Balance Sheet = $3500 and Income Statement (statement of cashflows) = $3400
What is Balance Sheet?
A financial statement that lists a company's assets, liabilities, and shareholder equity at a certain point in time is referred to as a balance sheet. The foundation for calculating investor return rates and assessing the capital structure of a company is provided by balance sheets. The balance sheet is a financial statement that gives a quick overview of the assets and liabilities of a firm as well as the amount of shareholder investment. When doing basic analysis or calculating financial ratios, balance sheets can be utilized in conjunction with other crucial financial data.
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When one party has no reason to know that the contract is illegal, that party can often recover any benefits conferred in a partially executed contract. T or F
True, when one party has no reason to know that the contract is illegal, that party can often recover any benefits conferred in a partially executed contract.
What is a Contract?
A contract is a legally binding agreement between two or more parties that creates a duty to do or refrain from doing certain things. A contract usually involves the exchange of goods, services, money, or any combination of these. It can be written, verbal, or implied, and the terms of the agreement primarily define each party's rights and obligations.
What does an service mean?
A "service" is an action or task performed for the benefit of another. In most cases, services are intangible, which means they cannot be physically touched or held. Accounting, consulting, education, health care, legal advice, transportation, and web design are all examples of services.
Thus the answer is TRUE.
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the written representation from management . supplements the inquiries made of the auditor regarding subsequent events and the evidence gathered from audit procedures transfers legal liability for any financial statement errors to the auditor supplements the inquiries made of management regarding subsequent events and the evidence gathered from audit procedures can be drafted by the auditor and signed by the internal audit function on behalf of management
-supplements the inquiries made of the auditor regarding subsequent events and the evidence gathered from audit procedures
- transfers legal liability for any financial statement errors to the auditor
Management can be defined as a procedure of getting the work or the task completed that is required for accomplishing the dreams of a business enterprise in an efficient and effective manner.
In the most effective of phrases, enterprise management refers back to the coordination and management of business sports, duties, and assets to gain a hard and fast objective. This often includes supervision and training of a team of workers, overseeing core operations, and designing corporation infrastructure to optimize for the future.
The function of a supervisor is to offer common guidance and route to the person's efforts for the fulfillment of organizational dreams. increasing efficiency: management enables growing the efficiency of the enterprise by way of growing productivity via efficient planning, setting up, controlling, and directing.
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when a t-rec machine does not halt, the input string: group of answer choices is not in the language of the machine could be a member of the language of the machine (or not) remains on the tape
The Turing machine will halt on every input if the system is consistent, however this cannot be demonstrated in a robust enough proof method because of Gödel's incompleteness theorems.
It is not true that every input will cause every Turing computer to halt or go into an infinite loop. The fact that many Turing machines do both and instead consistent continue indefinitely without ever entering an infinite loop is important to their ability to compute. The Halting problem asks whether a particular algorithm will halt (or stop) at a particular point in time. When an algorithm is applied to a given input.
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a shareholder who is given preemptive rights can purchase a percentage of the new shares being issued that is equal to the percentage of shares already held in the company.
A shareholder given preemptive rights can purchase a percentage of the new shares being issued that is equal to the percentage of shares already held in the company. - True
Preemptive rights, commonly referred to as subscription rights, allow shareholders to buy a proportionate part of any new securities that the company issues. This implies that, for instance, if a firm issues additional shares of stock, shareholders having preemptive rights have the right to buy a proportion of those new shares equal to the proportion of shares in the company that they currently own.
This allows shareholders to keep their ownership stake in the business even if it issues fresh shares to the general public or to other investors. These rights can be an important mechanism for protecting the ownership interests of shareholders, particularly in cases where the company is issuing a large number of new shares that could dilute the value of existing shares.
