The employee behavior could be attributed to the higher endorsement of legality in Japan.
Communication is known to be a process by which information is exchanged between multiple individuals through a common system of symbols, signs, or behavior. In our daily life, communication helps us build relationships by allowing us to share our experiences and needs, and helps us connect to others. It's the essence of life, allowing us to express feelings, pass on the information and share thoughts.
Most people think about speech when they think about communication but there are many other ways we can also use to communicate with each other.
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Murphy Manufacturing estimated total manufacturing overhead for the year to be $100,000 and that 5,000 direct-labor hours would be used. Actual overhead was $120,000 and actual direct labor-hours were 7,500. The overhead applied to a job completed during the year that used 200 direct labor-hours was ______. Multiple choice question. $4,800 $4,000 $100,000 $3,200
The overhead applied to a job completed during the year that used 200 direct labor hours was $4,000.
The first step is to calculate The predetermined overhead rate
Predetermined overhead rate = $100,000/5,000 direct labor-hours
Predetermined overhead rate = 20 per direct labor-hour
Now let's calculate The overhead applied to the job
Overhead applied to the job = $20 per direct labor-hours *200 direct labor-hours
Overhead applied to the job= $4,000
Therefore, The overhead applied to a job completed during 2021 that used 200 direct labor hours was $4,000.
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If an issuer sells bonds at a date other than an interest payment date: A)This means the bonds sell at a premium. B)This means the bonds sell at a discount. C)The issuing company will report a loss on the sale of the bonds. D)The issuing company will report a gain on the sale of the bonds. E)The buyers normally pay the issuer the purchase price plus any interest accrued since the prior interest payment date.
Option E is correct. If the issuer sells the bond on a day other than the coupon payment date: The buyer normally pays the issuer the purchase price plus interest accrued since the last interest payment date.
Issuance date, often used to identify a particular series of bonds from an issuer, is the date on which interest accrues on the fixed income security. An investor who purchases a bond during an interest payment date must pay the seller or issuer interest accrued up to the date of purchase or settlement in addition to the face value.
Investors receive interest income by purchasing bonds issued by corporations, governments and local governments. Many bonds guarantee periodic coupon or interest payments to bondholders until the bond matures. For example, a $1,000 par bond with a 5% coupon that pays semi-annually pays the investor 5%/2 x $1,000 = $25 every six months. Suppose a newly issued bond was sold in January 2018 and its maturity date is his February 1, 2023.
If the bond is scheduled to pay interest on 1 February and 1 August each year until maturity, then that date is 1 February 2023 February 2018. You will receive your first $25 on August 1, 2018.
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Russet Inc., an American stainless steel manufacturer, sources iron ore from Australia for the manufacture of steel. It saves on raw material costs as iron ore is cheaper in Australia. This scenario best illustrates
Russett Incorporation, an American stainless steel manufacturer, sources iron ore from Australia for the manufacture of steel. It saves on raw material costs as iron ore is cheaper in Australia. This scenario best illustrates globalization of production.
A global brand is one that generates significant amounts of revenue and is known even outside of its country of origin.Economic globalization involves trade, capital flows and the movement of workers, and an important element in that process is the globalization of production. With the gradual dismantling of trade barriers, and capital flows becoming easier, globalization of production has flourished.
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What was the significance of the Treaty of Nanjing in 1824?
On August 29, 1842, the First Opium War (1839–1842) between Great Britain and the Qing dynasty of China came to a conclusion with the signing of the Treaty of Nanjing. The first of what the Chinese eventually referred to as the "Unequal Treaties" was this one.
significance of the Nanjing TreatyThe Treaty of Nanjing helped China establish diplomatic and commercial ties with the West, but also significantly reduced the empire's ability to assert its sovereignty. The pact and later, unfair treaties have influenced how China interacts with the rest of the world today.
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A labor efficiency variance resulting from the use of poor-quality materials should be charged to:
A. the production manager
B. the purchasing agent
C. manufacturing overhead
D. the marketing department
(B.) the purchasing agent, The buying agent should be charged for a labor efficiency difference brought on by the use of subpar supplies.
