1. Same treatment: Exploration costs. Different treatment: Acquisition, development, and production costs.
2. SE accounting treatment: Acquisition costs - capitalized if successful, exploration costs - expensed, development costs - capitalized and amortized, production costs - expensed.
3. SE method aligns with FASB accounting principles for oil and gas operations.
1. Under both successful efforts (SE) and full-cost accounting (FC), exploration costs are expensed as incurred. These costs include activities such as geological and geophysical studies, exploratory drilling, and obtaining mineral rights.
However, the treatment of other costs differs between SE and FC. Under SE, only costs related to successful exploration efforts, such as development costs, are capitalized.
On the other hand, under FC, all exploration, development, and production costs are capitalized and recorded as part of the cost of the oil and gas reserves.
2. Under successful efforts accounting, acquisition costs, exploration costs, and development costs are capitalized if they relate to successful exploration efforts. These capitalized costs are then amortized or depreciated over the estimated life of the proved reserves. Production costs, on the other hand, are expensed as incurred and not capitalized.
3. The successful-efforts method of accounting for oil and gas operations is considered to follow generally accepted accounting principles (GAAP) as pronounced by the Financial Accounting Standards Board (FASB). The FASB is the authoritative body that establishes accounting standards in the United States.
The successful-efforts method is consistent with GAAP because it capitalizes and recognizes costs that directly relate to successful exploration and development efforts as assets on the balance sheet. This method provides a more conservative approach by recognizing only costs that have resulted in the discovery of economically viable reserves.
By distinguishing between successful and unsuccessful efforts, it provides users of financial statements with more relevant and reliable information about the company's oil and gas reserves and their associated costs.
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What product owner adds a new feature in backlog?
The team should assess a new feature when a product owner adds it to the backlog in light of their domain and technical skills and, if necessary, suggest revisions or alternatives.
What is a product backlog?The term "product backlog" refers to the development team's prioritized list of work that is derived from the roadmap and its requirements. The most important items are listed at the top of the product backlog so the team knows what to deliver first. In the agile software development paradigm, it is usually referred to as a "to-do list" and is viewed as a "artifact."
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an organization that provides security services to client organizations, often remotely, including incident monitoring, response, and recovery is known as a
An organization that provides security services to client organizations, often remotely, including incident monitoring, response, and recovery, is known as a Managed Security Services Provider (MSSP).
A Managed Security Services Provider (MSSP) is a specialized organization that offers comprehensive security solutions to client organizations. These solutions include round-the-clock monitoring, threat detection, incident response, and recovery from security incidents.
MSSPs use advanced technologies and expertise to manage the security infrastructure of their clients. This enables client organizations to focus on their core business functions while relying on the MSSP for their cybersecurity needs.
By partnering with an MSSP, businesses can save costs, improve security posture, and comply with regulatory requirements. Some common services provided by MSSPs include vulnerability assessments, intrusion detection and prevention, firewall management, and security awareness training.
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Write a question keep it simple
Answer:
Why do people break up if they love each other?
Explanation:
sorry it's not simple lol
Imagine you are an economic adviser to the Commonwealth Government. The Prime Minister wants to increase spending on public transport in major cities, but does not want to raise taxes. Identify alternative sources of revenue for the government to fund its new initiatives.
Answer: A combination of 1) Increased public transportation fees, 2) raise the gasoline tax, 3) increase or institute highway tolls, or 4) reduce the road construction budget and use that money for public transportation.
Explanation:
Actions 2-4 would provide incentives to use public transportation.
What can a boosted post help an advertiser achieve?
A boosted post helps an adviser to connect with the audience and gain trust.
Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.
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Is it suitable to improve cash flow by renting out part of premises or is there any other way? Justify your answer
Will mark brainliest
Union a wants to represent workers in a firm that would hire 20,000 workers if the wage rate is $12 and would hire 10,000 workers if the wage rate is $15. Union b wants to represent workers in a firm that would hire 30,000 workers if the wage is $20 and would hire 33,000 workers if the wage is $15. Which union is more likely to organize?
