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Why does value of output always equal income received by the resources that produced the output?
Peanut13
you work an hour at McDonalds for $7.50. You value that hour, right? How much do you value it? You can tell by the income you received: $7.50. Income is the measure of value.
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∙ 10y ago
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What is nominal national income?
National income is defined as the total value of all the goods and services produced within a country plus income coming from abroad in a particular time period usually 1 year.
Why resources scarce?
because of income and taxes
What basic economic problem do both higher-income and lower-income nations have in common?
scarcity of resources
Why are resources scarce?
There are unlimited wants for these resources, but there are only a limited amount of resources in this world. Therefore they are considered scarce.
What is the meaning of income goods?
income goods means goods that were not used by producers. And outcome goods called produced goods
Income received in Advance?
prepaid income
Is commission received debit?
Commission received in income and cash is actually received so cash is always debit and commission is credit against cash as all incomes have credit balance as default balance.
How do you pass journal entry of income for which contract has made income will be received in future in installments basis?
Income will only be recorded when it will received an no entry on contract.Entry at time of received:[Debit] cash / bank[credit] income
What is the difference between accrued income and income in advance?
Accrued income is that where income is earned but amount is not received while income in advance is reverse of accrued income where amount is received in advance but services not provided yet.
What are examples of income received in advance?
a good example would be rent income that has been received in advance another example would be membership fees etc... thr income received in advance is seen as a liability because it is money that does not correlate to that specific accounting or business year but rather for one that is still to come. the income account will then be credited to the income received in advance account and the income received in advance will be debited to the income account such as rent. When the time period for which the money was received comes, then a reversal takes place which is the same only differing by now debiting the income account to income received in advance account and vice versa.
What is realized income?
Realized income is essentially the income that you know that you have earned or received. This income is considered taxable.
How is pension income?
Pension income are those income that the employee received after their retirement from job.
Why resources scarce?
because of income and taxes
What is income received in advance?
Income received in advance means that amount form customer is received in advance with promise of goods delivery at some future time.
What is the symbol for Voya Natural Resources Equity Income Fund in the NYSE?
The symbol for Voya Natural Resources Equity Income Fund in the NYSE is: IRR.
What does accrued income mean?
Accrued Income is an income already incurred but no payment is received yet.
What is nominal national income?
National income is defined as the total value of all the goods and services produced within a country plus income coming from abroad in a particular time period usually 1 year.
