Responsibility for setting all audit standards to be followed in the audit of public companies rests with the NGOs.
Who is responsible for setting auditing standards?Certified public accountants receive standards, guidelines, auditing, attestation, and quality control statements from the Auditing Standards Board (ASB) (CPAs). It is the senior technical committee of the AIPCA, and its job is to create generally accepted auditing standards (GAAS) for private companies.
The auditor has a duty to prepare and carry out the audit in order to get a reasonable assurance regarding the absence of a major misstatement, whether brought on by fraud or error.
In order to reduce audit risk, the Public Company Accounting Oversight Board (PCAOB), a nonprofit organization, regulates audits of publicly traded corporations. In order to address the accounting crises of the late 1990s, the PCAOB was founded concurrently with the Sarbanes-Oxley Act of 2002.
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a u.s. manufacturing company operating a subsidiary in an ldc (less-developed country) shows the following
A U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following answers in different parts and in terms of productivity.
a) The labor productivity (U.S.) = Output / Labor(hours) = [tex]\frac{100505}{19550}[/tex]= 5.14
The labor productivity (LDC) = Output / Labor(hours) = [tex]\frac{19600}{14550}[/tex]= 1.34
The capital productivity (U.S.) = Output / Capital Equipment (hours) =
[tex]\frac{100505}{58600}[/tex] = 1.71
The capital productivity (LDC) = Output / Capital Equipment (hours) =
[tex]\frac{19600}{4550}[/tex] = 4.30
b) The multifactor productivity (U.S.) = Output / Labor + Capital =
[tex]\frac{100505}{19550} + 58600[/tex]= 1.28
Multifactor productivity (LDC) = Output / Labor + Capital =
[tex]\frac{19600}{14550} + 4550[/tex]= 1.02
c.)Raw Material Productivity (U.S.) = Output / raw material = [tex]\frac{100505}{20500}[/tex] = 4.90
Raw Material Productivity (U.S.) = Output / raw material = [tex]\frac{19600}{19550}[/tex] = 1
Note that the full question is:
A U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following results:
US LDC
Sales (units) 100,505 19,600
Labor (hours) 19,550 14,550
Raw Materials (currency) $20,500 $19,550
Capital Equipment (hours) 58,600 4,550
a) Calculate partial labor and capital productivity figures for the parent and subsidiary.
b) Compute the multifactor productivity figures for labor and capital together.
c) Calculate raw material productivity figures (units/$ where $1 = FC 10).
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A hedge fund purchased credit default swaps on securities it did not own because it believed that the securities were likely to default. In this example, the hedge fund is.
A hedge fund purchased credit default swaps on securities it did not own because it believed that the securities were likely to default. In this example, the hedge fund is speculating.
What is a hedge fund?It should be noted that the hedge fund simply means a pooled investment fund which trades in liquid assets. This is usually managed by the professional fund managers.
Therefore, a hedge fund purchased credit default swaps on securities it did not own because it believed that the securities were likely to default. In this example, the hedge fund is speculating.
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a(n) is an exchange of value, such as a purchase, a sale, or the conversion of raw materials into a finished product.
A Transaction is an exchange of value, such as a purchase, a sale, or the conversion of raw materials into a finished product.
What is Transaction ?An executed contract between a buyer and a seller to trade goods, services, or financial assets in exchange for money is known as a transaction. The phrase is also frequently used in business accounting. This straightforward definition might be challenging in corporate book keeping. Depending on whether a corporation utilizes accrual accounting or cash accounting, it may record a transaction sooner or later. A transaction entails the exchange of money for a good or service. In terms of corporate accounting, transactions can provide a little bit more of a challenge.
Regardless of when payment is received or paid, accrual accounting records a transaction as soon as it is complete. Smaller businesses tend to employ cash accounting, which only records transactions when cash is received or dispersed. dealings with third parties.
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What is the liability in sole proprietorships and partnerships??
