Answer:
option (d) $1,000 billion
Explanation:
Data provided in the question:
Gross domestic product = $3,500 billion
Consumption expenditure = $2,100 billion
Government expenditure = $400 billion
Investment = $800 billion
Net exports = $200 billion
Now,
National savings
= GDP - (Consumption expenditure + Government consumption)
= $3,500 billion - ( $2,100 billion + $400 billion )
= $1,000 billion
Hence,
The answer is option (d) $1,000 billion
Chris Co. has three segments - Surfing, Mountain Biking, and Fly Fishing. The Surfing segment is currently producing 1000 units annually. The units sell for $500 each. The cost of each unit is $400. The Surfing segment spends $110,000 on product design each year. The segment also is allocating $100,000 of annual facility-level costs. Calculate the avoidable cost of Chris Co. were to eliminate the Surfing segment.
Answer:
The tennis department relevant costs (avoidable costs) are variable manufacturing costs ($400,000) and product design ($110,000).
Explanation:
First of all Chris Co. should eliminate its surfing department (since it is not profitable) only if it can use their production facilities to make something else that does generate profit or just sell that facility.
surfing department net profit = $500,000 - $610,000 = -$110,000 or $110,000 net loss
The department's major loss comes from the allocation of $100,000 in facility level costs, but these costs are not relevant or avoidable. Relevant costs are costs that can be avoided by making a business decision like closing a business department.
Sears department stores used to plant employees in competitors’ stores to perform research and analysis. Recently the company implemented a system that can search competitor websites and provide comparisons of price, promotions, and availability and the system is saving time, money, and resources. What type of system did Sears implement?A. shopping algorithm.B. shopping network.C. shopping logic.D. shopping bot.
Answer:
D) shopping bot
Explanation:
A shopping bot is a software that compares the price of online products or services. Usually consumers use shopping bots to search the prices of products or services on several online stores and try to find the lowest possible price for the same product. Sear will probably use the shopping bot to compare if their own prices are higher or lower than their competition.
In order to produce 100 pairs of oven gloves, Marcia incurs an average total cost of $2.50 per pair. Marcia’s marginal cost is constant at $10.00 for every pair of oven gloves produced. The total cost to produce 50 pairs of oven gloves is:
a. $250.00
b. $500.00
c. $300.00
d. $200.00
Answer:
option (d) $200.00
Explanation:
Average total cost for 100 pairs = $2.50
Marginal cost for every pair = $10.00
Now,
Total cost = Fixed cost + Variable cost
or
Fixed cost = Total cost - variable cost
or
Fixed cost = (Average total cost × 100) - (Marginal cost × 100)
= ($2.5 × 100) - ($1 × 100)
= $250 - $100
= $150
thus,
Total cost to produce 50 pairs of oven gloves
= fixed cost + variable cost
= $150 + (50 × $1)
= $150 + $50
= $200
Hence,
option (d) $200.00
The total cost to produce 50 pairs of oven gloves, given an average total cost of $2.50 per pair, is $125.00. The calculation involves multiplying the average total cost by the number of oven gloves produced.
Explanation:To calculate the total cost to produce 50 pairs of oven gloves, we use the provided average total cost per pair which is given as $2.50. Average total cost is the total cost divided by the number of units produced. If the average total cost to produce oven gloves is $2.50 per pair:
Multiply the average total cost by the number of oven gloves Marcia produces.So, the calculation would be: 50 pairs * $2.50/pair = $125.00.Therefore, Marcia’s total cost to produce 50 pairs of oven gloves is $125.00, which isn't an option in the provided choices. The provided marginal cost is not relevant to this particular calculation as it represents the cost to produce an additional unit, not the average cost per unit.
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The exchange rate is A) the price of one currency relative to gold. B) the value of a currency relative to inflation. C) the change in the value of money over time. D) the price of one currency relative to another.
