Note Payable is the name of the account that can be used to track monetary advances made in exchange for promissory notes.
Note payable account: What is it?Notes payable is the name of a liability account that is generated as part of a company's general ledger. It is the place where debtors formally promise to repay lenders. On the other hand, the lender would record a similar written guarantee against notes receivable in their account.
What are payable promise notes?Promissory notes, also known as notes payable, are written contracts in which the borrower promises to pay back the loan amount plus interest at a certain future date. Although the conditions of repayment may vary, notes payable generally carry an interest charge.
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select all that apply which of the following would be considered a source document in an accounting system? (check all that apply.) multiple select question. a) sales receipt b) checks c) purchase order d) budget e) payroll records
The terms that would be considered a source document in an accounting system are:
a) sales receipt
b) checks
c) purchase order
e) payroll records
What are source document in an accounting system?Companies may also utilize a source document as evidence in negotiations with business partners, typically in connection with payments. Cancelled checks, credit memos, deposit slips, expense reports, invoices, material requisition forms, purchase orders, time sheets, and sales receipts are a few examples of source documents.
A source document provides all the essential details of the transaction, including the amount, the recipient, the reason for the transaction, and the date of the transaction. Checks that have been cancelled are typical source documents. Invoices.
Therefore, option A, B C and E are correct.
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A strong interest in achieving only substantive outcomes tends to support which of the following strategies?A) collaborativeB) accommodatingC) competitiveD) avoidanceE) none of the above
A strong interest in achieving only substantive outcomes tends to support the competitive strategies.
What is a competitive strategy?A firm adopts a competitive strategy, which consists of a set of guidelines and tactics, to acquire an edge over rivals. It is the process of deciding the steps to take and carrying them out in order to help a firm become more competitive. Different competitive strategies may be employed by businesses to increase the value of their goods and services for customers, shareholders, and staff. These tactics are also used by them to establish long-term revenue sources. Numerous economic organizations, including capitalism, are characterized by competitive strategy. Competitive strategies are a tool that businesses may utilize to develop their operations and continue to make and improve profits. Due to its impact on a business's overarching strategies, competitive strategy is crucial. Without a competitive strategy, a company may not be able to obtain a distinct advantage over its rivals.
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The following transactions relate to Academy Towing Service. Assume the transactions for the purchase of the wrecker and any capital improvements occur on January 1 of each year. Year 1 Acquired $70,000 cash from the issue of common stock. Purchased a used wrecker for $32,000. It has an estimated useful life of three years and a $5,000 salvage value. Paid sales tax on the wrecker of $3,000. Collected $56,100 in towing fees. Paid $12,000 for gasoline and oil. Recorded straight-line depreciation on the wrecker for Year 1. Closed the revenue and expense accounts to Retained Earnings at the end of Year 1. Year 2 Paid for a tune-up for the wrecker’s engine, $900. Bought four new tires, $1,250. Collected $62,000 in towing fees. Paid $18,000 for gasoline and oil. Recorded straight-line depreciation for Year 2. Closed the revenue and expense accounts to Retained Earnings at the end of Year 2. Year 3 Paid to overhaul the wrecker’s engine, $4,800, which extended the life of the wrecker to a total of four years. The salvage value did not change. Paid for gasoline and oil, $19,100. Collected $65,000 in towing fees. Recorded straight-line depreciation for Year 3. Closed the revenue and expense accounts at the end of Year 3
All the transactions relate to Academy Towing Service for the Year 1 are recorded in general journal form.
What is a general journal?A general journal is a daybook or subsidiary journal that records transactions such as adjustment entries, opening stock, depreciation, accounting errors, and so on. Journal vouchers, copies of management reports, and invoices are examples of source documents for general journal entries.
