The difference in overhead costs on this project between the traditional and activity-based costing methods is $7,105.
To calculate the difference in overhead costs between the traditional and activity-based costing methods, we need to determine the overhead costs for each method separately and then find the difference.
Traditional Overhead Cost:
In the traditional method, the overhead costs are calculated by marking up the estimated direct costs by the ratio of overhead to direct costs.
Ratio of Overhead to Direct Costs = Overhead / Direct Costs
Overhead = $1 million
Direct Costs = $2 million
Ratio of Overhead to Direct Costs = $1 million / $2 million = 0.5
Traditional Overhead Cost = Ratio of Overhead to Direct Costs * Direct Labor Cost
Traditional Overhead Cost = 0.5 * $27,106 = $13,553
Activity-Based Overhead Cost:
In the activity-based costing method, we need to calculate the overhead costs based on the specific cost drivers for each cost pool.
Administration Cost = Partner Time * Cost per Hour
Administration Cost = 4 hours * $131 per hour = $524
Marketing Cost = Total Revenue * Cost per Dollar of Revenue
Marketing Cost = $59,240 * $0.10 = $5,924
Activity-Based Overhead Cost = Administration Cost + Marketing Cost
Activity-Based Overhead Cost = $524 + $5,924 = $6,448
Difference in Overhead Costs = Traditional Overhead Cost - Activity-Based Overhead Cost
Difference in Overhead Costs = $13,553 - $6,448 = $7,105
Therefore, the difference in overhead costs on this project between the traditional and activity-based costing methods is $7,105.
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which of the following statements is true? multiple choice 1 economic profit equals opportunity cost. normal profit equals revenue minus implicit costs. accounting profit equals revenue minus explicit costs. accounting profit gives a true measure of the opportunity cost of the current business venture.
Option c is the right response to the provided question. Total revenue less implicit and explicit costs equals economic profit.
The Function of Implicit Costs
Implicit costs are any costs that have already occurred but aren't always shown or recorded as separate items. It is an opportunity cost that arises when a company commits internal resources to a project without obtaining any direct compensation for doing so.
What do we call costs that are implicit?
Other terms for implicit costs are inferred, hypothetical, and implied costs. Typically, businesses do not list these costs separately. This is due to the fact that they represent an opportunity cost, or the benefit that a company forfeits by choosing one course of action over another.
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gasb standards ____________ that each governmental reporting entity display ___________ general fund in its general-purpose financial statements.
GASB standards require that each governmental reporting entity display information about its general fund in its general-purpose financial statements.
The Governmental Accounting Standards Board (GASB) establishes accounting and financial reporting standards for state and local governments in the United States.
One of the requirements set by GASB is that each governmental reporting entity must include information about its general fund in its general-purpose financial statements. The general fund is the primary operating fund of a government entity, which is used to account for and report financial resources that are not restricted for specific purposes.
Including the general fund information in the general-purpose financial statements provides transparency and accountability, allowing users of financial statements to assess the financial health and performance of the government entity.
This information is crucial for decision-making by stakeholders, such as citizens, legislators, investors, and creditors, as it helps them understand the availability and utilization of resources in the general fund.
By adhering to GASB standards, governmental reporting entities ensure consistency and comparability in financial reporting, promoting trust and confidence in the financial information provided.
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Is Philippine National Bank a government bank?
Philippine National Bank (PSE): PNB is the country's first universal bank and his fourth largest private commercial bank in the Philippines. PNB he founded in 1916 and was fully privatized.
Philippine National Bank (PNB), National Bank of the Philippines; It was founded on July 22, 1916 during the American colonial period.
This bank he became the first universal bank in the Philippines in 1980 and after being privatized by the government. After merging with Tan-owned Allied Bank on February 9, 2013, PNB became the country's fifth largest domestic private bank.
To date, PNB has a total of 713 domestic branches and his over 1,400 ATMs strategically located across the country. PNB maintains its position as the Philippine bank with the broadest international reach, with over 70 overseas branches, representative offices, remittance centers and affiliates in Asia, Europe, the Middle East and North America.
