Answer:
update the right-of-use asset for the increase in present value
reclassify from an operating lease to a finance lease
Explanation:
In the given instance there is a modification to the lease contract after 2 years of the 3 year lease.
Taylor Company and Lease Corp. agree to extend the lease term by three years, and to change the amount of lease payments.
Financial lease is one that confers a form of ownership of the lessee. He does not only have operational control of the equipment but also bears gains or loss from change in the value of the asset.
The new lease agreement covers most of the useful life of the equipment so it confers some degree of ownership to Taylor company. There is a need to reclassify the lease as a financial lease.
The present value of the asset has also increased has also increased so the right of use should be upgraded
Tablets and smartphones are not considered computers.
A.
True
B.
False
Answer:
B) False
Explanation:
The device your using is considered a computer, your phone s also a computer. A computer’s definition is a machine that carry’s out tasks and a smartphone or a tablet carries out tasks, you type in the letter “a” thts a task for the computer
Tablets and smartphones are not considered computers. The given statement is true. Indeed, computers are considered to include smartphones and tablets. In reality, a computer is any apparatus that receives input from a user, processes that input into calculations, and then outputs the results to the user.
What is considered a computer?
An information processing and storing device is a computer. To perform tasks like data storage, algorithm computation, and information display, the majority of computers rely on a binary system, which uses the two variables 0 and 1.
Having a touchscreen interface, a tablet is a wireless, mobile personal computer. A typical tablet has a larger form factor than a smartphone but is smaller than a notebook computer. Alan Kay of Xerox, who drew up the concept in 1971, is generally credited with the invention of tablet computing.
An actual handheld computer is what a mobile device is. The term "mobile device" implies wireless communications and general computing capabilities, despite the fact that it may seem to apply to any electronic device that is small enough to be carried around.
Thus, the mentioned above statement is true.
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Name the factors that influence the development of accounting
A ________ articulates a business’s strategic objectives and the related strategies for achieving those objectives.
Answer: Business plan
Explanation:
A business plan helps in articulating a business’s strategic objectives and the related strategies for achieving those objectives.
A business plan is referred to as the written document that helps in describing how a particular business will achieve its goals.
Which of these is the most effective way to learn a new topic?
Watching a lecture about the topic
Doing practice questions about the topic
Reading a textbook chapter about the topic
The most effective way for learning a new topic is to read the chapter of the textbook related to the topic.
The information related to the new topic of learning is as follows:
For learning a new topic, first, read the chapter of the textbook.After reading the new topic by ourselves that watch the lecture so that it helps to create the notes.And, the last one is doing practice questions so that perfection and concept-wise could be made.Therefore we can conclude that The most effective way for learning a new topic is to read the chapter of the textbook related to the topic.
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The section of a loan agreement that describes circumstances in which the creditor obtains additional rights is called th
Question Completion:
The section of a loan agreement that describes circumstances in which the creditor obtains additional rights is called the ______section.
a. events of compliance
b. certificate of compliance
c. events of termination
d. events of default
Answer:
The section of a loan agreement that describes circumstances in which the creditor obtains additional rights is called the ______section.
d. events of default
Explanation:
In loan covenants, an event of default is the meeting of some specified conditions or thresholds that allow the lender or creditor to demand immediate and full repayment of a debt or meeting of an obligation. Events of default may relate to delinquent payment, breach or insolvency, etc. As a breach of a contract, an event of default is a serious failure on the borrower to observe a provision of the contract. This leads to the lender calling for the termination of the contract.
