Risk assessment procedures include :
A) a required discussion among the staff members of the audit and the client regarding material misstatements in the financial statement.
B) determination of the type of audit opinion to issue.
C) observation of the entity's operations.
D) assessing acceptable audit risk.
Answer:
The correct answer is C) observation of the entity's operations.
Explanation:
It is vitally important for the auditor to inspect the facilities of the plant and the offices of the company to be audited, in order to know their location, their operating conditions, the types of products that they distribute, the prevailing controls, etc.
During this phase, the auditor will observe the operations of the organization, emphasizing those of production and / or distribution in order to verify the way in which they are carried out to begin to enter the Internal Control knowledge and plan the methods of evaluation of it.
why should we hire you? I have my first job interview tomorrow and am sort of unsure how to answer please give a decent answer
Answer:
Just explain your best persoal qualites then follow that by saying how the company standards fit your morals and values. Then say your eager to learn and strive to be better at your profession and as a person. (research the complany's values beforehand)
Explanation:
you say "because im am well suited for this job and ill be an asset to your Corporation/industry
Explanation:
Which of the following are examples of opportunity costs? Check all that apply.
__ A firm cannot buy new treadmills for its on-site gym facility once it spends this money on new adjustable desks for employees.
__ The money spent on a movie ticket cannot buy a Blu-ray player.
__ The time spent preparing for a test cannot be spent playing computer games.
The answer is a and c I know this because if you spend time or money on on something you can not do the other and that is exactly what is happening.
The examples of opportunity costs among the given options are:
A firm cannot buy new treadmills for its on-site gym facility once it spends this money on new adjustable desks for employees.The time spent preparing for a test cannot be spent playing computer games.Opportunity cost refers to the value of the next best alternative forgone when making a decision. It represents the potential benefits or opportunities that are lost or sacrificed as a result of choosing one option over another.
In essence, it is the cost of what is given up in order to pursue a particular course of action. It involves considering the benefits or resources that could have been obtained if a different choice had been made.
Opportunity costs are essential in decision-making as they help evaluate trade-offs and weigh the benefits and drawbacks of different options.
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The equipment has an estimated useful life of ten years and an expected salvage value of 20 percent. Gravity Hospital’s December 31, 2015, balance sheet reports $10,000 of accumulated depreciation on this equipment. What was the cost of the equipment when it was acquired on January 1, 2011?
Answer:
The cost of the equipment when it was acquired on January 1, 2011 is $10000
Explanation:
10000÷5=2000
2000*10=20000
20000 80%
X 100% X=25000
25000*20%= 5000 25000-20000=20000
2011 2000
2012 2000
2013 2000
2014 2000
2015 2000 10000
Match the terms with the appropriate definition. 1. work done for pay. e-commerce 2. series of related jobs based on knowledge, training, tasks performed, interests, and experience. net wage 3. buying or selling products and services using the Internet. mediation 4. wage amount after deductions are withheld. career 5. a way a person chooses to live his or her life. job 6. the people who are both able and willing to work. discrimination 7. unequal treatment of others based on a bias concerning a person’s characteristics such as race, religion, gender, or age. communication 8. the act of sharing information. lifestyle 9. the use of a third party to make suggestions. technology 10. knowledge and tools used to perform tasks. workforce
Answer:
1. Job
2. Career
3. E-commerce
4. Net wage
5. Lifestyle
6. Workforce
7. Discrimination
8. Communication
9. Mediation
10. Technology
Explanation:
Job 1. work done for pay.
career 2. series of related jobs based on knowledge, training, tasks performed, interests, and experience.
e-commerce 3. buying or selling products and services using the Internet.
net wage 4. wage amount after deductions are withheld.
lifestyle 5. a way a person chooses to live his or her life.
workforce 6. the people who are both able and willing to work.
discrimination 7. unequal treatment of others based on a bias concerning a person’s characteristics such as race, religion, gender, or age.
communication 8. the act of sharing information.
mediation 9. the use of a third party to make suggestions.
technology 10. knowledge and tools used to perform tasks.