Answer:
Sole proprietors and partners have unlimited liability. The unlimited liability means that if you're unable to repay the debts of the business, your creditors can go after whatever you own.
the harrison act required any person in the business of dealing in drugs covered by the act was required to register annually and pay a special annual tax of .
The Harrison act required any person in the business of dealing in drugs covered by the act was required to register annually and pay a special annual tax of $1.
The Harrison act also known as the Harrison Narcotic Act of 1914 is a federal law passed by the United States. It was passed as a measure to control narcotics trafficking. Its main agenda is to regulate and tax the production, importation, and distribution of opiates and coca products. It imposed a special tax on all persons who produce, import, manufacture, compound, sell, or give away opium or coca leaves.
The Harrison act was proposed by the Representative Francis Burton Harrison of New York. The act approached control through a revenue path. This path required those involved in narcotics to report it to the Internal Revenue Service (IRS) and pay taxes.
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determine the missing amount in each of the following cases: assets liabilities stockholders' equity a. $420,000 $175,000 answer 245,000 b. answer 73,000 $31,000 $42,000 c. $121,000 answer 31,000 $90,000
The missing amount in each of the following cases is: $245,000, $73,000, $31,000.
Assets, liabilities and stockholders' equitya. Assets = $420,000
a. Liabilities = $175,000
a. Stockholders' Equity = $245,000
($420,000-$175,000)
b. Assets = $73,000
($42,000+$31,000)
b. Liabilities = $31,000
b. Stockholders' Equity = $42,000
c. Assets = $121,000
c. Liabilities = $31,000
($121,000-$90,000)
c. Stockholders' Equity = $90,000
Therefore the missing amount in each of the following cases is: $245,000, $73,000, $31,000.
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The complete question is:
Determine the missing amount in each of the following cases: assets liabilities stockholders' equity
a.) Assets = $420,000
a.) Liabilities = $175,000
a.) Stockholders' Equity ?
b.) Assets = ?
b.) Liabilities = $31,000
b.) Stockholders' Equity=$42,000
c.) Assets = $121,000
c.) Liabilities = ?
c.) Stockholders' Equity=$90,000
justify your answer by explaining how the weighted average cost of capital for the company would change if clark uses bank debt to finance all or a portion of the building purchase.
Justify your response by describing how using bank debt to finance all or part of the building purchase would affect the company's weighted average cost of capital.
What is WACC?The weighted average cost of capital (WACC), which includes common stock, preferred stock, bonds, and other types of debt, is the average after-tax cost of capital for a company. WACC is the typical interest rate a business anticipates paying to finance its assets. Because it expresses the return that both bondholders and shareholders require in order to provide the company with capital in a single value, the weighted average cost of capital is a popular method for calculating the required rate of return. She mostly used her own money to launch the company, demonstrating that she started with equity rather than debt. She isn't starting out with a lot of debt, therefore the needed rate of return would be below the average. She may now concentrate on growing the business rather than making ongoing debt payments. Due to decreased investment, the total rate of return ought should be lower. To be able to market what they produce, all they truly needed was indeed a retail location. This was not there in their prior store facility, which doubled as their kitchen. Because they truly lack any debt to begin with, Clark can utilize some bank debt. She can then experience failing(defaulting) on the loan she obtained. This would be primarily caused by her not having enough money to be able to pay down the debt effectively
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which of these would allow a business owner to experiment with hiring more workers until profits are maximized?
The rational rule would allow a business owner to experiment with hiring more workers until profits are maximized.
A business is the interest of creating one's dwelling or creating wealth by using producing or buying and selling merchandise. it is also "any interest or organization entered into for income."
A commercial enterprise is described as an employer or enterprising entity engaged in industrial, commercial, or expert activities. businesses may be for-earnings entities or non-earnings groups. business sorts a variety from restrained legal responsibility corporations to sole proprietorships, groups, and partnerships.
The definition of business enterprise is an occupation or alternate and the acquisition and sale of products or services to make a profit.
