Explain why a small business owner must monitor the performance of the firm. What changes could impact the performance of an existing business?
What will be an ideal response?
An existing business is subject to competitors' moves, change in customers' preferences and needs, change in terms by suppliers, and inventory management issues.
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Owners of Tri-States Industries, Ralph and Maureen, are sent a dividend check from the company. For this transaction, what is the effect on the accounting equation for Tri-States Industries?
a. Assets decrease and stockholders' equity decreases. b. Assets increase and stockholders' equity increases. c. Liabilities increase and stockholders' equity decreases. d. Liabilities increase and stockholders' equity decreases.
An accountant may be forced by a subpoena to make available to the Internal Revenue Service (IRS) working papers involving a client who is being investigated.
Answer the following statement true (T) or false (F)
The long-run average cost (LRAC) curve indicates the ________
A) per unit cost of output in the long run B) projected total production costs of competitors C) variable costs incurred by a firm over time D) fixed costs incurred by a firm over the long term E) number of units the market will buy in a given time period, at different prices that might be charged
A pronoun (or noun) that follows a preposition is the object of the ________
a. preposition b. antecedent