Answer:
D. the price of one currency relative to another
Explanation:
An exchange rate is the value of one nation's currency versus the currency of another nation or economic zone
Most companies today want their salespeople to _______, which means demonstrating and delivering superior customer value and capturing a return on that value that is fair for both the customer and the company.A. practice value sellingB. use a transaction-oriented sales approachC. close salesD. cut prices to make the saleE. capture short-term business
Answer:
Letter A is correct. Practice value selling.
Explanation:
A value selling is characterized by strategies and techniques that a skilled sales team uses to maximize sales and results.
To selling value rather than price, the seller must demonstrate to the customer the added benefits of the product, influencing their perception of value creation, with a focus on results and benefits the customer will have after purchasing their product.
Despite its name, Choco Central is located in a small shopping center far from customers. However, the company enjoys outstanding business because satisfied customers share their enjoyable experiences at Choco Central with their friends and relatives. Choco Central apparently benefits from positive
a) trade advertising.
b) word of mouth.
c) sales promotion.
d) public relations.
Answer:
Word of mouth.
Explanation:
Word of mouth publicity or marketing strategy is very reliable and essential to grow. It is free of cost publicity where consumer spread company´s brand name with the experience they had. Here, each customer could bring hundred of customers if had positive experience with the goods and services of the company. This publicity have a power of getting many loyal customers as experienced customer put their credibility on line. It also help the company to penetrate in the market and grow their market share. To encourage customer, companies also come up with different campaign or promotion plan for loyal customers.
Choco Central benefits from word of mouth, as satisfied customers recommend the store to others due to their positive experiences. This unpaid form of promotion is very powerful, leading to repeat business and the ability to charge higher prices based on a strong reputation.
Explanation:Choco Central enjoys outstanding business even though it is located far from customers. This success is due to satisfied customers sharing their enjoyable experiences with friends and relatives, which is an example of word of mouth. Word of mouth advertising is when pleased customers act as advocates for a business purely based on their positive experiences, so they recommend the business to others.
Firms cherish having repeat customers and good reputations because this leads to customers trusting in their products and services. An excellent reputation reduces worries about poor-quality products. As a result, well-reputed firms can charge higher prices compared to those with less established reputations, as customers have greater assurance in the quality they will receive.
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If substantial batch-level or product-level costs exist, then overhead allocation based on a measure of volume such as direct labor-hours alone:
a. must be used for external financial reporting since activity-based costing cannot be used for external reporting purposes
b. will systematically over cost high-volume products and under cost low-volume products
c. is a key aspect of the activity-based costing model
d. will systematically over cost low-volume products and under cost high-volume products
Answer:
b. will systematically over cost high-volume products and under cost low-volume products
Explanation:
if we have a substantial batch level or product level cost exist thenthe overhead allocationshould be on the basis of direct labor hours because it will helpfully charge actual cost of overhead to that department as per actual labor hours used for that and it willa also help to overcost high volume products and undercost low volume products.
What is fiat money?
A. money issued by financial intermediaries, such as banks, but not the central bank
B. money that has value independent of its use as money
C. an asset that has the ability to be easily converted into the medium of exchange
D. money that is authorized by a central bank and that does not have to be exchanged for gold or some other commodity money
a) - money issued by the financial intermediaries such as banks but not the central bank
Fiat money is currency that a government has declared to be legal tender. It is not backed by a physical commodity, but rather the faith and credit of the issuing government.
Fiat money is a type of currency that a government declares to be legal tender, despite it not being backed by a physical commodity, such as gold or silver. It has value primarily because the government maintains its validity for the payment of taxes and requires it to be accepted as a form of payment within the country. Essentially, the value of fiat money is derived from the faith and credit of the economy's government rather than any material worth.
Fiat money is useful as a medium of exchange because it is stable, generally accepted, and convenient. However, because it is not linked to a physical reserve, it is subject to inflation and changes in public confidence. This is evident in the statement printed on each U.S. bill: "This note is legal tender for all debts, public and private."