We must take into account the elasticity of labour demand in each situation in order to identify which union is most likely to form. The degree to which the demand for labour is responsive to variations in
The act of integrating or merging two or more objects into a single entity is referred to as a union. A group of employees who have banded together to collectively negotiate for better pay, benefits, and working conditions from their employer is typically referred to as a union in the context of organisations. In sectors like manufacturing or transportation where employees deal with difficult working conditions or poor pay, unions are frequently established. Unionized workers can increase their bargaining strength and improve their ability to deal with management by uniting. Yet, unions have also come under fire, with some contending that they may be unduly demanding and may hurt firms' ability to
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how
to solve:
npv=9.77, c1=0.497,
c2=.533+1.86
The rate used to bring future cash flows to the present value is 0.191 is the answer.
To solve for NPV using the given information, we need to use the formula: NPV = C0 + C1/(1+r) + C2/(1+r)^2 + ... + Cn/(1+r)^n where C0 represents the initial cash flow, C1 represents cash flow at the end of year 1, C2 represents cash flow at the end of year 2, and so on. 'r' is the discount rate used to bring future cash flows to the present value.
So, let's substitute the given values in the formula.
NPV = 9.77, c1 = 0.497, c2 = 2.393
NPV = C0 + C1/(1+r) + C2/(1+r)^2
The formula above represents the equation of the NPV.
Now, let's substitute the given variables to obtain: 9.77 = 0 + 0.497/(1+r) + 2.393/(1+r)^2
To solve for 'r', we need to use the quadratic equation as shown below: ax^2 + bx + c = 0 where a = 2.393, b = 0.497, and c = -9.77.
We get the equation: 2.393r^2 + 0.497r - 9.77 = 0
Solving this equation using the quadratic formula, we get r ≈ 0.191 or r ≈ -2.04.
We cannot use the negative value for 'r' since it does not make sense in our context. So, the answer is r = 0.191.
Therefore, the rate used to bring future cash flows to the present value is 0.191.
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Which business letter feature is found at the top of the page?
answer:
Letter head
Explanation:
typically has the companies logo at the top of the page
If the customer owes $12.55 and hands you a $20.00 bill, how much is her change?
A) $8.25
B) $8.45
C) $7.55
D) $7.45
lolLloleoreniiwkv ibyuerw
according to the goods-service continuum, which of the following is entirely intangible? an air flight with lunch a golf club a taxi ride
According to the goods-service continuum, an entirely intangible offering would be a service. Therefore, out of the options provided, the taxi ride would be the entirely intangible offering.
While an air flight with lunch and a golf club both have tangible elements (the airplane and the physical club), the service of the flight and the act of playing golf are also part of the offering. In contrast, a taxi ride is solely a service provided by the driver to transport a passenger from one location to another. It does not have a physical product that accompanies it, making it an entirely intangible offering. This highlights the importance of understanding the goods-service continuum and how it can impact marketing strategies and customer experiences.
According to the goods-service continuum, services and goods lie on a spectrum based on their tangibility. At one end, we have tangible goods, and at the other end, we have entirely intangible services. The goods-service continuum helps us understand that most offerings are a combination of goods and services.
Out of the options provided, an air flight with lunch, a golf club, and a taxi ride, the one that is closest to being entirely intangible is the taxi ride. Here's why:
1. An air flight with lunch includes both tangible (airplane seat, meal) and intangible (flight service, convenience) elements.
2. A golf club is primarily a tangible good, with some intangible aspects such as the brand reputation and membership benefits.
3. A taxi ride is mostly an intangible service, as it primarily involves the transportation service, convenience, and safety. Although there are tangible elements like the vehicle itself, they are secondary to the core service provided.
Thus, the taxi ride is the closest option to being entirely intangible on the goods-service continuum.
