There is frequently a credit balance in the retained earnings account. This figure shows how much money a business has made overall during the course of its existence. Since dividends are paid from this account, even for a financially solid company, the retained profits amount may still be quite low.
Since retained earnings are listed as shareholder equity on the balance sheet, they constitute a credit account. As a result, a credit entry is made for an increase in retained earnings.
Is there a credit balance for rent?As a result, rent expense is a debit rather than a credit. The cost of rent is one that is recorded as an expense on the company's income statement and is calculated as an actual cost for the month, quarter, or year that it was incurred. It is displayed as a debit balance on the balance sheet.
Rent expense is a debit in accounting since it is an example of an expense. According to the debit and credit rules, all costs are referred to be debit accounts since a debit entry is used to journalize the growth in their worth.
Do dividends always result in a debit?It would be an equity account for dividends with a typical DEBIT balance (meaning, debit will increase and credit will decrease).
A typical balance, which is a debit item, is also present for dividends given to shareholders. Liabilities, equity (including common stock), and revenues all increase with a credit, therefore a credit is their "normal" balance.
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Which of the following is not a benefit of activity-based costing?
A. more accurate product costing
B. enhanced control over overhead costs
C. better management decisions
D. less costly to use
The option D) less costly to use is not a benefit of ABC- activity based costing.
Using the activity-based costing (ABC) method, overhead and indirect expenses are allocated to linked goods and services. In contrast to conventional costing techniques, this accounting method of costing acknowledges the connection between costs, overhead activities, and manufactured goods, allocating indirect costs to products less randomly. However, some indirect expenditures, such the salary of the management and office personnel, are challenging to relate to a specific product. Since activity-based costing (ABC) improves the dependability of cost data, it produces virtually true costs and more accurately categorises the costs spent by the company during its production process. ABC is mostly utilised in the manufacturing industry. ABC is used to better understand expenses, enabling businesses to develop a more suitable pricing plan.
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consumers buy less of a good as its price increases because
The Law of Demand In all the other words, the quantity of demand decreases as price increases. Because consumers' standard of living is constrained due to their constrained resources, demand for a given good or service declines as prices rise.
In contrast, as the commodity grows increasingly inexpensive, holds greater.
When customers eat greater amounts of a replacement and less of a good when the value of something like a good increases?
How to comprehend a replacement impact
The notion of the replacement impact in microeconomics outlines whether customers substitute from a particular commodity by purchasing greater quantities of a substitute good. whether its cost goes up.
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If you've ever bought something and then felt guilt or regret later, you've experienced ______ .
Which of the following statements is incorrect about business plans?
A. Writing a business plan forces a firm's founders to systematically think through each aspect of their new venture.
B. For most new ventures, the business plan is a dual-purpose document used both inside and outside the firm.
C. A business plan is typically 25 to 35 pages long.
D. A large percentage of entrepreneurs do not write business plans for their new ventures.
E. The business plan should be written while the feasibility analysis is being completed.
The business plan should be written while the feasibility analysis is being completed.
What Is a Business Plan?A business plan is a detailed document that outlines a company's objectives and how it intends to achieve them. A business plan is a documented roadmap for the company's marketing, financial, and operational goals. Business plans are used by both startups and established businesses. A business plan is an important document that is intended for both external and internal audiences. A business plan, for example, is used to attract funding before a company has developed a proven track record. It can also aid in obtaining lending from financial organisations. A business plan can also keep a company's management team on the same page concerning strategic action items and on track to reach set goals.
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manager, shareholders and the firms debtholders have identical information about the value of the firm
This claim is untrue. In practise, it is uncommon that everyone participating in a business has the same understanding of the firm's worth.
Asymmetric information can result from the diverse knowledge sources and incentives of managers, shareholders, and debt holders. Managers, for instance, could have access to internal data and decide to keep some information private. Shareholders could only have access to information that is made publicly available, whereas debt holders might rely on financial statements and other data the firm provides. Additionally, each participant may perceive the material differently, leading to varying opinions of the firm's value. To ensure that everyone is working toward the same goals and fully understands the firm's value, it is crucial for all stakeholders to communicate in an open and transparent manner.