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The town of Greenville has three families, each with one child, and each of which earns $20,000 per year (pre-tax). Each family is taxed $4,000 per year to finance the public school system in the town, which any family can then freely attend. Education spending is $6,000 per student in the public schools. The three families differ in their preferences for education. Though families A and B both send their children to the public school, family B places a greater value on education than family A. Family C places the greatest relative value on education and sends its child to private school.
a. Graph the budget constraints facing each of the three families and draw a possible indifference curve which could correspond to the choice each family makes.
b. The town is considering replacing its current system with a voucher system. Under the new system, each family would receive a $6,000 voucher for education, and families would still be able to send their children to the same public school. Since this would be more costly than the current system, they would also raise taxes to $6,000 per household to pay for it. Draw the budget constraint the families would face under this system.
In the following question, among the various parts to solve on taxes- a)For family A-0, family B-0, family C- 16,000. b)family A- 0, family B- 0, family C- 14,000.
a.) Graph the budget constraints facing each of the three families and draw a possible indifference curve that could correspond to the choice each family makes:
The budget constraint for each of the three families is given by the equation: income - taxes - education costs = 0.
For family A, this is given as 20,000-4,000-6,000 = 0. The budget constraint for family B is given as 20,000-4,000-6,000 = 0 and the budget the constraint for family C is given as 20,000-4,000-0 = 16,000.
The possible indifference curve that corresponds to the choice each family makes is given by the equation: preferences for education - budget constraints = 0. For family A, this is given as x - 20,000-4,000-6,000 = 0, where x is their preference for education. For family B, this is given as y - 20,000-4,000-6,000 = 0, where y is their preference for education. For family C, this is given as z - 20,000-4,000-0 = 16,000, where z is their preference for education.
b.) The town is considering replacing its current system with a voucher system. Under the new system, each family would receive a $6,000 voucher for education, and families would still be able to send their children to the same public school. Since this would be more costly than the current system, they would also raise taxes to $6,000 per household to pay for it.
Draw the budget constraint the families would face under this system:
Under the new voucher system, the budget constraint for each of the three families is given by the equation: income - taxes - voucher value = 0. For family A, this is given as 20,000-6,000-6,000 = 0. The budget constraint for family B is given as 20,000-6,000-6,000 = 0 and the budget constraint for family C is given as 20,000-6,000-0 = 14,000.
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_____ encompasses loyalty and a deep concern for an organization's welfare.
Affective commitment encompasses loyalty and a deep concern for an organization's welfare.
Affective commitment refers to a psychological attachment and emotional connection an individual develops towards an organization. It goes beyond mere job satisfaction and encompasses loyalty and a deep concern for the organization's welfare. Employees with high affective commitment feel a strong sense of belonging and identification with the organization's values, goals, and mission.
They are genuinely dedicated and willing to invest their time, effort, and energy to contribute to the organization's success. Affective commitment is driven by positive emotions, trust, and a belief in the organization's purpose, fostering long-term engagement, dedication, and a desire to support the organization through thick and thin.
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one guideline for a retail layout is to locate high-draw items around the periphery of the store. True or False
The statement "one guideline for a retail layout is to locate high-draw items around the periphery of the store." is False.
One guideline for a retail layout is to locate high-draw items in the center of the store or in prominent areas where they are easily visible to customers. Placing high-draw items around the periphery may result in customers not noticing them or having to navigate through the store to find them. By placing popular and high-demand items strategically in the center or prominent areas, retailers can attract customers' attention and increase their chances of making sales. This approach helps in maximizing the visibility and accessibility of the most sought-after products, enhancing customer convenience and potentially boosting sales.
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when the united states government engages in deficit spending, that spending is primarily financed by:___.
When the United States government engages in deficit spending, that spending is primarily financed by borrowing money through the sale of government bonds or Treasury bills to individuals, businesses, and foreign governments.
When the The United States government engages in deficit spending, and that spending is primarily financed by issuing government bonds and Treasury securities. These financial instruments are sold to investors.
Both domestic and foreign, as well as to institutions like banks and pension funds, to raise the necessary funds to cover the spending gap. This process increases the national debt as the government borrows money to finance its expenditures.
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Xavier is excited but knows this is a huge project. Help Xavier stay organized by creating a job board for him. A job board is like a bulletin board that holds important information about a big project. This way, he can see the important aspects of his job, along with his costs. To do this, you will be taking the answers to the math questions above and creating items that Xavier can hang on his job board to remind him of the choices he should make in this project. You may select to create your job board in poster form or digitally in a word processing document. Either way, the job board should include the following pieces of content:
A rough drawing of Xavier’s lot that includes the lot measurements provided above.
