Briefly describe each of the traditional sectors in the economy.
What will be an ideal response?
The private sector is that part of economy not controlled and operated by government. It is run by
individuals and corporations whose intention is to make profits.
The social sector includes charities and non-profit organizations and is also referred to as the non-profit or voluntary sector.
The public sector is operated by government departments, agencies and organizations usually not to
operate businesses or make profits.
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Johnson Technology specializes in graphic design and video production. In October 2014, the company incurred the following costs for providing services to one of its clients. Supplies $ 200 Labor 1,500 Overhead 1,800 Johnson Technology's contract with the client discloses a 20% profit margin on the cost incurred. Determine the profit earned by the company by providing services
A) $3,500 B) $700 C) $4,200 D) $360
Your client left the cash receipts journal open after year-end for an extra day and included January 1 cash receipts in the 12/31/XX totals. All of those cash receipts were due to cash sales. Assuming the client uses a periodic inventory system with a 12/31/XX count of the physical inventory, which of the following is most likely to be true relating to the year XX financial statements?
A. Sales are understated. B. Inventory is overstated. C. Accounts receivable are understated. D. Net income is overstated.
To establish a private nuisance, plaintiff must show the pollution is a reasonable interference with the use and enjoyment of the plaintiff's property
a. True b. False Indicate whether the statement is true or false
The approval signature and date in the project charter indicate
a. that the sponsor has officially or formally authorized the project. b. the name of the person that will be the project manager of the project. c. the person responsible for writing the project charter. d. the contact person for the contractor's organization.