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True or False, manager, shareholders and the firms debtholders have identical information about the value of the firm.
a perfectly competitive firm is producing 10 units of output and sells the product for $5 per unit. at this level of output the average total cost is $4 , the average variable cost is $3 and the marginal cost is $7 . what should this firm do to maximize short-run profits?
Reduce output until the price matches the marginal cost.
Since the marginal cost of production ($7) is currently higher than the marginal revenue ($5, which is equivalent to the price), the company is producing. By lowering output to the point where marginal cost and price are equal, the company can enhance profits.
What is marginal revenue?
The incremental shift in profits brought on by the sale of one more unit is referred to as marginal revenue. An organisation can determine the revenue from each additional unit sold by performing a marginal revenue analysis.
Marginal revenue is sometimes represented visually as a downward-sloping line that depicts how a business typically has to lower its prices to get more sales.
If a business wants to maximise its profits, it will produce until marginal cost equals marginal income.
Firms often conduct a cost-benefit analysis and stop production when marginal revenue is less than the marginal cost since it may be more expensive to sell a unit than what the company will make in revenue.
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Which form of organization provides limited liability for the firm but yet allows the professionals working within that firm to be sued personally?
A) Limited liability partnership
B) Limited liability company
C) Sole proprietorship
D) Professional corporation
Answer: A) Limited liability partnership
Explanation:
The form of organization provides limited liability for the firm but yet allows the professionals working within that firm to be sued personally Limited liability partnerships.
Which type of business structure offers the firm limited liability but yet permits the professionals who work there to be sued individually?The structure of the company limits the firm's responsibility while still allowing its employees to be sued personally. a company with expertise (doctors, dentists, etc.)
Which type of business structure offers the company limited liability?Stockholders are only subject to liabilities up to the amount they personally invested in the company. Additionally, creditors are prohibited from seizing personal property to pay off debts (although now creditors often request personal guarantees on business loans).
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what is a major difficulty facing azerbaijan’s future?
Azerbaijan faces several challenges that may impact its future, but one major difficulty is its dependence on oil and natural gas resources.
Azerbaijan's economy is heavily reliant on the extraction and export of these resources, which makes it vulnerable to fluctuations in the global oil and gas markets. As a result, Azerbaijan has limited diversity in its economy and may struggle to adapt to changes in demand and prices for its energy resources. The country faces challenges in developing other industries and improving infrastructure, which could limit its future economic growth and competitiveness. Additionally, Azerbaijan's long-standing conflict with Armenia over the Nagorno-Karabakh region also presents a major challenge for the country's stability and security.
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To promote good economic outcomes, policymakers should strive to enact policies that
a. enhance productivity.
b. enhance individuals' market power.
c. result in a rapidly-growing quantity of money.
d. All of the above are correct
To promote correct financial outcomes, policymakers, from the furnish side of the market, should strive to extend the productivity of inputs. The productive inputs incur the least cost and give greater output. Hence, this alternative appears the most suitable.
What is financial growth outcome?Economic growth – measured as an extend of people's real income – skill that the ratio between people's income and the expenditures of what they can buy is increasing: goods and services turn out to be more affordable, humans come to be less poor
Which policy is responsible for exact increase of Indian economy?Monetary Policy
This policy in India majorly deals with the economic authority of this us of a and it includes the central bank. It handles the allocation and additionally the supply of money, charge of pastime in order to current the excessive growth of the financial system in India
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https://brainly.com/question/47415#SPJ4The difference between a good and a service is that:
a) a good helps satisfy unlimited wants; a service does not
b) a service helps satisfy unlimited wants; a good does not
c) a services is available in unlimited quantities; a good is not
d) a good is available in unlimited quantities; a service is not
e) a good is tangible; a service is not
E) a good is tangible; a service is not
The difference between good and service is that good is tangible; a service is not.
