The two most widely used methods for determining the cost of inventory are
A) FIFO and LIFO
B) FIFO and average
C) LIFO and average
D) gross profit and average
A
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In the two-period model, suppose a household's income in the first period is $30,000, income in the second period is $40,000, and the real interest rate is 20 percent. Draw a diagram showing the budget constraint. Now, suppose the real interest rate rises to 25 percent. Draw the new budget constraint. For the budget constraints you have drawn, be sure to show the values of the intercepts on each axis. Show your work.
What will be an ideal response?
The face value of a note minus interest is called
a. the discount; b. proceeds; c. the principal; d. the maturity value; e. none of these
The percentage-of-completion method
a. recognizes a portion of the contract price as revenue during each accounting period of construction. b. bases the amount of revenue, expense, and income on the proportion of total work performed during the accounting period. c. measures the proportion of total work carried out during the accounting period either from engineers' estimates of the degree of completion or from the ratio of costs incurred to date to the total costs expected for the entire contract. d. all of the above. e. none of the above.
A team working on a project will look to their leader for guidance if he or she is the one with the knowledge and experience necessary for the task to be done. This is an example of which type of power?
a. Coercive power b. Expert power c. Legitimate power d. Referent power