Answer:
mentor
Explanation:
According to my research on business roles and responsibilities, I can say that based on the information provided within the question the president realizes that you are acting as a mentor to junior employees. This is defined as a person has an expertise in a certain area, and gives advice or trains another individual (usually younger than you). This is what you seem to be doing with the younger employees that gravitate towards you for advice.
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"Scarcity, opportunity cost, and marginal analysis Neha is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Each hour she spends swimming is an hour that she can't spend biking or running. Which basic principle of individual choice does this sentence best illustrate?1)Neha has an incentive to spend more time on swimming than on biking or running.2)People usually exploit opportunities to make themselves better off.3)All choices have opportunity costs.4)Neha can use time most efficiently by spending the same amounts of time on swimming, biking, and running."
The sentence exemplifies the opportunity cost principle, highlighting that time spent on one activity results in the loss of potential benefits from alternative activities.
Explanation:The sentence 'Each hour she spends swimming is an hour that she can't spend biking or running' best illustrates the opportunity cost principle of individual choice. This reflects the fact that due to scarcity, Neha must make a choice between competing activities, each with their own potential benefits. Therefore, the time dedicated to one activity cannot be spent on another, which is the fundamental nature of opportunity cost. This concept is crucial in economics and reflects the reality that people must always consider the next best alternative that they give up when making a decision.
Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $55,000 cash to start the business and received 4,000 shares of stock. The store completed its first year of operations on December 31, 2017. On that date, the following financial items for the year were determined: cash on hand and in the bank, $50,500; amounts due from customers from sales of books, $28,500; equipment, $54,000; amounts owed to publishers for books purchased, $9,000; one-year notes payable to a local bank for $5,250. No dividends were declared or paid to the stockholders during the year.
Assuming that Reader Direct generates net income of $6,000 and pays dividends of $3,600 in 2018, what would be the ending Retained Earnings balance at December 31, 2018?
This is the problem I have been given, and I've gotten to this point. I am just very confused on the Ending RE and Beginning RE.
So far I have
ENDING RE = BEG RE + Net Income- Dividends
________ = _______ + 6,000 - 3,600
Answer:
The ending retained earning would be $2,400
Explanation:
For computing the ending retained earnings balance, we have to use the formula which is shown below:
Even in the question, the formula is given so we use it
Ending retained earnings = Beginning retained earnings + net income - dividend
Ending retained earnings = 0 + $6,000 - $3,600
In the question, the beginning retained earnings balance is not given so we assume zero balance
So, the ending retained earnings would be $2,400
Bill and nine of his friends each contributed $10,000 to form a real investment group. The group then purchased a small retail center for $350,000 using an interest-only loan for $250,000 at 10% annual interest. At the end of one year, the building was sold for $410,000. What is the rate of return on Bill's investment?
Answer:
Rate of return = 9.33%
Explanation:
As for the provided information, we have:
Bill and his nine friends invested $10,000 each = $10,000 (Bill + 9 ) = $10,000 [tex]\times[/tex] 10 = $100,000
Extra loan taken = $250,000
Interest on such for the year = $250,000 [tex]\times[/tex] 10% = $25,000
Interest expense for each individual = $25,000/10 = $2,500
Share of loan for each person = $250,000/10 = $25,000
Total cost of retail center to each person = $10,000 + $25,000 + $2,500
= $37,500
Return on investment = $410,000
Return share of each individual = $410,000/10 = $41,000
Net return to each individual = Return - Cost = $41,000 - $37,500 = $3,500
Net rate of return = [tex]\frac{3,500}{37,500} \times 100 = 9.33[/tex]
Those who implement the policies and plans of top management above them and supervise and coordinate the activities of the first-line managers below them are called _______.
Answer:
Middle Management
Explanation:
According to my research on different business roles and responsibilities, I can say that based on the information provided within the question the role being described is called Middle Management. These are the intermediate management level of an organization that is responsible for ‘team leading’ line managers and/or ‘specialist’ line managers, as well as being responsible for lower level performance and productivity.