What is service?A client, company, or government is willing to pay for an action or use that is classified as a service. You may use the work done by barbers, doctors, lawyers, mechanics, banks, insurance businesses, and others as an example. Public services are those whose financing is the responsibility of the entire society (a country, state, or economic region). The utilization of resources, knowledge, innovation, and experience by service providers benefits customers. Services can be thought of as intangible actions or actions that the provider performs for the client and adds value to. The services vary from one another. Even if the consumer demands the exact same service, it can never be delivered that way again because the time, location, circumstances, conditions, present setups, and/or assigned resources will change for the following delivery.
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Choosing between buying more inventory for her bike shop or hiring another employee requires Gail to make a(n)
Choosing between buying more inventory for her bike shop or hiring another employee requires Gail to make a decision.
What do you mean by inventory?All the goods, merchandise, and supplies that a company keeps on hand in anticipation of selling them for a profit are referred to as inventory.
Both the products that are on hand for sale and the raw materials required to make those products are considered inventory. On the balance sheet of an organization, it is categorized as a current asset.
The three different categories of inventory are raw materials, finished commodities, and work-in-progress.
The division of work and assignment of decision-making authority to a person who answers to a leader or manager is referred to as delegation of authority.
Therefor, choosing between buying more inventory for her bike shop or hiring another employee requires Gail to make a decision.
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The year is 1910, and you have been invited to visit the manufacturing facility of Skyway Luggage. The owner of the company, A.J. Kotkins, wants your perspective on how to make his employees more efficient and productive at their work. He has also invited several other management experts, who are considered to be the leading thinkers of the day. These management scholars want to discuss whether A.J. will benefit from using scientific management, bureaucratic management, or administrative principles in his factory. As you all sit in the Skyway conference room, a lively conversation breaks out. Which management perspective was shared by all in attendance at the meeting? Humanistic management perspective Management science perspective Total quality perspective Classical management perspective Which of the management theorists attending the meeting would have advocated for promoting an employee with extensive leadership experience, rather than an employee who was the son of a friend of a current managet? Chester Barnard Max Weber Frederick Taylor Henri Fayol
The management perspective that was likely shared by all in attendance at the 1910 meeting at Skyway Luggage was the classical management perspective.
This perspective was popular in the early 20th century and was developed by management theorists such as Frederick Taylor, Henri Fayol, and L.H. Gantt. The classical management perspective focused on improving efficiency and productivity in the workplace through the use of scientific methods and principles.
If the goal was to promote an employee with extensive leadership experience, rather than an employee who was the son of a friend of a current manager, the management theorist who would have advocated for this approach was Chester Barnard. Barnard was a classical management theorist who emphasized the importance of leadership and communication in the workplace, and he believed that the most effective leaders were those who had extensive experience and expertise in their field.
In conclusion, the classical management perspective was likely the dominant management perspective at the 1910 meeting, and Chester Barnard would have been the management theorist who advocated for promoting employees based on their experience and leadership ability.
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you are looking at a one-year loan of $10,000. the interest rate on a one-year loan is quoted as 13 percent plus 3 points. what is the ear?
The EAR (effective annual rate) of the loan is 16.3%.
The EAR is the annualized rate that takes into account the effect of compounding. It is the total amount of interest you will pay over the course of the loan, expressed as an annual rate.
The interest rate of 13% plus 3 points is the nominal rate, which is the rate quoted before taking into account the compounding of interest. To calculate the EAR, the nominal rate must be converted into an equivalent rate that takes into account the compounding.
The formula for calculating the EAR is: EAR = (1 + (nominal rate/number of compounding periods))^number of compounding periods - 1. In this case, the number of compounding periods is 12 (one year) and the nominal rate is 16%. Therefore, the EAR is calculated as follows:
EAR = (1 + (16%/12))^12 - 1 = 16.3%
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the quickest way to calculate the internal rate of return (irr) of a project is by: multiple choice trial and error method. using the graphical method. using a financial calculator. doubling the opportunity cost of capital.
The internal rate of return (IRR) criterion states that a project or investment should be made if its IRR exceeds the hurdle rate, which is the required minimum rate of return.