A job is a person's chosen way of life, while a career encompasses a series of related jobs based on knowledge, training, tasks performed, interests, and experience. E-commerce refers to buying or selling products and services using the Internet, and net wage represents the amount of pay after deductions are withheld.
Explanation:Job - a way a person chooses to live his or her life.Career - series of related jobs based on knowledge, training, tasks performed, interests, and experience.E-commerce - buying or selling products and services using the Internet.Net wage - wage amount after deductions are withheld.Workforce - the people who are both able and willing to work.Discrimination - unequal treatment of others based on a bias concerning a person’s characteristics such as race, religion, gender, or age.Communication - the act of sharing information.Mediation - the use of a third party to make suggestions.Technology - knowledge and tools used to perform tasks.Can the government require a company to recall a product if they believe it is harmful to consumers?
A.Yes. They have the power to remove it if they believe it’s harmful.
B.No. That decision and responsibility is left on the business itself.
Answer:
A.Yes. They have the power to remove it if they believe it’s harmful.
Explanation:
When the government have reasons to believe that a product is potentially harmful to consumers and or buyers, they have the right to require a company to recall a product, if they believe it is harmful to consumers, because it is then the governments responsibility to protect the public.
Final answer:
The government, through the FDA, can require a company to recall a product if it poses a significant risk to public health and safety, especially in the case of medical devices and certain other products. If companies refuse to recall, the FDA has the authority to enforce actions and, in extreme cases, pursue criminal charges.
Explanation:
Yes, the government can require a company to recall a product if it is deemed harmful to consumers. The Food and Drug Administration (FDA) has authority in specific circumstances to issue recalls or take enforcement actions. For example, the FDA can mandate a recall for medical devices, certain cosmetics, and food products if they pose a substantial public health and safety risk. Under 21 CFR 810, the FDA has the Medical Device Recall Authority, which means that legally, the FDA can require a company to recall a device if the company refuses to do so voluntarily.
In cases where a product, such as a drug or a biologic, is not under the FDA's recall authority, other measures can be taken. For instance, if a company refuses to recall a product, the FDA can initiate seizure or injunction cases to immediately prevent the distribution of defective and potentially harmful products. In extreme cases, where products cause significant harm to consumers, criminal actions can be pursued against the firm responsible for manufacturing or selling the items.
For food safety, both the USDA and FDA enforce laws to ensure the safety of domestic and imported food products. If there's a significant health hazard, the agencies can push for a recall to protect public health. Recalls are usually initiated voluntarily by the company after identifying a problem, but the FDA oversees the process and may require public notification or additional actions if a recall is deemed ineffective.
Managerial accounting differs from financial accounting in several areas. Specify whether each of the following characteristics relates to managerial accounting or financial accounting.
a. Focused on the future
b. Reporting is based mainly on the company as a whole
c. Reports are prepared usually quarterly and annually
d. Information is verified by external auditors
e. Focused on the past
f. Main characteristic of data is that it must be relevant
g. Reports tend to be prepared for the parts of the organization rather than the whole organization
h. Primary users are internal (for example, company managers)
i. Governed by Generally Accepted Accounting Principles (GAAP)
j. Main characteristic of data is that it must be reliable and objective
k. Reports are prepared as needed
l. Not governed by legal requirements
m. Primary users are external (i.e., creditors, investors)
Managerial accounting and financial accounting differ in several characteristics. Managerial accounting focuses on the future, while financial accounting focuses on the past. Managerial accounting reports tend to be prepared for parts of the organization, while financial accounting reports are based mainly on the company as a whole.