Make sure that you include the total area of the lot that you calculated in Math Problem 1 somewhere on this drawing.
A sketch of the prefabricated house option that you suggest Xavier purchases (either Option 1 or Option 2).
Make sure that you include his final price that you calculated in Math Problem 3 or 4.
Also, be sure to label the upgraded technology that was included in the option you chose so that Xavier can point it out to his building inspector when the time comes.
A graphic representation (photo, clip art, etc.) of a truck with the final transportation cost on it (this is the answer to Math Problem 5).
You will turn in this job board along with your math sheet.
Answer:
Great idea! Let's make Xavier's job board as informative and visually appealing as possible. We'll start by including a detailed drawing of Xavier's lot that includes all of the measurements provided in Math Problem 1. We'll also make sure to prominently display the total area of the lot that we calculated.
Next, we'll include a sketch of the prefabricated house option that we suggest Xavier purchases, along with the final price that was calculated in Math Problem 3 or 4. To make it even more clear for Xavier, we'll label the upgraded technology that was included in the option we chose so that he can easily point it out to his building inspector when the time comes.
To make the job board even more visually appealing, we'll include a graphic representation of a truck with the final transportation cost on it, which is the answer to Math Problem 5. This will help Xavier keep track of his costs and make sure that he stays within his budget.
Overall, Xavier's job board will be a useful tool to help him stay organized and make informed decisions throughout his project.
Explanation:
european union subsidizes its farmers. how do these subsidies make it difficult for farmers in developing economies to compete in the world farm market?
European union subsidizes its farmers. By encouraging export dumping and overproduction subsidies make it difficult for farmers in developing economies to compete in the world farm market.
The required details about subsidies are mentioned in the paragraph below.
European Union agricultural subsidies are destroying livelihoods in growing countries. By encouraging over-manufacturing and export dumping, those subsidies are using down international expenses of key commodities, which include sugar, dairy, and cereals. Subsidies inspire non-public corporations to adopt monetary sports and enterprise ventures that the authorities sees as withinside the public's high-quality interest. Government spending on subsidies influences each quarter of the worldwide economy. Subsidies are furnished through each federal or country wide governments and nearby governments. cash given through a central authority or an agency to lessen the price of manufacturing food, a product, etc. and to assist to maintain expenses low: authorities/public/kingdom subsidies.
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Which is likely to advance his/her career?
A. Ogden follows his boss’s instructions completely
B.Sue dresses well and is humble
C. Eddy attends as many technical trainings and seminars as possible
D. Mel is very punctual and hardly takes any leave
Answer:
C
Explanation:
Eddy attends as many technical training and seminar as possible
Answer:
The answer is C.) Eddy attends as many technical training's and seminars as possible.
Explanation:
I took the test and got it right.
The owner of Burr, a supplies wholesale company has requested a cash budget for August. After examining the records of the company, you find the following: - Burr estimates that it will collect 40% of its sales in the month of sale, 35% in the month after the sale, and 22% in the second month following the sale. Three percent of all sales are estimated to be bad debts. - Burr Cost of goods sold is 75% of sales; requires ending inventory to be 10% of the following month COGS. - Burr pays for 30% of merchandise purchases in the month purchased and 70% in the following month. - General operating expenses are budgeted to be $20,000 per month, including depreciation of $2,000. Burr pays operating expenses in the month incurred. - Burr makes loan payments of $3,000 per month of which $400 is interest and the remainder is principal. Required: 1. Prepare a schedule for cash collection in August. 2. Prepare a merchandise purchase budget for July and August. 3. Prepare a schedule for cash payment in August. 4. Assume cash balance at July 31 is budgeted at $3,000 and the required minimum cash balance is also $3,000, prepare a cash budget for August,
The Cash collections in August is $94,000, Merchandise purchases in July: $26,400, Merchandise purchases in August: $61,600, Cash payments in August: $111,000, Ending cash balance in August: -$14,000 (deficit) and Based on the provided information and assumptions, the cash budget for Burr in August shows a deficit of $14,000.
To prepare the requested cash budget for Burr, we'll go through each requirement :
1.Schedule for Cash Collection in August:
Sales in August: We need to determine the sales figure for August. Let's assume it is $100,000.
