Because manufacturing can frequently be increased at the same cost per unit by expanding the number of factories, the supply curve for manufactured commodities is typically more elastic than that for raw materials.
The reason why supply curves become more elastic over time is unclear.There is still time for sellers to make adjustments and boost output. The time is there for consumers to explore for alternatives to the good.
Which supply curve is most elastic?An infinite price elasticity of supply characterizes a horizontal supply curve, as shown in Panel (b) of "Supply Curves and Their Price Elasticities. A horizontal supply curve is entirely elastic. It indicates that vendors are ready to provide any volume at a specific cost.
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comparing the most developed nations with less developed nations, one could conclude that the foundation of the economic system of most developed nations is:
Comparing the most developed nations with less developed nations, one could conclude that the foundation of the economic system of most developed nations is capitalism.
Research shows that developed nations around the world have largely adopted capitalism as the bedrock of their economy.
This comparison between the most developed countries and those that are less developed gives us a clear indication of the importance of capitalism in driving economic growth.
Capitalism has facilitated the tremendous growth in income and wealth in the most developed countries, allowing them to enjoy the highest standards of living in the world.
In contrast, those countries with less developed economies remain stuck in a cycle of poverty, unable to make the necessary economic advancements to reach the same level of prosperity.
Clearly, capitalism is a powerful force in creating economic stability and prosperity.
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Ace Electronics had the following increases in the cash account during the month: $20,000 from owners for stock; $5,000 from sales to customers; and $15,000 borrowed from River Bank. Ace's revenue for the month was _____.
a. $5,000
b. 40,000
c. 25,000
d. 35,000
e. 20,000
f. 15,000
Ace made $5,000 in sales during the month.
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Please answer the question
Strong sales or a lack of inventory that would allow for such sales at that rate are implied by a high ratio. An inventory surplus, sluggish market demand, or weak sales are all indicated by a low ratio, on the other hand.
What occurs if the inventory turnover rate is too high?When things are selling quickly and there are strong sales during a certain time frame, the inventory turnover ratio is typically high. To the contrary, a high inventory ratio could necessitate frequent restocking, which might result in stockouts.The turnover ratio also informs a lot about the forecasting, inventory control, and sales and marketing skills of a corporation. Strong sales or a lack of inventory that would allow for such sales at that rate are implied by a high ratio. An inventory surplus, sluggish market demand, or weak sales are all indicated by a low ratio, on the other hand.The complete question is,
How much inventory turnover occurs? The impact of a high inventory turnover during the Christmas shopping season should be discussed.
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Select the four criteria used to determine if an item is recognized in the financial statements according to SFAC 5.
Relevance
Measurability
Definition
Reliability
Assets, liabilities, net assets, and equity, as well as income and expenses, will all be included in the financial statements. The goal of financial statements is to give the management of an organization meaningful data for planning, managing, analyzing, and making decisions.
Financial statements contain details about a company's operations and financial performance. Financial accounts are frequently audited by government entities, accounting firms, and others to ensure their accuracy and for tax, financing, or investment purposes. For-profit companies' four basic financial statements are the balance sheet, income statement, cash flow statement, and statement of changes in equity. Nonprofit organizations' financial statements are similar but distinct. The income statement of a company is the most important financial document to include when requesting financing because it shows whether or not your company can make a profit.
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devonte is following the process for managing his career readiness. first, he identified the competencies he wanted to develop, then he considered how content in his textbook relates to his targeted competencies. next, devonte should
multiple choice
a. experiment with implementing a few small steps aimed at developing his targeted competencies b. evaluate the results of his experimental small steps c. determine which competencies are easiest to model for others, d. assess his willingness to change his career readiness.
As Devonte is following the process for managing his career readiness, next, Denote should determine which competencies are easiest to model for others. Option c.
Devonte should focus on the competencies that are easier to model for others. This is an important step in his career readiness process, as it helps him to identify the skills and abilities he has that can be developed and honed in order to help him succeed in his chosen career. Hence, option c is correct.
Knowing which competencies are easier to demonstrate to employers and colleagues provides Denote with an advantage when applying for jobs and interviews.