What are the three conditions for a market to be perfectly competitive? For a market to be perfectly competitive
Answer:
There are three conditions for an formation of a perfectly competitive market which are:
- There are many buyers and sellers participating in the market in the way that one buyer or seller or a group of buyers or sellers can not decide the price/ production level of a product or service in the market.
- All firms in the market produce and sell homogeneous product/service, that is, product/service sold in the market are non-differentiated.
- Firms should be able to get into or leaving the market easily if they want so. That is, there should be no barrier to enter or to exit the market.
Explanation:
There are three conditions for a market to be perfectly competitive, namely a large number of buyers and sellers, homogenous products, and perfect knowledge.
Perfect competition is a situation in which numerous small firms compete against each other in order to sell goods or services to many small buyers.
This situation can only occur if specific conditions are met, which are listed below:
Large number of buyers and sellers - the existence of a large number of sellers and buyers implies that no single buyer or seller may significantly influence the market's equilibrium price.
Homogeneous goods - it means the products are identical, meaning they are perfect substitutes for each other.Perfect knowledge - All the participants in the market should have perfect information about the products they are dealing with.
Perfect competition is a situation in which numerous small firms compete against each other in order to sell goods or services to many small buyers. This situation can only occur if specific conditions are met. There are three conditions for a market to be perfectly competitive, namely a large number of buyers and sellers, homogenous products, and perfect knowledge.
The first condition is a large number of buyers and sellers. The existence of a large number of sellers and buyers implies that no single buyer or seller may significantly influence the market's equilibrium price. This is because they are price takers, which means they have to accept the market price that is determined by supply and demand forces. The second condition is homogenous goods.
It means the products are identical, meaning they are perfect substitutes for each other. The consumers cannot differentiate between products based on their quality, brand, or any other feature, and are willing to pay the same price for the same product. The third condition is perfect knowledge.
All the participants in the market should have perfect information about the products they are dealing with. They should be aware of the quality, price, and availability of the product. This condition ensures that the market is transparent, and all participants are making informed decisions.
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According to classical economics, a decrease in aggregate demand causes the price level to _____________ in the long run. On the other hand, an increase in aggregate demand causes the price level to _____________ in the long run. These changes occur because of _____________.
a. increase; decrease; government intervention
b. increase; decrease; price flexibility
c. decrease; increase; government intervention
d. decrease; increase; price flexibility
Answer: Decrease, Increase, Price flexibility.
Explanation: According to classical economics, a decrease in aggregate demand causes the price level to DECREASE in the long run. On the other hand, an increase in aggregate demand causes the price level to INCREASE in the long run. These changes occur because of PRICE FLEXIBILITY.
In a flexible market the forces of demand and supply determines the prices of commodities in the market.
As the demand Falls the prices also fall as the demand rises the prices of commodities also rises.
Members of the European Monetary Union A. adopt a common currency called the euro. B. float their domestic currency exchange rate with both the euro and the rest of the world. C. can continue to use their own domestic currency but are required to hold a stipulated amount of a common currency. D. cannot hold reserves of the common currency.
Answer:
A. adopt a common currency called the euro
Explanation:
A monetary union:
1. adopts a common currency called the euro
2. hold reserves in the common currency
3. Monetary policy is jointly determined
In the context of supply chain management (SCM) technologies, _____ enables business partners to send and receive information on business transactions.
a. direct digital synthesis
b. a local positioning system
c. a global positioning system
d. electronic data interchange
Answer: (D) Electronic data interchange
Explanation:
The electronic data exchange is one of the technique that helps in interchanging the data and the business information from one organization to another in electronically form.
By using this concept we can easily and fastly share the information or data in an organization. The electronic data exchange method enables the business partners for sending ad receiving the data on the business transaction.