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in the yates v. u.s. case, what was the purpose of the court's decision? group of answer choices to decide whether an injunction was an appropriate remedy to determine the civil liability of fishers to interpret a statute both b and c
To interpret a statute was the purpose of the court's decision.
What is Court?
A court is any person or institution with the jurisdiction to arbitrate legal disputes between parties and administer justice in civil, criminal, and administrative affairs in conformity with the rule of law. Courts are the principal mechanism of conflict resolution in both common law and civil law legal systems, and it is widely assumed that all persons have the ability to bring their claims before a court. Similarly, persons accused of a crime have the opportunity to submit their defence in court.
In the yates v. u.s. case, to interpret a statute was the purpose of the court's decision.
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the performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit is known as marketing.
We can actually deduce here that it is true that the performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit is known as marketing.
It is actually international marketing.
What is marketing?Marketing is actually known to be the business activities that involves creating and delivering value to the target market. These values created and delivered by the company must resonate on their goods and services.
We see here that a good marketing strategy will definitely increase the the sales volume of the company.
Thus, the above statement is true.
The complete question is:
The performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit is known as marketing.
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in essence, entrepreneurs are , upending the status quo. answer unselected disrupters unselected cooperators unselected supporters unselected enablers unselected i don't know yet
In essence, entrepreneurs are disrupters upending the status quo. Entrepreneurs are catalysts who create change by upending traditional ways of doing things.
Entrepreneurial repute was defined as being energetic as an entrepreneur at the time of the survey. We described marketers because of the founders of a project who have been currently additionally in fee of that assignment. An entrepreneur is a person who creates a new commercial enterprise bearing most of the risks and enjoying maximum rewards. The process of putting in place an enterprise is referred to as entrepreneurship.
The entrepreneur is normally visible as an innovator a supply of the latest ideas items offerings, and enterprises or tactics. maximum of the time, it comes down to three words talent era, and traction. this is a framework I take advantage of myself and it is how my enterprise evaluates its acquisitions. companies that check those three containers are more likely to get funding and, extra importantly more likely to be successful.
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You buy a $100 ticket to a theme park and once inside you can ride on as many rides as you want at no extra cost. In this case, the opportunity cost of going on each ride will be zero. True or false?.
It's false you buy a $100 ticket to a theme park and once inside you can ride on as many rides as you want at no extra cost. In this case, the opportunity cost of going on each ride will be zero.
Opportunity cost is the time you spend studying and the money you spend doing something else. The farmer decided to plant wheat. Opportunity cost is the alternative use of growing another crop or resource (land and farm implements).
Opportunity cost is an economic term that refers to the value of something you have to give up in order to choose something else.
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customized consultations are available through the hr department; however, you must schedule your consultation two weeks in advance.
Customized consultations are available through the hr department; however, you must schedule your consultation two weeks in advance.
The statement is true.
As an educational vision and philosophy of the group, gives various kinds of custom-designed session meetings regarding pedagogical-technological elements which can be changed according to the TEs' content material, style and needs together with personal conferences varying in period, institution meetings, synchronous, and asynchronous workshops.
Consultations and trainings are to be had on-website online and thru webinar. Each member business enterprise is precise in how the paintings is performed. organizations in rural communities face distinct challenges than those in city facilities.
Organizations have desires aligned with their budgets, body of workers' capability, degree of community engagement, and organizational history. NSPN does now not provide “one size fits most” offerings. Recollect NSPN as your custom tailor – willing and ready to create the exceptional suit on your corporation.
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Your question is incomplete. Please read below to find the missing content.
Customized consultations are available through the hr department; however, you must schedule your consultation two weeks in advance.
State True or false.
review how organizations interact with their external environment (as open systems). evaluate the effectiveness west chester private school (wcps) as an open system at the time of the closure
The current world is marked by the uncertain and changing organizational environment of information. Most administrators are not equipped with the skills of understanding that the future is highly unpredictable. Indeed, the relationships and the events as they happen in the systems of society such as schools cannot be predetermined. In modern school environments full of uncertainty caused by numerous connections and different options, it is difficult for administrators to determine and expose potential problems and opportunities using traditional methods.