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Natcher Corporation collects 35% of a month's sales in the month of sale, 40% in the month following sale, and 20% in the second month following sale. The company has found that 5% of their sales are uncollectible. Budgeted sales for the upcoming four months are:
August budgeted sales $250,000
September budgeted sales $350,000
October budgeted sales $390,000
November budgeted sales $230,000
The amount of cash that will be collected in November is budgeted to be
I. $218,500
II. $138,000
III. $272,500
IV. $338,500
V. None of the above
Answer: Option (v) is correct
Explanation:
Given that,
Natcher Corporation collects,
35% of a month's sales in the month of sale
40% in the month following sale
20% in the second month following sale
5% of their sales are noncollectable
Budgeted sales are:
August budgeted sales = $250,000
September budgeted sales = $350,000
October budgeted sales = $390,000
November budgeted sales = $230,000
Amount of cash collected in November is budgeted:
= 35% of November sale + 40% of October sale + 20% of September sale
= 35% of $230,000 + 40% of $390,000 + 20% of $350,000
= $80,500 + $156,000 + $70,000
= $306,500
You purchased 1,000 shares of the New Fund at a price of $20 per share at the beginning of the year. You paid a front-end load of 4%. The securities in which the fund invests increase in value by 12% during the year. The fund's expense ratio is 1.2%. What is your rate of return on the fund if you sell your shares at the end of the year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Answer:
6.37%
Explanation:
Rate of return
= (Aggregate investment value after one year - Investment value) / investment value ----- equation 1
Cost of shares =number of shares* price per share
= 1000* $20 =$20,000
Total amount invested = Purchasing cost /(1- front-end load)
= $20,000 / (1-0.04)
=$20,000 / 0.96 = $20,833.333
Investment value after one year
= Total Investment*( 1+ price increase-expense ratio)
= $20,000( 1 +0.12 -0.012)
= $20,000(1.12-0.012) = $20,000 * 1.108 = $22,160
From equation 1 above
Rate of return = ($22,160 - $ 20,833.333) / $20,833.333
$ 1,326.667 / $ 20,833.333
= 0.06368001701
= 0.0637
Since rates of return are expressed as %, we multiply the result by 100 to get
0.0637*100 =6.37%
My rate of return on the fund will be 6.37% if I sell the shares at the end of the year.
After accounting for the front-end load and expense ratio, the rate of return for the New Fund investment comes out to be approximately 10.69%.
Explanation:Initially, you purchased 1,000 shares of the New Fund at $20 per share, costing you $20,000. The front-end load was 4%, meaning you paid an upfront fee of $800 (0.04 * $20,000), which effectively reduces your investment to $19,200 ($20,000 - $800).
The value of the securities in which the fund invests increased by 12% during the year, raising your investment value to $21,504 ($19,200 * 1.12).
However, the fund also charges an expense ratio of 1.2%, which is a fee taken from your investment value. This amounts to $258.05 ($21,504 * 0.012), leaving you with an ending balance of $21,245.95 ($21,504 - $258.05).
To calculate your rate of return, you subtract the initial investment from the ending balance, divide by the initial investment, and multiply by 100 to get a percentage. This gives you a rate of return of roughly 10.69% [($21,245.95 - $19,200) / $19,200 * 100]. This is your final return, taking into consideration the front-end load and expense ratio.
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On January 1, 2018, Bangle Company purchased 30% of the voting common stock of Sleat Corp. for $1,000,000. Any excess of cost over book value was assigned to goodwill. During 2018, Sleat paid dividends of $24,000 and reported a net loss of $140,000. What is the balance in the investment account on December 31, 2018?
