IMPERSONAL ACCOUNT:In the accounts of the nominal ledger, we have different types of expenses for different purposes like rent, insurance, telephone and others. ... In contrast to impersonal accounts, personal accounts are kept for each of the credit customers or suppliers of a business.
Personal and Impersonal Accounts are classified based on ownership. Nomenclature is the principal criterion for deciding the categorization of the account.
An Account is a record of assets, liabilities, and transactions. Double entry is the principle of accounting. Personal accounts are for individuals or firms. Personal accounts hold the privilege of using the username the same as the name of account holder. Personal accounts are used mainly for all official works and records. They can be further classified as:
Nature personal accountsArtificial personal accountsRepresentative personal accountsImpersonal accounts are for properties, expenses, etc. They can be further classified as:
Real accountNominal account#SPJ10
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Simone started the meeting at BCD Co. by focusing the attendees on the company's current status. "We have a good product mix," she stated. "To continue to grow, we need to target more segments." Which strategic path is Simone pursuing?
Answer:
Market development
Explanation:
Market development can be described as a marketing strategy in which new market segments are identified and developed for current products of a company.
The focus of a market development strategy are the existing customers and new customers in the targeted segments that are not currently buying the products of the company.
Market development is therefore a marketing strategy that is employed when a company wants to expand its total market by making effort to promote its current product to new consumers or a new geographical area.
From the question, the statement that "To continue to grow, we need to target more segments" by Simone indicates that the strategic path Simone is pursuing is market development.
Eric is maximizing his total utility through his choices of two goods: clothes and food. His marginal utility of clothes is 60 and his marginal utility of food is 12. The price of clothes is $20. What must be the price of food
Answer:
$4 per unit
Explanation:
utils per $1 spent on clothes = total utils from clothes / price of clothes = 60 / $20 = 3 utils per dollar spent
since Eric is maximizing his total utility, then the utils obtained from food must also equal 3 per every dollar spent on food:
3 = 12 / price of food
price of food = 12 / 3 = $4 per unit
Although there are advantages and disadvantages to home-based workers for both the employer and employee the disadvantages to employer, employee, and society in general can be summarized as:
Explanation:
The disadvantages of home work can directly impact the employer, the employee and society by reducing the interaction of workers in the organizational environment.
Social interaction at work is an advantageous factor for the conception of new ideas, innovation, problem solving, and relationships that can encourage and motivate the performance of work.
For the worker, it can directly impact their motivation for work, which can generate stressful situations due to the lack of interaction with other co-workers. For the employer it can mean difficulties in coordinating and monitoring work, ineffective communication, etc.
For society, on the other hand, it can constitute significant changes in work, which can cause difficulties in interpersonal relationships, and difficulty for group living.
Money serves as a store of value when: Multiple Choice it is a means of holding wealth. there is direct trade of goods and services. it is a basic measure of economic value. it is used to purchase goods and services.
Answer:
The answer is A.
Explanation:
One of the functions of money is to serve as a store of value(the rest is as a medium of exchange, store of value, unit of account)
Money can be stored as deposit in banks(the money saved in banks), bonds, golds, stocks etc. Money are stored in these as they can easily be converted to cash. What the money is being stored as must be easily be converted to cash.
Colin is a branch manager for a large freight company. He has noticed low morale lately, perhaps because of the cramped quarters, stricter policies, and lack of raises this year. According to Herzberg, Colin should first concentrate on
Answer:
Hygiene factors
Explanation:
Herzberg developed a theory called Two-factor theory in which he talked about motivators that cause positive satisfaction to people and hygiene factors that cause dissatisfaction among people like working environment and salary. Because of this, the answer is that according to Herzberg, Colin should first concentrate on hygiene factors because he needs to know what are the factors that are causing dissatisfaction among the employees.
Gary participates in a group long-term care insurance program through his employer. The employer pays for a standard level of coverage for all employees, and Gary pays for an additional voluntary amount of coverage. In all, Gary's employer pays two thirds of the cost and Gary pays the remaining one third of the cost. If Gary makes a claim under this policy, what percentage of his benefits would be taxable based on the premium structure
Answer:
$0
Explanation:
When your employer pays for your health insurance policy, the benefits you receive are not taxed by the federal government. In most cases, when employees pay for some part of the health insurance plan, this payments are also excluded and not taxed by the federal government.
In this case, the benefits that Gary gets from his health insurance are not taxed by the federal government, only payments received for temporary disability or sickness are taxed since they replace your normal income.