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prompt the user for a purchase order id number and save this value. if the purchase order number is not one of the following then print an error and exit the program. x111, x122, b333, r100 prompt the user for a quantity and save this value. calculate a total price using the following information: x111 is a computer with a price of 450.00 x122 is a monitor with a price of 145.00 b333 is a keyboard with a price of 45.00 r100 is a mouse with a price of 25.00 multiply the quantity times the price and print out the results so they look like: order: xxx (where xxx is the purchase order number entered by the user) item: xxxx (where xxxx is the item name associated with the purchase order) quantity: xx (where xx is the quantity entered by the user) total: $xxx.xx (where xxx.xx is the quantity times the price associated with the order number. write python methods that perform the following (using the names listed below) getorder() -- prompts the user and returns the order number getquantity() -- prompts the user and returns the quantity getname( id ) --- pass the order number and return the name of the associated item getprice( name ) -- pass the item name and return the price of the item of the item associated with the item name
Program in Python to calculate the total of a purchase, functions are used for each action of the algorithm. Below is an image of the screen output and the code.
Python Codedef getorder(orderid):
print("Purchase order id: ", end="")
orderid = input()
return orderid
def getquantity(qty):
print("Entry quantity: ", end="")
qty = float(input())
return qty
def getname(orderid, itemname, order):
for x in range(4):
if orderid==order[x][0]:
itemname = order[x][1]
return itemname
def getprice(itemname, itemprice, order):
for x in range(4):
if itemname==order[x][1]:
itemprice = float(order[x][2])
return itemprice
if __name__ == '__main__':
# Define variablesqty = float()
total = float()
itemprice = float()
order = str()
itemname = str()
orderid = str()
valided = bool()
valided = False
order = [[str() for ind0 in range(3)] for ind1 in range(4)]
order[0][0] = "x111"
order[1][0] = "x122"
order[2][0] = "b333"
order[3][0] = "r100"
order[0][1] = "Computer"
order[1][1] = "Monitor"
order[2][1] = "Keyboard"
order[3][1] = "Mouse"
order[0][2] = "450"
order[1][2] = "145"
order[2][2] = "45"
order[3][2] = "25"
# Entry dataprint("Calculate a total price")
orderid = getorder(orderid)
for x in range(4):
if orderid==order[x][0]:
valided = True
itemname = getname(orderid,itemname,order)
itemprice =getprice(itemname,itemprice,order)
if valided!=True:
print("Error")
else:
qty = getquantity(qty)
# total calculationtotal = itemprice*qty
# Outputprint("")
print("Order: ",orderid)
print("Item: ",itemname)
print("Quantity: ",qty)
print("Total: $",total)
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which of the following controls can minimize the threat of mistakes in counting incoming inventory? group of answer choices the use of positive pay. do not inform receiving employees about quantity ordered. the use of ers. perpetual inventory system.
By not informing receiving employees about the quantity ordered, the controller can minimise the threat of mistakes in counting incoming inventory.
What is incoming inventory?You can utilise a transfer to make sure you get everything you ordered when your inventory arrives. Receiving inventory denotes the act of evaluating an item after it has arrived and deciding whether to accept or reject it.The Incoming Inventory report provides a summary of the items you can expect to receive from your Active Purchase Orders during a given time period.How are incoming inventories managed?Techniques and best practises for small business inventory managementImprove your predictions.Apply the FIFO principle (first in, first out).Determine low-turn stock.Examine your stock.Utilize software for cloud-based inventory management.Keep an eye on your stock levels at all times.Speed up equipment repairs.
By not informing receiving employees about the quantity ordered, the controller can minimise the threat of mistakes in counting incoming inventory.
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you purchase one mbi july 140 call contract (equaling 100 shares) for a premium of $19. you hold the option until the expiration date, when mbi stock sells for $153 per share. you will realize a on the investment.
$600 profit
$600 loss
$1,300 profit
$1,300 loss
Hence you will realize a loss of $600 on the investment.
Define call option.A call option is a contract that exists between a buyer and a seller of a call option to swap securities held at a specific price within a specific timeframe. When the difference between the stock price and the strike price at expiration is less than the premium paid, the call's owner makes a profit. If the underlying stock continues to trade below the strike price, the writer of a call option will benefit.