Explanation:a. Focused on the future: Managerial accounting focuses on the future by providing information for decision-making and planning.
b. Reporting is based mainly on the company as a whole: This characterizes financial accounting, as it focuses on providing financial information about the entire organization.
c. Reports are prepared usually quarterly and annually: Both managerial accounting and financial accounting prepare reports on a quarterly and annual basis to analyze performance.
d. Information is verified by external auditors: Financial accounting requires external audits to ensure the accuracy and reliability of the financial statements.
e. Focused on the past: Managerial accounting mainly focuses on analyzing historical data to evaluate performance and make informed decisions for the future.
f. Main characteristic of data is that it must be relevant: This is a characteristic of both managerial accounting and financial accounting, as both types of accounting require relevant information for decision-making.
g. Reports tend to be prepared for the parts of the organization rather than the whole organization: This is a characteristic of managerial accounting, where reports are prepared for specific segments or departments within the organization.
h. Primary users are internal (for example, company managers): The primary users of managerial accounting information are internal personnel such as managers, who use the information for decision-making.
i. Governed by Generally Accepted Accounting Principles (GAAP): Financial accounting follows GAAP, which provides guidelines for reporting financial information.
j. Main characteristic of data is that it must be reliable and objective: Both managerial accounting and financial accounting require reliable and objective data to ensure accurate decision-making and reporting.
k. Reports are prepared as needed: This relates to managerial accounting as reports can be prepared based on the specific needs of management.
l. Not governed by legal requirements: This is a characteristic of managerial accounting, which is not subject to the same legal requirements as financial accounting.
m. Primary users are external (i.e., creditors, investors): The primary users of financial accounting information are external parties such as creditors and investors.
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Managerial accounting is focused on the future, prepares reports as needed, and uses data that is relevant, whereas financial accounting focuses on the past, prepares reports annually or quarterly, and needs reliable and objective data.
Explanation:Here's how each of these characteristics relate to managerial accounting or financial accounting:
a. Focused on the future - Managerial Accounting b. Reporting is based mainly on the company as a whole - Financial Accounting c. Reports are prepared usually quarterly and annually - Financial Accounting d. Information is verified by external auditors - Financial Accounting e. Focused on the past - Financial Accounting f. Main characteristic of data is that it must be relevant - Managerial Accounting g. Reports tend to be prepared for the parts of the organization rather than the whole organization - Managerial Accounting h. Primary users are internal (for example, company managers) - Managerial Accounting i. Governed by Generally Accepted Accounting Principles (GAAP) - Financial Accounting j. Main characteristic of data is that it must be reliable and objective - Financial Accounting k. Reports are prepared as needed - Managerial Accounting l. Not governed by legal requirements - Managerial Accounting m. Primary users are external (i.e., creditors, investors) - Financial Accounting Learn more about Managerial Accounting vs Financial Accounting here:https://brainly.com/question/33407257
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Kiddy Toys produced beautifully made stuffed animals that many customers wanted. However, the product was so expensive that most potential customers could not afford it. Which of the following applies to this scenario?Multiple Choice
a. high efficiency and high effectiveness
b. high efficiency and low effectiveness
c. low efficiency and high effectiveness
d. low efficiency and low effectiveness
Answer:
The answer is: C) Low efficiency and high effectiveness.
Explanation:
The company Kiddy Toys made a great product (High effectivness) but they couldn´t produce it a reasonable cost, so it was very expensive to sell (Low efficiency). As a result they had a great toy that very few customers could afford to buy.
Sometimes a company is able to manufacture a great product, they had a terrific idea that lots of people will like and want. The problem is that if they can not manufacture that product at a low cost then they will never have high sales volumes. This is the very exact reason why most toys nowadays are created in the US but mass produced in China.
Alpaca Corporation had revenues of $300,000 in its first year of operations. The company has not collected on $20,000 of its sales and still owes $25,200 on $75,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $14,000 in salaries. Owners invested $23,000 in the business and $23,000 was borrowed on a five-year note. The company paid $3,000 in interest that was the amount owed for the year, and paid $6,800 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 9%.