A. Trial and error method.
The IRR rule basically acts as a benchmark for deciding whether to proceed with a project or investment. The predicted IRR is larger and it exceeds the cost of capital the more net cash a project generates for the company.
The internal rate of return (IRR) criterion states that a project or investment should be made if its IRR exceeds the hurdle rate, which is the required minimum rate of return.Businesses can decide whether or not to proceed with a project with the help of the IRR Rule.A firm might not be compelled to adhere to the IRR criterion precisely if a project delivers additional, less visible benefits.Learn more about Internal rate
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Utility costs for the plant assembling the Latitude computer line of products
Utility costs for the plant assembling the Latitude computer line of products is called production.
Based on a number of variables, including the size of the facility, location, energy sources, and production volume, the cost of utilities for a factory manufacturing the Latitude computer line of products can vary significantly. It may cover the price of any energy sources utilised in the manufacturing process, such as electricity, water, natural gas, and others. It would be important to learn more about the particular plant in issue to get a more precise assessment.
The total cost of manufacturing a product is significantly influenced by utility prices, and it can be difficult to anticipate these costs precisely. The following are some of the major variables that might affect a manufacturing plant's utility costs:
Energy sources: Depending on the location of the plant and the accessibility of nearby energy sources, the price of energy sources like electricity and natural gas might vary significantly.Plant size: Larger plants may have higher utility expenses since they usually use more energy to run.Output volume: Increasing production can lead to higher energy expenses and electricity bills.Energy efficiency: Utility expenses may be impacted by how efficiently a product is manufactured. For instance, decreased utility expenses may be the consequence of a manufacturing process that is more energy-efficient.Climate control: To maintain a constant temperature for the production process, a manufacturing facility may need climate control, such as heating and cooling. Additional energy use and electricity bills may arise from this.As utility expenses may have a big influence on the whole cost of production, businesses need to keep an eye on and control them.
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which of the following is mentioned in the video as the top identity theft issue? multiple choice credit card fraud and government documents phone or utilities fraud credit card fraud credit card fraud, government documents, and phone or utilities fraud government documents
Government Documents are mentioned in the video as the top identity theft issue.
What is the theft issue?
A theft that involves taking someone else's property without that person's consent is referred to as theft. The term "theft" refers to a variety of acts, however, there are two requirements that must be completed for an action to be classified as theft under the law. These include stealing something from its rightful owner and intending to permanently deny the owner of the thing their property.
Taking someone else's property entails taking custody or control of something that is legally theirs. However, if the criminal intended to deprive the victim of his property, then attempting to take someone else's property might also be seen as theft.
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the provides details about how the flow of funds from operating, investing, and financing activities. a. balance sheet b. statement of retained earnings c. income statement d. statement of cash flows
A cash flow statement provides data regarding all cash inflows that a company receives from its ongoing operations and external investment sources.
Hence option d.
What is cash flow?
The net amount of cash and cash equivalents coming into and going out of a business is referred to as cash flow. Money spent and money received reflect inflows and outflows, respectively. Spending that occurs in the normal course of business is included in the cash flow from operations. Payroll, the cost of items sold, rent, and utility bills are a few examples of these cash outflows. When corporate operations are very seasonal, cash outflows might vary greatly. Is cash flow therefore equivalent to profit? No, the two measurements are very different from one another. Profit is what is left over from your revenue after costs have been removed, whereas cash flow is the money that comes in and goes out of your organization during a specific time period.
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o as you think ahead to your future practice as an np, which of the concepts covered this week resonates most with you? why?
I'll try to learn more about other religions and civilizations than mine. Every aspect of the patient's life can be considered if the patient is placed at the center of all healthcare decisions, in my opinion.
In healthcare, what exactly does it mean to have choice?The purpose of patient choice is to demonstrate that, as physicians, we treat our patients with dignity and respect, treating them as adults who are willing and able to participate in medical care decisions. Patient choice is valuable in and of itself.
Why is it crucial to give patients control over their care?We will improve health and well-being, enhance the quality of care, and ensure that individuals make informed use of available healthcare resources by involving individuals in decisions regarding their health and care. Involving individuals in their own health and care not only creates value for individuals' lives but also for taxpayers.