When selecting suppliers and products, purchasing agents and buyers take into account pricing, quality, availability, dependability, and technical support. Buyers and purchasing representatives purchase goods and services for businesses to utilize internally or to market. They examine the quality of the items, negotiate contracts, and assess suppliers. A buyer may also be referred to as a purchasing agent. procurement representative. Purchaser's representative. The coordinated procurement of products and services on behalf of the buying body is known as purchasing. To guarantee that necessary materials are supplied quickly and affordably, purchasing actions are required.
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The relationship of $325,000 to $125,000, expressed as a ratio, is a. 2.0 to I b. 2.6 to 1 c. 2.5 to I d. 0.45 to 1 23
The relationship of $325,000 to $125,000, expressed as ratio, is 2.6.
What is a ratio?In math, a ratio shows the amount of times one number is present in another. For instance, if a dish of fruit contains eight oranges and six lemons, the ratio of oranges to lemons is eight to six (that is, 8:6, which is equivalent to the ratio 4:3). A ratio's quantities can take on any shape, including counts of individuals or objects, measurements of lengths, weights, or times, etc. In the vast majority of cases, both numbers must be positive. Consequently, a ratio can be conceptualised as an ordered pair of numbers, a fraction with the first number in the numerator and the second in the denominator, or as the value this fraction represents.
Ratio= 325000/125000= 2.6
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The transportation development described in the excerpt had which of the following effects on agriculture in the United States
To counter the dominance of rail companies, farmers created cooperative associations.
What do you meant by transportation development?What recent innovations best explain the shift in agriculture shown in the graph? New towns and cities that needed agricultural products grew as a result of the extraction of western resources.
Which of the following best explains why technical innovation's impact on the manufacturing of commodities continued into the late 1800s? The amount of things that factories could produce rose as a result of new industrial equipment.
Due to the restriction on immigration from eastern Asia in the late 1800s, violent conflicts increased in the western United States. Debate about how to set up the country's economy was sparked by economic changes.
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Faye sometimes borrows money from her broker to buy her stock. She is buying a. A call option b. A direct investment c. On margin d. A put option e. A short sale
Faye sometimes borrows money from her broker in order to buy her stock. She is said to be buying on margin.
Margin tends to refer to the amount of the equity which an investor has in their own brokerage account. So, in order "to margin" or "buying on margin" refers to the use of the money which are being borrowed from a broker in order to purchase securities.
However, to do so you must have a margin account, rather than a standard brokerage account. So, here Faye sometimes borrows money on margin from her broker in order to purchase her stock.
Hence, option C is correct.
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Which of the following is an example of a "hidden" production function?
A) producing a computer B) manufacturing a television C) assembling a motorcycle D) transplanting a liver
Transplanting a liver in the following is an example of a "hidden" production function.
What is a Hidden production ?
Hidden production is a type of production in which the production process is not visible to the public. This type of production is often used in industries that produce goods that are not typically seen by the public, such as pharmaceuticals or military equipment. In addition, hidden production is often used to ensure that the production process is kept secret and not accessible to competitors.
What does pharmaceuticals means?
Pharmaceuticals are drugs or medicines used to treat, cure, prevent, or diagnose diseases or medical conditions. They are typically produced in laboratories and are regulated by government agencies such as the Food and Drug Administration in the United States.In addition to prescription drugs, pharmaceuticals also include over-the-counter medications, nutritional supplements, and veterinary medicines.
Therefore the correct option is D. transplanting a liver
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From a strategy-implementing executing perspective, operating budget allocations should:
A. primarily be based on the number of new strategic initiatives being implemented in each operating department.
B. be based on the number of people employed in each of the divisions.
C. be strategy-driven and be based on how much each organizational unit needs to carry out its piece of the strategic plan efficiently and effectively.
D. be linked to the costs of performing value chain activities as determined by benchmarking against best-in-industry competitors.
E. be a gut feel decision based on which group has the most Clemson graduates.
From a strategy-implementing executing perspective, operating budget allocations should be strategy-driven and based primarily on how much each organizational unit needs to carry out its piece of the strategic plan efficiently and effectively.
The operating budget should be strategy-driven or based on the amount that each organizational unit requires to carry out its portion of the strategic plan effectively and efficiently from the perspective of strategy implementation and strategy execution.
Which of the above are expected outcomes when a new strategic venture has an excess of funds and resources? Terms in this set (46) Reduced and diminished financial performance will result.
