Answer:
The correct answer is Identify the conceptual framework within which accounting standards are developed.
Explanation:
The Financial Management Concepts Statement is a document issued by the Financial Accounting Standards Board (FASB) that covers general concepts of financial information. FASB is the organization that establishes the accounting standards and guidelines that make up GAAP. The purpose of the SFAC document is to provide an overview of accounting concepts, definitions and ideas. It is considered a prelude to the Financial Accounting Standards Statement (SFAS).
As part of the strategic planning process, step 4 includes conducting a ________, which evaluates a firm's business mix and assesses the potential of an organization's strategic business units.A. portfolio analysisB. SWOT analysisC. situation analysisD. product development strategyE. BCG growth-market share matrix
Answer:
The answer is: A) Portfolio analysis
Explanation:
Portfolio analysis: Analysis of the company´s product mix carried out to identify the best way to allocate the company´s resources in order to maximize profits. The two most common measures used in this type of analysis are market growth rate and relative market share.
llocative efficiency is a situation in which the quantities of goods and services produced are those that people _____ - it is not possible to produce more of a good or service _____ some of another good that people _____.
Answer:
The correct answer is: value highly; without giving up value highly.
Explanation:
Allocative efficiency refers to the situation where all the resources are being spent on those bundles of goods that are preferred or valued highly by people.
We are aware that we have fixed or scarce resources and we need to allocate these to alternative uses. To increase the production of one good or service, we need to give up producing another good or service preferred by people.
This is the opportunity cost of increasing production of a good.
Which of the following statements is true?
a) If the price of a good is raised and total revenue increases, demand is inelastic.
b) If the price of a good is lowered and total revenue increases, demand is inelastic.
c) If the price of a good is lowered and total revenue decreases, demand is elastic.
d) If the price of a good is raised and total revenue does not change, demand is perfectly elastic.
Answer: Option A
Explanation: In simple words, when the demand for a commodity did not change as per the change in its price , then such commodity is said to have inelastic demand.
In the first option the price of the good is decreased, then her demand should have decreased resulting in decrease or no change in revenue. Although it resulted in increase in revenue.
Hence from the above we can conclude that the correct option is A.
Answer:
If the price of a good is raised and total revenue does not change, demand is perfectly elastic ( D )
Explanation:
An elastic demand is a type of demand for a good or service that changes with changes in price of goods and services and also with changes in purchasing power of the customer while an inelastic demand is a type of demand for gods and services that is constant regardless of changes in prices and purchasing power of the customer.
if the price of a good is raised and the total revenue ( purchasing power ) does not change demand will definitely change ( perfectly elastic )
The Spokes Bikes makes 18 bicycle models in more than 2 million combinations, with each combination designed to fit the needs of a specific customer. The customer chooses the model, size, color, and design. An analysis of this company's operation would indicate that it uses:
A. lean manufacturing.
B. flexible production.
C. mass customization.
D. continuous production.
Answer:
C. mass customization.
Explanation:
Mass customization is an economic term that refers to a company that promotes mass production of its products, but allows customization according to the needs and desires of the customer.
Therefore, it refers to the creation of a high volume product, which at the same time offers a wide range of options to the consumer, without compromising the gains in scale. The viability of this concept can be obtained by combining some strategies and technologies, such as modular product design and manufacturing technologies. Common marketing examples are the automobile and computer industries, where the customer, according to his needs and desires, "assembles" the product with the items he chooses. It is worth mentioning that until the moment of purchase, these items are stored, and their resupply depends on aggregate demand forecasts, while the assembly and configuration are triggered only by the specific order of the customer.
Portia is meeting with her subordinates to determine which workers from her department need training in order to handle production increases expected during the next nine months. Portia is involved inA. vision development.
B. operational planning.
C. controlling.
D. tactical planning.
E. developing an MBO.
Answer:
The correct answer is b) operational planning.
Explanation:
Operational planning OP (also known as a work planing) is the method of preparing strategic objectives to achieve the goals. It describes detailly the steps and conditions that will be put into operation during a specific period, usually the fiscal year of a project or business.
Economists often are interested in percentage change from one period to the next. The percentage rate of change of gross domestic product (GDP) is an important macroeconomic variable. If in 2010 GDP was $11,150 billion dollars, and GDP increased to $11 comma 78011,780 million in 2011, what is the growth rate of the U.S. economy in 2011?