To calculate the profit realized on the investment
Given:
Profit from call option= (153- 140) × 100
Profit from call option= $1,300
Profit from premium= 19 × 100
Profit from premium= $1,900
Profit on investment= Profit from call option - Profit from premium
Profit on investment = 1,300 - 1,900 = -$600
So there is a loss of $600
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arctica manufactures snowmobiles and atvs. these products are made in different departments, and each department has its own manager. each responsibility performance report includes only those costs that the department manager can control: direct materials, direct labor, supplies used, and utilities. for year ended december 31 budget actual snowmobile atv snowmobile atv direct materials $ 21,300 $ 29,300 $ 21,220 $ 30,800 direct labor 12,200 22,300 12,640 23,220 department manager salaries 6,100 7,000 6,200 6,200 supplies used 5,280 1,080 4,970 1,160 utilities 540 720 510 680 rent 7,500 8,100 7,100 8,100 totals $ 52,920 $ 68,500 $ 52,640 $ 70,160
.SW=Snowmobile
Given:
SM ATV Combined SM ATV Combine
Budget | Actual
Raw materials $19,990 $28,000 $47,990 $19,920 $29,320$49,240
Employee wages 10,900 21,000 31,900 11,210 21,740 32,950
Dept. manager salary 4,800 5,700 10,500 4,900 4,900 9,800
Supplies used 3,850 1,400 5,250 3,670 1,420 5,090
Depreciation- Equip. 6,500 13,000 19,500 6,500 13,000 19,500
Utilities 410 590 1,000 380 550 930
Rent 6,200 6,800 13,000 5,800 6,800 12,600
Totals $52,650 $76,490 $129,148 $52,380 $77,730 $130,110
A budget that compares actual and budgeted amounts under the controlled costs in a department is a responsibility accounting performance report. Rent and utility costs in this case cannot be regulated, hence they are not included.
Snowmobile: what is it?A snowmobile, sometimes referred to as a Ski-Doo, snowmachine, sled, motor sled, motor sledge, skimobile, or snow scooter, is a motorised vehicle created for use in the winter for transportation and fun on snow. It doesn't need a road or path to work because it is built to travel on snow and ice, however the majority of people drive on trails or open areas. The sport of snowmobiling has become a popular serious interest for many individuals.
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Which of the combinations of actions will likely provide the biggest competitive benefits in helping a company achieve a differentiation-based competitive advantage over some/many of its rivals that are selling multi-featured cameras?
A. harging prices for multi-featured cameras that are $10 higher than any other company in the industry in all four geographic regions and striving to market multi-featured cameras with a targeted P/Q rating that is about 0.5-stars above the prior year's industry average (as shown in the graph at the bottom of p. 4 of the most recent GLO-BUS Statistical Review)
B. Offering buyers 5 models of multi-featured cameras with a P/Q rating of 4-stars or higher and a warranty period of 2 years, spending above-average amounts on quarterly advertising in all four geographic regions, and having 2 quarterly promotions of 4 weeks each with a discount of 16% or higher in all 4 geographic regions
C. Striving to have a total compensation pay package for full-time PAT members that is the highest in the industry, outspending all other companies in the industry on corporate social responsibility and citizenship, and charging prices for multi-featured cameras that are $2-$3 below the most-expensively priced multi-featured camera in the prior year in all four geographic regions
D. Spending heavily on quarterly PAT training and productivity improvement, outspending all other companies in the industry on corporate social responsibility and citizenship, and marketing multi-featured cameras with a 4-star or higher P/Q rating
E. Charging prices for multi-featured cameras that are $5 or more above any other company in the industry in all four geographic regions and offering buyers a choice of 3 models of multi-featured cameras with a P/Q rating of 3.5-stars or higher
A harging prices for multi-featured cameras that are $10 higher than any other company in the industry in all four geographic regions and striving to market multi-featured cameras with a targeted P/Q rating that is about 0.5-stars above the prior year's industry average.
Hence, Option A is correct.
What do you mean by competitive pricing?
Competitive Based Pricing (or Competition Based Pricing) is a pricing strategy in which your competitors' price points have a significant impact on your own. This strategy has the market as its primary focus rather than your costs (Cost Plus Pricing).A method known as competitive pricing involves setting a product's price in line with those of competitors. A real-world illustration is the cost of well-liked goods on Ama-zon.com. The retail behemoth gathers information on competitors' prices and uses it to provide the best deal available.To know more about Competition here
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Which of the following is not an accounting concept ? a.matching concept b.dual aspect concept c.true and fair concept d.going concern concep
Although there is no concept of a genuine and fair concept in accounting, there are concepts of matching, dual aspects, and going concerns.
