JM
jasha moncur
Answers (6)
JM
Answered
A government can impose an import quota or an equivalent tariff that achieves the same impact on trade. What is the key difference in the welfare outcomes of these two policy options?
A) The domestic quantity supplied is larger under the tariff policy.
B) The domestic price is higher under the tariff policy.
C) The domestic price is lower under the tariff policy.
D) The government captures some of the profits from foreign suppliers through the tariff revenue.
A) The domestic quantity supplied is larger under the tariff policy.
B) The domestic price is higher under the tariff policy.
C) The domestic price is lower under the tariff policy.
D) The government captures some of the profits from foreign suppliers through the tariff revenue.
On Jul 21, 2024
D
JM
Answered
An example of feedforward control is when a farmer decides to harvest his corn crops ahead of schedule to prevent a total loss of product when the Hurricane arrives (which is forecast to pass directly over the farm in a couple of days).
On Jul 20, 2024
True
JM
Answered
Which of the following is true about a passive investment in common stock?
A) The investing company usually owns less than 20% of the voting stock in the affiliate and the investment is reported on the balance sheet at cost.
B) The investment must not have any voting rights.
C) The fair value method requires unrealized gains and losses to be recognized in the stockholders' equity section of the balance sheet.
D) The investing company usually owns less than 20% of the voting stock in the affiliate and the investment must be reported at fair value on the balance sheet.
A) The investing company usually owns less than 20% of the voting stock in the affiliate and the investment is reported on the balance sheet at cost.
B) The investment must not have any voting rights.
C) The fair value method requires unrealized gains and losses to be recognized in the stockholders' equity section of the balance sheet.
D) The investing company usually owns less than 20% of the voting stock in the affiliate and the investment must be reported at fair value on the balance sheet.
On Jun 21, 2024
D
JM
Answered
Errors occasionally occur when physically counting inventory items on hand. Identify the financial statement effects of an overstatement of the ending inventory in the current period. If the error is not corrected how does it affect the financial statements for the following year?
On Jun 20, 2024
The overstatement of ending inventory will cause cost of goods sold to be understated. Consequently, net income for the period will be overstated. The effect on the balance sheet is that assets and owner’s equity will be overstated. The subsequent period will have an overstatement of beginning inventory. This will cause cost of goods sold to be overstated and net income to be understated, counterbalancing the overstatement of income in the prior period.
JM
Answered
The buyer has an unconditional right to inspect the goods before accepting or paying for them.
On May 22, 2024
False
JM
Answered
Which of the following is a correct statement regarding discharge by impairment of the collateral?
A) Discharge cannot occur through impairment of the collateral.
B) If a party posts collateral to ensure his or her performance of the negotiable instrument and the holder of the collateral impairs its value,the party to the instrument is discharged from the instrument to the extent of the damage to the collateral.
C) If a party posts collateral to ensure his or her performance of the negotiable instrument and the holder of the collateral impairs its value,the party to the instrument is totally discharged from the instrument regardless of the extent of the damage to the collateral.
D) If a party posts collateral to ensure his or her performance of the negotiable instrument and the holder of the collateral impairs its value,the party to the instrument is totally discharged from the instrument only if the instrument is for less than $500; otherwise,the party to the instrument is discharged from the instrument to the extent of the damage to the collateral.
E) If a party posts collateral to ensure his or her performance of the negotiable instrument and the holder of the collateral impairs its value,the party to the instrument is totally discharged from the instrument only if the instrument is for less than $1,000; otherwise,the party to the instrument is discharged from the instrument to the extent of the damage to the collateral.
A) Discharge cannot occur through impairment of the collateral.
B) If a party posts collateral to ensure his or her performance of the negotiable instrument and the holder of the collateral impairs its value,the party to the instrument is discharged from the instrument to the extent of the damage to the collateral.
C) If a party posts collateral to ensure his or her performance of the negotiable instrument and the holder of the collateral impairs its value,the party to the instrument is totally discharged from the instrument regardless of the extent of the damage to the collateral.
D) If a party posts collateral to ensure his or her performance of the negotiable instrument and the holder of the collateral impairs its value,the party to the instrument is totally discharged from the instrument only if the instrument is for less than $500; otherwise,the party to the instrument is discharged from the instrument to the extent of the damage to the collateral.
E) If a party posts collateral to ensure his or her performance of the negotiable instrument and the holder of the collateral impairs its value,the party to the instrument is totally discharged from the instrument only if the instrument is for less than $1,000; otherwise,the party to the instrument is discharged from the instrument to the extent of the damage to the collateral.
On May 21, 2024
B