = $ 14305
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Wealth is an accumulation of tangible products; goods are counted as wealth, but services are not.
True or false
Answer:
F
Explanation:
Given a double variable called average, write an expression that is true if and only if the variable's value is less than 60.0.
Average 60 is an expression that is true if and only if the value of the given double average variable is less than 60.0.
The variable cost per unit is referred to as the average variable cost in economics. By dividing the overall variable cost by the output, one may calculate the average variable cost. The enterprises use the average variable cost to decide when to halt short-term manufacturing.
What's the average variable cost calculation formula?
To find the average variable cost, divide the total variable cost (VC) by the output (Q). In light of this, we can now define the short-run average variable cost in another way. AVC is equivalent to ATC less AFC.
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Project management is a must-have capability for every organization and a personal job skill that will only become more valuable in the years ahead. true/ false
The claim is true. Every organization needs to have the ability to manage projects, and project management is a personal job skill that will only grow in value over time.
In general, project managers who are refining their management techniques need must-have capability and expertise in three distinct areas:
project management that is industry-independentbusiness administration and basic accounting knowledgecomplexities and technicality of the entire management processIt has been said that project management is both an art and a science that will be more valuable in the years ahead. To practice this craft, one must first understand the fundamentals of project management. Industry-specific and versatile project managers are required for success, but project management must be independent of industry.
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Revenue is recognized when the seller ______. (check all that apply.) multiple choice question.
Revenue is recognized when the seller :
collects cash from customers , if using cash basis accounting.
Services are provided even if cash has not yet been collected, if using accrual basis accounting
What is cash and accrual accounting?Accrual accounting is an accounting method in which an expense or income is recorded at the time when the transaction occurs. The purpose of accrual accounting is to match income and expenses with the period in which they occur.
If the accrual accounting method is used, the expense would be recorded when the order is made.
The cash basis of accounting is an accounting method that records revenue only when cash is received and records expenses only when cash is paid.
Cash accounting does not include account receivable or account payable. An advantage of the cash basis of accounting is it easy to use. A disadvantage of cash accounting is it is a less accurate representation of financial position of a company.
IFRS or US GAAP does not allow cash accounting but allows accrual accounting.
Here are the options:
Cash is collected from customers, if using cash basis accounting
2) Borrowing money from a bank, if using cash basis accounting
3) Borrowing money from a bank, if using accrual basis accounting
4) Services are provided even if cash has not yet been collected, if using accrual basis accounting
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Indirect labor costs include? assembly-line worker wages. administrative assistant salary. assembly-line supervisor salary. factory security guard wages.
Indirect labor cost include administrative assistant salary. (second option)
What is Indirect labor cost ?Indirect labor cost is the cost of labor employed t that is not directly involved in the production of goods or the delivery of services.
Indirect labor cost is the wages or salary that is paid to employees whose duties enable other employees to produce goods and render services. An example of such employees are the administrative staff. Thus, the wages paid to administrative staff would constitute indirect labor cost.
In contrast, direct labor cost is the wages paid to labor that is directly involved in the production of goods or providing of services. e.g. factory security guard wages.
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The type of analysis that examines the relationship of items on the financial statements of one year is called?
The type of analysis that examines the relationship of items on the financial statements of one year is vertical analysis.
What is a vertical analysis?In accounting, this is the method of a financial statement analysis in which each line item is listed as a percentage of a base figure within the statement. The process is that the line items on an income statement is be stated as a percentage of gross sales and the line items on a balance sheet can be stated as a percentage of total assets or liabilities.
Therefore, the vertical analysis of a cash flow statement also shows how the cash inflow or outflow as a percentage of the total cash inflows.
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______is a not-for-profit system in which all policyholders are members of the company; when premiums exceed losses, surplus funds are distributed among the members.
mutual fire insurance is a not-for-profit system in which all policyholders are members of the company; when premiums exceed losses, surplus funds are distributed among the members.
What exactly do you mean by "surplus funds"?
Surplus funds are funds that belong to or are controlled by the local unit and are available for investment because they are not required by law or by an agreement with bondholders to be segregated and invested in a specific manner. Surplus funds are the excess of cash and other recognised assets expected to be resolved into cash or its equivalent in the normal course of events and with reasonable certainty at any given day over liabilities and necessary reserves at the same date.
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Using the ob concepts and tools that best suit the situation is called a(n)____to management.