What does "going concern" mean?A corporation that is financially sound enough to satisfy its obligations and run its operations for the near term is referred to as a "going concern" in accounting. If a corporation is believed to be a going concern, some expenditure and assets may be delayed in financial reporting.
How do you defend going concern?The cost principle is justified by the going concern principle, which states that assets are recorded on the assumption that a company that is presumed to be a viable business will remain in business and realize the resources until they have fully removed and discharged liabilities during the regular course of business.
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swifty company follows the practice of pricing its inventory at lcnrv, on an individual-item basis. item no. quantity cost per unit estimated selling price cost to complete and sell 1320 1,500 $3.30 $4.64 $1.65 1333 1,200 2.78 3.50 1.03 1426 1,100 4.64 5.15 1.44 1437 1,300 3.71 3.30 1.39 1510 1,000 2.32 3.35 1.44 1522 800 3.09 4.02 0.82 1573 3,300 1.85 2.58 1.24 1626 1,300 4.84 6.18 1.55 from the information above, determine the amount of swifty company inventory.
The amount of the inventory Swifty Company is $35,402
What is meant by inventory?The products and supplies that a company keeps in stock with the intention of reselling, producing, or using them are referred to as inventory or stock. Hence defining the size, location, and shape of stocked commodities is a major focus of inventory management.
Given:
a) Data and Calculations:
Item No. Quantity Cost per Estimated Cost to NRV LCNRV Inventory
Unit Selling Price Sell Value
1320 1,500 $3.30 $4.64 $1.65 $2.99 $2.99 $4,950
1333 1,200 2.78 3.50 1.03 2.47 2.47 $ 3,336
1426 1,100 4.64 5.15 1.44 3.71 3.71 $ 5104
1437 1,300 3.71 3.30 1.39 1.91 1.91 $ 4,823
1510 1000 2.32 3.35 1.44 1.91 1.91 $ 2320
1522 800 3.09 4.02 0.82 3.2 3.2 $2,472
1573 3,300 1.85 2.58 1.24 1.34 1.34 $6,105
1626 1,300 4.84 6.18 1.55 4.63 4.63 $6,292
Inventory value = $35,402
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TRUE/FALSE the three major components of the master budget are the financial budgets, the capital budgets, and the pro forma financial statements.
This statement is False.
A master budget is a collection of specific budgets and schedules that show the business's financial and operational goals for a future accounting period. The operating budget, capital budget, and pro forma financial statements are typically included in the master budget.
What is a master Budget?
A comprehensive document that contains numerous smaller budgets is referred to as a "master budget." It combines all of these different budget templates into a single master template. A master budget will provide an overview of revenue and expenditures as well as all the specifics of the company's income-producing activities as they relate to the operating budget. A projection of what would appear on the balance sheet at the conclusion of the accounting period will also be included, along with cash inflows and outflows from the cash flow statement.
In order to cover the entire fiscal year, master budgets are created as part of small business accounting, typically on a monthly or quarterly basis. Using a technique known as continuous budgeting, businesses may add extra months to the end of the budget to keep it moving forward.
The master budget displays a financing strategy and a cash flow prediction in addition to the financial statements that were budgeted. A statement of purpose may be included by certain companies to describe how the master budget fits into their long-term financial objectives. The document has a lot of leeway because management of the organization uses it to make planning decisions. This document is maintained by the budget director, who receives input from many departments and staff.
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concentrate on a limited number of complementary merchandise categories targeted toward very specific market segments by offering deep nut narrow assortments and sales associate expertise
Specialty stores concentrate on a limited number of complementary merchandise categories targeted toward very specific market segments by offering deep nut narrow assortments and sales associate expertise.
A specialty store offers a broad selection of products from a certain niche. Specialty stores include furniture shops, florists, sporting goods shops, and bookshops. Retail establishments that concentrate on certain product categories are sometimes known as specialty shops. Instead of selling goods in bulk for eventual resale, retail establishments sell modest quantities of commodities for immediate consumption. Although they focus on a particular product area, specialty shops can also sell a wide range of goods.