He can use this knowledge to focus on these specific competencies and build up his portfolio of skills.
Additionally, Devonte can use this knowledge to target specific job roles which call for these specific competencies.
By doing so, he can tailor his applications and interviews to best showcase his knowledge and skill set.
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Morrison Company experienced a business event that had the following effect on its accounting equation. Which of the events would have caused this effect?
Every business transaction that is to be considered for accounting, i.e. every accounting transaction, has an influence on the basic accounting equation. Each transaction modifies the expressions that comprise the equation in such a way that the accounting equation is satisfied after each such modification.
What effect does the owner's investment have on the accounting equation?Here are some instances of how the accounting equation remains balanced: An owner's investment in the firm increases the company's assets as well as the owner's equity. When a firm borrows money from a bank, its assets grow while its obligations grow.
This boosts the left and right sides of the accounting equation by the same amount, resulting in a balance.
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L4.1.2 Quiz: The Global Economy
Question 9 of 10
One major negative effect of globalization has been:
A. fewer jobs in the shipping and packaging industries.
B. less investment in communication technologies.
OC. more military conflicts between powerful nations.
D. environmental damage due to increased production.
SURMIT
D. Environmental damage due to increased production.
For example - Clear cutting
A poor example of globalization between humans and the environment is clear cutting. The removal of all the trees in a specific region is known as clear cutting. Some animals lose their habitats due to clear cutting, putting them in danger of going extinct.
Therefore, clear-cutting has a detrimental effect on globalization, both for the environment and for people.
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a. a decline in the discount rate prompts commercial banks to borrow an additional $5 billion from the federal reserve banks. show the new balance sheet numbers in column 1 of each table.
The balance sheets of Federal Reserve Banks show an increase in assets, liabilities, and net worth as commercial bank loans increase from $3 billion to $4 billion and commercial bank reserves change.
When the Federal Reserve Banks buy government bonds from commercial banks, they increase the banking system's reserves, which increases commercial banks' lending ability. When the Federal Reserve lowers the reserve ratio, banks are required to hold less cash in reserves, allowing them to make more loans to consumers and businesses. This expands the economy and increases the nation's money supply. The Fed could either buy bonds, lower the reserve requirement ratio, or lower the discount rate to increase the money supply. Lowering reserve requirements allows banks to lend more money, increasing the overall supply of money in the economy.
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3 . problems and applications q1 indicate what components of gdp (if any) each of the following transactions would affect. check all that apply. transaction consumption investment government purchases net exports dell sells a desktop computer from its inventory to the johnson family. you buy a new toshiba computer. aunt polly buys a new air conditioner from a domestic manufacturer. uncle john receives a check from the federal government for unemployment insurance benefits. texas hires public middle school teachers. ford manufactures a focus and sells it to avis, the car rental company. your parents pay an accountant to file their tax returns. aunt jane buys a new house from a local builder.
Components of gdp indicate aunt polly buys a new air conditioner from a domestic manufacturer.
What is gdp ?The standard measurement of the value added produced via the production of goods and services in a nation over a specific time period is the gross domestic product (GDP). Consequently, it also accounts for the revenue generated by such manufacturing, or the total amount spent on finished products and services (less imports).Gross domestic product (GDP) is a monetary indicator of the total market value of all the final commodities and services that nations generate and sell over a certain time period. This measurement is frequently changed before it can be trusted as an indicator because of how complicated and subjective it is.To learn more about gdp refer to:
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Components of gdp indicate aunt polly buys a new air conditioner from a domestic manufacturer.
What is gdp ?
The standard measurement of the value added produced via the production of goods and services in a nation over a specific time period is the gross domestic product (GDP). Consequently, it also accounts for the revenue generated by such manufacturing, or the total amount spent on finished products and services (less imports). Gross domestic product (GDP) is a monetary indicator of the total market value of all the final commodities and services that nations generate and sell over a certain time period.
This measurement is frequently changed before it can be trusted as an indicator because of how complicated and subjective it is.
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Which of the following facts concerning plant assets should be included in the summary of significant accounting policies?
Depreciation method should be included in the summary of significant accounting policies while concerning plant assests. And composition will not be considered.