The entries for Year 1:
1. Debit Cash $70,000
Credit Common Stock $70,000
(To record the issue of common stock)
2. Debit Equipment- wrecker $32,000
Credit Cash $32,000
(To record the purchase of wrecker for cash)
3. Debit Equipment- wrecker $3,000
Credit Cash $3,000
( To record the cash paid for sales tax)
4. Debit Cash $56,100
Credit Service revenue
( To record the cash collected for towing fees)
5. Debit Gas and Oil Expense $12,000
Credit Cash $12,000
(To record the gasoline and oil expense paid)
6. Debit Depreciation Expense $10,000
Credit Accumulated Depreciation $10,000
(To record the depreciation expense during the year)
7. Debit Service revenue $56,100
Credit Gas and Oil Expense $12,000
Depreciation Expense $10,000
Retained earnings $34,100
(To record the closing of expenses and revenue at the end of the year)
Calculation for straight-line depreciation on the wrecker for Year 1:
Formula - Cost - salvage value/Useful Life
= ($32,000+$3,000)-$5,000/3
= $10,000 per year.
The journal entries for Year 2 and 3 are attached below.
Therefore, the journal entries for Year 1 have been shown.
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Complete the following cost schedule by computing marginal cost, average fixed cost, average variable cost, and average total cost.
Use the cost data to plot the average total cost (ATC) and marginal cost (MC) curves on a graph.
At what output rate is average total cost minimized?
Note that the output rate at which average total cost is minimized is where marginal cost is equal to the average total cost is at the output rate of above 4 units but less than 5 units.
What is the rationale for the above response?The point where Marginal cost = Average cost is when average cost is at its lowest. or minimized.
Because the second marginal cost exceeds the average cost, the average cost must increase because the marginal cost exceeds the average cost.
Note that the average total cost is the sum of all production expenses divided by the entire quantity of output. In other words, the average cost is the sum of the firm's total fixed and variable expenses divided by the total number of units produced.
See the related graphs, and tables attached.
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Find the APR, or stated rate, in each of the following cases (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.):
Stated Rate (APR) Number of Times Compounded Effective Rate (EAR)
% Semiannually 11.9 %
Monthly 12.8 Weekly 10.5 Infinite 14.2
The stated rate, or APR, is a way to express the interest rate on a loan or investment in a standardized manner. It represents the annual interest rate charged for borrowing or earned on an investment, taking into account the frequency of compounding.
The stated rate, or APR, in each of the following cases can be calculated as follows:
Stated Rate (APR) compounded semi-annually with an effective rate of 11.9%:
The formula to find the APR with semi-annual compounding is:
APR = (1 + EAR/2)^2 - 1
Where EAR is the effective annual rate.
Plugging in the numbers, we get:
[tex]APR = (1 + 0.119/2)^2 - 1 = 11.9%[/tex]
So the stated rate is 11.9%.
Stated Rate (APR) compounded monthly with an effective rate of 12.8%:
The formula to find the APR with monthly compounding is:
APR = (1 + EAR/12)^12 - 1
Where EAR is the effective annual rate.
Plugging in the numbers, we get:
[tex]APR = (1 + 0.128/12)^12 - 1 = 12.8%[/tex]
So the stated rate is 12.8%.
Stated Rate (APR) compounded weekly with an effective rate of 10.5%:
The formula to find the APR with weekly compounding is:
[tex]APR = (1 + EAR/52)^52 - 1[/tex]
Where EAR is the effective annual rate.
Plugging in the numbers, we get:
[tex]APR = (1 + 0.105/52)^52 - 1 = 10.5%[/tex]
So the stated rate is 10.5%.
Stated Rate (APR) compounded infinitely with an effective rate of 14.2%:
The formula to find the APR with infinite compounding is:
APR = EAR / (1 - ([tex]1/e^EAR)[/tex])
Where "e" is the mathematical constant approximately equal to 2.71828.
Plugging in the numbers, we get:
[tex]APR = 0.142 / (1 - (1/e^0.142)) = 14.2%[/tex]
So the stated rate is 14.2%.
