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Tutor profile: Patrick L.

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Patrick L.
I help students, CPAs, & Enrolled Agents understand federal taxes
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Questions

Subject: Economics

TutorMe
Question:

In 1970 Milton Friedman postulated that the social responsibility of business was to increase profits. Does this hold true in the current climate?

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Patrick L.
Answer:

Financial maximization hurts all stakeholders. It's not a sustainable business model. The customer is forced to pay more for less, employees are forced to do more for less so that those at the top can get more. When employees are stressed and customers are stressed because financial maximization at all costs is the mission statement, society sufferers.

Subject: Entrepreneurship

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Question:

List 3 of the most difficult aspects of being an entrepreneur?

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Patrick L.
Answer:

1. Taking a financial and social risk. Borrowing money for a new venture is difficult and the specter of failure is high. This could lead to bankruptcy and loss of social standing. 2. Hiring is fun, firing is difficult. At the beginning of a venture there is high excitement and energy. But when this new opportunity hits a speedbump, the entrepreneur has to be able to let people go, and some of these people might be friends and family. 3. Letting go. As the business grows the entrepreneur will be presented with scaling conditions he/she might not be experienced enough to handle. The entrepreneur must be able to step aside and let more competent executives guide the company.

Subject: Accounting

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Question:

Under what conditions will an accountant use a contra account?

Inactive
Patrick L.
Answer:

The contra account is a general ledger application used to reduce the balance of a related account. The contra account's normal balance is opposite the related account.

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