During the asset's anticipated useful life, depreciation is allocated in order to charge a fair percentage of the depreciable amount in each accounting period. Amortization of assets with predetermined useful lives is included in depreciation. Despite being frequently referred to as a "depreciation policy," the real depreciation process is an accounting estimate. Depreciation enables businesses to recoup the cost of an item at the time of acquisition. Instead than collecting the full cost of an asset right away, the technique enables businesses to do so during the asset's lifecycle. This enables businesses to replace current assets with the necessary quantity of revenue in the future.
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when matters of life and property are at stake, not knowing should be equivalent to we have a problem
The statement 'when matters of life and property are at stake, not knowing should be equivalent to we have a problem' should be defended as not knowing matters related to life can cause serious consequences.
When it comes to our lives and the things we own, not knowing something should be seen as a problem.
Ignorance may be bliss in some cases, but when it comes to safety, security and financial wellbeing, matters it is essential that we are aware of the risks and potential dangers. When it comes to our lives and property possessions, we should never be left in the dark.
Taking the time to learn the facts, educate ourselves and make informed decisions is the best way to ensure our lives and property remain safe and protected. Knowing what to do in any given situation is the best way to avoid any potential disasters.
Being aware of the risks and taking the necessary steps to mitigate them is the only way to guarantee our wellbeing.
Although a part of your question is missing, you might be referring to this statement:
When matters of life and property are at stake, not knowing should be equivalent to we have a problem. Attack or defend the statement.
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question mode fill in the blank question fill in the blank question. a company incurred the following costs: selling and administrative expenses: $45,000; direct materials: $15,000; income tax expense: $10,000; direct labor: $30,000; factory overhead: $5,000. total manufacturing costs reported on the schedule of cost of goods manufactured are $ .
Total manufacturing costs reported on the schedule of cost of goods manufactured are calculated by adding together the direct materials, direct labor, and factory overhead costs. In this case, the total manufacturing costs are $15,000 + $30,000 + $5,000 = $60,000.
Total manufacturing costs refer to the costs associated with producing a product or service. These costs include direct materials, direct labor, and factory overhead. Direct materials are the raw materials used in the production process. Direct labor is the cost of labor used in the production process. Factory overhead is the cost of indirect materials, indirect labor, and other costs associated with the production process. Income tax expense is the amount of taxes paid by the company. Selling and administrative expenses are the costs associated with selling and administering the product or service. These costs include advertising, marketing, and other costs associated with selling the product or service.
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When a corporation is formed, it is granted which of the following rights ?
a. corporate life of up to 100 year
b. the ability to issue stock
c. legal powers to sue
d. state citizenship for jurisdictional purposes
When a corporation is formed, the ability to issue stock is a granted right.
What is a corporation?
A firm is a legal entity distinct from its stockholders. Businesses have a lot of the same legal responsibilities and rights as humans. They can form contracts, make and obtain credit, sue and just be sued, hire employees, possess assets, and pay taxes.
A company is also known as a "legal person" at times.
Corporations account for the vast majority of big enterprises. Some businesses operate equally with their own names or under distinct trade names, such as the well-known Inc., which is best recognised for operating some of the world's most prominent search engines.
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in the preparation of consolidated financial statements, which of the following sources of transactions should be eliminated? transactions with affiliates transactions with non-affiliates
In the preparation of consolidated financial statements, Transactions with affiliates sources of transactions should be eliminated .
What do affiliates mean in the law?
Various regulations pertaining to securities, business transactions, and the capital market define the term "affiliate." Affiliates are businesses that own a minority stake.
Any proposed merger or consolidation with, the acquisition of a stake in, or the acquisition of assets from an Affiliate—all of these are considered Affiliated Transactions—must be done outside the normal course of business.
What kind of affiliate would that be?
Selling someone else's product online in exchange for a commission is known as affiliate marketing. An established business or entrepreneur might, for instance, have a product or a library of products that can be digital or physical.
They give people the opportunity to market and sell such goods while paying a commission each time anything is sold.