TB MC Qu. 06-49 Radakovich Corporation has provided the... Radakovich Corporation has provided the following data from its activity-based costing system: Activity Cost Pools Total Cost Total Activity Assembly $ 1,372,578 61,800 machine-hours Processing orders $ 63,235 2,010 orders Inspection $ 151,316 2,090 inspection-hours The company makes 600 units of product F60N a year, requiring a total of 1,200 machine-hours, 78 orders, and 34 inspection-hours per year. The product's direct materials cost is $49.55 per unit and its direct labor cost is $12.44 per unit. The product sells for $128.70 per unit. According to the activity-based costing system, the product margin for product F60N is: (Round your intermediate calculations to 2 decimal places.) $40,026.00 $10,920.12 $8,458.52 $10,912.40
Answer:
$8,460
Explanation:
The computation of product margin for product F60N is shown below:-
Total overhead cost = ($1,372,578 × 1,200 ÷ 61,800) + ($63,235 × 78 ÷ 2,010) + ($151,316 × 34 ÷ 2,090)
= $26,652 + $2,454 + $2,462
= $31,568
Per unit overhead cost = $31,568 ÷ 600
= $52.61
Per unit cost = Direct material + Direct labor + Overhead cost
= $49.55 + $12.44 + $52.61
= $114.60
Finally
product margin for product F60N is = (Selling price - Per unit Cost) × Number of units sold
= ($128.70 - $114.60) × 600
= $14.1 × 600
= $8,460
On February 2, Flint Corp.'s board of directors voted to discontinue operations of its frozen food division and to sell the division's assets on the open market as soon as possible. The division reported net operating losses of $20,000 in January and $30,000 in February. On February 26, sale of the division's assets resulted in a gain of $90,000. Ignoring income taxes, what amount of gain from discontinued operations should Flint recognize in its income statement for the three months ended March 31
Answer: $40,000
Explanation:
The gain from discounted operations assuming no income taxes, is the gain from the sale of the asset less the net operating losses in the period.
= Gain from Sales of Asset - Net losses in period
= 90,000 - ( 20,000 + 30,000)
= $40,000
The optimum approach for escalation is based on a thorough integration of the monitoring process into the
Complete Question:
The optimum approach for escalation is based on a thorough integration of the monitoring process into the __________.
Group of answer choices
a. IDE
b. IRP
c. CERT
d. ERP
Answer:
b. IRP
Explanation:
The optimum approach for escalation is based on a thorough integration of the monitoring process into the incident response plan (IRP).
An incident response plan can be defined as a written plan which comprises of a set of instructions that assists Information Technology (IT) staffs and professionals recognize, respond to, and recover from cybersecurity incidents. The Incident response plan (IRP) is made up of six (6) distinct phases that are used by administrators to address issues like cyber crime or cybersecurity breach, data loss, and service outages that usually affect the user's daily work.
The six (6) distinct phases that make up an incident response plan (IRP) are:
1. Preparation.
2. Identification.
3. Containment.
4. Eradication.
5. Recovery.
6. Lessons learned by users.
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Answer:
True :)))
Explanation:
i think so...
On January 1, 20x6, Windows Incorporated has $14,218 in partially completed windows in their inventory. During the month of January, they incur another $5,247 to finish the windows, $37,922 to complete another 120 windows, and $9,732 to start 50 more windows. What is the total cost of work in process for the month of January?
Answer:
Explanation:
Work in process is a term used to describe partially completed goods , that are turned from raw materials to finished goods within a shot space of time. Therefore , to calculate the work in process , every cost incurred in the month of January will be relevant
Workings
Opening inventory of partially completed window = 14,218
Cost to finish 5,247
Cost to complete another 120 windows in January 37,922
Cost to start another 50 windows in January 9,732
Cost of work in process 67,119
Brettson Inc. is a major player in the U.S. consumer electronics markets. It sells radios, televisions, DVD players, and a number of similar products. Its CEO believes that the company can go into international markets with the same product line that it offers in the United States. What might limit Brettson Inc.'s ability to sell a standardized product to a global market using a standardized marketing strategy
Answer: Differences in product and technical standards
Explanation:
International market has some variety of item when it comes to when the product compete with the locally sold item. When a product which is not being made in a particular country is entering that same country it has some competition to deal with and would have to go through some required standard already in place set by the the country which it's going into. Each country will have their different technical standard and this would determine some decisions on how the international product will sell in this market.
If you were to survey central bankers from around the world and ask them what they believe the primary task of monetary policy should be, what would the most popular answer likely be
The most popular answer would likely be fighting inflation.