Compute net income for the first year for Alpaca Corporation:
a) $ 183,092
b) $ 186,186
c) $ 225,000
d) $ 204,600
Answer: Option (b) is correct.
Explanation:
Given that,
Revenues = $300,000
Merchandise it purchased = $75,000
Salaries paid = $14,000
Owners invested = $23,000
Borrowed on a five-year note = $23,000
Interest paid = $3,000
Paid for a two-year insurance policy = $6,800
Income tax rate = 9%
Gross Margin = Revenues - Cost of Goods Sold
= $300,000 - $75,000
= $225,000
Profit before tax = Gross Margin - Salaries - Insurance payment - Interest
= $225,000 - 14,000 - 3,400 - 3,000
= $204,600
Net Income = Profit before tax - Tax at 9%
= $204,600 - 18,414
= $186,186
A zero-coupon bond pays no interest payments to the bondholder. It has a $1,000 par value and matures in 5 years. What is the value of this bond if the market rate of interest on similar risk bonds is 10%?
Answer:
$620.92
Explanation:
Present Value Paid at Maturity = Face Value / (Market Rate/ 100) ^ Number Payments
Present Value of Interest Payments = Payment Value * (1 - (Market Rate / 100) ^ -Number Payments) / Number Payments)
Present Value of Bond = Present Value Paid at Maturity + Present Value of Interest Payments
A zero-coupon bond pays no interest but is instead sold at a discount and repaid at maturity. Using the present value formula, the bond's value can be calculated. In this scenario, the bond would be worth approximately $620.92 with a market interest rate of 10%.
Explanation:A zero-coupon bond is a type of bond that pays no interest to the bondholder and is sold at a discount to its face value, with the full face value paid at maturity. In the given scenario with a market interest rate of 10%, the value of the bond can be calculated using the formula for present value of a bond.
The formula P = F / (1 + r)^n can be applied, where P is the bond's present value, F is the face value, r is the market interest rate, and n is the number of years to maturity. Plugging in the values ($1,000 as F, 10% as r, and 5 years as n) will give the bond's value.
In this case, the value of the zero-coupon bond would be approximately $620.92 when the market interest rate is 10%.
Zane's leadership style includes delegating tasks to his employees and giving them the freedom to perform the tasks using any strategy they see fit. This demonstrates which of the critical management skills suggested by Katz?
a) Interpersonal skills
b) Leadership skills
c) Technical skills
d) Political skills
e) Conceptual skills
Answer:
Interpersonal Skills
Explanation:
The Interpersonal Skills enable the managers to make use of human potential in the company and motivate the employees for better results. Empowering the employees is a strong sign of this skills
Evan visits a travel website to book a trip to Europe. While he is fairly certain he has selected good flights and exciting destinations, he cannot fully evaluate his trip until he actually arrives. The components of Evan's trip can best be described as __________ goods.
Answer: Experience goods
Explanation: Experience goods are the goods, the characteristics of which are hard to evaluate in advance and the consumer can judge their utility satisfaction only after consumption.
In the given case, Evan is not completely sure that he will enjoy his trip as he is uncertain about the elements of the trip he has booked. Evan can only evaluate his level of satisfaction after going to the vacation.
Thus, from the above we can conclude that the components are an example of Experience goods.
Answer:
experience goods
Explanation:
Experience goods are products or services that a consumer cannot judge in advance. Their characteristics must be experienced (or consumed) in order to determine if their quality or price was good or bad.
Evan hopes that his trip will be good and exciting, but he will not be able to determine how satisfied he is until he experiences the trip.
On the contrary, search goods are goods that a consumer may evaluate before purchasing, while credence goods are those that a consumer cannot evaluate after the purchase.
A firm that successfully differentiates its product or lowers its average cost of production creates A. a perfectly inelastic demand curve for its product. B. economies of scale. C. entry barriers into its market. D. value for its customers.
Answer:
The correct answer is D. value for its customers.
Explanation:
Generating value for the client means giving something in which he feels really grateful, having fulfilled what was expected or, even better, having fulfilled what was needed and what was wanted.