You are a U.S.-based treasurer with $1,000,000 to invest. The dollar-euro exchange rate is quoted as $1.60 = €1.00 and the dollar-pound exchange rate is quoted at $2.00 = £1.00. If a bank quotes you a cross rate of £1.00 = €1.20 how much money can an astute trader make? Group of answer choices No arbitrage is possible $41,667 $40,000 $1,160,000
Answer:
$41,667
Explanation:
First and foremost, in order to profit from the arbitrage opportunity, we need to first of all convert dollars to euro using the exchange rate below
$1.60 = €1.00
$1,000,000 in euros= $1,000,000*€1.00/$1.60=€625,000
Next we convert the euros to pounds using the rate quoted by the bank below:
£1.00 = €1.20
€625,000 in pounds=€625,000*£1.00/€1.20=£ 520,833.33
Lastly, we convert the pounds sterling back to dollars using the below exchange rate
$2.00 = £1.00
£ 520,833.33 in dollars=£ 520,833.33*$2/£1.00=$ 1,041,666.67
Profit from the arbitrage=$ 1,041,666.67 -$1,000,000.00
Profit from the arbitrage=$41,667(rounded to a whole dollar amount)
At the beginning of a recent year, JetBlue's assets were $5,598 million and its equity was $1,036 million. During the year, assets increased $486 million and liabilities increased $241 million. What was JetBlue's equity at the end of the year
Answer:
$1,281 million
Explanation:
The computation of the equity at the end of the year is given below:
As we know that
Total assets = Total liabilities + stockholder equity
So for the beginning, the total liabilities is
= $5,598 million - $1,036 million
= $4,562 million
Now the ending stockholder equity is
= ($5,598 millon + $486 million) - ($4,562 million + $241 million)
= $6,084 million - $4,083 million
= $1,281 million
Planes frequently push back from the gate on time but then wait 2 feet from the gate until it is time to queue up for takeoff. This increases fuel consumption and increases the time that passengers must sit in a cramped plane awaiting takeoff.
Which of the following performance metrics would, if emphasized in evaluations, incentivize airlines to engage in such practices?
a. A performance metric that measures customer satisfaction, based on customer comfort while on the plane
b. A performance metric that measures timeliness of the flight, where a flight is considered "on time" as long as the flight is boarded and away from the gate by the scheduled departure time
c. A performance metric that measures timeliness of the flight, where a flight is considered "on time" as long as the plane takes off by the scheduled departure time.
Answer:
b. A performance metric that measures timeliness of the flight, where a flight is considered "on time" as long as the flight is boarded and away from the gate by the scheduled departure time
Explanation:
We are told that airplanes make a mock depart by exiting the boarding gates, but they stay on the runway for long periods of time. This is due to the fact that airlines measure which planes are on time based on the moment that they left the boarding gate, not when they actually lift into the air. it happened to me once and it was extremely unpleasant to just sit without moving for more than one hour. I doubt any passenger likes these type of situations.
Suppose you deposit $1,071.00 into an account today that earns 11.00%. It will take ___ years for the account to be worth $2,911.00.
Answer:
n= 9.58 years
Explanation:
Giving the following information:
Present value= $1,071
Future value= $2,911
Interest rate= 11%
To calculate the number of years required to reach $2,091, we need to use the following formula:
n= ln(FV/PV) / ln(1+i)
n= ln(2,911/1,071) / ln(1.11)
n= 9.58 years
Arnold Industries has pretax accounting income of $62 million for the year ended December 31, 2018. The tax rate is 40%. The only difference between accounting income and taxable income relates to an operating lease in which Arnold is the lessee. The inception of the lease was December 28, 2018. An $12 million advance rent payment at the inception of the lease is tax-deductible in 2018 but, for financial reporting purposes, represents prepaid rent expense to be recognized equally over the four-year lease term.Required:1. Complete the following table given below and prepare the appropriate journal entry to record Arnold’s income taxes for 2018.
($ in millions) Tax Rate % Tax $ Recorded as:Pretax accounting income $40.0 Rent costs reversing in: 2019 x = 2020 x = 2021 x = 2022 x = Total deferred tax amount Income taxable in current year 2. Prepare the appropriate journal entry to record Arnold’s income taxes for 2019. Pretax accounting income was $49 million for the year ended December 31, 2019.3. Assume a new tax law is enacted in 2019 that causes the tax rate to change from 40% to 30% beginning in 2020. Complete the following table given below and prepare the appropriate journal entry to record Arnold’s income taxes for 2019.
