Beginning in October, a corporation pays a six month insurance premium, On November 1, a business makes a payment for four months advertising advertising inside the Wall Street Journal. (Choices a, c)
What does the term "accounting period" mean?In bookkeeping, the time frame for which there were and income reports are created is known as an accounting period. The accounting period in management accounting varies greatly and is chosen by management. Accounting periods are frequently monthly. The reports or summaries for a certain accounting period include transactions that occurred within a specified calendar range. A reporting or accounting period frequently lasts for a full year.
Complete question: Which of the ensuing transactions is an example of a prepayment that will necessitate an adjustment on December 31 at the conclusion of the accounting period? (Check every box that applies.)
A. At the start of October, a company pays a six month insurance premium.
B. A business pays an electricity bills for costs incurred the month before.
C. On November 1, a business pays for four months of advertisement in the The Wall Street Journal.
D. A financial records interest costs that have accrued but won't be paid until the following fiscal year.
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You are given the following total market values for an index over a five-year period. Assuming the index starts at 1,000, calculate the index value each year. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Market value of the stocks
Year 1: 3,654 million Year 2: 3,732 million Year 3: 4,093 million Year 4: 3,893 million Year 5: 4,442 million
The index values for each year are Year 1 is 1000, Year 2 is 102.00, Year 3 is 111.97, Year 4 is 106.55 and Year 5 is 121.68.
To calculate the index value each year, we need to divide the market value of the stocks for each year by the market value of the stocks in the base year (year 1) and then multiply by 1000.
Year 1 index value = (3,654 million / 3,654 million) x 1000 = 1000
Year 2 index value = (3,732 million / 3,654 million) x 1000 = 101.99 or 102.00
Year 3 index value = (4,093 million / 3,654 million) x 1000 = 111.96 or 111.97
Year 4 index value = (3,893 million / 3,654 million) x 1000 = 106.54 or 106.55
Year 5 index value = (4,442 million / 3,654 million) x 1000 = 121.67 or 121.68
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identify the advantages to the vendor when a vendor-managed inventory is implemented. (check all that apply.) Inventory turnoverDays of supply
The advantages to the vendor when a vendor-managed inventory is:
Increased visibility into supply and demandImproved customer serviceReduced inventory carrying costsReduced stockoutsImproved forecasting accuracyIncreased customer loyalty1. Increased efficiency: Vendor-managed inventory allows vendors to track and manage inventory levels in real-time, allowing them to be more efficient and accurate with their inventory management.
2. Improved customer service: By monitoring and managing inventory levels, vendors can better meet customer needs and ensure timely delivery of products.
3. Reduced costs: With vendor-managed inventory, vendors can reduce the cost of labor, storage and other overhead expenses associated with managing inventory.
4. Increased visibility: Vendor-managed inventory provides vendors with visibility into customer demand and inventory levels, allowing them to better plan for the future.
5. Increased sales: By having better visibility into customer needs, vendors can better anticipate customer needs and promote their products accordingly.
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Match the financial statement line item with the financial statements on which the item would appear.
Net income = Both the income statement and the statement of stockholders' equity
Cash = Both the balance sheet and the statement of cash flows
Dividends = The statement of stockholders' equity
Accumulated depreciation = The balance sheet
Depreciation expense = The income statement
Retained earnings = Both the statement of stockholders' equity and the balance sheet
Supplies = The balance sheet
Supplies expense = The income statement
Net income = Both the income statement and the statement of stockholders' equity
Cash = Both the balance sheet and the statement of cash flows
Dividends = The statement of stockholders' equity
Accumulated depreciation = The balance sheet
Depreciation expense = The income statement
Retained earnings = Both the statement of stockholders' equity and the balance sheet
Supplies = The balance sheet
Supplies expense = The income statement
Why do you use the term "net income"?
Net income is your take-home pay after taxes and other withholdings have been deducted from it. Net income is the money that remains after all business expenses have been paid.
How do net income and gross profit differ?
The difference between gross profit and net profit is how much money is left over after all permitted business expenses have been paid. Gross profit is what is left over after revenue has been reduced by the cost of items sold. To determine net profit, you must first determine gross profit.
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_____is the annual amount by which expenditures are greater than revenues; and is the total amount the government owes across all years.
Deficit is the annual amount by which expenditures are greater than revenues; and is the total amount the government owes across all years.
Revenue is money earned from the normal business activities and is calculated by multiplying the average selling price by the number of the units got sold.
This is the top line (or gross income) from which expenses are subtracted to determine net profit. Revenue is also known as income statement revenue.
Earnings, often referred to as profits or revenues, are money derived from the normal course of business.
Operating income is the income (from the sale of goods or services) less operating expenses. Non-operating income is infrequent or one-time income from secondary sources (such as proceeds from legal proceedings).