For example, the delivery of the product on the agreed date, the ease of the process of both buying and using the product or service, the attitude of the team when it comes to serving the customer, solving a problem in an effective way, making a conversation enjoyable at the time it is paid, etc.
Generating added value for the customer is not about magic. It is simply that the customer perceives a positive difference. Let him see that it is a different place and concerned about the most important details for the benefit of the client.
The key to giving value to your customers is in the small details, so it is time to start with the business to offer it.
Schneider, Inc., had the following information relating to Year 1: Budgeted factory overhead: $74,800 Actual factory overhead: $78,300 Applied factory overhead: $76,500 Estimated direct labor hours: 44,000 Actual direct labor hours: ? If Schneider decides to use the actual results from Year 1 to determine the Year 2 overhead rate, what is the Year 2 overhead rate?
Answer:
The actual direct labor hours are 45,000.
The overhead rate for Year 2 is $1.74.
Explanation:
Compute the actual direct labor hours:
[tex]\begin{aligned}\text{Actual direct labor hours}&=\dfrac{\text{Applied overheads}}{\text{Overhead rate}}\\&=\dfrac{\$76,500}{1.7}\\&=45,000\end{aligned}[/tex]
Therefore, the actual direct labor hours are 45,000.
Compute the overhead rate for Year 2:
[tex]\begin{aligned}\text{Overhead rate}&=\dfrac{\text{Actual overheads}}{\text{Actual direct labor hours}}\\&=\dfrac{\$78,300}{45,000}\\&=1.74\end{aligned}[/tex]
Therefore, the overhead rate for Year 2 is $1.74.
Working note:
Calculate the overhead rate for Year 1:
[tex]\begin{aligned}\text{Overhead rate}&=\dfrac{\text{Budgeted overheads}}{\text{Estimated direct labor hours}}\\&=\dfrac{\$74,800}{44,000}\\&=1.7\end{aligned}[/tex]
Final answer:
The question asks for the Year 2 overhead rate for Schneider, Inc based on Year 1's actual results, specifically requiring the calculation based on actual factory overhead and labor hours, which are incomplete in the provided details.
Explanation:
The question is about calculating the Year 2 overhead rate for Schneider, Inc., based on the actual results from Year 1. Since the actual factory overhead for Year 1 was $78,300, and assuming Schneider decides to allocate overhead based on direct labor hours, we need to know the actual direct labor hours to calculate the rate. However, the actual labor hours were not provided in the question. Typically, the overhead rate is calculated by dividing the total overhead cost by the total base (e.g., labor hours). Without the actual labor hours, we can't directly answer the question asked but can explain the method on how it would be calculated if that information was available.
Emma, the facilities director for a college of business, was very involved in the purchase process for remodeling the student lounge and computer labs. The Dean of the school made the final choice of contractor from among the choices Emma researched and negotiated the contract. Here, Emma performed what function in the buying center?
Final answer:
Emma served as an Influencer in the buying center for her college's remodeling project, where she 'researched and negotiated' with potential contractors, thus impacting the Dean's final selection.
Explanation:
In the scenario presented, Emma, the facilities director for a college of business, was very involved in the buying process for remodeling the student lounge and computer labs. Despite not making the final decision, Emma played an integral role in researching and negotiating with potential contractors before the Dean made the ultimate choice. Emma's role in the buying process is best described as the Influencer within the buying center.
A buying center is a group of individuals within an organization that participates in the buying process. They typically have roles assigned based on their experience, expertise, and the nature of the product or service being procured. In a buying center, individuals can assume roles such as users, buyers, influencers, deciders, gatekeepers, etc. An Influencer affects the buying decision, usually by providing information and helping to evaluate alternatives.
In summary, Emma collected information, evaluated options, and had a say in the negotiations, which significantly impacted the Dean's final choice of contractor. Hence, her role as an influencer in the buying center was critical to the decision-making process, even though she did not have the final say.