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The process of locating, identifying, and attracting capable applicants is called?
a. selection
b. recruitment
c. hiring
d. employment
Answer:
B. Recruitment.
Explanation:
I already learned this.
Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society which he has in view. But the study of his own advantage naturally leads him to prefer that employment which is most advantageous to the society. Background information: Adam Smith published The Wealth of Nations in 1776. In this passage, he discusses the principle of self-interest in a capitalist system. According to Smith, what is the primary economic motivation for most people
Answer:
to find an employment through which they can make the maximum money
Explanation:
Every individual tries to find out the form of employment through which they can make whatever capital that they want.
In the passage, ''The Wealth of Nations'', Adam Smith explains the principle of self-interest in a capitalist system.
According to Smith, what is the primary economic motivation for most people to find employment through which they can make the maximum money.
Answer:
The highest-paying jobs are also those that benefit the society the most.
Explanation:
What are some positive and negative Impacts of globalization
Answer:
Globalization goal is 100% percent control of the people
Explanation:
Evidence of this is Charles Swab saying you will own nothing and be happy
What is influencing the change in cost of garden hoses worldwide ?
A. german economy
B. U.S economy
C. Internet Availability
D. Hose availability
Answer:
D. Hose availability
Explanation:
1. On January 2, $205611 in 10 year, 6% bonds with a market interest rate of 9%, and interest payable semiannually, were issued for $182769. On June 30, bond interest was paid. On December 31, the corporation showed an after tax Net Income of $55277. On December 31, bond interest was paid; and dividends were declared and paid.
What is the Bond Interest Expense on the Income Statement on December 31?
2. On January 2, $181985 in 11 year, 9% bonds with a market interest rate of 6%, and interest payable semiannually, were issued for $212262. On June 30, bond interest was paid. On December 31, the corporation showed an after tax Net Income of $57758. On December 31, bond interest was paid; and dividends were declared and paid.
What is the Bond Interest Expense on the Income Statement on December 31?
The bond interest expense on the Income Statement.Bond interest expense = Total bond interest payment - Bond interest amortization= $16,378.66 - ($212,262 - $181,985)/22= $16,378.66 - $1,402.09= $14,976.57 Therefore, the Bond Interest Expense on the Income Statement on December 31 is $14,976.57.
1. In order to calculate the bond interest expense on the Income Statement on December 31, we need to first find the amount of bond interest that was paid on June 30 and December 31. The formula to calculate the bond interest payment is: Bond interest payment = face value of the bond x coupon rate x time period.For this bond, the face value is $205,611, the coupon rate is 6%, and the time period is 6 months. Therefore,Bond interest payment = $205,611 x 6% x 6/12= $6,168.33
The total bond interest payment for the year is $6,168.33 x 2 = $12,336.66. We can now use this information to calculate the bond interest expense on the Income Statement.Bond interest expense = Total bond interest payment - Bond interest amortization= $12,336.66 - ($182,769 - $205,611)/20= $12,336.66 + $1,117.10= $13,453.76Therefore, the Bond Interest Expense on the Income Statement on December 31 is $13,453.76.2. In order to calculate the bond interest expense on the Income Statement on December 31, we need to first find the amount of bond interest that was paid on June 30 and December 31. The formula to calculate the bond interest payment is: Bond interest payment = face value of the bond x coupon rate x time period.
For this bond, the face value is $181,985, the coupon rate is 9%, and the time period is 6 months. Therefore,Bond interest payment = $181,985 x 9% x 6/12= $8,189.33The total bond interest payment for the year is $8,189.33 x 2 = $16,378.66. We can now use this information to calculate the bond interest expense on the Income Statement.Bond interest expense = Total bond interest payment - Bond interest amortization= $16,378.66 - ($212,262 - $181,985)/22= $16,378.66 - $1,402.09= $14,976.57Therefore, the Bond Interest Expense on the Income Statement on December 31 is $14,976.57.
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At her job of grooming horses, Polly Yaskovich worked 8 hours a day on Monday and Tuesday earning $67 each day. On Wednesday, she earned $82. On Thursday, she earned $78. How much must Polly earn on Friday, to have average earnings of $75 a day?