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Because companies make major efforts to predict trends to decide how to invest in their business, macroeconomics ______.
Because companies make major efforts to predict trends to decide how to invest in their business, macroeconomics takes into account expectations about the future.
Macroeconomics is the study of how an entire economy—markets, corporations, consumers, and governments—behaves. Macroeconomics studies economic phenomena such as inflation, price levels, economic growth rate, national income, GDP, and variations in unemployment.
Macroeconomics addresses several key problems, including: What causes unemployment? What is the source of inflation? What causes or promotes economic growth? Macroeconomics seeks to quantify an economy's performance, understand what forces drive it, and forecast how performance can improve.
Macroeconomics, as the name implies, is an area of study that examines an economy through a broad lens. This includes factors such as unemployment, GDP, and inflation. Furthermore, macroeconomists create models that explain the correlations between these variables.
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Which of the following accounts is an asset?Answer choice :a) dividendsb) prepaid advertisingc) supplies expensed) accounts payable
b) prepaid advertising is an asset. The other options are not assets, rather they are liabilities.
An asset is a resource having monetary worth that an individual, organization, or country possesses or manages with the prospect of future gain.
A company's assets are reflected on its balance sheet. They are divided into four categories: current, fixed, financial, and intangible. They are purchased or created in order to raise the worth of a company or to boost its operations.
An asset is anything that can generate cash flow, cut expenses, or increase sales in the future, whether it's manufacturing equipment or a patent.
An asset is a financial resource that a firm, for example, owns or controls. An economic resource is something that is rare yet has the potential to generate economic value by increasing or decreasing cash inflows.
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under what circumstancse can your parents still claim you as a student as a dependent on a tax return?
Your parents can still claim you as a dependent on a tax return under the following circumstances:
Age: You must be under the age of 19, or under the age of 24 if you are a full-time student.Residency: You must live with your parents for more than half the year.Support: Your parents must provide more than half of your financial support for the year.Filing status: You cannot file a joint tax return with your spouse.Citizenship: You must be a U.S. citizen, U.S. resident alien, U.S. national, or a resident of Canada or Mexico.If you meet these conditions, your parents can claim you as a dependent on their tax return, which may provide them with certain tax benefits, such as the ability to claim a dependency exemption or education credits.
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Mack this question Question 3 If the MPC is 0.5 and the government increases spending by $250 billion, which of the following will be the effect this change has on the economy? A. The economy will increase by $500 billion, B. The economy will increase by $125 billion C. The economy will increase by $350 billion D. The economy will increase by $250 billion Save and continue
The economy will increase by $500 billion will be the effect this change has on the economy. One of the biggest threats to economic stability is climate change, which has serious effects on both the environment and people. Heat waves impair our ability to work and lower output. The answer is OPTION A.
In particular, in a situation where stability capital is frequently destroyed or damaged as a result of extreme climate events, a decline in productivity and production could make businesses less motivated to invest, making further investment unattractive. Economic growth has a tremendously positive impact on business: your company is likely to gain more clients, increase profitability, and experience fantastic growth and expansion opportunities.
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a regional group of countries with a common external tariff, no internal tariffs, and coordinated laws to facilitate exchange among members is called?
A Customs Union is a geographical collection of nations having a unified external tariff, no internal tariffs, and coordinated regulations to ease trade among members.
A Customs Union is a type of trade bloc that seeks to remove barriers to trade between member countries and create a common market for goods and services.
In addition to a common external tariff, Customs Unions typically involve the harmonization of trade-related policies and regulations and the elimination of internal tariffs and other trade barriers between member countries.
One of the main benefits of a Customs Union is that it allows member countries to increase trade among themselves, leading to greater economic efficiency and increased growth.
By eliminating internal tariffs and coordinating trade policies, Customs Unions also reduce the costs of doing business for firms operating within the union, making it easier for them to access markets and compete with firms from other countries.