There are various types of benefits of using the electronic data exchange method are as follows:
By using the electron data exchange we fastly communicate and sharing the data or any type of business information from one organization to another fastly. It reduce the use of paper and also the expenses.It also improve the turn around time and provide the high quality of the information.Find the accumulated value of an investment of $ 10 comma 000 for 3 years at an interest rate of 6 % if the money is a. compounded semiannually; b. compounded quarterly; c. compounded monthly d. compounded continuously.
Answer:
a) $11,940.52
b) $11,956.18
c) $11,966.81
d) $11,910.16
Explanation:
Given:
Investment amount = $10,000
Time = 3 years
Interest rate = 6%
Now,
Amount = [tex]P\times(1+\frac{r}{n})^{nt}[/tex]
A = total amount
P = principal or amount of money deposited,
r = annual interest rate
n = number of times compounded per year
t = time in years
Thus,
a) compounded semiannually
n = 2
[tex]Amount = \$10,000\times(1+\frac{0.06}{2})^{2\times3}[/tex]
Amount = $10000 × 1.03⁶
or
Amount = $11,940.52
b) compounded quarterly
n = 4
[tex]Amount = \$10,000\times(1+\frac{0.06}{4})^{4\times3}[/tex]
Amount = $10000 × 1.015¹²
or
Amount = $11,956.18
c) compounded monthly
n = 12
[tex]Amount = \$10,000\times(1+\frac{0.06}{12})^{12\times3}[/tex]
Amount = $10000 × 1.00536³⁶
or
Amount = $11,966.81
d) compounded continuously
n = 12
[tex]Amount = \$10,000\times(1+\frac{0.06}{1})^{1\times3}[/tex]
Amount = $10000 × 1.06³
or
Amount = $11,910.16
A company conducted a marketing survey of college students and found that 185 own a bicycle and 68 owned a car. If 19 of those surveyed own both a car and a bicycle, how many interviewed have a car or a bicycle?
Answer:
The number of students who have both car and bicycle = 234
Explanation:
We have given that 185 students have bicycle so [tex]n(A)=185[/tex]
And the students who have car are 68
So [tex]n(B)=68[/tex]
Students who have both car and bicycle [tex]n(A\cap B)=19[/tex]
From set theory we know that [tex]n(A\cup B)=n(A)+n(B)-n(A\cap B)[/tex]
[tex]n(A\cup B)=185+68-19=234[/tex]
So the number of students who have both car and bicycle = 234
Dora Inc. reported the following on the company's cash flow statement: Sales $3,500,000 Net cash flow from operating activities 350,000 Net cash flow used for investing activities (100,000) Net cash flow used for financing activities (200,000) Free cash flow 290,000 What is the ratio of free cash flow to sales? a.8.3% b.1.4% c.10.0% d.12.0%
Answer:
option a. 8.3%
Explanation:
Data provided in the question:
Sales = $3,500,000
Net cash flow from operating activities = $350,000
Net cash flow used for investing activities = $100,000
Net cash flow used for financing activities = $200,000
Free cash flow = $290,000
Now,
The Free Cash Flow to Sales Ratio = [ Free Cash Flow ÷ Sales ] × 100 %
= [ $290,000 ÷ $3,500,000 ] × 100 %
= 8.3%
Hence,
The correct answer is option a. 8.3%
Pat gave 5,000 shares of stock in Coyote Corporation (a publicly traded corporation) to her church (a qualified charitable organization) in the current year. The stock was worth $180,000 and she had acquired it as an investment four years ago at a cost of $120,000. She reported AGI of $300,000 for the year. In completing her current income tax return, how much is her current-year charitable contribution deduction?a.$180,000
b.$150,000
c.$120,000
d.$90,000
Answer: a. $180,000
Explanation: Given that the fair market value of the 5000 shares of stock was $180,000 at that time; Pat should include this in information with proof of it's fair value at the time in schedule A of the form
Pat's current-year charitable contribution deduction for donating stock to her church is $120,000, limited to her basis in the property since it's lower than the 30% AGI limit. The correct answer is C. $120,000.