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1. complete the t-accounts for each of the three inventory accounts using the data provided in the above table. (use cells a4 to b19, as well as any yellow input cells, to complete this question.) raw materials inventory beginning ending work in process inventory beginning ending finished goods inventory beginning ending
The cost of goods that are being produced but aren't yet finished is recorded in the work-in-process inventory account.
What three sorts of inventory are there?The three different categories of inventory are raw materials, finished commodities, and work-in-progress.On a company's balance sheet, inventory is reported and recorded at cost. When an inventory item is sold, its cost is deducted from stock and recorded as the cost of goods sold on the company's income statement. The greatest expense included on the revenue statement is probably the cost of goods sold.The cost of goods that are being produced but aren't yet finished is recorded in the work-in-process inventory account. The expenses of items that are completed and prepared for sale are recorded in the finished goods inventory account.
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Sox for All is a global nonprofit organization that works with schools and various companies to donate socks and shoes to poor children throughout the world. Sox for All is an example of a O conglomerate. O philanthropic corporation. O multinational organization. O multinational corporation. O foreign firm.
Sox for All is a global nonprofit organization that works with schools and various companies to donate socks and shoes to poor children throughout the world. Sox for All is an example of a philanthropic corporation.
The act of a company or organisation supporting the wellbeing of others, typically via philanthropic gifts of money or time, is known as corporate philanthropy.
Matching gifts and volunteer grants are two examples of corporate philanthropy that are often used.
Corporate sponsorship is a common kind of philanthropic activity in which businesses assist charitable or community groups financially in order to advance their own objectives.
Disney donated $294 million to charity in 2021 to help underserved areas, environmental causes, and disadvantaged kids and families.
In contrast to corporate philanthropy, which aims to address social change by allocating time, money, and other resources, CSR goes a step further by intentionally integrating charitable initiatives with company goals.
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If Sox for All is a global nonprofit organization that works with schools and various companies to donate socks and shoes to poor children throughout the world, then it is an example of a philanthropic corporation. Therefore, the option B holds true.
There are different types of corporations that work towards their distinctive goals. The primary intention and nature of operations is what defines the type of corporation. Moreover, the corporations that work towards philanthropy are the one that are nonprofit organizations.
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Glenn exhibits challenge-oriented citizenship behavior when he
volunteers to help flood victims in the community.
suggests that the company could save money by not giving such big bonuses to executives.
challenges a coworker to compete with him in terms of job performance.
asks a coworker to help him with a rush project.
Glenn exhibits challenge-oriented citizenship behavior when he suggests that the company could save money by not giving such big bonuses to executives.
What is appropriate civic conduct?
Tell the truth with integrity. Integrity means to uphold moral principles. Responsibility means taking ownership of your own actions. Respect means treating people the way you want to be treated. Organizational citizenship conduct can be categorised into five categories: civic virtue, courtesies, sportsmanship, conscientiousness, and altruism.
Which behavioural kinds in organisational behaviour are there?
Organisational behaviour is composed of these components: people, structure, technology, and the outside environment. It is possible to make improvements by comprehending how these components interact.
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In defining a reporting period, which of the following statements is (are) correct? (Check all that apply.)
Multiple select question.
A reporting period is used to determine the due date of payables.
A reporting period can be one month, one quarter or one year.
A reporting period is determined by the business.
A one-year reporting period is known as the fiscal year.
A reporting period refers to each day in the calendar year.
In defining a reporting period, the following statements is (are) correct: B,C and D. A reporting period can be one month, one quarter or one year, A reporting period is determined by the business and A one-year reporting period is known as the fiscal year.
The time frame for which a business reports its financial performance and financial situation is known as a reporting period.A business has the option of using a 12-month fiscal year or the customary 12-month calendar year.The last day of the final month of a reporting period is referred to as the reporting period end date.A reporting or accounting period frequently lasts for a full year. For various company responsibilities, there could be numerous accounting periods.Using a calendar year reporting period this counts from 1st January to 31st December
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three hurricanes, combined with the already high real-estate prices, have made people reconsider whether to retire to florida. the cost of homeownership has increased due to stricter building codes. the influx of retirees is not expected to change because the baby boom generation is approaching retirement age and florida has long attracted many retirees. which of the following factors is tending to move the demand curve for florida housing to the right?
