Economics Answers

1. To be able to complete budget reporting on time, how should accountants approach new project reporting in a manufacturing business?

2. How should budget assumptions be dealt with to guard against unethical assumptions?

3. Who is responsible for budget management?

4. In order to be effective, which type of executives should make up the majority of the audit committee members?

Suppose several additional junior staff are employed in subsequent years after a new business is established. The owner notices a large increase in the motor vehicle expense account. What changes to assumptions or controls would you recommend?

Briefly describe what quantitative and qualitative data are in regard to budgeting.

" More people means more resources" Comment on that statement

What is the price mechanism ? Explain:
(1) Info Data
(2) work with incentive given
(3) Working Capital (money)

What is the Consumer Price Index (CPI) and the implication (mention measurement) ?

With diagrams and clear explanation explain that a good can be both normal and inferior.

Rose sellers withhold 60 roses from the market this week because they expect the demand to be higher because Mothers day is next week. What is the price of a rose this weekend?
Quantity demanded Quantity supplied
$6.00 150 60
$7.00 100 100
$8.00 70 130
$9.00 50 150

8. The particular models of Glucometer test strips have an invoice price of $42.75 per unit, we have decided to sell each unit of test strips for $78.42.

What is the Markup

According to economic theory, under what circumstances should a government intervene in
issues of climate change?