Answer:
The correct option is C
Explanation:
Accounting error is the type of error in the accounting which was not done intentionally but when spotted, the error need to be fixed immediately. And when there is no immediate solution for the error, an investigation is conducted in order to find out who caused the error.
The statement which is true is that they represent the fraud which usually result in the legal action to be taken.
________ is the two-way flow of communication between buyer and a seller that is designed to influence the buyer's purchase decision.
Answer:
The answer is personal selling
Explanation:
_Personal Selling_______ is the two-way flow of communication between buyer and a seller that is designed to influence the buyer's purchase decision.
In accrual accounting, to defer means to recording the other side of the cash transaction as a revenue or expense. Instead the other side of the cash entry is recorded as liability or prepaid:_____
Answer:
Expense
Explanation:
In accrual accounting, to defer means to recording the other side of the cash transaction for revenue as a liability usually referred to as deferred or unearned revenue.
For expense, it is recognized as prepaid expenses meaning that the expense for which cash was paid will be enjoyed in the future.
Therefore, the other side of the cash entry is recorded as liability or prepaid expense.
In accrual accounting, deferring means recording the other side of the cash transaction as a liability or prepaid instead of revenue or expense.
Explanation:In accrual accounting, deferring means recognizing revenue or expenses in a different period than when cash is received or paid. Instead of recording the other side of the cash entry as revenue or expense, it is recorded as a liability or prepaid. This is done to match revenues and expenses with the period they are earned or incurred, resulting in more accurate financial statements.
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A public good is a good that is ________, and thus is difficult for market producers to sell to individual consumers.
a. excludable and rivalrous
b. nonexcludable and nonrivalrous
c. excludable or rivalrous
d. unexcludable or unrivaled
Answer:
B. Nonexcludable and nonrivalrous
Explanation:
A public good is basically non-profit goods that can be used by anyone either by the government, organization or an individual.
Provide the summary journal entry which shows the cash flow for each of the following for Mike Roe Computers during the reporting period:
a) received from customers,
b) paid to suppliers,
c) paid to employees,
d) paid for interest,
e) paid for insurance,
f) paid for income taxes
Answer:
a. DR Cash CR Customer
b. DR Suppliers (Liability) CR Cash
c. DR Employees (Salaries) CR Cash
d. DR Interest Expense CR Cash
e. DR Insurance Expense CR Cash
f. DR Income Taxes CR Cash
Explanation:
This is an accounting question that attempts to test your understanding of Journal entries.
The logic behind journal entries rests on the understanding of double entry principle in accounting that states that for every debit entry, there must be a corresponding credit entry.
Furthermore, you credit the giver and debit the receiver for any transaction.
There is a simpler way to understand this though.
I will make a little assumption that you understand what assets, expenses, losses and liabilities are;
Based on this assumption;
whenever assets, expenses and losses go up or increase, you Debit (DR) them but when they go down or reduce, you Credit (CR) them
Also, whenever Capital, incomes, and Liabilities go up or increase, you Credit (CR) them and whenever they go down or decrease, you Debit (DR) them.
Please feel free to ask me further questions on this, I am sure the little explanation I have given above will help you with any journal entry question.
Thank you.
Troll Corporation sells dolls for $10.00 each in a market that is perfectly competitive. Increasing the number
of workers from 100 to 101 would cause output to rise from 500 to 550 dolls per day. The marginal revenue
product for the 101st worker is:
a. $10.00.
b. $500.
c. $5,000.
d. $1,010.
Answer:
b. $500.
Explanation:
The marginal revenue of labour is equal to change in total revenue divided by change in workers.
Revenue = price × output
=$10 × 550 = $5500
=$10 × 500 = $5000
Change in revenue = $5500 - $5000 = $500
Change in workers = 101 - 101 = 1
Marginal revenue = $500 /1 = $500
Shaniqua's restaurant utilizes a product cost percentage pricing system. What should be the selling price for a steak dinner she sells if her total plate cost for the dinner is $7.00 and her desired product cost is 25%?