Answer:
The growth rate of the U.S economy in 2011 was 5.65%
Explanation:
This is a simple calculation
We use this formula to calculate percent changes from one period to another:
% change = [tex]\frac{New Value - Old Vaue}{Old Value} * 100[/tex]
We have that the GDP for 2010 was $11,150 billion and the GDP in 2011 was $11,780 billions we then apply the formula:
% change = [tex]\frac{11,780 - 11,150}{11,150} * 100[/tex]
% change = [tex]\frac{630}{11,150} = 0.056 * 100 = 5.65%[/tex]
This means that the growth rate of the U.S economy in 2011 was 5.65%
A corporation was organized in January 2018 with authorized capital of $10 par value common stock. On February 1, 2018, shares were issued at par for cash. On March 1, 2018, the corporation's attorney accepted 7,000 shares of common stock in settlement for legal services with a fair value of $90,000. Additional paid-in capital would increase on
February 1, 2018 March 1, 2018
1. Yes and Yes
2. No and No
3. Yes and No
4. No and Yes
Answer:
4. No and Yes
Explanation:
On march 1, 2018 the paid in capital will increase by $20000 ($90000 - 7000×$10 )
Most real-world choices aren't about getting all of one thing or another, instead, most choices involve _________________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.
A. utility
B. marginal analysis
C. the budget constraint
D. consumption
Answer:
B. marginal analysis
Explanation:
"choosing a little more or a little less of a good." This part really points you to the answer.
Say you produce 10 cars, marginal cost answers the question of ¿how much costs to produce the eleventh car?
This also answers the question price and the paradox of the diamond and the water.
Normally water costs little and is a vital necessity, and diamonds costs a lot and you can live without it. If you are in a desert and no water is around I bet you'll pay a few diamonds for a bottle of water.
That's because of marginal utility, when you are thirsty the first bottle of water worths a lot, once you drink it, the second bottle worths less than the previous one, and so on.
To maximize their profits and defend those profits from competitors, monopolistically competitive firms must
A. lobby government to erect barriers to entry in their industries.
B. achieve economies of scale.
C. limit foreign competition in their markets by encouraging the government to impose tariffs and other trade restrictions.
D. differentiate their products.
Answer:
The correct answer is D. differentiate their products.
Explanation:
Product differentiation is a competitive strategy that aims at the consumer perceiving differently the product or service offered by a company, with respect to those of the competition.
Product differentiation can be based mainly on various attributes such as quality, color, size, after-sales service, specialized attention, location, brand recognition or luxury. But any attribute makes perceive a product or service differently is considered product differentiation.
It should be noted that the differentiation also has a subjective element since consumers can perceive that a certain brand is different from another based not on the comparison of objective characteristics but on the idea that they have made of the company and its image.
The accounting and tax departments are the responsibility of the _____. a. inventory manager b. controller c. vice president of finance d. director of capital budgeting e. treasurer
Answer: Controller
Explanation: Controller refer to the accounting officer of the company whose job is to analyze and interpret the transactions related to accounting and fiance.
The duties of controller include conducting internal audit, updating financial statements, filing tax applications on time etc.
Thus, from the above we can conclude that the correct option is B.
Which area does not cost a company more money for sustainability?
A.update equipment
B.advertise environmental efforts
C.change work processes
D.change sourcing for raw materials
Answer:
C. Change work processes
Explanation:
In general terms, modifying and improving the production methods does not imply more costs. Avoid waste of energy, materials and resources are compatible with sustainability. Moreover, it will make the company save even more money as it implies a saving of valuable resources, that, in other way, must be paid to suppliers.
Answer:
D
Explanation:
A house sits on the corner of a busy intersection. Two of the corners are occupied by gas stations, and directly across from the house is a fast food restaurant. The house's owners have been told that the property would be worth more if the lot were vacant. This is an example ofA.progression.B. highest and best use.C. regression.D. conservation.
Answer:
The correct answer is B. highest and best use.
Explanation:
This is a principle by which the value of a property capable of being dedicated to different uses will be the one that results from allocating it, within the legal and physical possibilities, to the most economically advisable, or if it is capable of being built with different building intensities , will be the result of building it, within the legal and physical possibilities, with the intensity that allows to obtain its greatest value.
State whether the following statement is true. "Accounting relies on inexact or approximate measures because many accounts in financial statements are dependent on judgment about future events and on an assessment of management intent."
Final answer:
The statement in question is true as accounting does involve inexact measures due to the need for judgment on future events and management intentions. Financial accounting integrates both objective measures and subjective estimations to represent a business's economic reality.
Explanation:
The statement, "Accounting relies on inexact or approximate measures because many accounts in financial statements are dependent on judgment about future events and on an assessment of management intent," is true. Accounting measures are not exact because they must account for uncertain future events and management's intentions. For instance, the depreciation of assets involves estimation over the useful life of the asset and accounting profit is based on revenues and costs confined to a specific period, like a fiscal year or quarter. Furthermore, accountants may not be able to pinpoint the profitability due to a singular management decision if external factors are also at play, emphasizing the subjective nature of some accounting measures.