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Sean made sure the staff at a dry-cleaning business was trained to use some new, potentially hazardous equipment. He also had them sign off that they were aware of all the posted warning signs and had them read the safety manual.Which of the following is the probability of injuries occurring while using the equipment and the related impact on the employees?a. Medium risk and low negative impactb. Medium risk and high negative impactc. Low risk and high negative impactd. High risk and high negative impact
"Low risk and high negative impact" describes the probability of injuries occurring while utilizing the equipment and the resultant impact on employees. Thus, Option C holds true.
While it's commendable that Sean made sure the staff was trained to use the new equipment and aware of the warning signs, it's impossible to determine the exact probability of injuries occurring while using the equipment without more information. However, by having them sign off and read the safety manual, Sean has reduced the risk of injury, suggesting that it is a low risk.
However, even if the risk of injury is low, the impact of an injury can still be significant for the employees. Any injury sustained while using equipment at work can lead to lost time, medical expenses, and decreased productivity, all of which can have a high negative impact on the employees. So, it's important to always put safety first and take the right precautions to reduce the chance of getting hurt.
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which of the following is not one of the steps in strategic performance evaluation? A)establishing a timetable for implementation B)establishing performance standards C)modifying the marketing strategy D)measuring actual performance
The steps in strategic performance evaluation are establishing performance standards, measuring actual performance, and establishing a timetable for implementation. Seeing the steps in option C is not one of the steps in strategic performance evaluation.
C) modifying the marketing strategy
Strategy evaluation is a process carried out to see the success of the strategy that has been implemented.
How is the process of strategy performance evaluation?Establishing performance standards
It starts with determining what performance standard to use. To facilitate performance measurement, performance indicators must be determined based on quantitative or qualitative criteria.
Establishing a timetable for implementation.
The actual performance benchmarks are to be evaluated depending on the established performance standards. Based on these standards, managers decide how to work measurement is carried out. The methods used to measure performance may vary. After the performance measurement method is identified, then a work schedule is determined for control purposes. Work schedules are decided on the basis of the importance of goals to the organization, changing situations, difficulties encountered, and costs incurred when problems arise.
Measuring actual performance
By evaluating actual performance against performance standards, information will be obtained regarding the conformity of actual performance with the planned budget, as well as the difference between actual performance and the planned budget. From this measurement, it will be seen whether the results are in accordance with the plan or not.
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Who among the following is associated with contributions to quality control in operations management?1.Charles Babbage2.Henry Ford3.Frank Gilbreth4.W. Edwards Deming5.Henri Fayo
"W. Edwards Deming" is associated with contributions to quality control in operations management among the available candidates. Here option 4 is the correct answer.
Quality management theory by William Edwards Deming (1900-1993) is often considered the most influential. He was a statistician and business consultant whose methods benefited Japan's postwar recovery and beyond.
The control philosophy was proposed by W. Edwards Deming. He claims that businesses or firms that focus on increasing quality would inevitably save costs. Cost-cutting firms, on the other hand, would unavoidably degrade quality, rising production costs.
Dr. W. Edwards Deming's approach to quality was straightforward yet unconventional. He said that firms that concentrated on improving quality would automatically lower costs, but organizations that focused on cost reduction would immediately reduce quality and actually increase expenses.
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the globalization of markets and production implies that multiple choice question. there is a decrease in cross-border trade. firms are limiting their production activities to their local regions. domestic firms are facing intense competition from foreign firms. there is a decrease in interdependency between nations.
The ability to create and/or sell goods and/or services in international tender with others on global markets is referred to as globalisation.
Which 4 trading markets are there?The sharemarket, foreign currency market, and trading volume are just a few of the markets where investors can transact. Anyone with a basic internet connection can access many markets. The low entry barriers and availability of exchange-traded funds on the FX market make it a popular choice for day traders.