The demand curve will shift to the right due to the ageing of the baby boomers, and increasing the number of people who are retiring
In the given case, after the hurricane people are reconsidering their options. Moreover, the city of Florida is an attraction to retired people. The demand curve for homes is probably shifting to the right due to the ageing of the baby boomers and the inflow of retirees relocating to Florida. The baby boom generation is about to retire, and Florida has always been a well-liked retirement location.
However, recent hurricanes and Florida's already high real estate costs may make some retirees rethink their choice to settle there. Stricter building regulations may also raise homeownership costs, reducing the state's housing demand. As a result, these variables are anticipated to have a net positive impact on Florida's housing demand, which will cause the demand curve to move to the right.
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what is the best type of marketing research? 1. many marketing researchers have their favorite research approaches or techniques, although different researchers often have different preferences. some researchers maintain that the only way to really learn about consumers or brands is through in-depth, qualitative research. authors contend that the only legitimate and defensible form of marketing research involves quantitative measures. 2. take a position: marketing research should be quantitative versus marketing research should be qualitative. submit in presentation form. speaker note
The most effective marketing research is qualitative. The determination of consumer motivation through close observation and face-to-face interaction is a component of qualitative market research.
What is the most Effective Marketing Research?People observation is one of the oldest but most effective methods of consumer research. A specialist skill that aids in determining how an individual behaves and interacts in normal circumstances is the ability to observe the behavior of others in the business.
The majority of businesses employ one or more of the following five fundamental methods when conducting market research: field trials, personal interviews, focus groups, surveys, and focus groups. The methods you choose for your business will be determined by the kind of data you require and the amount of money you are willing to spend.
The most common approaches include:
Participant and observer observations.Surveys.Interviews.Group discussionsExperiments.Archival research and analysis of secondary dataThe most important parts of a marketing research report include all of these.
Research on products.Investigating distribution.Research on advertising and promotionResearch on sales, including policies and methods.To know more about Surveys, visit:
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describe at least three sources to seek export advice for u.s. products. please provide comments to at least two other classmates contribution and show links in these posts where they can go to get more info.
The 3 sources to seek export advice for US products are -
The Small Business Administration (SBA)The International Trade Administration (ITA)The U.S. Commercial ServiceThe 3 sources to seek export advice for US products are
The Small Business Administration (SBA) offers a variety of resources for small businesses looking to export their products. The SBA's website provides information on export counseling, market research, and financing options, as well as access to a network of Small Business Development Centers that provide export assistance.The International Trade Administration (ITA) is a division of the U.S. Department of Commerce that provides a wide range of services to U.S. businesses looking to export. The ITA's website offers market research reports, trade leads, and a directory of foreign importers, as well as information on trade agreements and export compliance.The U.S. Commercial Service is a division of the ITA that provides a variety of services to help U.S. companies export their products, including counseling, market research, and trade promotion. The U.S. Commercial Service also operates a network of overseas offices that can provide on-the-ground assistance to U.S. businesses looking to export to specific markets.Know more about the sources responsible to seek export advice for US - https://brainly.com/question/14400590
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an overview of financial management and the financial environment: forms of business organizationthe basic concepts of financial management are the same for all businesses, regardless of how they are organized. however, a firm's legal structure affects its operations. the main forms of business organizations are: (1) proprietorships, (2) partnerships, (3) corporations, and (4) limited liability companies (llcs) and limited liability partnerships (llps). in terms of numbers, most businesses ar
The majority of businesses are sole proprietorships, but the majority are corporations based on dollar sales. Most of the time, businesses start out as sole proprietorships and become corporations when their growth causes problems.
What is meant by Sole Proprietorship here?A sole proprietor is a person who owns an unincorporated business on their own. However, if you treat a domestic limited liability company (LLC) as a corporation, you will not be treated as a sole proprietor even if you are the LLC's sole member.
A local grocery store, clothing store, artist, freelance writer, IT consultant, freelance graphic designer, etc., are examples of small businesses. that are an illustration of a sole proprietor.