Answer:
The balance in the investment account on December 31, 2018 is $950,800
Explanation:
The computation of the balance in the investment account is shown below:
= Common stock value - net loss - dividend amount
where,
Common stock is $1,000,000
Net loss = Net loss × percentage rate
= $140,000 × 30%
= $42,000
And, the dividend equals to
= dividend × percentage rate
= $24,000 × 30%
= $7,200
Now put these values to the above formula
So, the answer would be equal to
= $1,000,000 - $42,000 - $7,200
= $950,800
A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be earned?
a. December 5
b. December 10
c. November 30
d. December 1
Answer:
November 30
Explanation:
it's hard for me to explain it but basically sales are made whether the company receives the money or not
The $1,000 sale by the flower shop is considered to be earned on November 30, in accordance with GAAP and the revenue recognition principle, which recognizes revenue when the sale is made, not when payment is received. C is correct.
The $1,000 made by the flower shop is considered to be earned on November 30. According to GAAP and the revenue recognition principle, revenue is recognized when the earnings process is complete, or nearly complete, and the exchange has taken place. In this scenario, the transaction was completed on November 30, which is when the flower shop fulfilled the order and the sale was made, regardless of when the payment was received or when the statement was sent.
Applying this to OP's hypothetical sales tax recognition, the $20 million in local sales taxes collected in December would be recognized at the time of the transaction. A similar pattern applies to other derived revenues, and expenses are recognized in conjunction with the revenues they help to generate as per the matching principle.
Silver Inc. is an S corporation. This year it earned $60,000 of taxable income and paid a $10,000 distribution to Daisy, its sole shareholder. Daisy has a marginal tax rate of 24%. Due to thecorporation's results and the distribution paid, the IRS will receive total taxes of A. $14,400. B. $27,000. C. $9,000. D.$14,100.
Answer:
$14,400
Explanation:
Given:
Total taxable income = $60,000
Total distribution paid to the Daisy = $10,000
Marginal tax rate = 24%
Now,
the total taxed received by the IRS
= Total taxable income × Marginal Tax rate
or
the total taxed received by the IRS = $60,000 × 24%
or
the total taxed received by the IRS = $14,400
Hence, the answer is option (a)
Malcolm is part of a team developing a new smartphone app to track traffic patterns. Because team members are located throughout the country, they don't meet in person. Instead, they use communication technology to collaborate on the project. Because members use technology to stay connected, Malcolm is part of a
a. departmental team.
b. cross-functional team.
c. virtual team.
d. self-directed team.
Answer:
c. Virtual Team
Explanation:
Since they don't meet in person, they are settled in different locations and collaborate through technolgy, they only meet virtually, they are called a virtual team
Producer surplus A. is the minimum amount a firm must receive to engage in trade. B. represents the opportunity cost of the firm. C. is a measure of what a firm gains from trade. D. determines whether or not a firm will produce in the long run.
Answer: A) Is the minimum amount a firm must receive to engage in trade.
Explanation: Is a concept based on the law of supply and demand, and is the conditional benefit they obtain form the sale of their products, since they are able to sell them at a higher price than they would be willing to charge. In other words, the difference between the amount that a producer receives from the sale of a good and the lowest amount that the producer is willing to accept for the product. The greater the difference between the two prices, the greater the benefit to the producer.
An economic outcome is said to be efficient if the economy is
using all of the scarce resources it has available.
conserving on resources, rather than using all available resources.
getting all it can get from the scarce resources it has available.
able to produce more than what is currently being produced without additional resources.
Answer:
The correct answer is: getting all it can get from the scarce resources it has available.
Explanation:
We are aware that in an economy we have scarce resources. These scarce resources have alternative use and are to be used to satisfy unlimited wants and needs. When choosing one alternative, we need to sacrifice the other.
In such a situation an outcome is said to be efficient if all the resources are being used efficiently. In other words, using the current level of resources if an economy cannot produce more output then it is efficient.
An economy is said to be efficient when it maximizes the potential of its scarce resources to yield the most benefit. This concept is known as allocative efficiency, which signifies that resources are allocated to maximize the total well-being of society.