Focusing on a specific class of goods is one of a specialty store's main advantages. This offers business owners and workers the ability to gain knowledge and a reputation for variety and competence within the store's designated specialization.
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The average squared difference between the actual return and the average return is called the:a. volatility return.b. variance.c. standard deviation.d. risk premium.e. excess return.
The variance is the average of the squares difference between the real return and the average return. The answer is option (b). variance.
What is Variance?Variance is the statistical evaluation of the numerical variation within a data set. Variance measures how far distant each number in the gathering is from the average (average) and, as a result, from one another.
Statisticians use variance to study how various numerical values interact to each other within a collection of data rather than more basic mathematical techniques like classifying numbers into quartiles. The advantage of variance is that it treats all deviations from the average equally in terms of their true directional nature. The data is considered to be absolutely unvariable since the sum of the squared difference can never equal zero.
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a company that uses the net method of recording purchases and a perpetual inventory system purchased $2,100 of merchandise on july 5 with terms 3/10, n/30. on july 7, it returned $300 worth of merchandise. on july 28, it paid the full amount due. the correct journal entry to record the payment on july 28 is:Multiple Choicea. Debit Merchandise Inventory $1,800; credit Cash $1,800.b. Debit Cash $1,800; credit Accounts Payable $1,800.c. Debit Accounts Payable $1,800; credit Merchandise Inventory $54; credit Cash $1,746.d. Debit Accounts Payable $2,100; credit Cash $2,100.e. Debit Accounts Payable $1,800; credit Cash $1,800.
e. The correct journal entry to record the payment on July 28 is
Debit Accounts Payable $1,800; credit Cash $1,800.
As the company uses the net method of recording purchases and a perpetual inventory system purchased $2,100 of merchandise on July 5 with terms 3/10, n/30. on July 7, it returned $300 worth of merchandise. on July 28, it paid the full amount due.
The journal entry to record the payment on July 28 is as follows:
Debit Accounts Payable $1,800
Credit Cash $1,800
This entry reflects the payment of the balance due after deducting the $300 worth of merchandise that was returned. The full amount due was $2,100, less the return of $300, which results in a balance due of $1,800.
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An auditor was unable to obtain audited financial statements or other evidence supporting an entity's investment in a large foreign subsidiary. Between which of the following reports should the auditor choose? A. Adverse and unqualified with an explanatory/emphasis-of-matter paragraph added.B. Disclaimer and unqualified with an explanatory/emphasis-of-matter paragraph added.C. Qualified and adverse.D. Qualified and disclaimer.
An auditor was unable to obtain audited financial statements or other evidence supporting an entity's investment in a large foreign subsidiary. The auditor should choose between D. qualified and disclaimer.
An auditor's inability to provide an unqualified, or clean, audit opinion is reflected in a qualified opinion. If it is believed that there are no major misstatements in the financial statements, an unqualified opinion is given. It is the kind of auditor's view that is most typical.
The view changes to a negative one if the problems found during the audit lead to significant misstatements that might influence how users of the financial statements make decisions.
The corporation must restate its financial statements and conduct a new audit as a result of the negative assessment. The majority of lenders, creditors, and investors will nevertheless accept a qualified opinion.
The auditor makes a disclaimer of opinion if he or she is unable to finish the audit report because of a lack of financial records or inadequate management support. This shows that it was impossible to form an opinion regarding the financial accounts.
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Which of the following is not a feature of a private limited company? *
A.Shares can be issued to raise capital B.Shares can be bought and sold on the Stock Exchange
C.All owners of the business have limited liability
D.The business continues after the death of a shareholders
Answer:
B. Shares can be bought and sold on the Stock Exchange.
Explanation:
in the phase, managers examine a situation and then identify and define the problem or opportunity.
In the consideration phase, managers examine a situation and then identify and define the problem or opportunity.
In the consideration phase managers carefully examine a situation and then identify and define the problem or opportunity that needs to be addressed. This phase involves collecting and analyzing data and information about the situation and using critical thinking and problem-solving skills to identify the underlying issues and challenges. By clearly defining the problem or opportunity, managers can better understand the scope and nature of the issue, and can develop more effective solutions.