Which of the following is TRUE of brokers? a. Brokers bring buyers and sellers together and assist in negotiation. b. Brokers represent buyers or sellers on a permanent basis. c. Brokers assume title and risk from the time an order is accepted to its delivery. d. Most brokers are hired by sellers and work for a salary. e. Selling brokers have contractual authority to sell a manufacturer’s entire output.
Answer:
a. Brokers bring buyers and sellers together and assist in negotiation.
Explanation:
Brokers are a kind of agents as, they help the buyers find the sellers, and the sellers to find the buyers.
They help in price negotiations and settling the deals. They are hired for individual deals, and not for a specified period.
They do not get any payments in the form of salary, but they get payment in the form of commission, based on the price of settlement of the deal.
Brokers are intermediaries who bring buyers and sellers together and assist in negotiation, typically working on a commission basis and not representing either party permanently.
Explanation:The correct answer to the student's question about which statement is true of brokers is: a. Brokers bring buyers and sellers together and assist in negotiation. Brokers act as intermediaries in various marketplaces, playing a pivotal role as middlemen who facilitate trades between buyers and sellers. They do not typically assume title and risk nor do they represent buyers or sellers on a permanent basis. Instead, brokers arrange sales on a commission basis and may also provide advice to clients. This is particularly true in areas such as stock brokerages, where brokers execute orders to buy or sell shares on behalf of their clients. It's important to note that selling brokers do not usually have authority to sell a manufacturer’s entire output, unless a specific contractual agreement is in place.
Fill in the blank: You had a successful team meeting where you were able to prove the ROI of your content marketing efforts. However, your boss wants more details on the content path that helped closed leads into customers. You could do this by creating a(n) __.- attribution report- referrals report- sales report- None of the above
Answer:
sales report is the correct one
Relevant information for Material A is as follows:
Actual quantity purchased and used: 6,500 lbs.
Standard quantity allowed: 6,000 lbs.
Actual price: $3.80
Standard price: $4.00
What was the direct material quantity variance for Material A?
Answer:
Direct Material Quantity Variance = $2,000 Unfavorable
Explanation:
For the provided information we have,
Actual quantity used = 6,500 lbs
Standard quantity allowed for actual production = 6,000 lbs
Actual price = $3.80
Standard price = $4.00
Direct Material Quantity Variance = (Standard Quantity - Actual Quantity) [tex]\times[/tex] Standard Price
= (6,000 lbs - 6,500 lbs) [tex]\times[/tex] $4.00
= - $2,000
As we can see that actual quantity used is more than the allowed standard quantity, thus, the variance is unfavorable.
Direct Material Quantity Variance = $2,000 Unfavorable
Lin manages a team of business consultants. During a meeting, Jack, a senior business consultant, puts forth a new idea to tackle the insufficient infrastructure at the workplace. Lin applauded Jack on his effort to come up with a solution. In this scenario, Lin performed the role of a(n) _____.
Answer:
supporter
Explanation:
The role of a supporter is to be a part of a project or a particular work and support the working of it. In the given case, Jack's idea is being appreciated by Lin. Here Lin is working as a supporter of Jack. He applauded Jack with the efforts he had already made and asked him to move to the other level. This is the work of a supporter. A supporter guides the person at each of the level and approves the efforts.
The first stage of ABC entails the assignment of
a) resource costs to departments.
b) activity costs to products or customers.
c) resource costs to a plantwide pool.
d) resource costs to distribution channels.
e) resource costs to individual activities.
Answer:
e) resource costs to individual activities.
Explanation:
Under ABC that is activity based costing system, all the indirect costs are allocated based on activities and ratio of activities in different department.
Therefore, correct option is assignment of the resource cost that is basic cost to individual activities.
As with this we calculate the activity cost per unit of activity, this further allocates cost to the portion of activity to each department.