An open system in any organization allows the exchange of information with its environment. An open system is always under the scrutiny of the external environment, and the organization is not at liberty to control its behavior without consultation. Numerous factors affect an organization, including environmental conditions such as the availability of raw materials, customer demands, and local and federal regulations. Therefore, it is prudent that we understand how the above-mentioned forces affect an organization to explain the internal behavior of the organization.
The most common characteristic of open systems is that they display a hierarchical ordering. In the case of the West Chester Private School (WCPS), the following can be said about its effectiveness as an open system during closure. The interaction of West Chester Private school and the external environment as an open system during the closure of two of its Phoenix locations was poor and ineffective. The closure was abrupt because the parents were not given prior information before the school administration closed the institution.
The parents complained that they had not prepared to take their children to other schools. They even appealed to the institution to raise the amount of tuition fee in case the issue emanates from financial constraints. Secondly, the administration had earlier plans to close the Phoenix campuses because of low student registration, but despite their plans, they gave.
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WHY WOULD IT BE PREFERABLE TO BE A SOLE TRADER?
Answer:
profit gained ìs enjoyed alone
decision making is faster
over the past several years, sushi has become increasingly popular among consumers. this means that the sushi has
Over the past several years, sushi has become increasingly popular among consumers. This means that the DEMAND sushi has INCREASED.
What happens when a product is increasingly popular?An increasingly popular product means that a product is now being demanded more by consumers.
This means that the demand for the product has increased in the market. If sushi is now more popular, then it means that the demand for sushi has increased. The result of this is that more companies will enter into the market to make sushi.
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this event celebrated america’s recent spate of inventions as well as its industrial and economic growth.
The Chicago World's fair celebrated america’s recent spate of inventions as well as its industrial and economic growth.
What was the significance of the Chicago World's fair?In 1893, the world's fair World's Columbian Exposition was held in Chicago in order to celebrate the 400th anniversary of Christopher Columbus' arrival in the New World in 1492.
The centerpiece of the World's Fair was held in Jackson Park which was a very large water pool. It represents the voyage Columbus that took to the New World.
Basically, the Columbian Exposition is also known as the Chicago World's Fair.
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otal annual inventory costs include all of the following except? group of answer choices marketing costs stockout costs carrying costs order costs
Total annual inventory costs include ordering costs, stockout costs and carrying costs except product advertising costs.
Inventory costs are the expenses incurred by a company when handling stocks in accounting and finance. The economic order quantity (EOQ) is the inventory level a company should order every time to reduce its total inventory cost.
The total inventory cost is calculated by adding stockout cost, carrying cost and ordering costs; that is:
Total cost= stockout/ purchase cost+ Carrying/ holding cost+ Ordering cost
Product advertising cost is not used in calculating the total annual inventory costs.
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to effectively segment a market, you should ensure that the segments are relatively blank , at least in terms of prospective buyers' needs and response to marketing.
To segment a market effectively, you should make sure the categories are fairly homogenous, at least in terms of the demands of potential customers and how they react to marketing.
Organizing potential customers into groups or segments with comparable demands and responses to marketing actions is referred to as market segmentation in marketing. Market segmentation helps businesses to target various customer groups who view the entire worth of particular goods and services in a variety of ways.
By identifying the items that are most likely to capture a portion of a target market and the most effective channels for marketing and distributing those products, market segmentation aids businesses in reducing risk.
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according to adam smith , self-interest and competition act as an invisible hand , guiding firms in a market-based economy.
According to the Adam Smith, self-interest of the consumer to purchase the product. The competition always in the market to direct the firm. Both are the market based economy.
What is economy?
The mechanism through which a nation or region organizes its money, industry, and trade is concerned to as its “economy.” The economy is the important part of the country.