A. $28.00
B. $3.57
C. $10.00
D. $35.71
Answer:
option (A) $28.00
Explanation:
Data provided in the question:
Total cost of Shaniqua's plate = $7.00
Desired product cost = 25%
Now,
Let the selling price for a steak dinner be 'x'
therefore,
[(Total cost of plate) ÷ (Selling price)] × 100% = 25%
or
[ $7 ÷ x] = 0.25
or
or
x = $7 ÷ 0.25
or
x = $28
Hence,
correct answer is option (A) $28.00
On May 2, Wainwright Company receives a $3,000, 4-month, 10% note from Fulton Company as a settlement of its accounts receivable. What entry will Wainwright Company make when it receives the note on May 2?
Answer:
Debit Credit
Note receivable 3,000
Accounts receivable 3,000
Explanation:
In this case the Wainwright company is receiving an asset in the form of note receivable, and we will debit note receivable by 3,000 as an asset is increasing by 3,000 and whenever an asset increases we make a debit entry by the same amount.
Also Wainwright company is receiving this note as a settlement to its account receivable, which means that one of it's asset is decreasing by 3000, and whenever an asset decreases we make a credit entry by the same amount, so in this case we will credit accounts receivable by 3000.
Some economists say that economic growth involves a trade-off between current generations and future generations. If a current generation raises its saving rate, what does it sacrifice?
A. Current consumption.
B. Human capital.
C. Capital deepening.
D. Both a and b.
Answer:A) Current Consumption
Explanation:
When consumption reduces there is more to reserve for future but if consumption increases then the future generation's consumption is at stake because level of savings will reduce in the current generation.
A bond is__________.
A. a debt instrument, that is, the issuer has taken out a loan.
B. an equity instrument, that is, the buyer has purchased ownership in the issuer's firm.
C. the same thing as a stock.
D. a short-term loan from the government.
Answer:
The correct answer is A.
Explanation:
Bond is the instrument which is a fixed income and it represents a loan that is made by an investor to the borrower It is an IOU among the borrower and the lender which involves the payment as well as the loans details. It is used by the companies, states, sovereign governments and municipalities for financing the operations of the business.
Therefore, it is a instrument of debt, which the issuer has taken a loan.
What assumptions are necessary for a market to be perfectly competitive? In light of what you have learned in this chapter, why is each of these assumptions important? For a market to be perfectly competitive, A. only a few firms may produce output, firms must have market power, and firms must produce a homogenous product. B. firms must be price takers, firms must produce a homogeneous product, and firms must be able to easily enter and exit the market. C. only one firm can produce output, no close substitutes may exist, and firms must not be able to enter the market. D. only one firm can have access to a key input, the government must regulate entry of new firms, and the long-run average cost of production must be decreasing. E. firms must have market power, firms must produce a differentiated product, and firms must be able to easily enter and exit the market.
Answer:
The correct answer is option B.
Explanation:
In a perfectly competitive market, there is a large number of sellers selling homogenous products. Because of a large number of firms selling identical products, no single firm can affect the price and output level in the market.
All the firms are price takers and face a horizontal line demand curve. There is no restriction on the entry and exit of firms in the market. That is why firms earn zero economic profits in the long run.
JME Manufacturing put together a group of employees from marketing, engineering, manufacturing, and quality control to come up with a new product idea. This is an example of a(n) _____ group.
Answer:
cross functional group
Explanation:
cross functional group is a team of different expertise employee who work different in their specific field for the one common goal i.e. progress of the organisation.
For production of any product different department worked together to give product final touch from research team to the quality team. It is combined form of one corporation which include worker or employee of different skills who has one common goal.
Pernell Company reported LIFO reserves of $150,000 and $100,000 in 2016 and 2015, respectively. The company utilized the FIFO assumption for internal purposes. Based on this information, we can conclude that Pernell's cost of goods sold for the 2016 fiscal year would have been:
The LIFO reserve increased from 2015 to 2016, indicating Pernell's cost of goods sold for 2016 would have been $50,000 lower under the FIFO method, due to an accumulation of older, cheaper cost layers under LIFO during a period of rising prices.