Bob deposits $100 in a bank account that pays an annual interest rate of 5 percent. A year later, Bob withdraws his $105. If inflation was 7 percent during the year the money was deposited, then Bob’s purchasing power has increased by 2 percent. true or false?
Answer:
False
Explanation:
Purchasing power increases by amount of deflation (negative inflation). So, while inflation lowers purchasing power, deflation increases purchasing power by amount of deflation.
Increase in purchasing power = 7%
A service-based organization has adopted an expansionist strategy. It has taken on a number of big contracts from clients and is on a tight schedule to supply services by the deadlines promised. Which of the following statements, if true, will result in the staffing goals being best aligned to the organizational strategy?
A) Time taken to fill a position should be tracked for each recruiting source and the fastest possible source should be utilized.
B) Staffing should be done keeping in mind the costly training necessary for the job and only the best qualified applicants should be hand-picked.
C) Aggressive staffing should be done indiscriminately as a long training period guarantees that the applicants know how to do the job.
D) Compensation offered should be kept higher than the average market rate so that the maximum number of applicants is attracted
Answer:
Thee answer is: A) Time taken to fill a position should be tracked for each recruiting source and the fastest possible source should be utilized.
Explanation:
When adopting an expansionist strategy the company is trying to achieve a higher sales growth rate than before. Since it took several new big contracts it will probably have to hire several (or very many) new employees and they need to do it fast. Usually when this happens, the company will try to hire the best possible applicants from the fastest recruiting source.
The fact that personal expenditures of company owners (i.e., the purchase of personal use items including food, home improvements, family automobiles, etc.) should not be reflected as assets or expenses in the company’s financial statements is a reflection of
Answer:
the entity concept
Explanation:
According to the entity concept, a company and its owners are treated as two separate parties or economic units. Therefore, transactions such as purchases and receipts of the business must be recorded separately from those of its owners. Therefore, separate accounting records will have to be maintained to record the transactions.
Exxon employees knew the path to success required increasing sales each month even if the methods used were unethical. This understanding was so pervasive, it eventually brought the company down. We can say Exxon's culture was_________
Answer:
strong because the majority of employees behaved unethically despite knowing it was wrong
Explanation:
According to my research on different business strategies, I can say that based on the information provided within the question We can say Exxon's culture was strong because the majority of employees behaved unethically despite knowing it was wrong. Like mentioned in the question since the employees followed Exxon's rule and made unethical choices in order to increase sales it eventually led to the downfall of Exxon.
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Valid Inc., a manufacturer of electronic gadgets, sees an unforeseen drop in sales of its latest product, Anytime Videogames. Nathan, the developer of the battery used in Anytime Videogames, discovers that the reason for this is the low battery life of the consoles. In order to increase the battery life of the consoles, which of the following skills must Nathan specifically improve?
a. Communication skills
b. Technical skills
c. Conceptual skills
d. Time-management skills
Answer: Technical skills
Explanation: The specialized knowledge that is used to perform a specific task is called technical skills. In general the tasks that requires technical skills are scientific and practical in nature.
In the given case, Nathan has to increase the battery life that is used to manufacture the product. This is a scientific task and needs practical application of the specialized knowledge he possess.
Thus, we can conclude that Nathan needs to improve his technical skills.
Shareholder of c corporation receiving property distribution must recognize dividend income equal to the fair market value of the distributed property if the distribution corporation has sufficient earning and profit.True / False.
Answer:
True
Explanation:
The dividends to be recognized are always for the amount they are given in cash, but in case of property dividends, the dividends are to be recognized at fair value of the property distributed.
This is in accordance with GAAP.
There is no recognition based on book value or carrying value of the property distributed as do not represent the net exchange value of the property.
Therefore, the statement is TRUE
The kitchen manager at an Italian restaurant is deciding what assignments he should give to his
two cooks, John and David. John can make 25 pizzas or 40 servings of pasta per hour and David
can make 20 pizzas or 30 servings of pasta. Which of the following should be the manager's choice?