Collections in the month of sale (40%): $100,000 * 40% = $40,000
Collections in the month after the sale (35%): $100,000 * 35% = $35,000
Collections in the second month following the sale (22%): $100,000 * 22% = $22,000
Estimated bad debts (3%): $100,000 * 3% = $3,000
Total cash collections in August: $40,000 + $35,000 + $22,000 - $3,000 = $94,000
Merchandise Purchase Budget for July and August:
2. Cost of Goods Sold (COGS) for August: Let's assume it is $80,000.
Ending inventory for August: 10% of the following month's COGS = 10% * $80,000 = $8,000
Cost of goods to be purchased in August: COGS + Ending Inventory - Beginning Inventory
= $80,000 + $8,000 - $0 (assuming no beginning inventory) = $88,000
Schedule for Cash Payment in August:
Merchandise purchases in July: 30% of $88,000 = $26,400
Merchandise purchases in August: 70% of $88,000 = $61,600
General operating expenses: $20,000 (including depreciation)
Loan payments: $3,000 (principal and interest)
Cash Budget for August:
3. Beginning cash balance (July 31): $3,000
Cash collections in August (from step 1): $94,000
Total cash available: Beginning cash + Cash collections = $3,000 + $94,000 = $97,000
Cash payments in August (from step 3): $26,400 (merchandise purchases in July) + $61,600 (merchandise purchases in August) + $20,000 (operating expenses) + $3,000 (loan payments) = $111,000
Ending cash balance: Total cash available - Cash payments = $97,000 - $111,000 = -$14,000 (deficit)
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“Creditors do not actually have to worry about their dues in case the business fails.” In which form of business is this possible? Which special feature is highlighted in this statement ?
Answer:
sole proprietorship
Explanation:
In simple words, Unique property could be described as a business framework controlled and run by a single individual, therefore there is no separate legal entity and his corporation. It is a form of basic business framework, which is usually used for individuals who start up some sort of corporation.
This is therefore the greatest suitable form of business for the statement of the problem, because in this framework there is really only one proprietor in the corporation who ensures his ultimate responsibility with all earnings, debt obligations and failures underlying in the commercial enterprise.
the first country to require standardized cost-effectiveness analysis before a pharmaceutical drug would be approved for distribution and reimbursement was:
The first country to require standardized cost-effectiveness analysis before a pharmaceutical drug would be approved for distribution and reimbursement was Australia.
In 1993, the Australian government established the Pharmaceutical Benefits Advisory Committee (PBAC), which evaluates the cost-effectiveness of new drugs seeking public reimbursement under the Pharmaceutical Benefits Scheme (PBS).
The PBAC assesses the clinical effectiveness and cost-effectiveness of pharmaceutical drugs by considering factors such as the drug's therapeutic benefits, comparative effectiveness, safety, and cost. They utilize economic evaluations, including cost-effectiveness analysis, to determine the value of a drug compared to existing treatment options and its affordability for the healthcare system.
Australia's approach to incorporating cost-effectiveness analysis into drug reimbursement decisions has been influential globally. Many other countries, such as Canada and the United Kingdom, have also adopted similar frameworks, emphasizing the importance of evidence-based decision-making and the efficient allocation of healthcare resources.
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Resource scientists help the understanding in which of the following areas
The resource scientists gives an insight into some areas that includes
commerceenergytransportationagriculture etcWho are the resource scientists?These are scientist that deals with extraction of substance which exists in the earth and could be extracted someday at some price with some technology.
Most times, these resource scientists work with other geoscientists or social scientists to help solve arising issues in their departments.
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Resource scientists help understanding and solve the issues in areas such as commerce, energy, transportation, agriculture, and the environment.
What is a resource scientist?A resource scientist is someone who conducts research on climate, weather, and site conditions.
Resource scientists generally works with the geoscientists or social scientists to help them in getting the solution for the issues related to the agriculture, environment etc.
The quality or skills that is needed for the resource scientist are critical thinking, math skills, writing skills, communication etc.
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Any point inside a production possibilities curve is:_____.
A. better than points on the production possibilities curve.
B. allocatively efficient but technologically inefficient.
C. associated with inefficient use or unemployment of some resources.
D. associated with movements along the production possibilities curve.
E. associated with constant opportunity costs.
Answer:
c
Explanation:
what is IAAS define?
with example.
Answer:
IAAS is a cloud computing service model by means of which computing resources are hosted in a public, private or hybrid cloud.
Explanation:
The full form of IAAS is Infrastructure As A Service.