Explanation:The LIFO reserve is the difference in reported inventory cost by a company between the LIFO (Last-In, First-Out) and FIFO (First-In, First-Out) methods. In this scenario, Pernell Company reports an increase in LIFO reserve from $100,000 in 2015 to $150,000 in 2016. This indicates that the cost of inventory was higher under the FIFO method. Therefore, had Pernell used the FIFO method instead of LIFO, their cost of goods sold (COGS) for 2016 would be $50,000 lower than what they reported under the LIFO method. This is because an increase in the LIFO reserve indicates that older, cheaper cost layers are still in inventory under LIFO during periods of rising prices.
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If the economy experiences an inflationary gap, a contractionary monetary policy will __________ investment and _______ interest rates.
Answer:
The correct answer is: Decrease; Increase.
Explanation:
The inflationary gap or inflation is the situation where there is a sustained increase in the general price level. It erodes the purchasing power of the consumers and the real value of money.
In such a situation a contractionary policy is required to correct the inflationary gap. Such a policy can be either monetary or fiscal.
Contractionary monetary policy is adopted by the Fed to reduce the money supply by using tools such as discount rate, open market operations, reserve ratio, etc.
These tools are used to reduce the lending capacity of the banks. As the reserves with bank declines. Credit becomes expensive and interest rate increases.
This raises the cost of borrowing to invest. So the investment will decline as well.
Over the first four years of a company's life, it earned the following net income (loss): $10,000; $5,000; $6,000, and ($4,000). If the company's ending retained earnings is $14,200 after year 4, what is the average amount of dividends paid per year?
Answer:
$700
Explanation:
Total earnings in 4 years
= 10000 + 5000 + 6000 - 4000
= $17,000
Ending retained earnings after 4 years
= $14,200
Total amount paid out as dividend in 4 years
= 17000 - 14200
= $2,800
Average amount of dividends paid per year
= $2,800/4
= $700
Final answer:
The company paid an average of $700 in dividends each year over the four-year period, which is determined by subtracting the total increase in retained earnings from the total net income and then dividing by the number of years.
Explanation:
To calculate the average annual dividends paid by the company, we first need to determine the company’s total retained earnings over the four-year period and then subtract that from the total net income (loss). The net incomes over the first four years are $10,000, $5,000, $6,000, and ($4,000), which when summed up equals $17,000. The ending retained earnings after year 4 is $14,200.
The total increase in retained earnings over the four years can be found by subtracting the starting retained earnings (which can be considered zero if not provided) from the ending retained earnings. Assuming the company started with a retained earnings balance of zero, the increase in retained earnings over the four years is the ending retained earnings value of $14,200.
To find the total dividends paid out over the four years, we subtract the increase in retained earnings from the total net income: $17,000 (total net income) - $14,200 (increase in retained earnings) = $2,800 (total dividends paid). To find the average dividends paid per year, we divide the total dividends paid by four (the number of years): $2,800 / 4 = $700. Therefore, the company paid an average of $700 in dividends each year.
If nominal wages fall which of the following will occur in the short run? The SRAS curve will shift to the right The SRAS curve will shift to the left The AD curve will shift to the right The LRAS curve will shift to the right
Answer:
The SRAS curve will shift to the right.
Explanation:
A decline in nominal wages will reduce the cost of hiring labor. The overall cost of production will reduce as well. The firms will be able to increase production and investment.
This increase in production and investment will increase the aggregate supply. As a result, the short-run aggregate supply curve will move to the right. This will cause the equilibrium price to fall and the equilibrium quantity to increase.
Unlike consultation, coalition tactics are most likely used when agents
A) make proposals that are designed to arouse enthusiasm or emotions in targets.
B) attempt to get targets in a good mood before making requests.
C) use threats or persistent reminders to influence targets.
D) seek the aid or support of others to influence their targets.
Answer:
b
Explanation:
It just makes sense. ... not much less to say about that
Final answer:
Coalition tactics are most likely used when agents D. seek the aid or support of others to influence their targets. This involves forming alliances or partnerships with other individuals or groups to achieve a common goal.
Explanation:
Coalition tactics are most likely used when agents seek the aid or support of others to influence their targets. This involves forming alliances or partnerships with other individuals or groups to achieve a common goal. Instead of working alone, agents leverage the power of numbers to increase their influence and achieve their objectives.