Additionally, while entrepreneurs and investors rely on accounting as a guide, it is just one tool among many. Accounting rules, much like arithmetic, provide a conceptual framework within which business decisions can be evaluated. These rules are essential for communicating economic realities for business operations, taxation, and investment analysis. However, errors and biases can affect the accuracy of these records, reiterating the inexact nature of accounting.
Therefore, while accounting provides a standardized approach to financial measurement, it necessarily includes judgment and estimation regarding future events and management's subjective intentions, reflecting a blend between objective data and subjective interpretation.
An organization decides to ask three advertising agencies to pitch a proposal to handle the organization's business, instead of asking all of the advertising agencies in the city where this organization's headquarters are located to pitch the account. What type of decision does this represent?
A. Programmed
B. Nonprogrammed
C. Satisficing
D. Certainty
E. Illusion of control
Answer:
C.
Explanation:
Satisficing is searching for and accepting something that is satisfactory rather than insisting on the perfect or optimal.
Managers tend to satisfice rather than optimize in considering and selecting alternatives.
Characteristics:
-accept good enough
-do not obsess over other opinions
-can move on after deciding
-happier with outcomes
Suppose Dee's just acquired the assets of Flo's Flowers. The book value of Flo's Flowers assets was $68,000 but Dee's paid a total of $75,000. The additional $7,000 paid by Dee's will be recorded on Dee's balance sheet as:- accounts payable.- other current assets.- goodwill.- property, plant, and equipment.
Answer:
The correct answer is goodwill
Explanation:
The term Goodwill refers to an asset, categorized as intangible, it is associated with the purchase of one company by another; when the purchase price is greater than the sum of the fair value of all assets purchased in the acquisition and the liabilities assumed in the process.
Some examples of goodwill are patents and a company´s brand name
Awesome Sweets sells different kinds of cookies, candies, and other sweets. Awesome Sweets has a return on assets (ROA) of 6.9% How does Awesome Sweets know if the 6.9% ROA is a good return to attract possible investors?
Answer:
Check industry standards
Explanation:
In order to be sure that a financial indicator is fine, the company must check it against it's market. The above average the better.
Assume a single taxpayer is taxed at 10% on the first $9,275 of taxable income, 15% on the next $28,375 of income, and at 25% for the following $53,500 of income. What is the average tax rate for that individual if her taxable income is $42,000?
Answer:
14.93%
Explanation:
Given:
For taxable income $9,275, tax rate = 10%
For taxable income $28,375, tax rate = 15%
For taxable income $53,500, tax rate = 25%
Now,
Tax on income = tax rate × taxable income
thus,
Total Tax on first $9,275 = $9,275 × 10% = $927.5
and,
Total tax on next $28,375 = $28,375 × 15% = $4,256.25
Therefore, the total income that has been taxed till the $9,275 + $28,375
= $37,650.
and, the amount left to be taxed = $42,000 - $37,650 = $4,350
Thus,
Tax on remaining $4,350 = $4,350 × 25% = $1,087.5
Total tax = $927.5 + $4,350 + $1,087.5 = $6,365
Therefore,
The average tax rate = [tex]\frac{\textup{Total tax}}{\textup{Taxable income}}\times100[/tex]
or
The average tax rate = [tex]\frac{6,365}{42,000}\times100[/tex]
or
Average tax = 14.93%
Final answer:
The average tax rate for a single taxpayer with a $42,000 taxable income is approximately 12.34%, calculated by dividing the total tax paid ($5,183.75) by the total income.
Explanation:
To calculate the average tax rate for a single taxpayer with a taxable income of $42,000, we must apply the tax rates to the relevant income brackets. The brackets are 10% on the first $9,275 of income, 15% on the next $28,375, and 25% on any income beyond that threshold.
Here's the calculation:
Taxes on the first $9,275 at 10% = $927.50Taxes on the next $28,375 at 15% = $4,256.25Since $42,000 does not reach the third bracket, we do not apply the 25% rate.Total tax = $927.50 + $4,256.25 = $5,183.75To find the average tax rate, divide the total tax by the total income:
Average tax rate = Total tax ÷ Total incomeAverage tax rate = $5,183.75 ÷ $42,000 = 0.12342Therefore, the average tax rate is approximately 12.34%.
____________________ conferencing allows attendees to use their computers to access an online, virtual meeting room where they can present PowerPoint slides, share spreadsheets and Word documents, demonstrate products, and interact with participants in real time.