Answer:
Required 1
($'millions) Tax Rate(%) Tax($) Recorded as :
Pretax Accounting Income $62
Rent costs reversing in:
2019 $3 * 40% = $1.2
2020 $3 * 40%= $1.2
2021 $3 * 40%= $1.2
2022 $3 * 40%= $1.2
Tax Deferred Tax Amount $4.8 (Deferred tax liability)
Income Taxable in current year $ 50 * 40%= $20 (Income tax payable) ($62 -($3 *4 Years))
Year General Journal Debit Credit
2018 Income Tax Expense (20+4.8) $24.8
Deferred Tax Liability $4.8
Income tax payable $20
(To record Arnold income taxes for 2018)
Required 2
Year General Journal Debit Credit
2019 Income Tax Expense ($49*40%) $19.6
Deferred tax liability ($3*40%) $1.2
Income tax payable (19.6+1.2) $20.8
(To record Arnold income taxes for 2019)
You are given the following information:Expected return on stock A12%Expected return on stock B20%Standard deviation of returns:stock A1.0stock B6.0Correlation coefficient of the returns on stocks A and B1.2 a)What are the expected returns and standard deviations of a portfolio consisting of:1.100 percent in stock A
Answer and Explanation:
The computation of the expected return and standard deviation when there is 100% in stock A is shown below:
Expected return is
= 0.12 × 100
= 12%
And, the standard deviation of the portfolio is
= √1^2 + √1^2
= 1
Hence, the same is relevant
If the variable costs for a firm are $57, the fixed costs are $143, and the firm sells 40 units, what are the firm's average total costs
Answer:
$5
Explanation:
Average total cost = total costs / total output
Total costs = variable costs + fixed costs
So we plug the amounts into the formula:
Average total cost = 57 + 143 / 40
= 5
So the average total cost for this ferm (per unit of output) is $5
You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is your opportunity cost of going to work on Saturday
Answer:
the opportunity cost of going to work on saturday is $32
Explanation:
The opportunity cost of going to work on saturday is as follows:
= Income earned on saturday - psychic cost
= 4 hours × $11 - ($2 × 4 hours)
= $44 - $8
= $32
hence, the opportunity cost of going to work on saturday is $32
Jamie lee received an offer to transfer the balance of all of her store credit cardsto her bank credit card in the mail. It offered zero percent finance charges/interestfor the first three months (90 days), and an 18.5 percent interest rate thereafter until the balance is paid in full. Upon reading the fine print, she saw there was a $50 transaction fee and interest accrued from he day the balance transfer was made if the balance was not paid in full within the first 90 days.
Required:
a. How could Jamie Lee use this balance transfer offer to her advantage?
b. How is this offer a major disadvantage to Jamie Lee?
Answer and Explanation:
As in the given situation, Jamie lee have a benefit from the transfer in the case when the interest on the store credit card would be higher than the $50 for the first 90 days
1. If we assume that the date of the payment is one month but she does not have the money to make the payment so she can transfer the balance to the credit card so that she get 2 more months to make the payment
2. This could become the disadvantage when the payment is not done within the 90 days as she have to pay the interest of 18.5% on the tital amount also the transaction fee would also be paid
A company is considering an investment that will return $30,000 semiannually at the end of each semiannual period for 4 years. If the company requires an annual return of 10%, what is the maximum amount it is willing to pay for this investment
Answer: $193,896.38
Explanation:
The maximum value that the company will pay is one that equals the present value of the cashflows of this project because anything higher will lead to losses.
The maximum value is therefore the present value of the cashflow here.
Annual rate to periodic rate = 10%/2 = 5%
No. of periods = 4 * 2 = 8 semi annual periods
Payment is fixed so is an annuity.
Present value of annuity = Annuity * ( 1 - (1 + rate) ^ -n) / rate
= 30,000 * (1 - ( 1 + 5%)⁸) / 5%
= $193,896.38
The company should not pay anything more than this amount because that would lead to a loss.