According to the Adam Smith, the firm are the making the product to fulfill the consumer need. The consumer purchase the product to according to her self-interest. The market is the competition basis of different brands and substitute products in the market.
As a result, both are the market based economy.
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Assume that tastes change so that tennis is no longer as desirable to play as it is now. What would happen to the market for tennis balls?.
What will happen in the tennis ball market is demand follows, the equilibrium quantity is smaller, and the price is lower.
Market equilibrium is a condition in which the quantity demanded is equal to the quantity supplied at a certain price level. The definition of market equilibrium also means that the price of goods supplied is the same as the price demanded by buyers.
In business, you will certainly make a bargain to reach a certain price. It is this process that produces market equilibrium, where goods are sold and purchased at an agreed price.
The market equilibrium point is when the price tends to remain or is called the equilibrium price. This condition can occur based on the difference between supply and demand.
Demand that is higher than supply will cause prices to rise. Vice versa, a higher supply will make the price go down.
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a health insurance policy applicant unintentionally failes to list a previous visit to a neurologist if the policy is issued and the insurer later decideds
A health insurance policy applicant unintentionally fails to list a previous visit to a neurologist. If the policy is issued and the insurer later decides to contest the policy, it must do so within 2 years from the date of issue.
What is an insurance policy?An insurance policy can be defined as a policy that is taken with respect to the payment of medical bills. The client usually pays the premium amount for which he or she gets an insurance policy.
According to the rules and regulation that is being provided, the Health Insurance Company could accept the detail that was missed unintentionally by the applicant. But this must be done within 2 years from the date of issue of the insurance policy.
If after that it is being told about or is given the information it won't be included in the policy and the person needs to pay from his own pocket and the insurance won't be covering it.
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The question is incomplete the complete question will be:
A health insurance policy applicant unintentionally fails to list a previous visit to a neurologist. If the policy is issued and the insurer later decides to contest the policy, it must do so within _____
the american dental assistants association (adaa) is: group of answer choices a tripartite organization. an organization formed by juliette southard. an organization for dentists. a tripartite organizations formed by juliette southard.
American Dental assistants association (ADAA) is a tripartite organization formed by Juliette Southard.
The American Dental Assistants Association (ADAA) is a professional organization for dental assistants. It will be 97 years old in 2022. According to President Susan Camizzi, the organization's mission is to advance the careers of dental assistants and to advocate for the dental assisting profession in areas such as education, professional activities, credentialing, and legislation.
To advance the Association's ideals and growth in order to improve public access to and delivery of quality oral health care. Dental Assistants perform highly technical skilled work in the dental office under the supervision of dentists in a wide range of tasks ranging from patient care to administrative duties to laboratory functions.
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bob's bakery receives its utility bill of $800 for the month and pays it immediately. record this transaction in the accounting equation. multiple choice question. increase cash and increase accounts payable. increase expenses and increase cash. increase accounts payable and increase expenses. increase expenses and decrease cash.
Based on the fact that Bob's bakery received a utility bill and paid it immediately, the effect is increase expenses and decrease cash.
How does utility payment affect the accounting equation?Utility payments are expenses and when they are incurred, they go to the expense account to show that the expenses the company incurred have increased.
If the expense is paid off immediately, then the cash account will have to be credited to show that it is reducing on account of being used to pay the utilities.
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can be useful in analyzing how a choice affects a particular market and shapes the economic system as a whole.
Microeconomics can be useful in analyzing how a choice affects a particular market and shapes the economic system as a whole.
The decision-makers are assisted by the study of microeconomics in analyzing and deciding how productive resources are distributed among various goods and services. Additionally, it aids in resolving the conundrum faced by producers on what to make, how much to produce, and for whom to produce.
What is the main purpose of microeconomics?The allocation of resources for production, exchange, and consumption by individuals and businesses is the subject of microeconomics. The study of economy-wide aggregates is left to macroeconomics whereas microeconomics deals with the prices and production in individual markets as well as the interaction between different markets.