No distinction is made between the business and its owner in a non-incorporated, unregistered sole proprietorship. The sole proprietor is responsible for the company's debts, losses, and liabilities in addition to receiving all profits.
What are the three advantages of being your own boss?
One advantage of being a sole proprietor is:
You have control.You keep all of the money.The cost of starting is low.You keep everything to yourself.Starting and running a business on your own is simple.It is simple to liquidate your business and alter your legal structure later if circumstances change.To know more about Sole Proprietorship, visit:
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quiz which of these is a problem that occurs with data mining? computers are not powerful enough to process most datasets. privacy concerns may cause negative reactions to data mining efforts. setup costs may be too high. data mining activities may not be well coordinated for effective results.
The concept is Data mining, the process of extracting patterns in large data sets. The answer is, data mining activities may not be well coordinated for effective results.
Data mining is most commonly defined as the process of using computers and automation to find patterns and trends in large amounts of data and convert those insights into business insights and predictions.
Data mining is the process of understanding data by cleaning raw data, finding models, building models, and testing those models. It includes statistics, machine learning, and database systems.
Data mining is a way to gain insights from vast amounts of data. The current reality of the information is noisy, incomplete, and heterogeneous. Large amounts of data are regularly unreliable or inaccurate.
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FILL THE BLANK suppose real gdp is $90 billion and natural real gdp is $120 billion. to eliminate this ______ gap, keynesian theory indicates that government should
Suppose real GDP is $90 billion and natural real gdp is $120 billion. to eliminate this recessionary gap, Keynesian theory indicates that government should increase government purchases and decrease taxes.
When measured in real terms, the GDP gap is defined as the difference between potential GDP and actual GDP. When the economy is in a slump, the GDP gap is positive, indicating that the economy is performing below its potential (and less than full employment). When the economy suffers an inflationary boom, the GDP gap is negative, indicating that the economy is performing better than it could (and more than full employment).
A recessionary gap occurs when the aggregate demand and short-run aggregate supply curves overlap below potential output. When they cross above potential output, the economy suffers from an inflationary gap.
Keynesian theory says that because the level of economic activity is determined by aggregate demand, yet aggregate demand cannot be relied on to remain at potential real GDP, the economy will experience recessions and inflationary booms. This cycle can be characterized by oscillations in positive and negative GDP gaps.
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You plan on including Employee Education and Awareness Policy training for all new employees. As part of that training, which of the following should you instruct your employees NOT to do as part of company procedures? (Select three.)
- Connect unauthorized devices.
- Respond to social engineering attacks.
- Click on links in a phishing email.
Carding is the method of trafficking of bank details, credit cards or other financial information over the internet.
What exactly is a social engineering assault, and how can it be avoided?
This is referred to as social engineering, and it entails duping someone into disclosing information or granting access to data networks. For example, an attacker may act as IT support workers and request information such as usernames and passwords from users.
Three Types of Social Engineering Attacks You Should Be Aware Of
1) PHONE AND ONLINE. Scammers employ phishing and smishing (fake SMS/text messages) to deceive people into handing over personal information or money.
3) PASSIVE ATTACK YOUR BEST DEFENSE.The social engineering attack is carried out in three stages. The attacker begins by selecting a victim. Second, they acquire their clients’ confidence. Third, they obtain what they want, generally by breaching security.
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a corporation is the owner and beneficiary of the key person life policy. if the corporation collects the policy benefit, then
According to Internal Revenue Code Section 101(j), death benefits paid under a "employer-owned life insurance contract" are only tax-free if the employee who is covered is duly informed and grants written consent to be insured before the contract is issued.
Why did you use the word "contract"?
An agreement between parties that produces mutually binding legal obligations is known as a contract. Mutual assent, expressed through a contract-compliant offer, and a pledge made to another party stating whether they will or won't carry out a specific activity in the future are fundamental elements required for the agreement to be a valid offer and acceptance, adequate consideration, capacity, and legality. For instance, in exchange for your automobile, I'll offer you $3,500. Most of the time, it
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on january 1 of the current year, jambon purchased equipment for use in developing a new product. jambon uses the straight-line depreciation method. the equipment could provide benefits over a 10-year period. however, the new product development is expected to take five years, and the equipment can be used only for this project. jambon's current year expense equals
The current year expense for Jambon would equal one-fifth of the total cost of the equipment divided by 10 years, multiplied by the useful life of the equipment for the project (5 years).