Daniel Co. has 500 employees who work 8-hour days and are paid hourly. On January 1, 2020, Daniel started granting its employees 20 days of PTO each year. PTO days earned in 2020 may first be taken on January 1, 2021. Information relative to these employees is as follows:
Year Hourly Wages Vacation Days Earned by Each Employee Vacation Days Used by Each Employee
2020 $25 20 0
2021 $30 20 15
2022 $35 20 20
ABC has accrued the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the amount of expense related to compensated absences that should be reported on Crane's income statement for 2020?
Answer:
The amount of expense for compensated absence to report in income statement for 2020 is $2,000,000.
Explanation:
This can be calculated using the following formula:
Amount to report in income statement for 2020 = Number of employees * Hourly wages in 2020 * Number of hours worked daily * Vacation Days Earned by Each Employee .......................... (1)
Where;
Number of employees = 500
Hourly wages in 2020 = $25
Number of hours worked daily = 8
Vacation Days Earned by Each Employee = 20
Substituting the values into equation (1) we have:
Amount to report in income statement for 2020 = 500 * $25 * 8 * 20
Amount to report in income statement for 2020 = $2,000,000
Therefore, the amount of expense for compensated absence to report in income statement for 2020 is $2,000,000.
ZEN Inc. is financed by 3 million shares of common stock and by $5 million face value of 8% convertible debt maturing in 2026. Each bond has a face value of $1,000 and a conversion ratio of 200. What is the value of each convertible bond at maturity if ZEN's net assets are: $30 million
Answer:
The value of each convertible bond at maturity if ZEN's net assets are: $30 million is $1,500 per convertible bond.
Explanation:
First, We need to calculate the Numer so Convertible bonds using following formula
Numbers of Bonds = Total face value of convertible bonds / Face value of on bond
Where
Total face value of convertible bonds = $5,000,000
Face value of on bond = $1,000
Placing values in the formula
Numbers of Bonds = $5,000,000 / $1,000
Numbers of Bonds = 5,000 bonds
Now calculate the total Numbers of convertible shares
Numbers of Convertible shares = Numbers of convertible bonds x Convertible shares against each bond
Numbers of Convertible shares = 5,000 bonds x 200 shares per bond
Numbers of Convertible shares = 1,000,000 shares
Now calculate the total numbers of shares after conversion
Total Numbers of shares after conversion = Existing shares + Convertible shares
Total Numbers of shares after conversion = 3,000,000 shares + 1,000,000 shares
Total Numbers of shares after conversion = 4,000,000 shares
Now calculate the value of each bond if the net asset value is $30 million
Value of Bond = ( Net Asset / Total Numbers of shares after conversion ) x Numbers of convertible shares against each bond
Value of Bond = ( $30,000,000 / 4,000,0000 shares ) x 200 shares per bond
Value of Bond = $1,500 per bond
The financial ratio that measures the accounting profit per dollar of book equity is referred to as the:
Answer:
Return on equity.
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
The financial ratio that measures the accounting profit per dollar of book equity is referred to as the return on equity. It is calculated by dividing the net income with the shareholder's equity at a specific period of time
or a market to exist: Multiple Choice government must guarantee equal treatment for all. individuals must be concerned with the social good. everyone must have identical wants and desires. private property rights must be allocated and defended by government.
Answer:
D. private property rights must be allocated and defended by government.
Explanation:
A property right is the exclusive or sole authority which determines the legal ownership of resources and how these resources are to be used, whether by individuals or government.
Also, a competitive market is a type of market that comprises of numerous producers who compete with each other so as to satisfy or meet the material needs and wants of consumers at a specific period of time.
Hence, for a market to exist, private property rights must be allocated and defended by government.
This ultimately implies that, when the ownership of resources are well defined and markets are competitive, all benefits from trade between the consumers and producers of goods and services has been maximized, and each units creating more benefit to the consumers than cost have been produced in the economy.