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which of the following is one of the checks and balances granted to the legislative branch?
The legislative branch is granted the power of impeachment as a check and balance.
Impeachment is a power granted to the legislative branch to hold members of the executive branch and the judiciary accountable for their actions in office. Essentially, it is a mechanism for removing federal officials from office if they are found to have committed "high crimes and misdemeanors." For example, in 1998, President Bill Clinton was impeached by the House of Representatives for perjury and obstruction of justice. However, he was not removed from office as he was acquitted by the Senate. Another example is the impeachment of former President Donald Trump in 2019 and again in 2021, where he was charged with abuse of power and incitement of insurrection, respectively. Though he was impeached by the House of Representatives, he was acquitted by the Senate both times.
Impeachment is a significant check and balance because it gives the legislative branch the power to hold other branches accountable, ensuring that no branch of government becomes too powerful.
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state how people and businesses benefit from economic freedom
Economic freedom refers to the ability of individuals and businesses to make economic choices without interference from the government or other outside forces. When individuals and businesses have economic freedom, they are able to make choices about how they want to allocate their resources, such as time, money, and labor, in a way that best suits their own interests. This leads to increased prosperity, innovation, and growth for both individuals and businesses.
Individuals benefit from economic freedom because it allows them to make choices about how they want to allocate their resources. For example, they can choose to work in the field that they find most fulfilling, or they can choose to save their money for future investments. Economic freedom also allows individuals to make choices about how they want to spend their money, such as choosing to buy goods and services that they value most.
Businesses benefit from economic freedom in a similar way. When businesses have economic freedom, they are able to make choices about how they want to allocate their resources, such as investments in research and development or expansion into new markets. This allows businesses to grow and innovate, which leads to increased productivity and higher profits. Additionally, economic freedom allows businesses to respond quickly to changes in consumer demand, which leads to greater efficiency and lower prices for consumers.
In conclusion, economic freedom is important for both individuals and businesses because it allows them to make choices about how they want to allocate their resources in a way that best suits their own interests. This leads to increased prosperity, innovation, and growth for both individuals and businesses, which ultimately benefits society as a whole.
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Farah started the month with an overdrawn balance of $1,750 per the bank statement. What is the balance per the bank account after the following transactions in November? (1) Farah withdraws $225 per month to cover living expenses. (2) An early settlement discount of $20 was taken by Farah on a purchase of $650. (3) An amount of $500 was received from a credit customer. (4) Bankings of $1,300 from petty cash
(4) Banking of $1,300 from petty cash.
A modest sum of money known as "petty cash" is kept on hand to cover small expenses like postage, office supplies, and other miscellaneous costs. It is often maintained in a locked cabinet and periodically refunded.
Because petty cash is an item that is shown in your financial documents, such as the balance sheet, it is crucial to record its expenditures in your general ledger.
A current asset is a petty cash. Any item that will bring about financial gain within a year is considered a current asset. Petty cash is the term for the easily available spending money that a business possesses. It is regarded as a current asset given that it is capable of delivering a net boost as is. When the cashier for your petty cash deposits money into the small.
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cropper's supermarket is having a sale before a holiday weekend. the cost of placing the ads on local tv and in the local newspaper would be classified as neither a period cost nor overhead. a period cost and overhead. a period cost, but not overhead. overhead, but not a period cost.
The cost of placing the advertisements on local TV and in the local newspaper would be classified as an overhead cost, but not a period cost.
What are advertisements?
Advertising is a marketing strategy used by companies to spread the word about their goods and services to prospective clients. It can take many different shapes, including print ads in publications like newspapers or magazines, commercials on television or the radio, online ads on websites, billboards, and more. The goal of advertising is to raise consumer awareness and interest in a company's products so that more people will buy from them. Depending on the sort of advertisement and the media in which it is used, the cost will vary. The target audience, the location, the length of the advertising, and the type of media utilised are a few variables that might impact the price. For instance, a 30-second commercial during a well-liked TV programme might cost tens of thousands of dollars, whereas a brief web advertisement or classified item can just cost a few bucks. Additionally, some media, like periodicals and TV networks, may provide volume or bulk discounts to advertisers that use their services frequently. Because it is a recurrent expenditure essential to their operations but not one that is directly related to the creation of a particular good or service, firms sometimes classify the cost of advertising as an overhead expense.