Explanation:In economic terms, an outcome is considered efficient when the economy is getting all it can from the scarce resources it has available. This is usually referred to as allocative efficiency. It signifies that resources are allocated in a way that increases the total well-being of the society and there is no other possible allocation that would increase anyone’s well-being without reducing someone else’s well-being.
An economy achieves efficiency by fully capitalizing on all available resources thereby minimizing waste. It does not necessarily imply that all resources are used up, rather they are utilized in a manner that yields maximum benefit.
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A General Electric employee was fired after he reported allegations of Foreign Corrupt Practices Act violations in Iraq to his supervisor and GE Energy's ombudsperson. This can be the unfortunate outcome when one becomes a
a whistle-blower.
b capitalist.
c scab.
d corporate spy.
e stakeholder.
Answer:
The correct answer is a. whistle-blower.
Explanation:
A complainant is any person who raises a concern about an alleged crime or crime that is present in an organization, a company, or any group of people. In most cases, a complainant is a person who is somehow a part of the body that is being accused or disclosed. The alleged conduct that was brought to light can be classified in several ways, as a rule a violation of a specific law, rule, regulation, or a direct threat to the greater public interest (such as health / safety violations, fraud , or corruption) is the main reason that an individual take part in reporting irregularities.
The purchase of a call has what advantage over buying the underlying security?
A. Lower capital requirement.
B. The call holder receives the same dividend as does the holder of the underlying stock.
C. The call holder does not lose time value as the position is held.
D. The call holder has a larger gain potential in a rising market.
Answer:
A. Lower capital requirement.
Explanation:
A call option gives the buyer the right to purchase the underlying asset at the strike price at any time before the expiry date (and the seller is obligated to deliver the underlying asset at the strike price). As they demand a less capital investment than equities so are less risky and have the potential to deliver higher percentages of returns.
Many companies recognize three major categories of costs of manufacturing a product. These are direct materials, direct labor, and overhead. Which of the following is an overhead cost in the production of an automobile?
a) The cost of small tools used in mounting tires on each automobile.
b) The cost of the tires on each automobile.
c) The cost of the laborers who place tires on each automobile.
d) The delivery costs for the tires on each automobile.
Answer:
a)
Explanation:
a) is the overhead cost
b) are direct materials
c) is direct labor cost
d) is the overhead cost
Direct materials, direct labor, and overhead are three major categories of costs in manufacturing. The delivery costs for the tires on each automobile would be considered an overhead cost.
Explanation:In the production of an automobile, the cost of small tools used in mounting tires on each automobile would be considered a direct material cost because it is directly related to the manufacturing process. The cost of the tires on each automobile would also be considered a direct material cost because it is a physical component of the finished product.
On the other hand, the cost of the laborers who place tires on each automobile would be considered a direct labor cost because it is directly associated with the manual labor involved in manufacturing the product. Lastly, the delivery costs for the tires on each automobile would be classified as an overhead cost because it does not directly involve the manufacturing process.
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In order for Hope Springs to effectively sell its bottled water, the company needs to be effective at ________, which is the practice of building ties to customers through a salesperson's attention and commitment to customer needs over time
Answer: Relationship selling
Explanation: In simple words, it refers to the strategy in which the seller focus on the communication and interaction between the buyer and seller rather than the product price and qualities.
It is done with the objective of gaining customer loyalty and making the customer base strong and rigid. It is implemented on existing markets and not on the potential customer base.
Hence from the above we can conclude that the correct answer is relationship selling.
The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed $4,940 from a local bank on a note due in six months. Received $5,630 cash from investors and issued common stock to them. Purchased $2,000 in equipment, paying $700 cash and promising the rest on a note due in one year. Paid $800 cash for supplies. Bought and received $1,200 of supplies on account. Prepare a classified balance sheet for Spotlighter, Inc., as of January 31.
Final answer:
To prepare Spotlighter, Inc.'s balance sheet for January 31, the transactions need to be classified into assets, liabilities, and equity. After categorizing transactions such as borrowing money, issuing stock, and purchasing equipment, a structured balance sheet can be composed reflecting current assets, non-current assets, current liabilities, non-current liabilities, and equity.