Using the OB concepts and tools that best suit the situation is called a contingency approach to management.
What is contingency approach?
The Situational Approach, also known as the Contingency Approach, is founded on the idea that all management is fundamentally situational in nature. The circumstances of a particular situation will have an impact on (if not control) all managerial decisions. There isn't just one effective technique to approach any decision.
Contingency approach to management refers to using the OB concepts and tools that are most appropriate for the circumstance.
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Somerset leasing received $36,000 for 12 months' rent in advance. how should somerset record this transaction?
The Transaction would be recorded as follows
Debit Cash 33,600Credit Unearned revenue 33,600Rules of Recording a Transaction.
The following are the "Golden Rules of Accountancy" for debit and credit, which govern the system of accounts: First: Debit what comes in, Credit what goes out. Second, credit all incomes and gains and debit all expenses and losses. Third, credit the giver while debiting the recipient.The total amount of debits must equal the total amount of credits in a transactionTo Learn more about Rules of Recording a Transaction, Click the links.
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Assume there was $100,000 of rent when the company produced 1,000 units. what would be the cost per unit and in total to produce 2,000 units?
The cost per unit is $50. The total cost of producing 2,000 units is $100,000.
What is the cost per unit?Rent is an example of a fixed cost. Fixed cost do not vary with the level of output. The rent paid would be the same if the firm produces 0 units of output or 100,000 units of output.
Thus, the rent would be the same if the firm produces 2,000 units as it is when the firm produces 1,000 units.
The cost per unit also known as average cost can be determined by dividing the rent by the total unit of output.
Cost per unit = rent / total output
$100,000 / 2,000 = $50
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Forecasts projecting that resources such as oil, trees, and farm land will be depleted have been incorrect primarily because they have failed to account for?
Forecasts projecting that resources such as oil, trees, and farm land will be depleted have been incorrect primarily because they have failed to account for: The role of prices:
Briefing :If the supply of a resource decreases and it becomes more valuable, its price will rise, increasing the incentive to both conserve the resource and find more of it.
What is Forecasts Projecting?Forecasting is advantageous to businesses because it enables them to make more informed business decisions and implement data-driven initiatives.
Financial and operational decisions are made in light of current market conditions and anticipated future market conditions.
Many businesses interchange forecasts and projections; yet, these two financial estimations are not the same. In contrast to a projection, a forecast focuses on the most likely outcomes.
Forecasting lays the groundwork for collaborative work and improves coordination, cooperation, and control within the organization. Forecasting appropriately weighs and studies future prospects, stability, and disparities. This assists management in removing any impediments that may arise during management.
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This benefit is conferred by the corporate form of organization in which an investor;s personal responsibility for the debt of the business are limited to the amount the investor has invested in the firm.
Limited Liability is the benefit conferred by the corporate form of organizations in which an investor's personal responsibility for the debt of the business is limited to the amount the investor has invested in the firm.
Limited liability enables people to escape personal responsibility for a corporate entity's losses, enabling risk-averse people to take on risks that they otherwise would not have. This means that in order to satisfy their debts, the creditors of an incorporated corporation cannot go after the owner's personal assets. Owners of a business that operates as a corporation are responsible for all debts and business losses up to the amount they invested in the corporation.
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Dairy products, inc., and eden farms corporation form a joint venture to make and test-market frosty ice cream. A joint venture is usually formed for?
A joint venture is usually formed for a single transaction or project
What is a joint venture?The term "joint venture" (abbreviated "JV") refers to a corporate company formed by two or more partners that are typically distinguished by shared ownership, rewards and risks, and governance. Companies frequently enter into joint ventures for one of four reasons: to obtain access to a new market, especially an emerging market; to achieve scale efficiencies by integrating assets and operations; to share risk for significant investments or projects; or to gain access to talents and capabilities. The argument that joint ventures lessen downside risk was refuted in research by Reuer and Leiblein.
However, certain joint ventures, including those in the oil and gas sector, are "unincorporated" joint ventures that mimic a corporate organization. When two or more people work together temporarily to create a partnership for the purpose of carrying out a specific project, that partnership may also be referred to as a joint venture, with the parties involved being referred to as "co-venturers."
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If+mortgage+rates+rise+from+5%+to+10%+but+the+expected+rate+of+increase+in+housing+prices+rises+from+2%+to+9%,+are+people+more+or+less+likely+to+buy+houses?