To determine Pat's current-year charitable contribution deduction for giving 5,000 shares of stock in Coyote Corporation to her church, we need to consider the fair market value of the stock and the limitations imposed by tax regulations.
Fair Market Value (FMV): The stock's FMV is $180,000 at the time of the donation.
Pat's Basis: Pat acquired the stock four years ago at a cost of $120,000.
Pat's AGI: Pat's reported AGI for the year is $300,000.
Now, let's calculate her deduction:
The deduction for donating appreciated property (like stock) to a qualified charitable organization is typically limited to 30% of the donor's AGI. In some cases, it may be further limited to 20% or 50% of AGI, depending on the type of organization and the property donated.
In this case, since Pat is donating the stock to a qualified charitable organization (her church), the deduction is generally limited to 30% of her AGI. Thus:
Deduction = FMV of donated property x Limitation Percentage
Deduction = $180,000 x 30%
Deduction = $54,000
However, the deduction cannot exceed her basis in the property. Since her basis in the stock is $120,000, the deductible amount is limited to that basis.
So, Pat's current-year charitable contribution deduction is:
c. $120,000
The correct answer is C. $120,000.
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Television is different from film in that
Group of answer choices
None of the answers are correct
film is viewed in large format,
creating a different aesthetic experience all answers correct television images are made up of pixels that are constantly changing television images contain less information than film (low definition)
Answer: The correct answer is "all answers correct".
Explanation: The television contains images of lower quality than the films since the films are made individually with the aim of creating an experience of cinematographic entertainment totally different from that offered by television.
Davy's reduction in productivity after not receiving a raise demonstrates that there is low _____________ between performance and outcomes and that he holds a strong __________ on outcomes, such as raises.A. Valence, InstrumentalityB. Instrumentality, ValenceC. Expectancy, InstrumentalityD. Expectancy, ValenceE. Valence, Expectancy
Answer:
The correct answer is B. Instrumentality, Valence.
Explanation:
Víctor Vroom's motivational model has been studied and improved over time by other authors such as Porter and Lawler.
The Vroom model is based on three assumptions:
The forces within individuals and those present in their work situation combine to motivate and determine behavior. Individuals make conscious decisions about their behavior. The selection of a particular course of action depends on the expectation that certain behavior of one or more desired results rather than undesirable results.The author of this theory explains that motivation is the result of multiplying three factors:
Valencia: It demonstrates the level of desire of a person to reach a certain goal or objective. This level of desire varies from person to person and in each of them it can vary over time, being conditioned by the experience of each individual. The range of values that valence can admit in this mathematical equation is between –1 and 1. When a person does not want to reach a certain result (eg being fired from their job) the value adopted is –1, when the result is Indifferent (Ex. Compensation in money) the value is 0 and when the person intends to reach the objective (Ex. Obtain a promotion) its value will be +1 Expectation: It is represented by the person's conviction that the effort placed in their work will produce the desired effect. Its value varies between 0 and 1 since the expectation is the probability of occurrence of the desired result. Expectations depend largely on the perception that the person has of himself, if the person considers that he has the necessary capacity to achieve the objective, he will be assigned a high expectation, otherwise he will be assigned a low expectation. Instrumentality: It is represented by the judgment made by the person that once the work is done, the organization values it and receives its reward. The instrumentality value will be between 0 and 1.In a study on the effect of music on worker productivity, employees were told that a different genre of background music would be played each day and the corresponding production outputs noted. Every change in music resulted in an increase in production. This is an example of?
Answer:
Hawthorne effect
Explanation:
The Hawthorne effect refers to a reaction of the workers included in this experiment where their behavior will be modified (their productivity increased) simply because they know they are being observed. The study should be about how changes in the environment affect productivity, but what really affects productivity is the fact that the workers know they are being part of the study.
In the original Hawthorne experiments, if lighting was increased, productivity increased, but if lighting decreased, productivity also increased. So the changes in productivity had nothing to due with lightning conditions, but rather the fact that the workers were being part of an experiment.