Additionally, defining the problem or opportunity can help to focus the team effort and ensure that they are working towards a common goal. Overall, the consideration phase is an important step in the problem-solving process, as it helps managers to accurately identify and define the problem or opportunity that needs to be addressed.
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when the fed buys bonds from the public, banks' reserves and the quantity of money in circulation .
The Federal Reserve buys and sells authorities securities to control the money supply and interest quotes. This hobby is known as open market operations.
The money supply is the overall sum of money—coins, coins, and balances in bank debts—in flow.
Open market operations is a part of financial coverage devices that Fed utilize in controlling the cash deliver in an economic system. when there is a want to lessen the cash deliver, then Fed must sells the authorities securities to the general public for you to reduce the cash supply.
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The _____provides an entrepreneur a way to assess a firm's ability to meet all its obligations (short and long-term).
The debt ratio provides an entrepreneur a way to assess a firm's ability to meet all its obligations (short and long-term).
A debt ratio is a financial ratio that measures how much leverage a company has. A decimal or percentage expression of the ratio of total debt to total assets is referred to as the debt ratio. You might think of it as the percentage of a company's assets that are financed by debt.
A ratio greater than one indicates that a significant portion of a company's assets are financed by debt, indicating that the company has more liabilities than assets. In the event of a rapid spike in interest rates, a company with a high ratio may be at risk of loan default. When a company's assets are backed by equity to a larger extent than debt, the ratio is lower than 1.
The formula for calculating a company's debt ratio is:
Debt ratio= Total assets / Total debt
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the most common type of business bankruptcy is……., which accounted for about two-thirds of the total in 2017.
The most common type of business bankruptcy is chapter 7 which accounted for about two-thirds of the total in 2017.
The most prevalent form of bankruptcy filed by businesses in the US is Chapter 7. A firm may file for Chapter 7 bankruptcy, sometimes referred to as a liquidation bankruptcy, in which case its assets may be sold to satisfy obligations. Following the sale of various types of assets, the remaining debts are often discharged or forgiven, and the company is then shut down.
About two-thirds of all the business bankruptcies filed in the US in 2017 involved Chapter 7 bankruptcy, according to information from the Administrative Office of the U.S. Courts. Businesses that are unable to pay their bills and don't have a workable plan to restructure or reorganize their finances frequently employ this type of bankruptcy.
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Service utility is rapidly becoming the most important utility for many ________ as they face competition from direct marketing forces, such as the Internet and catalogs.a) wholesalersb) discountersc) marketersd) retailers
As retailers compete with direct marketing forces like the Internet and catalogues, service utility is quickly taking the top spot among utilities for many of them. The correct answer is option (d).
What is Direct marketing?A highly common and effective way to tell consumers about goods and services is through direct marketing. Instead of employing a billboard or magazine advertisement to act as a middleman between the business and the consumer, it's a means to communicate with consumers & potential customers directly.
Numerous mediums can be used for direct marketing, including mail, phone calls, emails, pamphlets, and discounts. Recently, direct marketing has become more widespread. Organizations of many stripes employ direct marketing.
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material loss contingencies should be recorded in the financial statements if available information indicates it is probable that a loss had been sustained prior to the balance sheet date and the amount of such loss can be reasonably estimated. for a public company these considerations will affect the audit report as follows:
The answer is D. Material loss contingencies should be recorded in the financial statements if available information indicates it is probable that a loss had been sustained prior to the balance sheet date and the amount of such loss can be reasonably estimated for a public company these considerations will affect the audit report if a loss is probable but the amount cannot be reasonably estimated and is disclosed in the notes to the financial statements rather than being recorded therein, the auditor may issue an unqualified opinion.
A material loss contingency is sensibly conceivable yet not probable.
A reporting entity is expected to unveil the idea of the possibility and a gauge of the conceivable misfortune, scope of misfortune, or reveal the way that a gauge can't be made.