Answer:
Your answer is that she needs to earn $148 on Friday
Explanation:
Calculate Average:
(67 + 82 + 78) / 4 = 56.75 (Remember 67 is worth Monday and Tuesday)
We know that the number that the 4 numbers add up to has to be divisible by 5 because our we need to average 75 and we have 5 days to average on.
5 x 75 = 375
67 + 82 + 78 = 227
375 - 227 = 148
(67+82+78+148) / 5 = 75
Your answer is that she needs to earn $148 on Friday
explain the relationship between occupation and education with example
Answer:
People who do not qualify for a particular job are given education through training in order to gain the needed knowledge for that particular job. As students, we go to school in order to be educated for future jobs. Good education on a job gives a better understanding and this brings out an excellent delivery of work.
Explanation:
More consistent and extended education leads to more job opportunities, increased income, and the ability to change one's economic status. Education has not only a connection to sanitation and hygiene elements in informal settlements but also to general career development.
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businessaccountingaccounting questions and answerscompleted services that were paid for six months earlier, $4,070. the service revenue unadjusted balance as of december 31 is $10,700. the unearned revenue balance as of december 31 is $8,200. adjustment type: unearned revenue service revenue used office supplies of $750. the office supplies unadjusted balance on december 31 is $9,400. adjustment type:
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Question: Completed Services That Were Paid For Six Months Earlier, $4,070. The Service Revenue Unadjusted Balance As Of December 31 Is $10,700. The Unearned Revenue Balance As Of December 31 Is $8,200. Adjustment Type: Unearned Revenue Service Revenue Used Office Supplies Of $750. The Office Supplies Unadjusted Balance On December 31 Is $9,400. Adjustment Type:
Completed services that were paid for six months earlier, $4,070.
The Service Revenue unadjusted balance as of December 31 isUsed office supplies of $750. The Office Supplies unadjusted
balance on December 31 is $9,400.
Adjustment Type:
Supplies ExpeFill in the t-accounts for each situation and label each transaction as
Deferrals/Prepaid or Accrual. Calculate the adjusted
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Expert Answer
100% Solution 1: Adjustment Type: Deferrals/ Prepaid Unearned Revenue Date Debit Credit Date 31-Dec $4,070.00 $8,200.00 Bal …View the full answer
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Transcribed image text: Completed services that were paid for six months earlier, $4,070. The Service Revenue unadjusted balance as of December 31 is $10,700. The Unearned Revenue balance as of December 31 is $8,200. Adjustment Type: Unearned Revenue Service Revenue Used office supplies of $750. The Office Supplies unadjusted balance on December 31 is $9,400. Adjustment Type: Supplies Expense Office Supplies Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Customers were billed for $2,900 for work completed. The Service Revenue unadjusted balance as of December 31 is $5,200. Adjustment Type: Accounts Receivable Service Revenue Dec. 31 v 2900 Dec. 31 v 5200 Bal.
The adjustments made for the completed services, unearned revenue, and used office supplies are reflected in the T-accounts.
The first adjustment relates to the completed services that were paid for six months earlier. Initially, when the services were received, they were recorded as unearned revenue. The unearned revenue account is reduced by $4,070, reflecting the portion of revenue that has now been earned. Simultaneously, the service revenue account is increased by the same amount, reflecting the revenue earned from the completed services. This adjustment represents the recognition of revenue that was previously deferred.
The second adjustment pertains to the used office supplies. The office supplies account is reduced by $750, representing the supplies that have been consumed during the period. The corresponding entry is recorded as supplies expense, which increases by the same amount. This adjustment reflects the recognition of the supplies used as an expense in the current period.
By making these adjustments, the T-accounts now show the adjusted balances. The unearned revenue balance is reduced to $4,130 ($8,200 - $4,070), and the service revenue balance is increased to $14,770 ($10,700 + $4,070). The office supplies balance is reduced to $8,650 ($9,400 - $750), while the supplies expense account now shows a balance of $750. These adjusted balances accurately represent the financial position and performance of the company as of December 31.