Which of the above are expected outcomes when a new strategic venture has an excess of funds and resources? Terms in this set (46) Reduced and diminished financial performance will result.
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In business, dishonesty on financial performance is likely to lead to Multiple choice question. increased salaries. dismissal. high employee morale. greater competence.
Financial performance fraud is likely to result in a dismissal in business.
Which of the following would be most likely to damage someone's credibility?
Avert making false cause-and-effect claims. It's common to try to pinpoint causes and effects as you study business-related problems. Avoiding erroneous cause/effect statements will help you develop well-supported business positions.
What justifications exist for why a business might require employees to sign confidentiality agreements?You could ask employees to sign an employee confidentiality agreement to stop them from disclosing confidential information that could endanger your company. Employer confidentiality agreements are used by businesses to safeguard their original concepts, efficient procedures, distinctive goods, or client information.
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Affirmative action programs Question 39 options: involve the promotion of unqualified employees. only involve the training of individuals. are not very commonly used anymore because of reverse discrimination concerns. involve the recruitment, hiring, promotion, and training of qualified individuals.
Affirmative action programs involve the recruitment, hiring, promotion, and training of qualified individuals. Hence, option (d) can be regarded as the relevant choice of answer.
Give a brief account on affirmative action.In the United States, affirmative action refers to a proactive endeavour to increase the job or educational possibilities for women and members of underrepresented groups. Affirmative action is a set of policies, programmes, and practises that give minorities and women limited preferences in job hiring, admission to higher education institutions, the awarding of government contracts, and other social benefits. It was first implemented by the government as a response to the effects of pervasive discrimination against these groups. Age, gender, ethnic origin, and race are typical affirmative action eligibility factors. While civil rights law was removing the legal justification for discrimination, the Johnson administration (1963–1969) launched affirmative action to increase chances for African Americans.
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Ryan terlecki organized a new internet company, capuniverse, inc. The company specializes in baseball-type caps with logos printed on them. Ryan, who is never without a cap, believes that his target market is college and high school students. You have been hired to record the transactions occurring in the first two weeks of operations
This transaction is to pay the salary of the graphic designer who has been hired to create the logos for the caps, which are necessary for the business to be able to produce the product and make a profit.
What is transaction?A transaction is an exchange or transfer of goods or services between two or more parties. It is a formal agreement between two parties to exchange something of value, such as money, goods, or services. Transactions can take place in various forms, including in person, over the phone, online, or through a third-party vendor.
Transaction 1:
Ryan Terlecki purchased a new computer system for the company for $2,500.
This transaction is to purchase a new computer system for the company, which is a necessary expense for the start-up of the business.
Transaction 2:
Ryan Terlecki purchased 500 caps from a supplier for $2,000.
This transaction is to purchase the caps that the company specializes in, which are necessary for the business to be able to produce the product and make a profit.
Transaction 3:
The company paid the salary of the graphic designer they hired to create the logos for the caps for the first two weeks.
This transaction is to pay the salary of the graphic designer who has been hired to create the logos for the caps, which are necessary for the business to be able to produce the product and make a profit.
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Why is insurance so important in today's society?
Life insurance is significant because it provides financial stability to the policyholder's family in the event of the policyholder's untimely death.
Anyone looking to protect their family, possessions, and themselves from financial risk or losses will benefit from insurance plans. Insurance plans will assist you in covering the costs of unexpected medical expenses, hospital stays, contracting illnesses and their associated treatments, and future medical care needs.
Life insurance can help the policyholder's family maintain their financial independence so they are not forced to make lifestyle compromises.
At its most basic level, insurance acts as a protective safety net that enables businesses to take on more risky and lucrative ventures than they otherwise might.
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As an industry partner in mortgage lending transactions, investors in the secondary mortgage market have an obligation to:
Ensure that the underlying transactions are stable and secure by conducting an adequate review of the loans they acquire.
In the mortgage lending process, what role does the secondary market play?Originators get paid back for the mortgages they make by selling their loans on the secondary market. As a result, more borrowers can receive home loans because this procedure frees up capital for new mortgage lending. The mortgage market has become more accessible to a wider range of investors as a result of securitization.
In the secondary mortgage market, who invests?Mortgages are heavily invested in by hedge funds, pension funds, insurance companies, banks, GSEs, and foreign governments. Investors can choose from a wide range of potential yields for MBSs, CMOs, ABSs, and CDOs based on varying credit quality and interest rate risks.
