which of the following is false.

a) an individual firm in a perfectly competitive market cannot affect the price it receives for its output by changing the level of its output.

b) in a perfectly competitive market, the price is determined by the combined output decisions of all firms in a market.

c) a perfectly competitive firm has a downwards sloping marginal revenue curve

d) for a perfectly competitive firm, the optimal quantity is determined by the following relationship MR=MC=P

-Specify whether each of the following activities is a predictive or descriptive analytics task. What type of task (e.g., classification, regression, clustering, association rule mining, etc.) is it? a. Reporting total revenue of a product over a year in different branches to the CEO. b. Predicting the credit score of a customer using historical data. c. Predicting the outcome of flipping a coin. d. Partitioning students into similar groups based on their courses, programs, and demographic profile.

A hospital receives the following promises to give:

Unconditional promise to give $25,000. The $25,000 can be used for any purpose that the hospital chooses

Conditional promise to give of $10,000 if the hospital purchases a new X-Ray scanner. The $10,000 must be used to maintain the X-Ray machine (if purchased)

Unconditional promise to give of $100,000 to be used for the construction of a new building.

How much contribution revenue should the hospital recognize from these promises to give?

As a financial manager, you are considering purchasing a new machine that will cost $1 million. It can be depreciated on a straight-line basis for five years to a zero salvage value. You expect revenues from the machine to be $700,000 each year and expenses are expected to be 50% of revenue. If the company is taxed at a rate of 34% and the appropriate discount rate for a project of this level of risk is 15%, will the company invest in this new machine? Please show work with formulas, not Excel.

Arlington Clothing, Inc., shows the following information for its two divisions for year 1.

Required:

b-1. What are the gross margin and operating margin percentages for both divisions?

A parent provides marketing services to its subsidiary during 2017. The parent charged the subsidiary $500,000 for the services. The services cost the parent $400,000 (paid in cash). The companies use service revenue and service expense, as appropriate, to record this transaction and all intercompany charges were still unpaid as of the end of the year. Provide the 2017 entries needed to record both the original transactions and the eliminations necessary for consolidation. Provide entries for Parent, Subsidiary, and the Consolidation worksheet.

Recently,the idea of changing our federal tax system has been back in the news.What do you think of the idea of changing our tax system to a sales tax or perhaps a VAT? If you support such a change,would it increase or decrease government revenue?Would its incidence be regressive,proportional,or progressive?Remember,a flat sales tax it actually regressive.Or do you support just altering our current system if so,how?

When a member of the AICPA prepares a taxpayer's federal income tax return, the member has the responsibility to

A. be an advocate for the entity's position

B. Verify the data to be used in preparing the return.

C. Take a position of independent neutrality

D. Argue the position of the Internal Revenue Service

The correct answer is A

THIS QUESTION ILLUSTRATES THAT THE ROLE OF A TAX ACCOUNTANT IS VERY DIFFERENT

THAN THAT OF AN INDEPENDENT AUDITOR. DISCUSS HOW THE TWO DIFFERENT IN THE FOUR DIMENSIONS OF THE FOUR ANSWERS.

"Interpreting Tax Research and Tax Representation Guidelines"

• Compare the American Institute of CPAs’ (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers. Suggest measures the AICPA could take to ensure that CPAs are compliant with either set of standards. Defend your position.

True or False: A 10% reduction in price that leads to a 10% increase in the amount purchased indicates a price elasticity of more than 1 (in absolute value).

True

False

True or False: A 10% reduction in price that leads to a 2% increase in total expenditures (or total revenue) indicates a price elasticity of more than 1 (in absolute value).

True

False

If the percentage change in price is less than the resultant percentage change in quantity demanded, demand is   .