Answer:
An authority is a power to give orders and ask your subordinates to perform certain duties. Authority can be given to a person by government’s executives, owner of an organization, or by the representatives of GOD.
An authority is a legitimate power to influence people to compel them to perform the task given to them. For example, a mob has the power to punish a criminal, but they don’t have legitimate authority to punish the criminal.
The authority lies in the hands of the law. Similarly, in an organization, the authority lies in the hands of a manager to get organizational tasks accomplished by his subordinates.
However, the authority of the manager is limited to a particular department of the organization. He has no authority on his employees outside the organization.
Authority is the consequence of the position of an individual in an organization. A person can only be at the superior position of the organization if he has authority; a person with no authority can never be on the top position of an organization.
Therefore, the degree of authority is highest at the top level, and its degree keeps on decreasing the levels of the organization. That means only a person at the top level can give orders to the people at a low level and can compel them to perform tasks given to them, and a person at lower level can’t give orders to the people at the top or his peers.
Authority can be of two types such as official authority (where authority is given to a person by the organization he works for), and other is a personal authority (where authority is given to a person because of his ability to influence people in the organization.
What is the Responsibility?
Being responsible
Responsibility is a moral duty or an obligation of an employee, whether he is a manager or subordinate to fulfill the task given to them. The responsibility starts as soon as the job is assigned to the employee and finish with the completion of the task.
The person is responsible for the consequence of his performance in the task. The responsibility comes with authority.
A manager is responsible for the accomplishment of the task. The responsibility moves upwards in the organization from a lower level of employees to the upper level of management.
The responsibility is originated from the superior-subordinate relationship in an organization. Because of this relationship, the manager can do a task from his subordinates with responsibility.
Difference between authority and responsibility
Difference between authority and responsibility
AUTHORITY RESPONSIBILITY
An authority is a power or right that a person gets because of his designation, role, or job. A responsibility is an obligation that an employee has to fulfill the work bestowed on him
An authority is the outcome of a formal position in an organization. A responsibility is the outcome of a superior-subordinate relationship.
An authority is a legal right given to a person. A responsibility is consequence of authority.
It is a delegation of authority. It is an assumption of responsibility.
The flow of authority is from the upper level to lower level. The flow of authority is from lower level to upper level.
Authority requires the ability to give orders. Responsibility requires the ability to follow orders.
The authority lasts for a long period of time. The responsibility ends as soon as the work bestowed on the employee is complete.
The objective of the authority is to make decisions and implement them effectively. The objective of responsibility is to perform duties effectively assigned by the superiors.
Answer:
b. Increase the supply of the good now
Explanation:
Price expectations are one of the determinants of the supply curve. Changes in expectations will make the curve move right or left depending on whether future prices are expected to be lower or higher.
If prices are expected to be lower in the future, that will generate the supply curve to shift right, increasing the quantity supplied. This has to do with producers seeking to sell their goods at the highest price possible. If prices in the present are higher than what they would be in the future then they would want to sell more now than later.
b.Efficient use of housing space results.
c.Nonprice methods of rationing emerge.
d.The quantity of available rental housing units falls.
Answer: C) and D) answers.
Explanation: The rental market must have a free operation, that is, supply and demand have to set their price level, especially since, in this case, the product is not fungible, that is, it is not interchangeable. Each floor varies in location, number of square meters, construction qualities, etc. You cannot set a fixed reference price. Another of the most repeated consequences by experts is that the limitation will cause a reduction in supply, but demand will not go down, which will necessarily lead to greater tension in rental prices.
a. $25,000 loss
b. $50,000 loss
c. $25,000 profit
d. $150,000 profit 13.
Answer:
a. $25,000 loss
Explanation:
Economic profit = revenues - explicit costs - opportunity costs
In this case, Mary's economic profit = profit from investment in new business - opportunity cost of not investing $1 million in risk-free bond - opportunity cost of quitting job
= $150,000 - $100,000 - $75,000
= ($25,000)
Answer:
A joint venture
Explanation:
A joint venture -
It refers to as the business agreement between two or more groups in order to attain a common goal collectively , is referred to as joint venture .
The parties comes together with their resources to accomplish the goal together .
The common project can be a new business or any existing business .
In a joint venture , the profit and loss is equally shared among each of the member .
Hence , from the given scenario of the question ,
The correct answer is joint venture .
Answer:
Export minimum public procurement policy
Explanation:
'Chinese government allowing foreign companies to participate in its market only if those companies agree to establish operations with local Chinese enterprises' : illustrates the case of - 'Export minimum public procurement policy'
This is a policy adopted by various economies. The policy states that foreign companies should use a minimum level of inputs from their domestic medium & small scale enterprises. This is to create equitable growth opportunities for the MSMEs. As MSMEs are important by perspective of - regionally balanced growth, income equity, employment opportunities generation ; they need this protection.
Answer: Time period
Explanation:
From the question, we are informed that Johanna recently took over her father's business and she considered changing the date when she records and reports the business' financial results but her accountant advised her not to do this.
The accounting principle that is the basis of the accountant's advice is time period principle. The time period principle states that information regarding a particular transaction shouldn't be changed when it has been reported for at a particular time period.
The correct answer is C) When capital projects are at least partially financed by general obligation bond proceeds.
The circumstance when a Capital Projects Fund is required to be used in governmental accounting is "When capital projects are at least partially financed by general obligation bond proceeds."
In governmental accounting, capital project fund serves to trace the financial resources that are used to have a capital asset that is considered major. This capital project has long-time goals and has large costs. The fund does not run forever. When the asset is done, the fund is terminated. You use this king of capital projects fund when there are plans to build public infrastructure that benefits the community such as roads, bridges, dams, or transportation projects.