For material loss contingencies that are sensibly conceivable yet not likely, the SEC every now and again remarks on revealing substances that have fragmented or overlooked divulgences as per ASC 450, explicitly connected with the absence of exposures in regards to the nature of the contingency and the possible range of loss amounts or the statement that an estimate cannot be made. The SEC staff likewise alerts detailing substances that the recording of a material gathering for a contingent responsibility should regularly not be the primary revelation with respect to the material contingency. A foreshadowing disclosure that precedes an accrual for a material contingent liability is typically expected.
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Complete Question is -
Material loss contingencies should be recorded in the financial statements if available information indicates it is probable that a loss had been sustained prior to the balance sheet date and the amount of such loss can be reasonably estimated. These considerations will affect the audit report as follows:
a. If a loss has been recorded in accordance with these criteria, the auditor may issue an unqualified opinion but is required to point out the contingency in an explanatory paragraph of the report.
b. If a loss meets these criteria but is disclosed in the financial statement notes rather than being recorded therein, the auditor may issue an unqualified opinion, but is required to point out the contingency in an explanatory paragraph of the report.
c. If a loss meets these criteria but is disclosed in the financial statement notes rather than being recorded therein, the auditor may issue an unqualified opinion, but should consider adding an explanatory paragraph as a means of emphasizing the disclosure.
d. If a loss is probable but the amount cannot be reasonably estimated and is disclosed in the notes to the financial statements rather than being recorded therein, the auditor may issue an unqualified opinion.
Paula is currently spending all of her budget and she finds that the marginal utility per dollar from dresses exceeds the marginal utility per dollar from hats. To maximize her utility, Paula should therefore buy
A. probably change her purchases but more information is needed to determine if she should buy more or fewer dresses and hats.
B. more dresses and hats.
C. more dresses and fewer hats.
D. fewer dresses and hats.
E. more hats and fewer dresses.
Hats' marginal utility per dollar is lower than dresses' marginal utility per dollar. Paula should consequently purchase more dresses and fewer hats in order to optimize her utility.
How Marginal Utility Works:
The pleasure a consumer has from owning one additional unit of an item or service is known as marginal utility. The idea of marginal utility is used by economists to forecast how much of a good consumers would purchase.
What different forms does marginal utility take?
The three main types of marginal utility are increasing marginal utility, zero marginal utility, and point of diminishing utility. Consumers frequently experience higher marginal utility when the marginal cost is lower.
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Assume good Z is produced in a competitive output market that is in long-run equilibrium. In the short run, the variable input is unskilled labor whose wage is determined in a competitive labor market. Suppose there is an increase in consumer demand for good Z. Which of the following explains the resulting change in the labor market for unskilled workers in the short run?
The price of good Z increases and the labor demand curve shifts to the right along the existing labor supply curve, resulting in higher wages and employment of unskilled workers
The price of good Z increases and the labor demand curve shifts to the right along the existing labor supply curve, resulting in higher wages and employment of unskilled workers.
The labor demand for hard work is an economics principle derived from the call for for a company's output. that is, if call for a firm's output will increase, the firm will call for more exertion, therefore hiring extra staff. call for for labor is a derived demand. this indicates it relies upon on demand for the product the employee is producing. The demand for labor will even depend upon labor productivity, the rate of the coolest and their universal profitability to a firm.
The demand and supply of exertions are decided within the hard work marketplace. The contributors in the hard work market are people and corporations. people deliver labor to companies in trade for wages. corporations call for exertions from employees in alternative for wages.
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Which of the following equilibrates the supply of and demand for loanable funds?
a) Growth rates
b) Interest rates
c) Stock prices
d) Government spending
Interest rates equalize the supply and demand of loanable money. Here option B is the correct answer.
The supply and demand of credit are influenced by interest rate levels: a rise in demand for money or credit will result in higher interest rates, whilst a fall in demand for credit would result in lower interest rates.
The relative demand for loanable funds increases together with the interest rate. As relative loanable funds become more readily available, the interest rate declines. While the demand for loanable funds is falling, their supply is rising.
The rate of return on any investment outlay will rise when the economy is performing well. The demand for loanable money will increase as a result, increasing the real interest rate.