Businesses can better understand consumer spending patterns and motivations by using microeconomics. What is sold, how it is sold, and why it is sold can all be influenced by the science behind how customers and even businesses buy. Ultimately, supply and demand govern almost every aspect of the business.
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if a manager finds a severe decline in employee morale and direction, he or she may need to spend more time in the role.
A manager may need to spend more time in the leadership position if they notice a sharp fall in staff morale and motivation.
What is a leadership role ?When a group of individuals is working together to attain a common objective, leadership is a crucial component that is needed. When the team leader recognizes an employee's hard work, it gives them more confidence. Employees look to their team leader for motivation. If you want to become a better leader or if you want to strive toward a leadership position in the future, you might be interested in learning more about success. In this post, we go through the definition of a leadership role, examples of it, the seven functions of leadership, and some attributes a leader ought to possess.
A leadership position requires you to successfully and ethically manage a situation, a team, or an entire company. Leaders are capable of influencing and directing their team toward a common goal. Additionally, they are in charge of fostering and preserving employee morale, assisting staff in realizing their full potential, and encouraging loyalty.
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if firms are experiencing economic losses in the short run, firms will leave the industry, industry output will , and economic losses will in the long run.
The supply curve swings to the right, prices drop, and profits drop when new businesses enter the market. Companies keep entering the market until economic profits are nil. Businesses in an industry will leave if they are incurring financial losses. The supply curve turns left, raising the price and lowering losses.
A financial loss is a financial harm incurred by one or more individuals as a result of subpar service rendered by a company. The loss is not directly related to property loss or physical injury.
Financial loss occurs when a business has a discrepancy between the amount of money coming in and the amount of money leaving, resulting in a net deficit. Financial losses can be caused by a variety of factors, including a lack of consumer interest, ongoing legal proceedings, the cessation of business owing to a third party, and others.
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How does the adjustment for depreciation differ from other deferral adjustments?.
Depreciation adjustments use a contra asset account instead of directly reducing asset accounts.
As a result, depreciation adjustment differs from those other deferral adjustments that do not employ a contra account.
For depreciation, an independent provision is made, that is shown on the liabilities side, and the value of asset is lowered by the quantity of depreciation provision formed.
Depreciation is a more complicated adjustment. Depreciation expands the price of non-current assets over their useful lives, resulting in a charge against profit on the profit or loss statement.
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an owner withdraws $60 cash for personal use. you would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) account and (increasing/decreasing) the withdrawals account.
An owner withdraws $60 cash for personal use. you would record this transaction in the accounting equation by decreasing the cash account and increasing the withdrawals account.
The basic accounting equation formula is assets = Liabilities + equity. This equation states that the overall value of an entity's assets need to equal the whole fee of its liabilities plus its fairness. it's miles this easy equation that bureaucracy the muse for all economic statements.
The 3 elements of the accounting equation are belongings, liabilities, and shareholders' fairness. The components is straightforward: A corporation's overall belongings are identical to its liabilities plus its shareholders' fairness.
The accounting equation of a sole proprietorship is property = liabilities + proprietor's equity. For a corporation, the accounting equation is property = liabilities + stockholders' fairness.
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Assume that sugar is initially traded freely in the us at the world price of $20 and at this world price the us imports 5,000 units of sugar. Then assume that the us enacts a quota of 2,000 units of imported sugar that raises the domestic price of sugar to $45. What is the most amount of revenue that the government can generate if it combines this quota with a licensing fee?.
The most amount of revenue that the government can generate if it combines this quota with a licensing fee is $50,000
Revenue
The total amount of income earned by the sale of goods and services connected to the principal operations of the firm is referred to as revenue in accounting. Commercial revenue is often known as sales or turnover. Some businesses make money by charging interest, royalties, or other fees. Profits, also known as net income, are generally defined as total revenue less total expenses in a particular period.
A quota is a quantity-reduction strategy imposed by the government on the number of commodities bought and sold. If the government establishes a quota of 2 million barrels, both consumers and producers must limit consumption and output to that level.
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