Answer:
AAS is a cloud computing service model by means of which computing resources are hosted in a public, private or hybrid cloud.
Explanation:
IN A DEPARTMENT STORE, SALESPEOPLE ARE REWARDED BASED ON THEIR SALES VOLUME. THE PROBLEM IS THAT THEY ARE GIVING SUBSTANTIAL DISCOUNTS AND PRESSURING CUSTOMERS TO MAKE UNNECESSARY PURCHASES What are the reasons for the negative consequences of these bonus schemes? Modify these schemes to solve the problems.
Answer:
This bonus scheme has two main problems:
consumer satisfaction will decrease because they are pressured to make unnecessary purchases and once they realize it they will not be happy with the store nor with their purchasing experience. This will damage the relationship between the store and its customers. since salespeople are offering substantial discounts in order to boost sales volume, then the profits of the company will decrease.In this situation both lose, the company and its customers.
In order to solve this issue, the store should award bonuses based on total revenue and gross profit margin, not volume. This way, the salespeople will try to sell their products at the normal price, which means that they will have to convince their customers through other strategies and not just low price. The sales technique will have to shift from low cost to differentiated product that can satisfy their customers' needs.
Based on the information given, the negative consequence of the bonus schemes is the reduction in profit.
It should be noted that a bonus scheme simply means an incentive scheme given to employees. It's used to boost the performance of the team.
It should be noted that the disadvantage of the bonus scheme is that it can lead to competition among the employees. Therefore, in this case, the bonus should not be based on volume of goods sold.
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________ analytics finds the optimum value for a target variable by repeatedly changing other variables, subject to specified constraints.
It should be noted that Extension of goal-seeking analysis, finds the optimum value for a target variable .
What is Goal seeking?Goal seeking serves as one of the tools used in "what-if analysis" on computer software programs.
This analysis is performed by repeatedly changing other variables, subject to specified constraints.
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What program gave money to unemployed people who were desperate and needed money?
The Federal Emergency Relief Act was the first significant aid provided to a significant portion of unemployed Americans.
What relief initiatives did FDR develop? The Federal Emergency Relief Act was the first significant aid provided to a significant portion of unemployed Americans.Through this law, $3 billion in direct relief payments were granted to state and municipal governments.Millions of Americans in need received aid from FERA under the leadership of Harry Hopkins.Roosevelt's New Deal and the American Great Depression.Civil Works Administration (CWA), Civilian Conservation Corps (CCC), and Federal Emergency Relief Act (FERA) (CWA).By recruiting jobless people to construct new public structures such as roads, bridges, and subways, the Public Works Administration (PWA) helped to lower unemployment.Young men were employed in large numbers by the Civilian Conservation Corps (CCC) to plant trees and regulate floods. The federal government's major programs, such as the Civilian Conservation Corps (CCC), the Works Progress Administration (WPA), the Civil Works Administration (CWA), the Farm Security Administration (FSA), the National Industrial Recovery Act of 1933 (NIRA), and the Social Security Administration, provided the first significant assistance to a significant number of unemployed Americans (SSA).To learn more about Federal Emergency Relief Act refer
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100 points please help. let’s say eur/usd is trading at=1.1872. So if I have a forex account worth 100$ and I use a leverage of 1:100 I have 10000$ of buying power so if buy a mini lot of eur/usd. Do I only need to pay 10k or the quote price which would be 11872$ that I need to pay?
Answer:
With 100:1 leverage a trader can open a position 100 times greater than they could without leverage. For example, if the cost to purchase . 01 lots of EUR/USD is normally $1000 and the broker offers 100:1 leverage, then the trader must put up only $10 as margin.
Explanation:
Susan Sleugh earns $89,079 annually. Income tax is charged using the following information: 1.11% on on first $45225 of taxable income 2.13% on next $83989( over $ 45225 upto $129.214) 3. 15% on $129.214 Calculate the annual income tax payable.
Susan Sleugh earns $89,079 annually. Income tax is charged using the following information: 1.11% on the first $45225 of taxable income, 2.13% on the next $83989( over $ 45225 up to $129.214), and 15% on $129.214. Susan Sleugh's total tax payable is $-3526.60.