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Gertrude takes out a $5,500 subsidized Stafford loan, which must be paid back in ten years. Gertrude will graduate four years after taking out the loan. If the loan has an interest rate of 6. 8%, compounded monthly, and Gertrude makes monthly payments, how much interest will she pay by the time the loan is repaid? Round all dollar values to the nearest cent. A. $4,462. 40 b. $1,213. 28 c. $1,713. 69 d. $2,094. 80.
The interest is the amount of payment that is given by the borrower to the lender of money, it is the excess amount that is paid for the use of money.
The amount of interest that Gertrude would pay is $2,908 to repay the total amount of the loan.
What is interest?Interest is the monetary charge for acquiring money, and it is mostly shown as a percentage, such as an annual percentage rate (APR).
Interest is the excess amount that is paid by the lender to use his money on a certain percentage, and it is repaid with the amount of principal.
Computation of Interest:
Given that,
Principal(P) = $5,550,
Interest Rate(i) = 6.8%,
\(\text{i} = \dfrac{6.8}{12\times100}\\\\\text{i} =0.005667\)
Number of monthly Installments(n)= 10×12 = 120.
Here, we apply the formula of E.M.I (Equated Monthly Installment):
\(\text{E.M.I.}= \dfrac{P\times i\times (1+i)^n}{(1+i)^n-1}\\\\\\\text{E.M.I.}=\dfrac{\$5,500\times 0.005667\times (1+0.005667)^1^2^0}{(1+0.005667)^1^2^0-1}\\\\\\\text{E.M.I.}=\$63.29\)
Here, the total installments of the loan are 120,
then the amount of total payment would be:
\(120\times\$63.29= \$7,594\)
Then, the amount of interest that is paid on the loan would be:
\(\text{Amount -Principal}= \text{Interest}\\\\\$7,594.28-\$5,500= \$2,094.28\\\\\\\text{Interest}= \$2,094.28\)
Therefore, the total amount of interest that Gertrude has to pay is $2,097.28.
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Trago Company manufactures a single product and has a JIT policy that ending inventory must equal 10% of the next month's sales. It estimates that May's ending inventory will consist of 30,000 units. June and July sales are estimated to be 300,000 and 310,000 units, respectively. Trago assigns variable overhead at a rate of $3.80 per unit of production. Fixed overhead equals $420,000 per month. Compute the number of units to be produced and use this amount to compute the total budgeted overhead that would appear on the factory overhead budget for the month of June.
To determine the number of units to be produced in June, we need to first calculate the required ending inventory for June. Since June sales are estimated to be 300,000 units, the required ending inventory for June would be 10% of that, or 30,000 units. Since Trago already has 30,000 units in ending inventory from May, the required production for June would be 300,000 - 30,000 - 30,000 = 240,000 units.
To calculate the budgeted overhead for June, we can use the following formula: Budgeted overhead = (Variable overhead rate x Units produced) + Fixed overhead. Using the information given, the variable overhead rate is $3.80 per unit and the fixed overhead is $420,000. The number of units to be produced in June is 240,000. Therefore, the budgeted overhead for June would be (3.80 x 240,000) + $420,000 = $1,212,000.
To calculate the number of units to be produced and the total budgeted overhead for Trago Company in June, follow these steps:
1. Determine the required ending inventory for June: 10% of July's sales (310,000 units) = 31,000 units.
2. Calculate the total units needed for June: June's sales (300,000 units) + June's ending inventory (31,000 units) = 331,000 units.
3. Subtract May's ending inventory (30,000 units) from the total units needed to find the number of units to be produced in June: 331,000 units - 30,000 units = 301,000 units.