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What is the underlying theme about good and evil in The Strange Case of Dr Jekyll and Mr Hyde?
The character of Dr. Jekyll is that of a physician who, in his quest for identity and in an effort to free his "evil" side, makes the error of dividing himself into two entities with entirely different moral and ethical standards.
Henry Jekyll has understood the ambiguity that every person experiences in the literary novel "Henry Jekyll," where a man must balance his good and bad personalities. This burden overwhelms him to the point that he wants to rid himself of the evil part using a formula he invented, with the help of which he creates two entirely different beings: on the one hand, the renowned and esteemed doctor Jekyll, who typically considers the benefit of others, and on the other hand, Mr Hyde.
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A fee that lenders may receive for selling or transferring their right to service a mortgage loan is called
A fee that lenders may receive for selling or transferring their right to service a mortgage loan is called Service release premium. When a completed mortgage loan is sold to the secondary mortgage market.
a lending institution, like a bank or retail mortgage lender, receives a payment known as a service release premium (SRP). As the initial phase in the production of a mortgage-backed instrument, the secondary mortgage loan market purchaser is often a Wall Street investment bank, Fannie Mae, Freddie Mac, or Ginnie Mae (MBS). Nowadays, the US government buys almost all concluded mortgages through the GSE Mortgage Backed Securities Purchase Program.
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Unadjusted cost of goods sold is calculated by subtracting ending finished goods inventory from...
A. costs of goods manufactured
B. goods available for use
Unadjusted cost of goods sold is calculated by subtracting ending finished goods inventory from goods available for use.
What is cost?In manufacturing, research, retail, and accounting, cost is monetary value that is no longer available because it was used to produce something or provide a service. In business, acquisition costs can be acquisition costs. In this case, the amount spent on the acquisition is counted as an acquisition cost. Cost is the amount of money a business spends to create or produce goods or services. This does not include the profit markup. From the seller's view point, cost is the amount of money spent to produce the goods and products. Cost is defined as the sum of actual expenditure on inputs and imputed expenditure on inputs supplied by the owner.To learn more about cost from the given link :
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The market for goldfish is perfectly competitive. From year 1 to year 2, both the price and the quantity of goldfish sold increase. This is most likely caused by
C) A rise in demand is most likely to blame for this. The goldfish industry is highly competitive.
What is the term for inflation brought on by a rise in demand?When the total demand for goods and services (also known as "aggregate demand") exceeds the total supply of goods and services (also known as "aggregate supply") that can be produced sustainably, demand-pull inflation occurs.
Which three main factors contribute to inflation?Inflation can be attributed to three main factors: Inflation caused by cost-push, demand-pull, and built-in factors. A situation known as demand-pull inflation occurs when there are not enough goods or services produced to meet demand, resulting in an increase in their prices.
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"Complete question: The market for goldfish is perfectly competitive. From year 1 to year 2, both the price and the quantity of goldfish sold increase. This is most likely cause by
a. an increase in the supply
b. a decrease in the supply
c. an increase in the demand"
The goldfish market is perfectly competitive market. From the first year to second year, goldfish sales prices and quantities increase. This is likely due to increased demand.
Is there a goldfish market?The goldfish market size is projected to reach millions of USD by 2028 compared to 2022, at an unexpected CAGR during the forecast period of 2023-2028.
How do fish markets work?A fish market is a market that sells fish and fish products. It may be devoted to the wholesale trade between fishermen and fishmongers, or to the sale of seafood to individual consumers, or both. are also often sold.
Does England sell goldfish?Goldfish are exported and sold all over the world. In the UK it is marketed under the name 'Finz' but the product is similar. In Switzerland, the Goldfish flavor is sold using brand name Goldfischli.
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Refer to Figure 6-18. The per-unit burden of the tax on sellers is
a. $6.
b.8
c.10
d. $14
The per-unit burden of the tax on sellers is $6, and the answer is a. The equilibrium price before tax is $16 per unit and is received by sellers.
What do you mean by price burden?