Which market is the future?A Futures Market: What Is It? A futures contract is a bidding market where participants trade futures and commodities transactions for delivery on predetermined dates in the future. Futures are exchange-traded swaps contracts that guarantee the delivery of a good or asset at a price established today, regardless of when it is delivered.
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Consider the competitive force of risk of entry by potential competitors. Large brewers, such as Anheuser-Busch InBev, benefit from which of the following?
a. Customer switching costs
b. Economies of scale
c. Lack of substitute products
d. Government regulations
The correct answer is option b. Economies of scale. Large brewers, such as Anheuser-Busch InBev, benefit from economies of scale which refers to the cost advantages that a business can obtain due to expansion.
When a company increases its production, it can benefit from cost savings in the form of increased purchasing power, lower unit costs, and improved utilization of resources.
The larger size of the company allows it to spread out fixed costs over more units of output, leading to lower average costs per unit.
As a result, larger brewers are able to take advantage of economies of scale, producing beer at a lower cost and thereby increasing their competitive advantage against potential new entrants. This, in turn, reduces the overall risk of entry by potential competitors.
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jed's weekly budget for lunch is $24. he eats only pizza and burgers. each pizza costs $6 and each burger costs $3. jed knows that 2 pizzas and 4 burgers will give him a utility of 8. at his utility-maximizing point, jed's utility is: a. 4 b. 8 c. 6 d. 10
Jed has the highest utility score of (B) 8, consuming the most utility (2 pizzas and 4 burgers).
Weekly Budget = $24
Prize of Pizza = $6
Price of Burger = $3
If all of the money is spent on pizza = 24 / 6 = 4 pizzas.
If all the money is spent on burgers = 24 / 3 = 8 burgers.
Based on the information provided:
Jed consumes the most utility (2 pizzas and 4 burgers), earning a utility score of 8.
2 pizzas = 2 * 6 = $12
4 burgers = 4 * 3 = $12
Total Expenditure = 12 + 12 = $24
The expense is in line with the allocated funds. Jed is on the budget line, which also entails. Every point on the line is reachable. His utility will therefore be as provided, which is 8.
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Which of the following arguments refutes Carr's claim that business strategy is analogousto poker strategy?A.Because good poker playing often involves concealing information and bluffing ordeception, these rules ought to apply to business transactionsB.If an executive refuses to bluff periodically he or she is probably ignoring opportunitiespermitted under the "rules" of businessC.Most games do not legitimize deception, and therefore business should not be analogousto a game that does legitimize deceptionD.Bluffing, exaggeration and concealment are legitimate ways for corporations to maximizetheir self interestE.None of the above arguments refute Carr's claim
The answer is option c. Most games do not legitimize deception, and therefore business should not be analogous to a game that does legitimize deception.
What is the most accurate way to define business?An organization or enterprising entity engaging in commercial, industrial, or professional activity is referred to as a business. Businesses can be for-profit corporations or charitable institutions. Limited liability firms, sole proprietorships, corporations, and partnerships are among the several types of businesses.
What is the definition of a business simple?An innovative company or group that engages in professional activities is referred to as a business. They could be industrial, commercial, or something else. Businesses that are for profit operate to make a profit, whereas those that are nonprofit do so to further a philanthropic cause.
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PE 1-2A Accounting equation OBJ.3 Patrick Miller is the owner and operator of Chicopee LLC, a motivational consulting busi- ness. At the end of its accounting period, December 31, 20Y8, Chicopee has assets of $518,000 and liabilities of $165,000. Using the accounting equation, determine the follow- ing amounts: a. Owner's equity as of December 31, 20Y8. b. Owner's equity as of December 31, 20Y9, assuming that assets increased by $86,200 and liabilities increased by $25,000 during 20Y9.
The link between a company's assets, liabilities, and capital is known as the accounting equation. The accounting equation, one of the most important equations in accounting..