Jacqui decides to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own business, she withdrew $20,000 from her savings, which earned 5 percent interest. She also turned down three separate job offers with annual salaries of $30,000, $40,000, and $45,000. What is Jacqui's economic profit from running her own business?
a.$-56,000
b.$-6,000
c.$4,000
d.$19,000
Answer:
C) $4,000
Explanation:
To determine Jacqui's economic profit we can use the following formula:
economic profit = accounting profit - implicit costsimplicit costs = opportunity costs, in Jacqui's case they include lost wages and lost interest
Jacqui's economic profit = $50,000 - [($20,000 x 5%) + $45,000] = $50,000 - $46,000 = $4,000
A resort manager leases condominiums to out-of-town guests for several months at a time. The resort is licensed under 509 FS. He advertised the condos in a magazine with national exposure. Does this manager need a Florida real estate license?
Answer:
If the company is licensed under the Florida Statute chapter 509 (Lodging and food service establishments), the manager does not need to get a real estate license himself in order to lease condominiums. He is already being employed by a licensed company, so that should be sufficient enough for him to work without any problems.
After studying the differences between groups and teams, Devon realizes that she and the people she works with every day fall somewhere between the two. She and her coworkers might be described as being __________.a. semiautonomousb. self-directedc. management directedd. undirected
Answer:
a. semi-autonomous
Explanation:
Semi autonomous has a dictionary meaning that states being independent to some defined extent.
In the given instance also Devon thinks that her colleagues or coworkers are somewhere between the two categories, that is up to a certain extent they are really independent in their views. While on the other hand, at some situations their views depend on the things like views of coworkers.
Thus, using the term that the coworkers are semi autonomous is correct as to the concern they can exercise their own powers in half way.
Which of the following applies to the "value of money"?
i) It is the inverse of the price level.
ii) The value of money falls during economic expansions.
iii) It is the quantity of goods and services that a unit of money will buy.
Answer:
The answer is iii. That is, value of money lies on the quantity of goods and services that a unit of money are able to exchange for
Explanation:
Money is valuable seemly because of its purchasing power. In other words, its value depends on how much goods and services a unit of currency may purchase. Subsequently, their purchasing power fluctuates following the variation in price level.
Once price level is going up, money has less value - that is a unit of money can purchase less products and services, or that currency is depreciated. Once price level is going down, money has more value - that is a unit of money can purchase more products and services, or that currency is appreciated.
Answer: The answer is i and iii
Explanation:
The value of money is whatever money can be exchanged for. This refers to the purchasing power of money, if there is a rise in prices, it means the value of money has fallen and a fall in prices means that the value of money has risen. Therefore, we can say that the value of money depends primarily on the general price level for goods and services. One of the qualities of money is that it has no intrinsic value, this means that money should have little or no value different from its value of exchange of goods and services. Therefore, money should be wanted not because of its value but because of its value as a medium of exchange.
The value of money is inversely proportional to the general price level for goods and services. The value of money is therefore measured by using the price index such as consumer price index, wholesale price index, cost of living index, and the GDP index.
1. Which of the following are the primary functions of all organizations? A) Production/Operations, Marketing, and Human Resources B) Marketing, Human Resources, and Finance/Accounting C) Sales, Quality Control, and Production/Operations D) Marketing, Production/Operations, and Finance/Accounting E) Research and Development, Finance/Accounting, and Purchasing
Answer:
D) Marketing, Production/Operations, and Finance/Accounting
You are involved in an Information Systems project. The project's scope has widened, but there is no change in cost, quality, and user expectations. This will result in an increase in time taken to complete the project. True or false?
Answer:
True
Explanation:
Project scope deals with the specific requirements or tasks necessary to complete the project. Scope is important to manage on any project, because if you can’t control the scope of the project, you’re not likely to deliver it on time. Also should the scope get widened it will result in time taken to complete the project.