Burden costs, which can increase the price of manufacturing a product, are expenses that aren't readily apparent (such as labor or inventory). The manufacturing of a product is not directly tied to overhead expenses.The burden rate is the entire cost to a business of employing and keeping one employee, in addition to their direct remuneration in salaries. The burden rates will cover a variety of expenses, including training, perks, sick time, and pension payments.The burden rate is the percentage of burden (overhead) that is applied to each dollar of pay. The burden rate, for instance, is $0.25 per $1.00 of salary if an individual's annual benefits and payroll taxes total $20,000 and his wages are $80,000.To know more about burden cost here
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Required information Problem 5-3A Record transactions related to accounts receivable (LO5-3, 5-4, 5-5) Skip to question [The following information applies to the questions displayed below.] The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $34,400. September 17, 2021 Receive $19,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $49,400. May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $39,500 from customers for services provided in 2022. December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received.
The Underwood Corporation must record the above transactions with debits to the Accounts Receivable account and credits to the Cash account or Service Revenue account.
The Underwood Corporation recorded the following transactions related to accounts receivable for 2021 and 2022:
June 12, 2021
Debit Accounts Receivable: $34,400
Credit Revenue: $34,400
September 17, 2021
Debit Cash: $19,500
Credit Accounts Receivable: $19,500
December 31, 2021
Debit Allowance for Doubtful Accounts: $15,390
Credit Accounts Receivable: $15,390
March 4, 2022
Debit Accounts Receivable: $49,400
Credit Revenue: $49,400
May 20, 2022
Debit Cash: $10,000
Credit Accounts Receivable: $10,000
July 2, 2022
Debit Allowance for Doubtful Accounts: $19,835
Credit Accounts Receivable: $19,835
October 19, 2022
Debit Cash: $39,500
Credit Accounts Receivable: $39,500
December 31, 2022
Debit Allowance for Doubtful Accounts: $21,670
Credit Accounts Receivable: $21,670
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How is GNP calculated?
In order to determine GNP, one typically adds up personal consumption expenditures, private domestic investment, government spending, net exports, and any income residents may have from investments made abroad, then deducts that amount from foreign residents' income.
What Is Gross National Product (GNP)?A country's gross national product (GNP) is an estimation of the total dollar value of all the finished goods and services produced over a specific time period using resources held by its citizens.What a country exports less any imports of products and services is what is referred to as its net exports.The gross national product (GNP) and the gross domestic product (GDP), two additional crucial economic indicators, are related. The former measures all output produced inside a nation's boundaries regardless of who owns the production equipment. GDP is the starting point for GNP, which is then increased by residents' investment income from foreign sources and decreased by foreign residents' investment income earned within a nation.To Learn more About GNP Refer To:
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Why does free enterprise create a greater variety of products than a command economy?
Free enterprise creates a greater variety of products than a command economy because it allows companies to respond directly to consumer demand.
Why does a market economy produce a wider range of goods than a market economy?Free enterprise creates a greater variety of products than a command economy because it allows companies to respond directly to consumer demand.Companies in a free enterprise system are incentivized to create products that meet consumer needs and wants, creating competition and innovation that drive product variety.In a command economy, the government controls what is produced and does not respond directly to consumer demand, so there is less of an incentive for companies to introduce new products.In a command economy, the government controls the production and distribution of goods and services, and often sets prices and production levels.This limits the number of products that are available and does not allow for competitive forces to drive innovation.The government also has less incentive to produce products that meet consumer demands, so the variety of products available is often limited.To learn more about Free enterprise refer to:
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In a marketing decision, constraints are most likely to be restrictions on the ________ needed to solve the problem.
Constraints in a marketing decision are most usually limitations on the time and money required to address the problem.
What is a marketing decision?A marketing decision support system (abbreviated MKDSS) is a marketing activity decision support system. The technology is meant to assist organizations in exploring various situations by modifying previously obtained data from prior events. It is made of information technology, marketing data, systems tools, and modeling skills that allow it to forecast the results of various scenarios and marketing initiatives. MKDSS aids decision-makers in many circumstances and may be a highly useful tool for a firm to gain a competitive advantage.
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Who answers the what in a market economy?
The producer controls what to make, how much to produce, how much to charge buyers for those things, and how much to pay employees in a market economy. In a free-market economy, the pressures of competition, supply, and demand have an impact on these decisions.
What do you know about Market Economy?