Explanation:
Preparing Spotlighter, Inc.'s Classified Balance Sheet To create a classified balance sheet for Spotlighter, Inc. as of January 31, we need to organize the transactions that took place during the month of January. The balance sheet will be composed of assets, liabilities, and equity. Let's consider each transaction and its impact on the balance sheet:
Borrowed $4,940 from a local bank on a note due in six months (current liability).
Received $5,630 cash from investors and issued common stock to them (equity).
Purchased $2,000 in equipment, paying $700 cash and the rest on a note due in one year (non-current asset and non-current liability).
Paid $800 cash for supplies (current asset).
Bought and received $1,200 of supplies on account (current asset and current liability).
With these transactions in mind, the classified balance sheet would generally be structured as follows:
Assets Current Assets: Cash, Supplies
Non-current Assets: Equipment
Liabilities
Current Liabilities: Notes Payable (short-term), Accounts Payable
Non-current Liabilities: Notes Payable (long-term)
Equity Common Stock Note that actual amounts need to be calculated based on the transactions, for instance, cash would be increased by the loan and investment, then decreased by payments for equipment and supplies.
Q would like to purchase $100,000 of permanent protection on his wife and $50,000 of term coverage on himself under the same policy. what kind of policy should q purchase?
Answer:
Q should purchase whole life insurance policy.
Explanation:
Since Q wants to get a permanent protection for his wife so whole life insurance policy is his safest best. This type of insurance is there for the entire lifetime and offer many benefits. The two major benefits of whole life policy include death benefit and accumulated cash savings. It pays a death benefit to the beneficiary when the person passes away. Accumulated cash value also serve the purpose of savings which you can also get while you are still alive. This very insurance basically has your entire life covered.
To achieve $100,000 of permanent coverage for his wife and $50,000 of term coverage for himself under the same policy, Q should purchase a combination life insurance policy. This policy combines different types of coverage in one package.
Explanation:Q should look to purchase a combination life insurance policy. Combination policies allow individuals to cluster different types of coverage under one policy. In this case, Q would have permanent life insurance coverage on his wife, which does not expire and accumulates a cash value over time. On the other hand, the term life insurance coverage on himself would only last for a specified time period, typically cheaper than permanent coverage because of its temporary nature.
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Juanita is deciding whether to buy a dress that she wants, as well as where to buy it. Three stores carry the same dress, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $100 for the dress:
Store
Travel Time Each Way
Price of a Dress
(Minutes)
(Dollars per dress)
Local Department Store 15 100
Across Town 30 86
Neighboring City 60 63
Juanita makes $56 an hour at work. She has to take time off work to purchase her dress, so each hour away from work costs her $56 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.
Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location.
Store
Opportunity Cost of Time (dollars)
Price of a Dress (dollars per dress)
Total Cost (Dollars)
Local Department Store ? 100 ?
Across Town ? 86 ?
Neighboring City ? 63 ?
Assume that Juanita takes opportunity costs and the price of the dress into consideration when she shops. Juanita will minimize the cost of the dress if she buys it from the __
Answer:
Juanita will minimize the cost of the dress if she buys it from the Local Department Store
Explanation:
Every 15 minutes cost $14 for Juanita according with the information you should calculate every moved from the work to the shop and multiply by 2 because Juanita spend the same time in every journey.
Every journey and the price of the dress shlud be calculated with the next formula:
= (time by journey * 2*$14) + (the equivalent of 30 minutes shooping)+ dress price
= Local Department Store= (15*2*$14)+($28)+ $100 =$156
=Accross Twon = (30*2*$14)+($28)+ $86 =$ 158
=Neighboring City = (60*2*$14) +($28) +$63 =$199
Juanita will minimize the cost of the dress if she buys it from the Local Department Store
The calculation is as follows:
= (time by journey × 2 × $14) + (the equivalent of 30 minutes shooping)+ dress price
Local Department Store= (15 ×2 ×$14)+($28)+ $100 =$156
Accross Twon = (30 ×2 × $14)+($28)+ $86 =$ 158
Neighboring City = (60 × 2 × $14) +($28) +$63 =$199
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Drafi Arts Corp. makes and sells original handicraft products. The management of the company has been successfully using a niche strategy for years. In this case, which of the following is the most likely to be true of Drafi Arts Corp.?