Monetary policy is one of the policies use by central bank to control or regulate the supply of money in an economy inorder to achieve sustainable economic growth.
We know that excess supply of money in circulation would cause inflation; hence bring about increase in the price of goods and services. Inadequate supply of money would also case deflation in an economy.
It therefore means that the primary task of monetary policy (By buying or selling government securities (usually bonds), the Fed—or a central bank) should be fighting inflation.
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A company has net working capital of $0, current liabilities of $25 and total assets equal to $100. What is its current ratio?
a) 0.0
b) 1.0
c) 0.5
d) 4.0
Andrew and Marina are married filing joint and have modified AGI of $77,500. Andrew made a contribution to a qualified retirement plan of $2,000 during the year. How much is their retirement savings contributions credit?
Answer:
$0
Explanation:
The credit rate for retirement savings depend upon several factors. General credit rates are 10%, 20% and 50%.
In case of a couple married and filing jointly the credit rate in case of modified AGI being more than $63,000 = $0.
The limit of $63,000 is revised to $64,000 in year 2019, and further revised to $65,000 in year 2020.
Here, in the given case the contribution credit rate = 0% as the AGI in case of joint filing is more than $65,000 as for year 2020.
Thus, retirement savings contribution credit = $2000 [tex]\times[/tex] 0% = $0.
When the agency relationship has been terminated, the licensee is no longer considered the principal’s agent and does not owe any further duties to the principal, except for the following?
a. Loyalty
b. Accounting
c. Obedience
d. Care
Answer:
d. Care
Explanation:
In such a scenario, the licensee does not owe any further duties to the principal except for confidentiality (care of private information). This is because when he was the principal's agent he was bound to maintain all private information shared between them as confidential. Terminating the relationship does not give the licensee the right to share any of the private information that he managed to see during that time.
Assume that there is a fixed rate of interest on contracts for borrowers and lenders. If unexpected inflation occurs in the economy, then
Answer:
The borrower will be benefited and the lender will be in harm.
Explanation:
Then the borrower will be benefited and the lender will be in harm because the inflation in the economy reduces the purchasing power or it depreciates the value of the currency. Therefore, if there is unexpected inflation then the borrower will get the benefit, here the value of paid money is less as compared to the value of money when is borrowed. Similarly, the lender will be in loss because the current value of money has decreased.
Which recommendation would be most suitable for a 40-year old client whose main objective is retirement income and preservation of capital?
Answer:
Fixed deferred annuity
Explanation:
Fixed deferred annuity is a form of saving investment where interest is paid on the invested amount at a rate set by the investment company and defined in the contract , and the interest can be deferred into the future till a withdrawal is made from the annuity contract.
Taxes are not paid but deferred until withdrawal which allows the opportunity to control when to pay taxes , a good investment sense for long term investment.
This makes it a good investment for a risk adverse investor who will not require investment income until later years but its main goal is retirement income and preservation of capital.
_______________ is the technological backbone of e-business, an enterprise-wide transaction framework with links into sales order processing, inventory management and control, production and distribution planning, and finance.
Answer:
Enterprise recourse planning
Explanation:
Answer:
ENTERPRISE RECOURSE PLANNINGG
Explanation:
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What document is used to show the chronological sequence in which funds are received and disbursed by the sponsoring broker?
Answer: Journal
Explanation:
The document that is used to show the chronological sequence in which funds are received and disbursed by the sponsoring broker is regarded to as the journal.
The journal is the document that is used by an organization or a company which shows the running balance of a particular organization after there have been a disbursement or receipt.
If the first four units of a good consumed have marginal utilities of 8, 4, 2, and 1, respectively, this trend is an indication of the:________
Answer:
The law of diminishing marginal utility
Explanation:
The Law Of Diminishing Marginal Utility states that all else equal as consumption increases the marginal utility derived from each additional unit declines.
Marginal utility was the highest when only one unit was consumed. As consumption increased, marginal utility declined
When you buy at a low price in one market then sell at a higher price in another market you are engaging in:__________
Answer:
The answer is abitrage
Explanation:
Abitrage is sometimes called riskless profit. It is about taking advantage of price difference in the market. Abitrage improves market efficiency because the mispricing are quickly exploited.
Arbitrage involves buying security A at $10 in city X and the same security is being sold for $15 in city Y. If the market participant exploits this mispricing, he is known to engage in abitrage.
On October 1, Company B records 1 year of prepaid rent in an income statement account then adjusts for the unexpired prepaid rent at the end of the period. What would be true for Company B's financial statements at December 31 year-end?