State law requires all electricians to be licensed. Ted is not licensed, but has been doing electrical work with his family business for five years. Despite Robin knowing Ted is unlicensed, she hires Ted to fix the electrical at her home for $5,000. When Ted completes the electrical project, Robin refuses payment. Will she have to pay?
Answer:
Yes
Explanation:
Yes, Robin would need to pay because she knew that Ted was not licensed and still decided to hire him. Therefore, agreeing to contract Ted and pay him for the work that he has done. Regardless of whether or not Ted's job was legal or not Robin still agreed and must pay Ted. Ted will later have to deal with his own legal issues but that does not affect the contract that was agreed upon by both parties.
What are the advantages and disadvantages for companies maintaining an internal marketing research department? What advantages and disadvantages can be attributed to the hiring of an external marketing research supplier?
Answer:
Explanation:
There is a need for market research for companies, so that the company can be uttered in the right direction
Which of the following statements concerning the cost-benefit relationship is not true? Business reporting should exclude information outside of management's expertise. Management should not be required to report infor
Answer:
D. If needed by financial statement users, management should gather information not included in the financial statements that would not otherwise be gathered for internal use.
Explanation:
HERE IS COMPLETE QUESTION
Which of the following statements concerning the cost-benefit relationship is not true?
A. Business reporting should exclude information outside of management's expertise.
B. Management should not be required to report information that would significantly harm the company's competitive position.
C. Management should not be required to provide forecasted financial information.
D. If needed by financial statement users, management should gather information not included in the financial statements that would not otherwise be gathered for internal use.
The cost benefit principle is a principle that give acost benefit relationship , and it state that cost incurred during the provision of financial information when issue financial statements should not be more than the benefits that the user will derived from it. This principle allows us to know that financial information can never come freely. Hence only "Option D" is not valid about cost-benefit relationship
HELP HELP HELP 10 POINTS HURRY ASP AHHH
Raymond Co. has $3.9 million of debt, $2 million of preferred stock, and $3.3 million of common equity. What would be its weight on common equity? 0.20 0.36 0.24 0.42
Answer:Weight of common Equity=0.36
Explanation:
Total Shareholders amount= Debt+ Preferred stock+common Equity
=3.9+2.0 +3.3 = 9.2 million
Weight of common Equity is therefore = Common Equity / Total Shareholders Fund
Weight of common Equity = 3.3millon/ 9.2million
=0.358
=0.36
Julie Powers collects overdue accounts for a large credit card company. She has access to records of all transactions for any customer. Julie sometimes looks up the records of famous people. She checks to see where they use their credit cards and how much money they spend. She sometimes tells her friends about the buying habits of entertainers and politicians.1. Is the action illegal?2. Does the action violate company or professional standards?3. Who is affected, and how, by the action?
Answer:
1. the action is illegal
2. it violates these standards
3. the credit card company and the credit card users are affected
Explanation:
1.
julie's actions are illegal because she is Sharing confidential and personal information with her friends.
2.
she is violation both business and professional standards by sharing these informations as this is against work and professional ethics
3.
those affected are the credit card company and the credit card owners. because she has given out the personal informations of these people as related to their credit card transactions. the credit card company may be in trouble if these people should decide to take legal action.
Assume the price elasticity of demand (Ed) is 0.4 for gasoline in the long run. Some argue that we need a 50% reduction in gasoline consumption to be sustainable. What percentage price increase would reach that goal of 50% reduction in consumption
Answer:
125%
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Let x = percentage change in price
o.4 = 50 / x
x = 125
On January 1, 2018, Friendly Farm Company purchased a new machine at a cost of $350,000. The machine has an estimated useful life of 4 years or 100,000 hours and residual value of $30,000. The machine will be used 30,000 hours in year one, 40,000 hours in year two, 20,000 hours in year 3, and 10,000 hours in year 4. Requirements: Prepare a depreciation schedule using each of the three methods: Straight line, Units of Production, and Double Declining Balance.