What is meant by accounting equation?The accounting equation states that a corporation's total assets are equal to the total of its liabilities & shareholders' equity. The fundamental tenet of the dual-entry accounting system is that there is a distinct relationship between equity, liabilities, and assets.
a
Assets, Dec 31 20Y8 $518,000
Liabilities, Dec 31 20Y8 ($165,000)
Owner's equity, Dec 31 20Y8 $353,000
b
Owner's equity, Dec 31 20Y8 $353,000
Increase in equity [$86200-$25000] $61,200
Owner's equity, Dec 31 20Y9 $414,200
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The resources over which a company and it ______ vie include raw materials, access to capital, or real estate for a store location.
The resources over which a company and its competitors vie include raw materials, access to capital, or real estate for a store location.
Any element required to complete a task or conduct an activity is referred to as a resource in the context of business and economics. They are, in a nutshell, the elements that a business needs in order to operate. Employees, office space, tools, or money are examples of resources.
It's essential to know exactly what your company uses so that you can make the most of the resources at your disposal and avoid leaving any gaps in your business strategy. The practice of distributing resources so that a business can carry out its task as effectively as possible is known as resource management.
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_____ is a method to increase employee productivity by making changes to the way work gets done by focusing on the characteristics of jobs and altering how tasks are structured and coordinated.
a.Organizational restructuring
b.Benchmarking
c.Onboarding
d.Redesigning work
Redesigning work is is a method to increase employee productivity by making changes to the way work gets done by focusing on the characteristics of jobs and altering how tasks are structured and coordinated.
Job redesigning is the process of rearranging a job's activities, responsibilities, and other components so that it is more motivating and inspiring for the workers.
In order to expand the variety of assignments and functions, the process involves reviewing, analysing, adjusting, reforming, and rearranging the job-related content and dimensions.
This helps to inspire employees and make them feel like valuable members of the team.
Putting the right person in the right job will maximise output and increase employee satisfaction, which is the major goal of job redesigning.
Redesigning jobs inspires workers and improves the standard of their working lives. It boosts their productivity on the job and motivates them to deliver better work.
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urges managers to take those actions that provide the greatest pleasure after having subtracted the pain or harm associated with the action in question
Utilitarianism urges managers to make those moves that give the best joy in the wake of having deducted the agony or damage related to the activity in question.
In the utilitarian theory of morality, exercises that advance bliss or delight are empowered, while those that outcome in misery or injury are deterred. A utilitarian way of thinking would look to further develop society overall when used to direct friendly, monetary, or political choices.
As per utilitarianism, a strategy is ethically right on the off chance that it makes most individuals in the general public or a gathering of people cheerful.
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This question is not complete , Here I am attaching the complete question:
______urges managers to take those actions that provide the greatest pleasure after having subtracted the pain or harm associated with the action in question.
The restaurant made ______ from selling drinks. The restaurant sold ______ Double Mapleton Burgers.The restaurant sold a grand total of __________ items.
The restaurant made $7.98 from selling drinks. The restaurant sold 2 Double Mapleton Burgers. The restaurant sold a grand total of 30 items.
How Do Companies Make Money?The company is a business entity established to make a profit by selling a product. The products sold by this company can be either goods or services. In the company illustrated in the problem, the company is a company that sells goods and the goods sold are burgers and drinks. To be able to calculate the net income that the company gets, we will reduce the selling price of the goods by the production costs incurred by the company to create these goods.
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TRUE/FALSE. a plan that indicates in which industries and national markets an organization intends to compete is a strategy.
The statement a plan that indicates in which industries and national markets an organization intends to compete is a strategy is false. Finding and analysing opportunities and dangers in the market, industry, and overall external environment are key components of strategic management.
The foundation of strategic management is the idea that "all businesses are not the same." Assessing your company's strengths and shortcomings is part of strategic management. An organization's corporate-level strategy outlines the markets and industries it plans to compete in. Setting organisational goals, creating policies and strategies to attain those goals, allocating resources to carry out the plans, and implementing the plans are all part of strategic management.