Answer:
Web
Explanation:
Web conferencing is an online administration which allows the attendees to hold conferences, presentations, meetings, introductions and trainings by means of the web especially on TCP/IP associations.
One can associate with the meetings either by phone or utilizing your PC's speakers and amplifier with the help of a VoIP association.
Unlike Video Conferencing, Web conferencing does not require any special equipment to establish a proper connection on both the ends.
Web Conferencing - gives live sound/video correspondence between at least two areas to lead gatherings, preparing, or introductions by means of the Internet. ... Webcast - is basically "communicating" over the web.
"" In order to produce 100 oatmeal cookies, GoodieCookieCo incurs an average total cost of $0.25 per cookie. The company’s marginal cost is constant at $0.10 for all oatmeal cookies produced. The total cost to produce 50 oatmeal cookies is:
Answer:
Total cost to produce 50 oatmeal is $20
Explanation:
We have given average total cost to produce 100 oatmeal cookies = $0.25
So Total cost = 0.25×100 = 25
Total variable cost to produce 100 cookies = marginal cost×100 = 0.1×100 = 10
Total fixed cost to produce 100 cookies = total cost-total variable cost = 25-10 = $15
Total cost of producing 50 cookies
=total fixed cost + total variable cost
=total fixed cost +(marginal cost ×50)
=15+(0.1×20)
=15+5
=$20
The total cost to produce 50 oatmeal cookies is $12.50.
Explanation:The total cost to produce 50 oatmeal cookies can be calculated by multiplying the average total cost per cookie by the number of cookies produced. In this case, the average total cost is $0.25 per cookie, so the total cost to produce 50 cookies would be $0.25 x 50 = $12.50.
This calculation assumes that the marginal cost remains constant for all the cookies produced, which is $0.10. The marginal cost represents the additional cost of producing one more cookie.
In summary, the total cost to produce 50 oatmeal cookies is $12.50.
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What is the law of demand?
a table that lists the quantity of a good all consumers in a market will buy at each different price
the desire to own something and the ability to pay for it
a tendency for consumers to buy more of a good when its price decreases and less when its price increases
a table that lists the quantity of a good a person will buy at each different price
Answer: A table that lists the quantity of a good all consumers in a market will buy at each different price
Final answer:
The law of demand states that as the price of a good or service increases, quantity demanded decreases, and vice versa, assuming other factors remain constant. This principle illustrates the inverse relationship between price and demand, typically represented by a downward sloping demand curve.
Explanation:
The law of demand states that there is an inverse relationship between the price of a good or service and the quantity demanded. This means that, other things being constant, when prices rise, demand falls, and when prices drop, demand increases. This is because as the price of a good increases, the opportunity cost of purchasing that good also goes up, leading consumers to forgo the purchase or look for cheaper alternatives. The law of demand is often depicted graphically as a demand curve, which is typically downward sloping to reflect the negative relationship between price and quantity demanded.
A clothing store chain tracks the sale of each product at each location. Managers use this information to calculate the organization's profits, to track inventory needs, and to determine which styles and fabrics are the most popular among its customers. This is an example of quality information that is ___________.
Answer:Flexible
Explanation:
According to the question, clothing store tracks the sale at each location so, they are taking a very large base of consumers and they are considering each consumer that is why the quality information is flexible.
Demands of each consumer may vary such that one wants cotton fabric, another wants polyester so this makes the information more flexible as it may vary largely.
When a group wants to achieve a consensus or unanimous decision, the responsibility of the chair is to be constantly attentive to the group process. Identify which of the pointers below for how to chair a multiparty negotiation effectively is not correct.
Answer:
The correct answer is Introduce unnecessary ground rules or let the parties suggest them to distract. Introduce internal information that will help illuminate the issues and interests.
Explanation:
The decision by consensus is a decision process that seeks not only the agreement of the majority of the participants, but also pursues the objective of resolving or mitigating minority objections to reach the most satisfactory decision. At the same time consensus means: a) a general agreement, b) a process to reach that agreement. Decision-making by consensus is primarily about the process.
It has been said that true consensus implies "meeting everyone's needs." Decision-making by consensus attempts to denigrate the role of factions or parties and promote the expression of individual voices. The method also increases the probability of unforeseen or creative solutions by juxtaposing dissimilar ideas, as it seeks to minimize the objection; It is very popular in voluntary organizations, where decisions are made when there is generally broad approval. The consensus method is desirable when it is unlikely to force compliance with the decision, just as if each participant independently adopted the same unanimous decision.
Assume your company’s capital structure is 75% equity and 25% debt. The bank will loan you money at 6% interest, net of tax, and your only shareholder wants to achieve at least a 20% return on her investment. What is your Weighted Average Cost of Capital (WACC)?