Answer:
Friendly Farm Company
Schedule of Straight-line, Units of Production, and Double Declining Balance:
Straight-line Units of Production Double Declining
Year 1 Book value $350,000 $350,000 $350,000
Depreciation Exp. $80,000 $96,000 (30,000*$3.20) $175,000
Year 2 Book value $270,000 $254,000 $175,000
Depreciation Exp. $80,000 128,000 (40,000*$3.20) 87,500
Year 3 Book value $190,000 $126,000 $87,500
Depreciation Exp. $80,000 64,000 (20,000*$3.20) 43,750
Year 4 Book value $110,000 $62,000 $43,750
Depreciation Exp. 80,000 32,000 (10,000*$3.20) $13,750
Residual value $30,000 $30,000 $30,000
Explanation:
a) Data and Calculations:
Cost of new machine = $350,000
Estimated useful life = 4 years or 100,000 hours
Residual value = $30,000
Usage of machine:
Year 1 = 30,000 hours
Year 2 = 40,000 hours
Year 3 = 20,000 hours
Year 4 = 10,000 hours
Units of Production = $320,000/100,000 = $3.20 per unit
Depreciable amount = $320,000 ($350,000 - $30,000)
Straight-line method, Depreciation per year = $80,000 ($320,000)
= 25% (100/4).
Depreciation expense, using Double-Declining Balance rate = 25% * 2 = 50%:
Year 1 = $350,000 * 50% = $175,000
Year 2 = $175,000 * 50% = $87,500
Year 3 = $87,500 * 50% = $43,750
Year 4 = $13,750 ($43,750 - $30,000)
b) These different methods still arrive at the same end result as shown above. Note that depreciation is an accounting estimate which spreads the cost of an acquired long-term asset over its useful life.
A machine can be purchased for $150,000 and used for five years, yielding the following net incomes. In projecting net incomes, double-declining depreciation is applied using a five-year life and a zero salvage value.
Year 1 Year 2 Year 3 Year 4 Year 5
Net income $10,000 $25,000 $50,000 $37,500 $100,000
Required:
Compute the machine's payback period.
Answer:
payback period = 4.275 years
Explanation:
year cash flow balance
0 -150,000 -150,000
1 10,000 -140,000
2 25,000 -115,000
3 50,000 -65,000
4 37,500 -27,500
5 100,000 72,500
payback period is between the fourth and fifth year:
27,500 / 100,000 = 0.275
payback period = 4.275 years
a. Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually on June 30 and December 31.
b. Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31.
c. Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,860 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31.
Required:
Record the bond issue and first interest payment on June 30, 2015.
Answer:
a. Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid semiannually on June 30 and December 31.
January 1, 2015, bonds issued at par value
Dr Cash 70,000
Cr Bonds payable 70,000
June 30, 2015 first coupon payment
Dr Interest expense 2,450
Cr Cash 2,450
b. Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid semiannually on June 30 and December 31.
January 1, 2015, bonds issued at a discount
Dr Cash 63,948
Dr Discount on bonds payable 6,052
Cr Bonds payable 70,000
amortization of bond discount per coupon payment = $6,052 / 30 = $201.73
June 30, 2015 first coupon payment
Dr Interest expense 2,651
Cr Cash 2,450
Cr Discount on bonds payable 201
c. Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,860 on January 1, 2015. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31.
January 1, 2015, bonds issued at a premium
Dr Cash 76,860
Cr Bonds payable 70,000
Cr Premium on bonds payable 6,860
amortization of bond premium per coupon payment = $6,860 / 30 = $228.67
June 30, 2015 first coupon payment
Dr Interest expense 2,221
Dr Premium on bonds payable 229
Cr Cash 2,450
Conduct your own social engineering experiments. 1) While at a restaurant, convenience store, bank, place of business, or any shopping location, ask you waiter or waitress, bartender, server, sales clerk, or cashier personal questions about their family or their interests.How much information are you able to obtain about this person you do not know
Explanation:
Note, in the ICT field, the term social engineering refers to actions that involve the use of cunning to steal sensitive or unauthorized information from someone by means of social or human interactions with them.
For example, such information could be manipulatively gotten;
address,age,Social security number,the number of children, etc.