For example, in politics, political parties often form coalitions with other parties to gain more votes and increase their chances of winning elections. This allows them to pool resources, share expertise, and broaden their base of support. Another example is labor unions, which form coalitions with other unions to collectively negotiate for better wages, working conditions, and benefits for their members. By joining forces, they have a stronger bargaining position and can exert more pressure on employers.
Jack Company provides for bad debts expense at the rate of 2% of credit sales. The following data are available for 2013:
Allowance for doubtful accounts, 1/1/13 (Cr.)
$ 12,000
Accounts written off as uncollectible during 2013
9,000
Credit sales in 2013
1,500,000
The Allowance for Doubtful Accounts balance at December 31, 2013, should be:
Answer:
$27,000
Explanation:
To calculate the balance for the Allowance for Doubtful Accounts account, we first have to calculate the total estimated bad debts for the year = $1,500,000 x 2% = $30,000.
Then we need to add the bad debt that was written off during the year ($9,000) and subtract the balance for the same account at the beginning of the year ($12,000).
= $30,000 + $9,000 - $12,000 = $27,000
The ________ is a budget based on multiple levels of projected sales or production.
Answer: The Flexible Budget
Explanation:
A flexible budget is a budget that is prepared to cater for various levels of activity, i.e. differing levels of budget production or sales units. It is a budget that helps management prepare for different scenarios and quickly compute variances no matter the level of activity.
It is better than a static budget, which doesn't make adequate provision for circumstances that could be beyond the company's influence and control.
A quota on imported avocadoes ______________ the price of avocadoes, _____________ consumers’ surplus for avocado buyers, _______________ producers’ surplus of avocado growers and __________________ tariff revenue. Because the loss to _____________ is more than the gain to ___________________, there is a net loss to society.
A quota on imported avocados raises prices, decreases consumer surplus, increases producer surplus, creates tariff revenue, but causes a net societal loss due to consumer losses outweighing producer and government gains.
Explanation:A quota on imported avocados increases the price of avocados, decreases consumers' surplus for avocado buyers, increases producers' surplus of avocado growers, and creates tariff revenue. Because the loss to consumers is more than the gain to producers and government through tariff revenue, there is a net loss to society.
The imposition of a tariff or quota results in two primary outcomes: consumers end up paying a higher price and purchasing smaller quantities, whereas domestic producers receive higher prices and sell larger quantities. These effects lead to a redistribution of economic welfare - consumers end up worse off while producers and the government can potentially be better off. However, the overall loss in consumer surplus often outweighs the gains in producer surplus and government revenue, leading to a decrease in social surplus or the overall economic welfare of society.
Colossal Choco Chipper is a new, gigantic chocolate chip cookie created by the Kookie Cookie Company. To create interest for the Colossal Choco Chipper, the company sent a free package of six cookies to selected homes along with a coupon. Kookie Cookie's activities represent__________.a. consumer publicity.b. public relations.c. sales promotion.d. trade advertising.
Answer:
The correct option is C that is Sales Promotion
Explanation:
Sales Promotion is the term which is described as the procedure of persuading the customer so that the customer buy the product. It is designed or created to be used as a tactic which is short-term in nature in order to boost the sales.
So, the company sent free package having 6 cookies to the selected homes with the coupons. Therefore, the activity of the company represent the sales promotion of the product.
When the company sent a free package of six cookies to selected homes along with a coupon, this represent a Sales Promotion.
A Sales Promotion refers to series of procedure used in persuading the customer so that they can customer buy the offered product.
Hence, the free package of six cookies sent to selected homes along with a coupon represent a Sales Promotion.
Therefore, the Option C is correct
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One reason why the average salary of Major League Baseball players is higher than the average salary of college professors is the careers of most baseball players are much shorter than the careers of most college professors. college professors accept lower salaries in exchange for better working conditions. competition among baseball club owners forces player salaries to be much higher than the players' marginal revenue products. the marginal revenue product of baseball players is greater than the marginal revenue product of college professors.
Answer:
the marginal revenue product of baseball players is greater than the marginal revenue product of college professors.
Explanation:
Baseball players are responsible for a baseball teams' revenues, and they add up billions of dollars per year. For example, Max Scherzer sells jerseys, caps and other merchandise for millions of dollars, and his team winning the World Series this year increases the team's revenue greatly. Sometimes even without winning a championship some players still generate lots of revenue.