People are more likely to buy houses
compute real interest rates (r = i - π) in both periods:
Before r = 5% - 2% = 3%
After r = 10% - 9% = 1%
Because the real interest rate that must be paid has decreased from 3% to 1%, more people are now likely to buy homes. The amount of money that people are paying back may be increasing, but because property prices have increased so quickly, the actual cost of financing homes has decreased. The real interest rate for acquiring a home has decreased from 3% (=5% -2%) to 1% (=10% 9%), which has increased the likelihood that people will do so. Thus, even if mortgage rates have increased, the actual cost of financing a home is reduced. (If tax deductions for interest payments are permitted, then the likelihood that individuals will purchase homes increases.)
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The assumption that because the economy as a whole is better off as a result of a trade treaty, each individual industry must also be better off as a result of the treaty is an example of the:___.
The assumption that because the economy as a whole is better off as a result of a trade treaty, each individual industry must also be better off as a result of the treaty is an example of the: fallacy of division.
This is further explained below.
What is a trade treaty,?Generally, An investment guarantee is often included in the scope of a trade agreement, which is a comprehensive tax, tariff, and trade pact.
In conclusion, It comes into being when two or more nations reach an agreement on conditions that facilitate their commercial interactions with one another.
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Part a: maci made $170 grooming dogs one day with her mobile dog grooming business. she charges $60 per appointment and earned $50 in tips. write an equation to represent this situation and solve the equation to determine how many appointments maci had. (5 points) part b: logan made a profit of $235 as a mobile groomer. he charged $75 per appointment and received $40 in tips, but also had to pay a rental fee for the truck of $10 per appointment. write an equation to represent this situation and solve the equation to determine how many appointments logan had. (5 points)
Part A: Maci had 2 appointments
Part B: Logan had 3 appointments
Part A:
Total income = $170
Charge per appointment = $60
Tips earned = $50
Let the number of appointments be x:
Equation: -
170 = 60x + 50
170-50=60x
x=2
So, she Maci made 2 appointments
Part B:
Profit earned = $235
Charge per appointment = $75
Tips earned = $40
Rent paid per appointment = $10
Let the number of appointments be x
Equation:
235 = (75-10)x + 40
235-40 = 65x
195 = 65x
x = 3
So, Logan had 3 appointments
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could a decline in the production of current ""consumption goods"" lead to higher economic growth in the future? explain why or why not? message
A decline in consumption goods result in, a decrease in production means businesses will lay off workers, leading to unemployment. Consumption thus helps determine the income and output in an economy.
Consumption is defined because the use of products and services by a household. it's a component within the calculation of the Gross Domestic Product (GDP). Macroeconomists typically use consumption as a proxy of the general economy. When valuing a business, a securities analyst would study the consumption trends within the business’ industry. it's a very important step, because it helps the analyst with the belief section of the financial model.
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The accounting basis that records revenues in the period that goods and services are provided to customers is referred to as:_______
The accounting basis that records revenues in the period that goods and services are provided to customers is referred to as Accrual-Basis.
What do you mean by Accrual-Basis?The accounting system known as "accrual basis" can be characterized as one in which income, expenses, and other changes to assets, liabilities, and owner's equity are recorded in the period in which the economic event occurs rather than when cash flows in and out.
A corporation can use accrual accounting, a financial accounting technique, to record revenue before getting payment for goods or services sold, or expenses can be recorded as incurred before being reimbursed by the company.
In other words, regardless of when monetary transactions have taken place, the company's accounting records the revenue earned. One of two accounting techniques is accrual accounting; the other is cash accounting. Cash accounting only captures revenue once a cash transaction for the products or services has taken place.
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What does the phrase ""no taxation without representation"" mean? is it still relevant today?.
the required details "taxation without representation is mentioned below
DEFINITION
The phrase "taxation without representation" refers to being forced by a government to pay a tax without having a vote in its decisions, such as through an elected representative. The Stamp Act, which obliged colonies in what would become the United States to pay duties on printed literature, was approved by the British Parliament in 1765. The issue was that the colonists were denied the ability to choose their Parliamentary representatives. Taxation without representation was one of the colonists' first anti-British catchphrases. Additionally, they started to oppose arbitrary taxes, as seen in the Boston Tea Party.
The expression "taxation without representation" refers to the circumstance of being subject to taxes levied by a government without being included in the decision-making process.
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