For income below $45225, the rate of tax is 1.11%. Therefore the amount of tax that Susan has to pay for the income below $45225 is:1.11/100 × 45225 = $501.28
Next, for the next $83989( over $ 45225 up to $129.214) the rate of tax is 2.13%. Therefore, the amount of tax that Susan has to pay for this amount is 2.13/100 × 83989 = $1791.27Now, for the amount above $129.214, the rate of tax is 15%.
Therefore, the amount of tax that Susan has to pay for the amount above $129.214 is:15/100 × (89079 - 129214) = -$5829.15. Hence, her total tax payable for the year is Total tax payable = $501.28 + $1791.27 - $5829.15= -$3526.60. Susan Sleugh's total tax payable is $-3526.60.
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The Member accepting delegation of approval authority is called a _____.
Answer:
Delegation
Explanation:
To be a kindergarten teacher do you need university
Which person's unemployment is an example of frictional unemployment?
А
a rocont collogo graduato who is sooking to enter the workforce for the first timo
B
a factory worker who was laid off during a recession in order to cut operating costs
a retail salesperson who is looking for work after a period of seasonal employment at a departmen
D
an inexperienced computer programmer who lacks the human capital sought after by employers in
Upload your Environmental Regulations project below.
Answer:
Environmental regulations are government policies and laws that aim to protect the environment and human health by controlling and minimizing the release of harmful pollutants and substances into the air, water, and land. These regulations can take the form of standards, guidelines, or restrictions that are designed to reduce the negative impacts of human activities on the environment.
Here are some examples of environmental regulations:
Clean Air Act: This act regulates the emissions of air pollutants from both stationary sources (such as factories and power plants) and mobile sources (such as cars and trucks). It also sets standards for air quality and requires the EPA to monitor and report on air pollution levels.
Clean Water Act: This act regulates the discharge of pollutants into the nation's surface waters, such as lakes, rivers, and streams, and sets water quality standards. It also requires permits for certain discharges and provides for enforcement of the standards.
Resource Conservation and Recovery Act (RCRA): This act regulates the management of hazardous and non-hazardous solid waste, including the treatment, storage, and disposal of these wastes.
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, or "Superfund"): This act provides for the cleanup of hazardous waste sites and holds responsible parties accountable for the costs of the cleanup.
Endangered Species Act: This act protects endangered and threatened species and their habitats by regulating activities that may harm them.
The implementation and enforcement of environmental regulations is usually the responsibility of environmental agencies, such as the Environmental Protection Agency (EPA) in the United States.
Overall, environmental regulations play a crucial role in protecting the environment and public health, and are essential for ensuring that human activities are carried out in a sustainable manner.
the founding fundamental principles behind the gatt/wto are
The founding fundamental principles behind the GATT/WTO are reciprocity and nondiscrimination. Option A is the correct answer.
The pursuit of open borders, the assurance of the most-favorable-nation principle and non-discriminatory treatment by and among members, as well as a dedication to openness in the performance of its activities, remain the foundation and guiding principles of the World Trade Organization. Option A is the correct answer.
Quantitative trade barriers like trade restrictions and quotas were the most expensive and unfavorable aspects of the prewar protectionist era, and the GATT was established to establish regulations to abolish or reduce them. The framework allowed for a series of multilateral discussions for the removal of tariff barriers, and the agreement also created a structure for the arbitration of international commercial disputes. In the years following World War II, the GATT was viewed as a tremendous success.
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The complete question is, "The founding fundamental principles behind the GATT/WTO are
A. reciprocity and nondiscrimination
B. political integration and economic harmonization
C. tariff reductions and economic growth
D. free trade and no protectionism"
Carl’s business insurance costs $3,000 per year. Carl paid for and purchased a 12-month insurance policy on October 1, Year 1. On October 1, Year 2, Carl’s insurance increased to $3,300 per year. A building contract Carl was working on was delayed when they had to obtain additional permitting. Because cash flow was tight, Carl delayed renewing the insurance policy. Instead of making the payment due on October 1, Year 2, Carl paid 3 months of insurance in arrears on January 1, Year 3. Carl is a cash-method taxpayer and took advantage of the 12-month rule in Year 1 for prepayments. What is Carl’s insurance expense deduction for Year 2?
Answer:
Carl's Insurance Expense Deduction for Year 2
Since he took advantage of the 12-month prepayments rule, his Year 2 Insurance deduction was deducted in Year 1.
While his deduction should have been equal to
= Annual Insurance Expense/12 x 9 = $3,300/12 x 9 = $2,475
In Year 2, it is equal to $0 since he did not make any payment for Insurance.