Answer:
The correct answer would be, It serves only a limited geographic market.
Explanation:
A niche strategy of selling the products means that the company sells its products which is limited by some preferences, usually geographically.
So Drafi Arts Corp makes and sells original handicraft products, and the company is successfully using a niche strategy for years, which means company is selling its handicraft items to people limited by geographical areas. They are not selling their products nationwide or worldwide, rather they are focusing on selling their handicrafts to a limited geographical region.
Laverne and Shirley started a partnership. Laverne invested $4,000 in the business and Shirley invested $6,000. The partnership agreement stipulated that profits would be divided as follows. Each partner would receive a 10% return on their invested capital with the remaining income being distributed equally between the two partners. Assuming that the partnership earned $4,500 during an accounting period, the amount of income assigned to the two partners would be:
Answer: Amount of income assigned to Laverne = $2,150
Amount of income assigned to Shirley = $2,350
Explanation:
Given that,
Laverne invested = $4,000
Shirley invested = $6,000
Each partner receive = 10% return on their invested capital
and remaining income being distributed equally between the two partners.
Partnership earned = $4,500
Remaining income = Partnership earned - 10% on Laverne's capital - 10% on Laverne's capital
= $4,500 - $400 - $600
= $3,500
Amount of income assigned to Laverne:
= 10% of $4,000 + [tex]\frac{3500}{2}[/tex]
= $400 + $1,750
= $2,150
Amount of income assigned to Shirley:
= 10% of $6,000 + [tex]\frac{3500}{2}[/tex]
= $600 + $1,750
= $2,350
________ is the first component of an operational customer relationship management system that supports a broad range of business processes, such as tracking and managing customer history and preferences, account and contact management, and order processing and tracking.
Answer:
The correct answer is Sales force automation.
Explanation:
The objective of automating any process is to simplify it to facilitate its achievement. Therefore, automating the sales force means the same: simplify each of the phases that make up the commercial process and turn it into a clear, defined and automatic method that helps your team to be more efficient in each of its actions, from contact search, business visit development, monitoring and closing.
CRM is the primary component of a system supporting multiple business processes.
Explanation:Customer relationship management (CRM) is the first component of an operational CRM system that supports various business processes. This includes tracking customer history and preferences, account and contact management, and order processing. The system utilizes information for marketing optimization, response to demand variations, and targeted marketing.
A Lord & Taylor house brand cashmere sweater retails for $99. A very similar sweater with a Ralph Lauren label sells for $219. The difference between the price of the high-end label product and the private brand product is called
b. reverse equity.c. salience.d. brand differential.
Answer:
Revenue premium
Explanation:
Revenue premium is a difference in revenue between a branded good and private labeled good
Revenue premium is useful product market measure of brand equity
Final answer:
The difference in price between a high-end label product and a private brand product, like the Ralph Lauren and Lord & Taylor cashmere sweaters, is called brand differential. This price difference is attributed to the perceived value or brand equity associated with the high-end label.
Explanation:
The difference between the price of the high-end label product and the private brand product is referred to as brand differential. This concept illustrates the added value a brand name can bring to a product. For example, a Lord & Taylor house brand cashmere sweater retails for $99, while a very similar sweater with a Ralph Lauren label sells for $219. The $120 difference in price between these two items, which are nearly identical in terms of material and function, is attributed to the Ralph Lauren brand's perceived higher value or brand equity. Brand equity is influenced by various factors including quality perception, brand loyalty, and marketing efforts.