Answer:
The first journal entry was not the most appropriate, but since the mistake was correctly adjusted at the end of the year, both assets and expenses will be the same whether they did it correctly the first time or they had to adjust a mistake at the end of the year.
E.g. something like this happened
October 1, rent expense for 1 year
Dr Rent expense 12,000
Cr Cash 12,000
December 31, adjustment to rent expense
Dr Prepaid rent 10,000
Cr Rent expense 10,000
they should have recorded it as:
October 1, prepaid rent for 1 year
Dr Prepaid rent 12,000
Cr Cash 12,000
December 31, adjustment to rent expense
Dr Rent expense 2,000
Cr Prepaid rent 2,000
Whichever way you recorded the transactions, the balances a the end of the year would be:
prepaid rent (asset) $10,000
rent expense (expense) $2,000
What refers to evaluating how well an organization is achieving its goals and taking action to maintain or improve performance?
Answer:
Controlling.
Explanation:
Controlling refers to evaluating how well an organization is achieving its goals and taking action to maintain or improve performance.
It is an important and essential task that needs to be performed by a functional manager, supervisor or employer.
Using the ______ approach to expatriate compensation, the organization continues to pay the individual at a rate equivalent to their home-country salary, while providing allowances to enable that employee to maintain their standard of living.
Answer:
Balance sheet approach
Explanation:
As the name suggests, the balance sheet is the statement which followed the accounting equation i.e.
Total assets = Total liabilities + total stockholder equity
It is to be used for set the compensation for the people who live outside their native country that we called expatriate. Its motive to protect the purchasing power while on the duty
Also, in this the organization gives the rate that is equal to the salary given in the home country also the allowances are provided to balance their standard of living
"Norman wanted Mary to handle the sale of his home, his brother's home, and his investment property. She was to be in charge of all parts of his real estate needs and he gave her a power of attorney to do the job. She was also to sell his car because he was relocating to Europe. What is Mary's relationship to Norman?"
Answer:
Mary's relationship to Norman is that of a lawyer to a client. For Norman to give Mary power of attorney, it means that, he is empowering her to act in trust for him regarding to all transactions about his properties and that of his brother.
Explanation:
Amelia has a lot of business knowledge and is confident in her abilities to open a successful store. She recently opened a bakery as a sole proprietor. She is expecting a high level of profits and is looking forward to
Answer:
keeping all of the money she earns except for taxes required to pay.
Explanation:
From the above question, Amelia is a sole proprietor. A sole proprietor is an individual that is the sole or exclusive owner of a business. As a sole proprietor, Amelia is entitled to keep all profits after tax payments and is also solely liable for any losses.
Cheers
Mathias Acker is the new bookkeeper for Meganyx Enterprises, a small business consulting firm, and was hired to replace a long-time employee who retired. Upon starting the position, Mathias notices that the prior bookkeeper used a purely manual system. The company owner has said that Mathias may update the payroll system. What options are available?
Answer: The option available is to outsource the payroll. This can be done through several sources such as ADP, myPay Solutions, Sage50, QuickBooks etc
Explanation:
From the question, we are informed that Mathias Acker is the new bookkeeper for Meganyx Enterprises, a small business consulting firm, and was hired to replace a long-time employee who retired and that while starting the position, Mathias notices that the prior bookkeeper used a purely manual system and the company owner has said that Mathias may update the payroll system.
The option available is to outsource the payroll. This can be done through several sources such as ADP, myPay Solutions, Sage50, QuickBooks etc
Starting from long-run equilibrium, an increase in autonomous investment results in ____ output in the short run and _____ output in the long run.
Answer:
higher and potential output
Explanation:
Starting from long-run equilibrium, an increase in autonomous investment results in higher output in the short run and potential output in the long run.
This is because in concept of economics the long run the prices are at equilibrium and the highest level of real gross domestic product is been attained in contrast to the shortrun where the autonomous investment in increased output than that of before.
A mid-sized city introduced a reward system whereby employees would find ways to reduce costs and increase work efficiency. Every employee would receive a portion of the surplus budget resulting from these cost savings. Which of the following reward systems is this city using?
a. commission system.
b. a gain sharing plan.
c. a piece-rate plan.
d. team-based synergy.
Answer:
b. a gain sharing plan.
Explanation:
The reward system that the city is using is known as a gain sharing plan. This is a group incentive plan in which employees as a group earn bonuses (usually in cash) for cooperating with one another in order to improve plant performance. This is the case in this scenario as the employees worked together to find ways to reduce costs while also increasing efficiency which ultimately improved the company and increased their profits. In doing so they were paid bonuses from the surplus budget.