Jambon's current year expense would equal one-fifth of the total cost of the equipment, or 1/10th of the total cost of the equipment multiplied by 5, since the equipment can be used for only five years. This would be the depreciation expense for the current year. The term depreciation refers to an account system used to allocate the cost of a palpable or physical asset over its useful life. Depreciation represents how important of an asset's value has been used. It allows companies to earn profit from the means they enjoy by paying for them over a certain period of time. Because companies do not have to regard for them entirely in the time the means are bought, the immediate cost of power is significantly reduced. Not counting for depreciation can greatly affect a company's gains. Companies can also cheapen long- term means for both duty and account purposes.
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diaz inc was started on january 1, 2020, and experienced the following events during its first year of operation. 1. borrowed $120,000 cash from national bank. 2. acquired $90,000 cash from the issue of common stock. 3. earned $144,000 of cash revenues for performing services. 4. paid 135,000$ of cash expenses. 5 paid $30,000 cash to reduce the principal balance of the bank note payable 6 acquired an additional $60,000 cash from the issue of common stock. 7 paid $159,000 cash to purchase land. 8 paid a $3,000 cash dividend to the stockholders. 9 determined that the market value of the land is $225,000
A balance sheet is a company's financial statement that includes assets, liabilities, equity capital, total debt, and so on at a given point in time. On one side of the balance sheet are assets, and on the other are liabilities.
What is Income statement?
One of the three major financial statements that reports a company's financial performance over a specific accounting period is the income statement.
Balance Sheet Income statement
Assets liabilities Stockholders Equity
1. $32,000 $32,000 $32,000FA
2. $44,000 $44,000 $44,000FA
3. $60,000 $60,000 $60,000 $60,000 $60,000OA
4. -$51,000 -$51,000 $51,000 -$51,000 -$51,000OA
5. -$2,200 -$2,200 -$2,200FA
6. $32,000 $32,000 $32,000FA
7. -$11,000 -$11,000 -$11,000FA
8. -$49,000 $49,000 -$49,000IA
9.Total
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the following trial balance for magill company has errors that cause it to be out of balance. magill company unadjusted trial balance december 31 debit credit cash $20,000 inventory $85,000 accounts receivable 30,000 accounts payable 12,000 common stock 40,000 retained earnings 58,000 sales revenue 100,000 cost of goods sold 60,000 selling expenses 15,000 totals $225,000 $195,00
Due to the mismatch between the debits and credits. A trial balance should always balance, which means that all of the debits and all of the credits should add up to zero. This trial balance's debits ($225,000) and credits ($195,000) do not add up to $225,000. This indicates that a mistake has to be found and fixed in the accounting records.
Reviewing each individual account and transaction in order to search for any inconsistencies or missing data will help you locate the problem. For instance, omitting an entry in one of the accounts, such as a debit or credit, is a frequent error that might result in the trial balance being out of balance. A transposition error, such as typing a number wrongly, is another cause. Once the issue has been found, it has to be fixed, and then the trial balance needs to be run again to make sure the debits and credits balance.
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FILL IN THE BLANK ________ earned the highest amount of income among the factors of production in the United States.
Labor earned the highest amount of income among the factors of production in the United States.
Production
Production is the process of combining various inputs, both tangible (metals, wood, glass, plastics, etc.) and intangible (plans, knowledge, etc.) to produce outputs. Ideally, this output is a product or service that has value and contributes to an individual's benefit. The area of economics that focuses on production is called production theory and is closely related to consumption (or consumption) theory of economics.
In economics, a factor of production, resource, or input is what is used in a production process to produce a product, ie goods or services. The amounts of various inputs used determine the amount of output according to a relationship known as the production function. There are four basic resources or factors of production: land, labor, capital, and entrepreneurs (or firms). Factors are also called "producer goods or services" to distinguish them from the goods or services that consumers purchase, which are often called "consumer goods".
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