Companies invest in building their brand equity because it allows them to charge premium prices, as seen in the case of the Ralph Lauren sweater. The dynamics of brand equity suggest that it needs to be constantly replenished through advertising and maintaining quality to keep attracting consumers willing to pay a higher price for a labeled product over a similar no-brand or private label product.
Lakewood Jet Skis has budgeted sales for June and July at $ 440,000 and $ 540,000 , respectively. Sales are 65% credit, of which 30% is collected in the month of the sale and 70% is collected in the following month. What is the accounts receivable balance on July 31?
Answer:
$436800
Explanation:
540000×65%= 351000(amount recievable for June)
440000×65%= 286000(amount recievable for July)
286000×30%= 85800
Since asking balance for 31 July
30% of credit sales in June has been collected in June and 70% of June credit sales has been
Collected in July
So take full amount credit sales of June of 351000(70%+30%=100%)+85800= $436800
Answer:
What is the accounts receivable balance on July 31? is $245700
Explanation:
July sales 540000
credit% 65%
Credit sales 351000
Collect sales % 30%
Collect sales on month 105300
Accoun receivable balance 245700
Peter Jones, a senior accountant, and Mary Miller, a junior accountant, were the only accountants for XYZ Company, a medium-sized business. Peter had been with the company for over four years and was responsible for the Purchasing Department. Mary had been working at the company for a little over five years, and she had neither applied for a vacation nor taken any days off in the last three years. She was responsible for cash receipts and disbursements. She also collected the cash from the cash register, counted it and matched it with cash register receipts, made a record of daily receipts, and then put the money in the safe. Once a week, she would take the paperwork to her supervisor, Susan Lowe, one of the managers, who would check it. Mary later resigned from the company. At the time of her resignation, Peter was asked to handle Mary's responsibilities while the company looked for a person to replace her. Peter soon realized that there had been some manipulation of accounting records and embezzlement of funds. Investigations revealed that approximately $30,000 had been stolen. What could the management of XYZ Company have done to prevent Mary's embezzlement or to detect the fraud earlier?
Answer:
The answer is: Establish a control system (checks and balances)
Explanation:
Mary was in charge of all the operations regarding the use of cash in the company. The problem was that there was no one to control her work. If she prepared all the cash receipts and disbursements, she shouldn´t have been responsible for collecting the cash and matching them with the receipts she prepared herself.
The manager, Susan Lowe, couldn´t tell if cash was missing if Mary did the receipts and then matched the cash records for them. There was no way she could have checked if the amounts were correct. Peter should have been involved in this process, either by preparing the receipts or handling the cash and matching the records. That way the could have established some control system.
Final answer:
To prevent embezzlement or detect fraud earlier, XYZ Company should have enforced segregation of duties, conducted regular audits, implemented mandatory vacations, and established a whistleblower policy.
Explanation:
To prevent embezzlement or detect fraud earlier at XYZ Company, management could have implemented several internal control measures. First, segregation of duties is crucial; Mary should not have been responsible for collecting, recording, and depositing cash without oversight. Implementing regular audits, both internal and external, would have created an environment where financial manipulations are more likely to be detected. Additionally, enforcing mandatory vacation policies could reveal fraudulent activities, as someone else temporarily managing the absent employee's duties may notice discrepancies. Finally, establishing a whistleblower policy encourages employees to report suspicious activities without the fear of retaliation, further safeguarding the company's financial integrity.
The state of Texas used to experience large-scale booms and busts related to price fluctuations within the petrochemical industry. Recently, however, the business climate has attracted many different types of companies to the state, and, as a result, the state has experienced _________ that has allowed other industries to take a more prominent role in Texas's economy.
Answer:
Economic Diversification
Explanation:
The method of moving an economy away from the central source of revenue to various sources from a increasing spectrum of industries and markets is called Economic Diversification.
As a strategy for encouraging favorable financial growth and development, it has traditionally been implemented.