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cropper's supermarket is having a sale before a holiday weekend. the cost of placing the ads on local tv and in the local newspaper would be classified as neither a period cost nor overhead. a period cost and overhead. a period cost, but not overhead. overhead, but not a period cost.
suppose you bought 300 shares of stock at an initial price of $46 per share. the stock paid a dividend of $.44 per share during the following year, and the share price at the end of the year was $47. compute your total dollar return on this investment.
You will receive $432 in total return on your investment. (Beginning Price - Dividends - End Price) 300 shares equals (47-46+.44) ×300 = $432.
What is the formula for compound interest?The future value of a loan or investment may be determined using the formula FV = P*(1+R/N)(N*T), where FV is the future value, P is the original principal, R stands for the yearly interest rate, N for the number of annual compoundings, and T for the duration in years.
In 20 years, what will $10,000 be worth?What will a $10,000 investment be worth in the future? Your savings will have increased to $32,071 after 20 years.
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the business issued $32,000 of common stock to its stockholders. the business purchased land for $24,000 cash. services were provided to customers for $28,000 cash. services were provided to customers for $17,000 on account. the company borrowed $28,000 from the bank. operating expenses of $24,000 were incurred and paid in cash. salary expense of $2,000 was accrued. a dividend of $16,000 was paid to the stockholders of warren enterprises. what is the balance of the retained earnings account as of december 31, year 1?
On December 31, Year 1, Warren Enterprises' balance in the Retained Earnings account would be $3,000.
Calculate the Retained Earnings at the end of Year 1 by starting with $0 and adding/subtracting items from the year.
Retained Earnings = Beginning Retained Earnings + Net Income/Loss - Dividend
Beginning Retained Earnings = 0
Net Income/Loss = Revenues - Expenses
Revenues = 28,000 + 17,000 = 45,000
Expenses = 24,000 + 2,000 = 26,000
Net Income/Loss = 45,000 - 26,000 = 19,000
Dividend = 16,000
Retained Earnings = 0 + 19,000 - 16,000 = 3,000
Therefore, the retained earnings balance as of December 31, Year 1 is $3,000.
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which two statements about ad-supported apps are true
Ad-supported applications make money by showing users adverts.
Compared to paid apps, ad-supported ones are frequently supplied for free or at a reduced price.
What are ad supported apps?Apps with an advertising model give users free access to services or content in return for watching adverts. The majority of the time, the cost of creating, maintaining, and distributing these apps is covered by advertising revenue. Apps that are sponsored by advertisements include news, social media, gaming, and entertainment apps. Display ads, video commercials, interstitial ads, and other types of adverts may be seen on these apps. The app and its services are free to use, but in order to do so, users must view the app's advertisements. Ad-supported applications are popular because they offer consumers a convenient way to access content and services at a reasonable price, as well as giving companies a platform to connect with potential clients.
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A company paid overtime wages or hired temporary help during 9 months of the year. Overtime wages were paid during 7 months, and temporary help was hired during 4 months. At the end of the year, an auditor examines the accounting records and randomly selects one month to check the payroll. What is the probability that the auditor will select a month in which the company paid overtime wages and hired temporary help? express your answer as a fraction in simplest form.
The probability of randomly selecting a month in which overtime was paid and temporary help was hired is 1/6 = 0.16.
There are a total of 12 months in a year. Let events A be those in which the company paid overtime and B be those in which temporary help was hired, then:
P(A) = 7/12
P(B) = 12/4
P(A or B) = 12/9
These 2 events are overlapping events, therefore write the equation of
P(A or B) for overlapping events:
P(A or B) = P(A) + P(B) − P(A and B)
Solve for P(A and B):
P(A and B) = P(A) + P(B) − P(A or B)
Substitute values:
P(A and B) = 7/12 + 4/12 - 9/12
Evaluate:
P(A and B) = 2/12
= 1/6.