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complaint was filed with the AICPA accusing the treasurer of Jam Jelly, a member, with violating integrity and objectivity under Rule 102.An investigation by the AICPA's Professional
:thics Division revealed that the treasurer had told Jam Jelly's president that Jam Jelly would have a loss for the period, not the profit that had been forecasted. The president instructed the
:reasurer to have the value of the inventory increased in the amount needed to make the book income meet the forecasted profit. The treasurer had the bookkeeper make the necessary
2ntry, an amount material to Jam Jelly's financial statements. Which of the following statements is correct?
The treasurer is not practicing public accounting, and thus the integrity or objectivity rule does not apply to him.
The treasurer was merely following the president's instructions, and therefore the treasurer did not violate integrity or objectivity.
The treasurer violated integrity or objectivity by directing another person to make a false entry in Jam Jelly's records.
The entry was made by the bookkeeper, and thus the treasurer did not violate integrity or objectivity.
The statement that which is correct is "The treasurer was merely following the president's instructions, and therefore the treasurer did not violate integrity or objectivity." Thus, option 2nd is correct.
What is AICPA Code of Professional Conduct?The full form of AICPA is American Institute of Certified Public Accountants. According to the AICPA Code of Professional Conduct, a member must maintain objectivity and integrity when performing any professional service, be free of conflicts of interest, and not deliberately falsify facts.
Service and public trust must not be subjugated to personal gain and profit in order to maintain integrity. As a result, we may infer that option two is correct.
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the adjusted trial balance for Wildhorse Co is given below. Prepare the closing entries for the temporary accounts at August 31
The entries to close "Supplies", "Accounts Payable", "Salaries and Wages Payable", "Unearned Rent Revenue", and "Accumulated Depreciation-Equipment" are not required as they are already zeroed out on the adjusted trial balance after adjustment.
What informs the closing entries?The closing entries for the temporary accounts at August 31 would be:
Date: Aug 31
Account Titles and Explanation: Service Revenue
Debit: $34,610
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Rent Revenue
Debit: $13,200
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Salaries and Wages Expense
Debit: $18,210
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Supplies Expense
Debit: $1,620
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Rent Expense
Debit: $17,241
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Insurance Expense
Debit: $1,250
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Depreciation Expense
Debit: $1,200
Credit: Retained Earnings
Date: Aug 31
Account Titles and Explanation: Dividends
Debit: Retained Earnings
Credit: $2,760
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The complete question goes thus:
The adjusted trial balance for Wildhorse Co. is given below. Prepare the closing entries for the temporary accounts at August 31. WILDHORSE CO. Trial Balance August 31, 2022 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash 10,000 10,000 Accounts Receivable 8,720 9,400 2,850 Supplies Prepaid Insurance 1,230 4,370 3,120 Equipment 15,160 15,160 Accumulated Depreciation-Equipment 3,411 4,611 Accounts Payable 5.190 5,190 Salaries and Wages Payable 0 1,270 Unearned Rent Revenue 1.840 1.070 Common Stock 16.110 16110 Question 2 of 5 < > Accumulated Depreciation Equipment $ $ 3,411 $ 4,611 Accounts Payable 5,190 5,190 Salaries and Wages Payable 0 1,270 Unearned Rent Revenue 1,840 1,070 Common Stock 16,110 16,110 Retained Earnings 5,130 5,130 Dividends 2,760 2,760 Service Revenue 33,930 34,610 Rent Revenue 12.430 13,200 Salaries and Wages Expense 16,940 18,210 Supplies Expense 0 1,620 Rent Expense 17.241 17,241 Insurance Expense 0 1.250 Depreciation Expense 0 1,200 $ 78,041 $ 78,041 $ 81.191 $ 81.191 Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry for the acc Question 2 of 5 -/36 E Prepare the closing entries for the temporary accounts at August 31. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Aug. 31 (To close revenue accounts) Aug. 31 (To close expense accounts) Aug. 31 (To close income/(loss)) Aug. 31 (To dose dividends)
The _____ of all firms can be broken down into some common underlying patterns. a) diminishing long-run costs b) diminishing shod-run costs c) total revenues d) cost structure
The cost structure of all firms can be broken down into some common underlying patterns. The cost structure of a firm refers to the way costs are incurred and the relationship between costs and output. Here option D is the correct answer.