Explanation:
Under the cash method of accounting, two rules govern how someone can deduct prepaid expenses:
1. The General Rule
2. The 12-Month Rule
1. The General Rule
Under the general rule, you cannot deduct the full amount of an advance payment covering more than 12 months. You must deduct a portion of the payment in the year to which it applies.
Example: The General Rule.
Carl is a cash method taxpayer on a calendar year.
On October 1, 2018 Carl pays $3,600 in advance for business insurance covering three years.
Coverage begins October 1, 2018.
Coverage ends September 30, 2021.
Result:
The general rule applies.
The advance payment covers more than 12 months (36 months).
A portion of the $3,600 must be deducted ratably over the three-year period.
To find the portion of the $3,600 Carl deduct each tax year:
First, divide the $3,600 by 36 (months) to find the monthly premium amount.
Then, multiply the number of months remaining in each tax year by the monthly premium
Monthly premium: $3,600 / 36 = $100 per month.
Oct. 1, 2018 - Dec. 31, 2018: 3 x $100 = $300 deduction for 2018
Jan. 1, 2019 - Dec. 31, 2019: 12 x $100 = $1,200 deduction for 2019
Jan .1, 2020 - Dec. 31, 2020: 12 x $100 = $1,200 deduction for 2020
Jan. 1, 2021 - Sep. 30, 2021: 9 x $100 = $900 deduction for 2021
The 12-Month Rule
The 12-month rule says that Carl may deduct the full amount of an advance payment in the year the payment is made if it creates rights or benefits for the taxpayer that do not extend beyond the earlier of:
12 months after the right or benefit begins, or
The end of the tax year after the tax year in which payment is made.
Example 1: The 12-Month Rule.
Carl is a cash basis taxpayer on a calendar year.
On October 1, 2018 he pays $2,000 for business insurance covering one year.
The policy begins October 1, 2018 and ends September 30, 2019.
Result:
The 12-month rule applies.
Deduct the full $2,000 in 2018
The benefit does not extend beyond 12 months after the right to receive the benefit begins - October 1, 2018.
You observe that the yield on US Treasury bonds increases. Which of the following could have caused the increase in yield? (Mark ALL that apply.) The Federal Reserve announced that they will probably start increasing interest rates at the end of the year, which is sooner than what investors expected previously. The Federal Reserve increased interest rates a week earlier, and the market is now catching up. A new technology was just developed that makes it easier to use Bitcoin to pay when buying goods and services. New inflation data showed an uptick in prices and increased expectations of future inflation. New data just published showed that the chances of the economy falling into a recession increased, and thereby increased the risk of corporate defaults.
The increase in yield on US Treasury bonds could have been caused by the Federal Reserve's announcement of an upcoming interest rate hike and new inflation data showing an uptick in prices.
Yield on US Treasury bonds is a measure of the return investors can expect from investing in these bonds. When yields increase, it means investors are demanding higher returns for their investments. Several factors could have caused the increase in yield, including the Federal Reserve's announcement of an upcoming interest rate hike earlier than expected and new inflation data showing an uptick in prices and increased expectations of future inflation.
The announcement of an interest rate hike increases the cost of borrowing for businesses and individuals, which could lead to lower demand for bonds and higher yields. Higher inflation expectations also increase the risk of holding bonds, leading investors to demand higher returns. Other factors, such as market expectations of a recession or corporate defaults, could also affect investor demand and bond yields.
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Louisa works in marketing. She works with several different areas of the company that employs her. Which task does Louisa have others perform?
A. Conducting meetings at a satellite office
B. Working on new marketing campaigns at home
C. Participating in teleconferences in her home office
D. Training other employees to use a computer
Answer:D
Explanation: so other employees have more experience and will be able to help around the office more
Answer:
The correct answer to your question is B. Working on new marketing campaigns at home.
Explanation:
Edge 2021:)
GMR industries entered the airport space in early 2000's and is today 1
counted amongst the top 5 airports, private airport developer and operators
globally. GMR industries presently owns and operates Delhi International
Airport and Hyderabad International Airport. Apart from being the largest
airport company in India, GMR industries are the only Indian Airport
developer to have developed and operated airports outside India.
Identify the types of industry and its category being discussed in the above
case?
Answer:
f
Explanation:swsw