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TRUE/FALSE. regarding portfolio investments, dividends generally are taxed at capital gains rates and dividends are taxed at ordinary rates.
Regarding portfolio investments, Qualified dividends generally are taxed at capital gains rates and non- qualified dividends are taxed at ordinary rates.
A public corporation pays owners of its common stock shares ordinary Or qualified dividends. They receive a portion of the company's earnings as compensation for hanging onto their shares. Ordinary dividends that can be reported to the IRS as capital gains rather than as income are known as qualified dividends. For qualifying dividends, the maximum tax rate is 20%. Ordinary dividends are subject to income tax rates, with a maximum rate of 37% beginning with the 2022 and 2023 tax years. Dividend income that is not eligible for the reduced tax rate for qualified dividends is referred to as a nonqualified dividend. Qualified and ordinary, or nonqualified dividends, are the two types of regular dividends. The IRS treats nonqualified dividends as normal income, and they are taxed more heavily than qualified dividends. The investor's profits may be lower if they get non-qualifying dividend income because of the increased tax burden.
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you have been assigned as the project manager for a new project. a lot of the high-level planning and requirements have been completed and this information is provided to you by the project sponsor. you coordinate initiating efforts with all key stakeholders, including the customer. together you determine the initial project organization, the milestones required, project success criteria, and how the scope is to be controlled. which activity should be completed first before proceeding with the project? answers a. perform stakeholder analysis b. develop the human resource management plan c. perform product analysis d. obtain project charter approval
Obtain project charter approval should be completed first before
proceeding with the project.
The project charter is a critical document that outlines the purpose, objectives, and key stakeholders of the project. Obtaining approval for the charter signifies agreement among the stakeholders on the project’s purpose and scope, and provides a formal authorization to proceed with the project.
It sets the foundation for the entire project and guides decision-making throughout its lifecycle. Therefore, obtaining project charter approval should be the first step before proceeding with the project, as it confirms the project’s existence, its goals, and the roles and responsibilities of the stakeholders.
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computer services company (csc) processes payroll transactions for schools. drake, cpa, is engaged to report on management's description of csc's system and suitability of the design of controls. csc's system is relevant to the schools' internal control, so drake's report will be useful in providing the schools' independent auditors with information necessary to plan their audits. drake's report expressing an opinion on csc's system and suitability of the design of controls should contain:
Drake's report on the Computer Services Company's (CSC) payroll processing system and its suitability of controls should contain the following elements Introduction, System description, Control activities, and Monitoring.
Introduction: A brief overview of the purpose of the report and the scope of the engagement, including the management's description of the system, the specific areas of focus, and the information provided by the management.
System description: A detailed description of CSC's payroll processing system, including its inputs, processing, and outputs, as well as the technology and infrastructure used to support the system.
Control activities: A description of the control activities in place to support the control objectives, such as access controls, segregation of duties, and transaction monitoring.
Monitoring: A description of the ongoing monitoring processes in place to assess the effectiveness of the control activities, including periodic self-assessments, internal audits, and external audits.
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A client has two checking accounts (Bank A and Bank B, but both called Checking) connected to their Banking center in QuickBooks Online. They use Bank A frequently, and Bank B only rarely.
Which 2 of these can they do to customize the way the accounts appear and make it easy to distinguish between them?
In order to distinguish between the accounts in QuickBooks Online, the customer can rename them to "Checking - Bank A" and "Checking - Bank B" and give each one a special colour code.
By renaming the accounts and designating a distinctive colour code, the client may make it simpler for QuickBooks Online users to identify between their two checking accounts. The customer has the option to rename the accounts from "Checking" to something more specific, such "Checking - Bank A" and "Checking - Bank B." The customer will be able to instantly recognise which checking account they are dealing with by being given a colour code. The customer will find it simpler to manage their accounts and discover the information they want thanks to these two customisation possibilities.
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