Every project is faced with the triple constraint, which are the time, scope and cost.
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What is the effect of a federal budget surplus? As a result of the federal budget surplus, the A. supply curve for loanable funds will shift to the left. B. supply curve for loanable funds will shift to the right. C. demand curve for loanable funds will shift to the right. D. demand curve for loanable funds will shift to the left.
Answer:
The correct answer is option B.
Explanation:
A government budget surplus implies that the revenue to the government is greater than government spending. This difference between government revenue and spending can also be referred to as government saving.
This government saving increases the supply of loanable funds. This increase in supply shifts the supply curve for loanable funds to the right. This rightward shift in the supply curve will cause the rate of interest to decrease.
This decline in interest rate reduces the cost of borrowing, so investment will increase.
In lecture, we noted that______.a. SCM replaces what we have previously learned about management, eliminating past practices.b. SCM both replaces what we have previously learned about management, and builds on our past practices.c. SCM does not replace what we have learned about management, but rather builds on our past practices.d. SCM does not replace what we have learned about management, but does eliminate our past practices.e. SCM is already going out of style in the world of marketing management.
Final answer:
Supply Chain Management (SCM) enhances and builds upon what has been previously learned in management, by providing insights and introducing new scenarios for applying past knowledge. Option A is correct.
Explanation:
Supply Chain Management (SCM) is not meant to replace what we’ve learned about management; rather it is designed to enrich and build upon those foundational concepts. According to the question, SCM incorporates insights from past management practices and introduces new scenarios which facilitate the application of previously learned knowledge. This evolution in management practices emphasizes the continuous growth and adaptation of strategies to meet the ever-changing dynamics of the business world. Therefore, the correct answer to the student's question is that SCM does not replace what we have learned about management, but rather builds on our past practices.
In preparing a bank reconciliation, outstanding checks are__________.
Select one:
a. added to the balance per books
b. deducted from the balance per bank
c. added to the balance per bank
d. deducted from the balance per books
Answer:
The correct answer is (C)
Explanation:
During the preparation of bank reconciliation, outstanding share are added to the balance per bank. Balance per bank is the ending money balance showing up on a bank statement. A business will make changing sections to its own money book parity to accommodate the contrast between its own balance and the balance per bank
In a bank reconciliation process, outstanding checks are deducted from the balance per bank. This is done to accurately represent financial records by accounting for checks that have been issued but not yet cleared by the bank.
In preparing a bank reconciliation, outstanding checks are deducted from the balance per bank. This process is carried out to match the cash balance on cash account statement with that of the bank statement. Outstanding checks are checks written, or drawn, which have not been paid or cleared by the bank. They have been recorded by the company issuing them, but do not appear on the bank statement because they have not yet been cashed or deposited by the recipient. Thus, they are deducted from the bank's balance in the bank reconciliation process. For example, if your records show you having $5000, but your bank statement displays $6000 because a $1000 check hasn't cleared, you would subtract this outstanding check from the bank balance in your reconciliation.
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. Which resource management task establishes and maintains the readiness of resources and ensures providers are paid in a timely manner? A. Track and Report B. Reimburse and Restock C. Mobilize D. Order and Acquire
Answer: Option B
Explanation: In simple words, Reimburse refers to the group of activities that focuses on providing the return to the sources who are proving resources to the organisation.
While on the other hand, restocking refers to the futon under which the management of an organisation tries to keep recording of the funds needed so that payments to the resource providers can be made in a timely manner as it can harm the reputation of the firm and its relation with the suppliers.
A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded atA. $102,000.B. $97,000.C. $90,000.D. $95,000.
Answer:
A. $102,000
Explanation:
The computation of the cost of land under the cost principle is shown below:
= Purchase value of land + Real estate brokers' commission + demolishing an old building cost
= $90,000 + $5,000 + $7,000
= $102,000
Under the cost principle, the fixed should be recorded at cost. So, we consider the purchase value of land, commission and demolishing cost.