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Match the following descriptions to the appropriate element of Lean Manufacturing A system involving every employee that is based on making little changes on a regular basis, anywhere changes can be made, to reduce process, delivery, and quality problems Managers must support LEAN Manufacturing by providing subordinates with the skills, tools, time, and other necessary resources to identify problems and implement solutions Move people and materials when and where needed, and as soon as possible A systematic process of effective workplace organization and standardization which allows identification of variations from standard operating conditions Firms reduce costs by eliminating wait times, Inventories, material and people movement processing steps, variability, and any other non value-adding activity Kanbans Workforce Commitment Lean Layout Waste Reduction Continuous Improvement Changeover Time Reduction Setup Time Reduction Lean Supply Chain Relationships Small Batch Scheduling
Match the following descriptions to the appropriate element of Lean Manufacturing
A system involving every employee that is based on making little changes on a regular basis, anywhere changes can be made, to reduce process, delivery, and quality problems - Continuous Improvement
Managers must support LEAN Manufacturing by providing subordinates with the skills, tools, time, and other necessary resources to identify problems and implement solutions - Workforce Commitment
Move people and materials when and where needed, and as soon as possible - Lean Layout
A systematic process of effective workplace organization and standardization which allows the identification of variations from standard operating conditions - Lean Supply Chain Relationships
Firms reduce costs by eliminating wait times, Inventories, material, and people movement processing steps, variability, and any other non-value-adding activity - Waste Reduction
What is a Context clue?Any kind of hint or idea reflects from the statements which help the reader to understand the clear context in which the word is used refers to a context clue. This clue helps the reader to determine the appropriate meaning.
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T/FTo qualify under Chapter 7, a debtor must complete a means test to determine whether the debtor has been living within his or her means.
Based on bankruptcy rules and regulations, it is False that to qualify under Chapter 7, a debtor must complete a means test to determine whether the debtor has been living within his or her means.
What is Bankruptcy?Bankruptcy is a business or legal term that is used to describe the legal proceeding prompted when a person or business is incapable to repay outstanding debts or obligations.
Usually, the term bankruptcy involves the process which starts with a petition filed by the debtor, which is often common, or on behalf of creditors, which is less common.
Generally, before a debtor qualifies for Bankruptcy, he must satisfy certain requirements.
Under Chapter 7 of the Bankruptcy Code, a debtor must file for the following:a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling; there must be evidence of payment from employers, if any, received 60 days before filing;there must be a statement of monthly net income and any anticipated increase in income or expenses after filing;there must be a record of any interest the debtor has in federal or state-qualified education or tuition accountsHence, in this case, it is concluded that the correct answer is False.
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Entrepreneurs are often both owners and
A.creditors
B.employees
C. Customers
D. Suppliers
Answer:
B.employees
Explanation:
An entrepreneur is a person who starts and runs a business, typically taking on a significant level of risk and responsibility in the process. As the owner of a business, an entrepreneur has a financial stake in the success of the enterprise and is responsible for making key decisions about its direction and operations. At the same time, entrepreneurs are often also employees of their own businesses, working to create and sell products or services, manage operations, and build the company.
statutory laws multiple choice include regulations developed by the federal trade commission. grow out of court decisions. include regulations developed by the better business bureau. are based on legislation passed either by state legislatures or by congress. are established by local, state, and federal regulatory agencies.
Statutory laws are based on legislation passed either by state legislatures or by Congress. Hence, option (C) will be regarded as suitable.
Give a brief account on statutory laws.Federal statutory laws are those that the United States Congress has passed. The House of Representatives and the Senate receive a public law bill that proposes a new federal statutory law. The law will go before a special committee for assessment, be exposed to hearings, and be discussed. These actions aid in ensuring that the legislation is acceptable and valid. The House and Senate will vote on the statute following examination. If the legislation is accepted, it will be sent to the president, who has the power to either veto (block) or approve it. The law will then be officially numbered, given a title, and published in the United States Code legal books.
Take the example of driving 55 miles per hour beyond the posted limit on a highway. But because you must hurry, you choose to travel at 70 mph. You are stopped by a police officer and issued a ticket for exceeding the speed limit. You have violated a traffic and automobile law. This regulation is a statute that has been formally authored and approved by the legislature. The law you broke was therefore a statutory law.
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