Match the following statements to the appropriate terms. a. A twelve month accounting period.
b. Expenses paid before they are incurred.
c. Cost less accumulated depreciation.
d. Divides the economic life of a business into artificial time periods.
e. Efforts are related to accomplishments.
f. A contra asset account.
g. Recognition of revenue when the performance obligation is satisfied

1. Fiscal year
b. Income Summary
c. Revenue recognition principle
d. Closing entries
e. Accrued expenses
f. Accumulated depreciation

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

You operate a small advertising agency. you employ two secretaries, a graphic designer, three sales representatives, and an office coordinator. 1. what types of things would you consider when determining how to compensate each position? describe two (2) considerations. 2. what type of compensation plan would you use for each position?