Answer:
WACC is 16.5%
Explanation:
Given:
Weight of equity is 75% or 0.75
Weight of debt is 25% or 0.25
Total value of firm is 1 (0.75 + 0.25)
Cost of debt is 6% or 0.06
Cost of equity is 20% or 0.2
WACC = (weight of debt × cost of debt) + (weight of equity × cost of equity)
= (0.25 × 0.06) + (0.75 × 0.2)
= 0.165 or 16.5%
Therefore WACC is 16.5%
Julie is the CEO of a leading yet mature company in the automotive industry. Her company's sales growth has been steadily declining the past few years. To stimulate growth, Julie may have to: _________
Answer:
Invest in new product offerings that cannibalize existing sales of legacy products
Explanation:
Since the sales of the automotive industry has been going down in the past few years, Julie working as the Chief Executive Officer of the company has to make decision and make investments in new projects and products so that the company sustains and the the growth also rises. Starting new projects in the market will help Julie's company to gain their returns and will help sustaining the company. Julie can also make cannibalize or use the machine part or the spare as the source of raw materials to manufacture other parts. Thus in this way, Julie can regain her declining sales growth.
Answer:
Growth is expected to grow much more quickly than average.
Explanation:
Which of the following would be considered a suspicious purchasing behavior? A. A customer who purchases a high-risk product for the first time. B. A customer with a commercial account who makes repeated purchases over several years of a high-risk product. C. A customer who reads all the labels for similar items before determining which product to purchase. D. A customer who refuses similar products that are more effective or less expensive for no apparent reason.
Answer: " D. A customer who refuses similar products that are more effective or less expensive for no apparent reason. " would be considered a suspicious purchasing behavior.
Explanation: because it is assumed that a customer always seeks its greatest benefit and rejecting equal, more effective products at a lower cost without an obvious reason would be rejecting the possibility of having greater satisfaction at a lower cost.
A customer who refuses similar products that are more effective or less expensive for no apparent reason would be considered a suspicious purchasing behavior.
Explanation:A suspicious purchasing behavior is one that raises concerns and may indicate fraudulent activity. In this case, option D, a customer who refuses similar products that are more effective or less expensive for no apparent reason, would be considered a suspicious purchasing behavior. This behavior suggests that the customer may have ulterior motives or be involved in illicit activities. It is important for businesses to monitor and investigate such behaviors to protect themselves from potential risks.
To inspire innovation, Jinyuan encourages his employees to devote one afternoon a month to work on pet projects, just to spend time in the lab experimenting and thinking freely. He is acting in the ______ role.a. entrepreneurb. disturbance handlerc. resource allocaterd. negotiatore. liaison
Answer:
Entrepreneur
Explanation:
Entrepreneur
Is the person who create a new business , with most of the risks and gaining most of the rewards .
An entrepreneur act as a innovator , source of new ideas , services , goods .
The person plays an important role in the economy , with good skills and determination to anticipate needs and get new idea for the market .
From the question , Jinyuan act as an Entrepreneur .
The freedom of working for yourself is necessarily limited by A. your local competitors. B. the needs of your family and friends. C. your own skills and abilities. D. what your manager tells you to do.
Answer: Option C
Explanation: If someone is working for himself and herself than the only hindrance on his or her freedom to operate is his or her own skills and abilities.
The local competitors are a factor of external environment, hence, they could not affect the internal operations of any person working on itself. If someone wants to operate at a high level than the existing one without having sufficient skills and resources, then there is a slight chance that he will succeed.
Hence from the above we can conclude that the correct option is C.
Kristi goes shopping with a friend and notices her friend’s new duct tape wallet. She thinks of her own worn wallet and realizes she needs a new one. In which stage of the consumer purchase decision process was Kristi when she had this realization?
Answer:
Problem recognition
Explanation:
The problem recognition stage arises when the purchaser or consumer recognizes the need or problem which can be satisfied by a good or service in the market. This is the first stage of the consumer purchase decision process. Kristi recognized the need for a new wallet after seeing her friend's wallet.
Which of the following is an advantage of consumer credit? a) It costs more than cash purchases. b) It can encourage customers to spend beyond their means. c) It can allow you to save money if you time your purchases correctly. d) It can earn extra money for lenders.
Answer:
The answer is D
Explanation:
Answer: NOT D
Explanation:
Other than getting laborers to work their land, how did the sharecrop system benefit landowners? a. Government subsidies provided them with more income. b. Profits were greater than under the slave labor system. c. It provided employment for immigrants. d. It reduced their risk when cotton prices were low.