4. Calculate the variable overhead for June: $3.80 per unit x 301,000 units = $1,143,800.
5. Add fixed overhead to variable overhead for June: $1,143,800 + $420,000 = $1,563,800.
Therefore, Trago Company must produce 301,000 units in June, and the total budgeted overhead for June is $1,563,800.
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"take hundred now is more valuable than take hundred after one year" explain it
Answer:
Today's dollar is worth more than tomorrow's because of inflation (on the side that's unfortunate for you) and compound interest (the side you can make work for you). Inflation increases prices over time, which means that each dollar you own today will buy more in the present time than it will in the future.
whats the difference between net, gross, and operating profit
You observe the price of a good rises and the quantity sold increases. This is the result of.
You observe the price of a good rises and the quantity sold increases. This is the result of an increase in demand.
A rise in demand will result in an increase in supply while leaving all other factors unchanged and raising the equilibrium price. As demand declines, the equilibrium price will drop and less will be provided.
A supply curve results from the assumption that there are quantities and prices between those on the timetable. According to the law of supply, there is a direct correlation between price and the amount delivered. In other words, when the price rises, the amount supplied rises as well.
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Select all the correct answers. what are two motivations to sell an asset, even if the current value is less than what you paid for it? a. your assets are increasing in value. b. you want to buy new assets that are performing well currently. c. you want to diversify the types of assets that you own. d. you want to buy shares in the company you work for. e. you want your portfolio to include some shares in international companies.
Two motivations to sell an asset, even if the current value is less than what you paid for it is
You want to buy new assets that are performing well currently. You want to diversify the types of assets that you own.What is an asset?An asset is regarded as a resource of the company that will have economic value in the near future and facilitates the smooth operation of commercial operations.
When you wish to diversify your portfolio or purchase a new asset with higher market performance, selling this asset becomes the sensible course of action.
The best way to reduce market volatility in a portfolio is by diversifying it. It's never a good idea to put all of your money into one property because your damages will be bigger if something goes wrong with that one investment.
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accounting rules require u.s. companies to depreciate research and development (r&d) expenditures using the straight-line method. true or false
"Accounting rules require U.S. companies to depreciate research and development (R&D) expenditures using the straight-line method is false.
Under U.S. Generally Accepted Accounting Principles (GAAP), research and development (R&D) expenditures are generally expensed as incurred. This means that R&D costs are recognized as expenses in the period in which they are incurred, rather than being capitalized and depreciated over the useful life of an asset.
The reasoning behind this treatment is that R&D expenses are typically incurred in the early stages of a project or product development using the straight-line method, and the future benefits that may be derived from these expenses are uncertain. Therefore, it is difficult to determine the useful life of an R&D asset, and it is not appropriate to allocate the costs over a predetermined period of time.
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Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of
$322,500; materials of $405,000 and direct labor of $215,000. During the year Adams incurred $413,000 in materials costs, $414,800 in overhead costs and
$219,000 in direct labor costs. Compute the predetermined overhead rate.
Answer:
150%
Explanation:
Computation of the predetermined overhead rate
Using this formula
Predetermined overhead rate=Estimated overhead/Estimated direct labor cost
Let plug in the formula
Predetermined overhead rate=$322,500/ $215,000
Predetermined overhead rate=1.5*100
Predetermined overhead rate=150%
Therefore Predetermined overhead rate will be 150%
Which of the following best describes a stock.
A) An incredibly stable investment that is always a safe investment
B) Is insured by the FDIC
C) Represents a share of ownership of a corporation
D) Only sold in the United States
Answer: C
Explanation: A stock represents a share of ownership of a corporation. Stocks are bought by people so they can get money. If the company's stock they by it from goes well, they get money as well as interest. The answer is C. Hope this helps!
Breton Woods Standards were found to be inadequate mainly because
Answer:
A key reason for Bretton Woods' collapse was the inflationary monetary policy that was inappropriate for the key currency country of the system.
Explanation:
The US decision to suspend gold convertibility ended a key aspect of the Bretton Woods system. The remaining part of the System, the adjustable peg disappeared by March 1973.