There are two main types of cost structures: fixed costs and variable costs. Fixed costs are expenses that do not change with the level of output, such as rent, salaries, and insurance. Variable costs are expenses that change with the level of output, such as materials and labor.
Another way to categorize costs is by short-run and long-run costs. Short-run costs are those that change in the short term with changes in output levels, while long-run costs are those that change in the long term with changes in output levels.
The cost structure of a firm is a critical aspect of its operations and plays a significant role in its competitiveness and profitability. Understanding the cost structure of a firm enables managers to make informed decisions about pricing, production, and resource allocation, which can lead to improved efficiency and profitability over time.
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Which of the following is NOT an option to improve the efficiency and effectiveness of internally performed value chain activities?
1. Adopt new technologies that spur innovation, improve design, and enhance creativity.
2. Adopt best practices for quality, marketing, and customer service.
3. Implement best practices throughout the company, particularly for high-cost activities.
4. Insist on across-the-board cost cuts in all value chain activities—those performed by suppliers, those performed in-house, and those performed by distributors-dealers.
Option 4) Insist on across-the-board cost cuts in all value chain activities—those performed by suppliers, those performed in-house, and those performed by distributors-dealers which improves efficiency.
A value chain illustrates each step that must be completed in order to produce your finished goods or service. This includes gathering information about customers, locating materials, producing, and so forth.
It gives managers and company leaders a detailed picture of each stage of your workflow. They can therefore easily spot areas that need improvement, such as how to obtain a competitive edge and boost revenues. increased effectiveness and efficiency. You will dissect your business processes, infrastructure, and logistics when you analyse your value chain. Value chain analysis can be used to evaluate how well your salespeople are able to draw in leads, qualify them, and then close deals.
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Match the management function with its description.PlanningOrganizingLeadingControllingPlanning - Setting goals and deciding how to achieve themOrganizing - Arranging people, tasks, and resources to accomplish workLeading - Motivating people to achieve organizational goalsControlling - Monitoring performance, comparing it with goals, and taking corrective action as needed
We perform the management functions with their description:
A) Planning - Setting objectives and deciding how to achieve them B) Organization - Organizing people, tasks, and resources to get the job done C) Leadership - Motivating people to achieve the organization's objectives D) Controlling - Monitor performance, compare it with objectives and take corrective action as necessary.Management functions are the activities and tasks that a manager performs in order to achieve organizational goals. The five functions of management include planning, organizing, leading, controlling, and staffing.
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TRUE/FALSE. one advantage of using a security management firm for security monitoring is that it has a high level of expertise.
The give statement " one advantage of using a security management firm for security monitoring is that it has a high level of expertise." is true.
What is security management?All facets of risk management for an organization's assets, including computers, people, buildings, and other assets, are covered by security management. In order to protect these assets, policies and procedures must be created, put into effect, and maintained over time. This is the first step in a security management plan.
Creating and putting into effect security policies, methods, and practises. regulating budgets for security activities and keeping an eye on costs. hiring, training, and managing security guards and police.
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T/F when you delete a specification from the specifications list page, you will delete the specification and all of its revisions.
The given statement "when you delete a specification from the specifications list page, you will delete the specification and all of its revisions." is true.
When you delete a specification from the specifications list page, it typically means that you are deleting the entire specification, including all of its revisions and related information.
This action is usually permanent and cannot be undone, so it is important to be cautious when deleting specifications and to make sure that you have saved any important information before proceeding.
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