A) David will make pizza because he has comparative advantage in making pizza.
B) John and David both will spend half their time making pizza and half their time making
pasta because each has a comparative advantage in making pizza.
C) Fire David because he is not as productive as John. John will do both jobs.
D) John will make pizza because he has comparative advantage in making pizza.
Answer:
A) David will make pizza because he has comparative advantage in making pizza.
Explanation:
Make Pizzas Serving make pizzas/serving pasta
25 40 0,63
20 30 0,67
The International Nickel Company of Canada is often cited as an example of monopoly. What was the source of the barrier to entry that gave this firm monopoly power? A. control of a key resource B. There were important network externalities in the production of nickel. C. It was a public enterprise; therefore, the Canadian government blocked entry into the market for nickel. D. Economies of scale resulted in the company becoming a natural monopoly.
Answer:
A. control of a key resource
Explanation:
The International Nickel Company of Canada was founded in the early 1900´s and it was the result of the merge of three companies, the Carnegie Steel Company, Canadian Copper Company and Orford Copper Company, this is very important because this three companies were merged into a single one that controlled the whole production of Nickel, so they basically created a monopoly by merging with eachother.
The International Nickel Company of Canada had monopoly power due to its control of a key resource.
Explanation:The source of the barrier to entry that gave the International Nickel Company of Canada monopoly power was control of a key resource. By controlling the supply of nickel, the company was able to restrict competition and maintain its dominant position in the market. This control of a scarce physical resource made it difficult for other firms to produce enough nickel to compete.
The Unearned Revenue account of Professor Incorporated began 2018 with a normal balance of $5,000 and ended 2018 with a normal balance of $11,000. During 2018, the Unearned Revenue account was credited for $24,000 that Professor will earn later. Based on these facts, how much revenue did Professor earn in 2018?
Answer: $18,000
Explanation:
Given that,
Began 2018 with a Normal balance = $5,000
Ended 2018 with a normal balance = $11,000
Unearned Revenue account was credited = $24,000
Revenue earned by professor in 2018 :
= Beginning unearned revenue + Advance payments - Ending unearned revenue
= $5,000 + $24,000 - $11,000
= $18,000
Therefore, $18,000 revenue earned by professor in 2018.
Professor Incorporated earned $18,000 in revenue in 2018. This was calculated by using the beginning and ending balances of Unearned Revenue along with the credits made to the Unearned Revenue account throughout the year.
To calculate how much revenue Professor Incorporated earned in 2018, we can follow the accounting equation for unearned revenue.
The equation is stated as follows: Beginning Unearned Revenue + Credits to Unearned Revenue during the year - Revenue Earned during the year = Ending Unearned Revenue.
In this case:
Beginning Unearned Revenue (January 1, 2018) = $5,000 Credits to Unearned Revenue during 2018 = $24,000 Ending Unearned Revenue (December 31, 2018) = $11,000
Thus, we can calculate the revenue earned during the year as:
Revenue Earned during 2018 = Beginning Unearned Revenue + Credits to Unearned Revenue during 2018 - Ending Unearned Revenue
Revenue Earned during 2018 = $5,000 + $24,000 - $11,000
Revenue Earned during 2018 = $18,000
Therefore, Professor Incorporated earned $18,000 in revenue over the course of 2018.
A construction firm cannot obtain the necessary permits to begin building a shoppingmall until it can show it either has or will have the necessary funding to complete the project. The firm may ask a bank for which of the following to allow it to obtain the permits?I.Commercial letter of creditII.Loan commitmentIII.Credit lineIV.Repurchase agreementA)I or IIB)II or IIIC)II or IVD)III or IVE)I or IV
Answer:
The answer is: B) II or III
Explanation:
A loan commitment is a bank’s (or any other type of lender) promise to offer a loan of a specified amount to a borrower.
A line of credit is an agreement between a bank (or other financial institution) and a customer for a maximum loan amount the customer can borrow.