MicroEcon Ch8 - Perfect Competition Flashcards

accounting

A guitar manufacturer is considering eliminating its electric guitar division since its $76,000 expenses are higher than its$72,000 sales. The company reports the following expenses for this division. Should the division be eliminated?

	Avoidable Expenses	Unavoidable Expenses
Cost of goods sold	$55,000
Direct expenses	6,250	$2,250
Indirect expenses	470	3,600
Service department costs	7,000	1,430

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psychology

After 10 years of smoking, Elaine is ready to quit. She pays a visit to a hypnotist in an effort to quit. How might the hypnotist use the following to help Elaine quit smoking? • Posthypnotic suggestion • Social influence theory of hypnosis. Even though the hypnosis seems successful, Elaine is worried about the effects smoking had on her body and is interested in her health outlook now that she has quit. Provide one element of damage she has done to her body by smoking and one element of how her health will improve now that she has quit.

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accounting

Irish Imports is an importer of silver, brass, and furniture items from Ireland. Patricia O’Malley is the general manager of Irish Imports. O’Malley employs two other people in the business. Maureen Kennedy serves as the buyer for Irish Imports. In her work, Kennedy travels throughout Ireland to find interesting new products. When Kennedy finds a new product, she arranges for Irish Imports to purchase and pay for the item. She helps the artisans prepare their invoices and then faxes the invoices to O’Malley in the company ofce.

O’Malley operates out of an ofce in Boston, Massachusetts. The ofce is managed by Lesley Luck, who handles the mail, keeps the accounting records, makes bank deposits, and prepares the monthly bank reconciliation. Virtually all of Irish Imports’ cash receipts arrive by mail—from sales made to Target, Pier 1 Imports, and specialty shops.

Luck also prepares checks for payment based on invoices that come in from the suppliers who have been contacted by Kennedy. To maintain control over cash payments, O’Malley examines the paperwork and signs all checks.

Identify all the major internal control weaknesses in Irish Imports’ system and how the resulting action could hurt Irish Imports. Also state how to correct each weakness.

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us government

How would you describe the gender gap?

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MicroEcon Ch8 - Perfect Competition

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