An individual's salary should be proportional to the revenue that they generate. Colleges have huge amounts of revenue, and college professors are responsible for a large portion of it.
The problem hear is that there are a lot of college professors and assistants, and the revenue must be split between many people. For example, Harvard University's revenue is about $5.5 billion per year, but it has over 16,000 employees (including about 2,400 professors).
Ajax, Inc., issued callable bonds with a par value of $1,000,000 that require the payment of a call premium of $10,000. The bonds have a carrying value of $990,000. We call these bonds prior to maturity on September 30. Complete the necessary journal entry.a. bonds payable 1,000,000b. loss on bond retirement 20,000c. discount on bond 10,000d. cash 1,010,000
Answer:
bonds payable 1,000,000 debit
loss on redemption 20,000 debit
discount on bonds 10,000 credit
cash 1,010,000 credit
--to record tyhe call of the bonds on September 30th--
Explanation:
par value of the bonds: 1,000,000
call premium: 10,000
total cash disbusements: 1,010,000
carrying value 990,000
loss on redemption 20,000
Notice: It is a loss as we are paying more than the aliability is worth
discount/premium:
face value 1,000,000
carrying value 990,000
discount 10,000
We write off the bonds account: bond payable and bon discount
we debit the loss and credit hthe cash disbursments
The necessary journal entry for the redemption of callable bonds involves debitting 'Bonds Payable', 'Loss on Bond Retirement' and 'Discount on Bond', while crediting 'Cash'. Business accounting records these events to accurately represent the company's financial status.
Explanation:This appears to be a question concerning how to record the redemption of callable bonds in accounting. Ajax, Inc. has issued callable bonds with a par value of $1,000,000 and these were called prior to maturity, resulting in a call premium of $10,000.
Seeing as the carrying value of the bonds is $990,000, the company incurs a loss since the carrying value is less than the par value. Hence, in order to record this transaction, we debit 'Bonds Payable' for $1,000,000 (the par value), debit 'Loss on Bond Retirement' for $20,000 (the difference between the par value and carrying value), debit 'Discount on Bond' for $10,000 (the remaining value from the discount), and credit 'Cash' for $1,010,000 (the amount paid to redeem the bonds plus the call premium).
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Four Seasons Hotels sell private residences in several of their properties and send direct mail to prospective residents asking them to request additional information on the telephone or through a website. In terms of direct marketing, this is known as:_______
Answer:
The correct answer is Lead generation.
Explanation:
A contact or lead is any user of a web page that, at a given time, provides us with their data in a form, thus losing their condition of anonymous visit and becoming a contact on which to track.
Lead acquisition would be all those actions or processes focused on getting contacts with which to nourish our database. In an inbound marketing project it would consist of the Convert or Conversion phase.
Basic characteristics of a lead:
The only data that is absolutely essential is the email address. It is also mandatory that these leads have previously accepted the company's privacy policy since otherwise it is not legally possible to track them and send them more communications.Sam runs a red light and has an accident. He is sued. Sam contacts the only eyewitness, Curtis, and offers him $1000 if he does not testify at the trial. Curtis, who didn’t see Sam run the red light, does not testify and seeks payment of the $1000 from Sam. Sam refuses to pay. May Curtis enforce the contract with Sam?
Answer:
..
Explanation:
Well he did what was asked on the contract so Sam should pay and therefore yes he can enforce the contract
Casio, a giant electronic products producer, synthesizes it abilities in miniaturization, microprocessor design, material science, and ultrathin precision castings to produce digital watches. It uses the same skills to produce card calculators, digital cameras, and other small electronics. These collective skills are known as
a. shared activities.
b. strategic resources.
c. core competencies.
d. economies of scope.
Answer: (C) Core competencies
Explanation:
The core competencies is the one of the type of collective skills that comprised all the advantages of the strategic business.
The concept of core competencies was introduced by the Gary hamel and the C.K prahalad. It is defined as the combination of the multiple skills and the resources which helps in the distinguish in an organization.
The following are the personal core competencies are as follows:
The problem resolution skill Analytical ability The creating thinking
There are five basic keys to generating buzz in the marketplace. Among them is the need to stop thinking in terms of one-way communication and start thinking in terms of the dialogue. This represents which of the five Ts __________.