Market economies, in which individuals bartered goods and services without using money, gave rise to market economies. Market economies emerged as one of three modern economic systems when ideas of money, free commerce, and private property rights evolved. The command economy is another contemporary economic system in which, in stark contrast to the market economy, the government controls all economic choices. Additionally, market economies have other traits. Because it grants owners the right to sell their commodities, the idea of private property is essential to the market economy.
So, The producer controls what to make, how much to produce, how much to charge buyers for those things, and how much to pay employees in a market economy.
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What 3 questions must any economic system answer the same thing we have been saying over and over?
Any allocation scheme for scarce resources is an economic system. Economic systems provide answers to three fundamental questions: what will be produced, how will it be produced, and how will the output society generates be distributed?
Answers to these questions can fall into one of two categories. In command economies, the government is in charge of deciding how to allocate resources as well as how to balance output and consumption. The variables of production and consumption are all coordinated through markets in market economies, where private ownership of resources is established through property rights. In an economic system based on markets, resources are distributed according to the most advantageous usage.
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A registered representative has a customer, age 50, in the 35% tax bracket, who just sold his house for a 1-time gain. The customer intends to downsize, and after buying a smaller home, will have $400,000 to invest. The customer intends to retire in 15 years. The registered representative could recommend that the customer purchase a variable annuity separate account with a growth objective because:
The registered representative could recommend that the customer purchase a variable annuity separate account because the earning build tax-deferred during the 15 year period until retirement.
Retirement products include variable annuities. They are a type of tax-deferred investment vehicle made to build wealth and produce a steady stream of income for retirement. Variable annuities are a complex combination of investments and insurance.
The U.S. Securities and Exchange Commission and the insurance agencies of each of the 50 states oversee their regulation. You don't need to be an expert to purchase a variable annuity, but it does help to understand what the separate account is.
Because your retirement funds are there. Independent insurance agents specialize in annuities. Every day, they assist people like you in making wise decisions. A variable annuity is built on a separate account for variable annuities.
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The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2016, balance sheet revealed the following:
Inventories
$ 840,000
Total assets
$2,800,000
Current ratio
2. 25
Acid-test ratio
1. 2
Debt to equity ratio
1. 8
Required:
Determine the following 2016 balance sheet items:
Current assets
Shareholders' equity
Noncurrent assets
Long-term liabilities
The following categories are frequently used in a balance sheet: Use the letters above to denote the following 2016 balance sheet items.
What do you meant by balance sheet?The balance sheet of a business, usually referred to as a "statement of financial position," lists the company's assets, liabilities, and equity (net worth). The income statement, cash flow statement, and balance sheet combined form the foundation of any company's financial statements. Balance sheet components.
The three main sections of a balance sheet are assets, liabilities, and shareholder equity. These categories each have a line item that represents the company's status at that specific period.
A balance sheet provides you with a quick overview of your company's financial situation at any given time. A balance sheet, along with an income statement and a cash flow statement, can aid business leaders in assessing the financial health of their organization.
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What do capital resources increase?
The capacity of a process can be increased by using capital resources to boost productivity. Capital assets increase a company's productivity and efficiency.
Productivity is a measure of how effectively commodities or services are generated. Productivity is sometimes expressed as a ratio of the entire output to a single input or the total input used in a production process, or output per unit of input, typically over a predetermined time period. The most typical illustration is the (aggregate) measure of labor productivity, where GDP per worker is one example. The choice of a productivity definition (including those that do not relate to ratios of output to input) is dependent on the objective of the productivity measurement and/or the availability of data. The main cause of variability across productivity measures is often (directly or indirectly) connected to how the inputs and outputs are combined to produce such a ratio-type productivity measure.
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A loss contingency should be accrued when the amount of loss is known and the occurrence of the loss is:
If a loss is both (1) probable and (2) fairly estimable, a loss contingency should be set aside. The definition of "probable" according to ASC 450-20-20 is "the future occurrence or events are likely to occur," which is typically seen as a 75% criterion.
A loss contingency should be mentioned when?GASB 62 defines contingencies and offers more information in paragraphs 96–113. When it is likely that a loss will eventually be incurred and the loss is either not probable or not amenable to reasonable calculation, disclose a loss contingency resulting from the claim.
What does an accounting loss contingency mean?A loss contingency is a charge to expense for something that is thought to be likely to happen in the future, such a lawsuit's unfavourable outcome. A loss scenario provides.
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