______________ recognizes that a company’s performance should be viewed not only in terms of its ability to generate economic profits for its owners, as has traditionally been the case, but also in terms of its impact on people and the planet.
Answer:
Triple bottom line
Explanation:
This is the practice for many private companies this days, as they try to be social, economical and enviromentally profitable.
It's generally accepted to be the case when a company has the following certificates:
ISO9001/ISO9000 (for managment) ,
ISO 26000 (for societal) and
ISO 14001 (for the environment)
Careful administration of central parenteral nutrition (CPN) includes:
a. Rapid advancement to complete nutrition
b. Close monitoring of infusion and laboratory values
c. Individualized protocols for administration
d. Flexible schedule to accommodate the client's activities
Answer:
b. Close monitoring of infusion and laboratory values
Explanation:
Careful administration of central parenteral nutrition (CPN) include . Close monitoring of infusion and laboratory values. CNP is the injection of or oral intake of nutrition to malnourished patient unwilling to take adequate nutrition. Used solo or in combination with diet.
If Andrea sells Dan a Wii gaming system for $150,
a. the well-being of both parties will be unchanged.
b. Andrea will gain from the transaction, but Dan will lose.
c. Dan will gain from the transaction, but Andrea will lose.
d. both Dan and Andrea will gain from this transaction.
Answer:
The answer is: D) both Dan and Andrea will gain from the transaction.
Explanation:
Whenever a business transaction is done freely, not forcefully, by mutual consent and without any type of fraud being committed, then both parties win. Andrea should be happy with her $150 and she will be able to buy anything she wants or likes (in the price range). Dan should also be happy and start playing with his Wii as soon as possible so he can enjoy the most out of his new purchase.
The only reason why someone would lose in this transaction is that Andrea was forced to sell her Wii at a lower price than she thought. Or Dan was forced to buy the Wii at a higher price than he considered appropriate. Or Andrea stole the Wii from someone else, it really doesn´t work or anything else illegal about it.
Previously, Autoco designed all of its cars itself and then contracted with specialized parts suppliers to build parts according to its specifications. Now it plans to include its suppliers in designing the parts they are to build. Since many parts suppliers have more designers with specialized experience than Autoco has, Autoco expects this shift to reduce the overall time and cost of the design of its next new car.
Which of the following, if true, most strongly supports Autoco’s expectation?
(A) When suppliers provide their own designs, Autoco often needs to modify its overall design.
(B) In order to provide designs for Autoco, several of the parts suppliers will have to add to their existing staffs of designers.
(C) Parts and services provided by outside suppliers account for more than 50 percent of Autoco’s total costs.
(D) When suppliers built parts according to specifications provided by Autoco, the suppliers competed to win contracts.
(E) Most of the Autoco’s suppliers have on hand a wide range of previously prepared parts designs that can readily be modified for a new car.
Answer:
(E) Most of the Autoco’s suppliers have on hand a wide range of previously prepared parts designs that can readily be modified for a new car.
Explanation:
(A) When suppliers provide their own designs, Autoco often needs to modify its overall design.
This modification is more likely to increase time and cost than to decrease them.
(B)in order to provide designs for Autoco, several of the parts suppliers will have to add to their existing staffs of designers.
This will increase the cost of the next car, rather than decreasing it.
(C) Parts and services provided by outside suppliers account for more than 50 percent of Autoco’s total costs.
Suggests that outside suppliers are an important component of costs, but does not help clarify whether the plan will reduce costs.
D) When suppliers built parts according to specifications provided by Autoco, the suppliers competed to win contracts.
It’s also possible that suppliers will no longer compete for contracts, which could actually increase costs . Since the answer choice doesn’t specify which of these is correct, it isn’t clear how it affects the conclusion, which deals only with what will change after the new plan is instated.
(E) Most of the Autoco’s suppliers have on hand a wide range of previously prepared parts designs that can readily be modified for a new car.
. This answer choice suggests that suppliers will not be starting from scratch when designing new parts; they may be able to save time and/or cost by modifying existing designs.