Hey! How are you? My name is Maria, 19 years old. Yesterday broke up with a guy, looking for casual sex.
Write me here and I will give you my phone number - *pofsex.com*
My nickname - Lovely
_______ advertising generally occurs in the growth and early maturity stages of the product life cycle, when competition is most intense, and attempts to accelerate the market's acceptance of the product.a. Informativeb. Persuasivec. Reminderd. Pushe. Pull
Answer:
Persuasive
Explanation:
Persuasive advertising involves the art of convincing a customer to buy a particular brand instead of other similar products. A company will provide informative information to customers to influence them to buy certain products. In persuasive marketing, the goal is to get customers to try out the new products.
A product that is in the growth or the early stages is still new in the market. Consumers are not aware of it. Marketers will engage in product promotion to demonstrate the superiority of the product over the others. The objective is to increase the sales volume of the product.
Split-Div, Inc., has issued quarterly dividends of $0.10 per share each quarter over the last few years. This quarter Split-Div initiated a 2-for-1 stock split. What is the minimum quarterly dividend the board of Split-Div should approve to avoid sending a bad signal to investors?
a. $0.02 per share
b. $0.05 per share
c. $0.10 per share
d. $0.20 per share
Answer:
b. $0.05 per share
Explanation:
A stock split is conducted by companies to make investors have additional share(s) for each share they already own. One of the reasons why a company would do this is to make each share less expensive especially if it has realized that similar shares in the industry are selling at a price significantly lower that its own shares. However, it is important to note that the value of each investor's holding remains the same.
In this case, a 2-for-1 stock split means that an investor who has 1 share will now have 2 shares. However, the cumulative value of these shares is equal to the 1 share each held before the split, so is the dividend.
If dividend for 1 share = $0.10 in dividend
with a 2-for-1 stock split, each share should earn a minimum dividend of (0.10 /2 = $0.05) to avoid sending bad signals to investors
Consider the relative liquidity of the following assets: Assets
1. A bond issued by a publicly traded company
2. The funds in a savings account
3. A $5 bill
4. Your house Select the assets in order of their liquidity, from most liquid to least liquid
Select the assets in order of their liquidity, from most liquid to least liquid. AssetMost Liquid Boat $5.00 bill Funds in a savings account BondSecond-Most Liquid Funds in a savings account Boat $5.00 bill BondThird-Most Liquid Bond Boat $5.00 bill Funds in a savings account
Least Liquid
Funds in a savings account $5.00 bill Bond Boat.
Answer:
4. Your house - MONEY IS THE MOST LIQUID ASSET THAT CAN EXIST
2. The funds in a savings account - MOST SAVINGS ACCOUNTS ALLOW THEIR CLIENTS A CERTAIN NUMBER OF WITHDRAWALS OR ELECTRONIC TRANSFERS PER MONTH, SO MONEY AT A SAVINGS ACCOUNT IS ALSO VERY LIQUID.
1. A bond issued by a publicly traded company - THE COMPLETE PROCESS OF SELLING A BOND MAY TAKE FROM ONE FULL DAY TO A FEW DAYS, SINCE FIRST YOUR TRADER MUST SELL THE BOND AND THEN THEY MUST TRANSFER THE MONEY TO YOUR ACCOUNT. STILL BONDS ARE LIQUID ASSETS.
4. Your house - SELLING A HOUSE IS A LONG PROCESS THAT CAN TAKE A FEW DAYS (AT BEST) TO SEVERAL MONTHS, SO A HOUSE IS NOT A VERY LIQUID ASSET.
Morgner Heating and Cooling offers customers who buy air conditioners and furnaces free delivery and low installation charges. The company also offers a free follow-up inspection of the new equipment one month after it is installed. These services are ways that Morgner provides its customers with __________ utility.a. possession
b. time
c. marginal
d. situational
Answer:
a. possession
Explanation:
In this scenario it seems that these services are ways that Morgner provides its customers with possession utility. This term refers to the value that a customer will place when purchasing a certain product, as well as the use that they give that product. By providing these additional services with the purchase of a product, the customers place higher value on the product and end up purchasing it as opposed to the competitors.