Explanation

The first major postwar step toward trade liberalization was the General Agreement on Tariffs and Trade (GATT).

Established in 1947, GATT aimed to reduce tariffs and other trade barriers to encourage international trade.

Explanation

The liabilities that are payable in more than a year and are not to be liquidated from current assets are fixed liabilities.

These are long-term obligations like bonds or long-term loans that extend beyond the current operating eecycle.

Explanation

Contribution margin is revenue remaining after deducting variable costs and may be expressed as unit contribution margin.

It measures how much revenue is available to cover fixed costs and generate profit after variable costs have been covered.

Explanation

When prices fluctuate widely, the method of pricing that smooths out the effects of fluctuations is weighted average (average cost method).

This method calculates an average cost per unit by weighing each purchase according to its quantity, thereby averaging out the impact of price changes over time.

Explanation

According to Kurt Lewin, Restraining is not a stage in the change process.

The correct stages are Unfreezing, Changing, and Refreezing.

These stages represent the process of preparing for, implementing, and solidifying changes within an organization.

Explanation

To determine C's share of the net income:

Calculate C's share:

• C's Share = Net Income × C's Ratio
• C's Share = $60,000 × 20%
• C's Share = $60,000 × 0.20 = $12,000

So, C's share of the net income is $12,000.

Explanation

The correct passive voice is "High-quality products are produced by the company."

This retains the present tense and indicates that the company regularly produces high-quality products.

Explanation

Liquid or quick assets are equal to current assets - (stock + work in progress).

This calculation excludes inventories and work in progress from current assets to focus on the most liquid assets available for immediate use.

Explanation

The cost which is to be incurred even when a business unit is closed is a shutdown cost.

The shut down price is the minimum price a business needs to justify remaining in the market in the short run.

Explanation

If a capital expenditure is mistakenly treated as revenue expenditure, total assets are understated.

This error reduces the recorded value of assets and expenses.

It causing the net profit to be overstated because the capital expenditure.

It should be capitalized, is incorrectly recorded as an expense.