The concept of the accounting entity often is considered to be the most fundamental of accounting concepts, one that pervades all of accounting. Required: 1. What is a reporting entity? Explain why the reporting entity concept is so fundamental that it pervades all of accounting. 2. For each of the following, indicate whether the accounting concept of reporting entity can be applied. Discuss and give illustrations. a. a unit created by or under law b. the product-line operating segment of an enterprise c. a combination of legal units and/or product-line operating segments d. all of the activities of an owner of a company e. an industry f. the economy of the United States

Match the vocabulary word to the correct definition. 1. human resources department 2. job description 3. ethics 4. labor relations 5. occupational safety & health administration a. a detailed list of the functions and requirements for a position b. the exchange between the employer and employee c. principles that define appropriate conduct d. the government agency responsible for monitoring safety in the workplace e. the division of a business responsible for hiring, managing,maintaining, and firing the workforce

Acompany that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. prior to buying the new equipment, the company used 6 workers, who produced an average of 79 carts per hour. workers receive $16 per hour, and machine coast was $49 per hour. with the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $11 per hour while output increased by four carts per hour. a) compute the multifactor productivity (mfp) (labor plus equipment) under the prior to buying the new equipment. the mfp (carts/$) = (round to 4 decimal places). b) compute the productivity changes between the prior to and after buying the new equipment. the productivity growth = % (round to 2 decimal places)

Why is efficiency an important economic goal?