Not-for-profit entities, such as governments, non-profit organizations, and individuals, also report revenue, but their calculations and sources are different.
Income is simply sales income, whereas income or profit includes the costs of generating income and reports net (not gross) income.
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As a strategy for reaching global markets, licensing provides the licensor with several advantages. One advantage is:the complete immersion of employees assigned to the alliance, eventually forming a separate company.separation of company policies, procedures, and production, but unified financial accountability.it must be a long-term venture of 10 or more years.participant companies do not share costs or profits.
As a strategy for reaching global markets, licensing provides the licensor with several advantages of separation of company policies, procedures, and production, but unified financial accountability.
What is licensing?granting someone official consent to do, possess, or sell something: Licensing is a common tool used to determine who can sell something where. The licence contract enables Davy to market the technology internationally.
An formal authority or approval to do, use, or own anything is known as a license. As a component of an agreement between those parties, one party grants a license to the other party. In the case of a government-issued license, obtaining one requires applying.
Therefore, option C is correct.
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A graph of percentage increases in the money supply and average annual increases in the price level for various countries provides evidence that
a. changes in the two variables are exactly equal
b. the money supply and aggregate price level are unrelated
c. money neutrality holds only in wealthy countries
d. monetary policy is ineffective
e. money is neutral in the long run
A graph of percentage increases in the money supply and average annual increases in the price level for various countries provides evidence that Money is neutral in the long run.
The entire amount of cash and other liquid assets in an economy on the measurement date is known as the money supply. The total amount of money in circulation and all bank deposits that can be quickly converted to cash are both included in the money supply. Governments issue coins and paper money through their treasuries, central banks, or a combination of both. Banking regulators alter the available money supply through regulatory decisions and policy changes to maintain the stability of the economy. Increases in the money supply are thought to cause inflation by monetarists, who see the money supply as the primary source of demand in an economy.
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fill in the blank. a privately funded program pays low-income parents $50 every two months for each child who attends school regularly during that period. this incentive illustrates a___schedule of reinforcement. fixed-interval fixed-ratio variable-interval variable-ratio
A privately funded program pays low-income parents $50 every two months for each child who attends school regularly during that period. This incentive illustrates a Fixed-interval schedule of reinforcement. Fixed-interval fixed-ratio variable-interval variable-ratio.
Fixed-interval scheduling is a type of reinforcement schedule in which a reward is given only after a certain amount of time has passed. An example of fixed-interval scheduling would be a student receiving a reward after studying for a certain number of hours. The reward reinforces the behavior of studying and encourages the student to continue the behavior.
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Recent research shows that the use of online job evaluation by independent managers is more reliable than traditional job evaluation committees. True or False
It is untrue, as recent study demonstrates that independent managers' use of online job evaluation is more trustworthy than committee-based evaluations used in the past.
Which technique is most frequently applied to job evaluation today?The method of job appraisal most often utilized is the point factor approach. The four main compensable criteria that this technique finds are used to calculate salary. One of these elements is: Skills (years of experience, degree of education and overall knowledge) (years of experience, level of education and overall knowledge).
Which job evaluation methods are reliable?Determine whether multiple assessors yield the same results in order to assess the reliability of job evaluation processes. Data from the market had a significantly greater impact on pay decisions than did information from job evaluations, according to a survey of 400 compensation specialists.
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Determine which of the following transactions may require adjustments?
1. Six months of rent were paid in advance
2. An employee was paid his weekly wages at the end of the week
3. A 24-month insurance policy was prepaid
4. A one-month premium on an insurance policy was paid
5. Supplies were purchased at the beginning of the year, but not all were used
6. An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month
7. Rent was paid for the month
8. Equipment was purchased in the middle of the year
The following transactions may require adjustments:
Six months of rent were paid in advance - this may require an adjustment to record the portion of the rent that has been earned in the current accounting period.
A 24-month insurance policy was prepaid - this may require an adjustment to record the portion of the insurance that has been used in the current accounting period.
Supplies were purchased at the beginning of the year, but not all were used - this may require an adjustment to record the amount of supplies that have been used in the current accounting period.
An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month - this may require an adjustment to record the portion of the revenue that has been earned in the current accounting period.
The following transactions do not typically require adjustments:
An employee was paid his weekly wages at the end of the week - this is recorded as an expense in the period in which it is paid.
A one-month premium on an insurance policy was paid - this is recorded as an expense in the period in which it is paid.
Rent was paid for the month - this is recorded as an expense in the period in which it is paid.
Equipment was purchased in the middle of the year - this is recorded as an asset in the period in which it is purchased.
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managerial accounting connect assignment 1
Managerial accounting is a process of demonstrating the financial situation of a company through financial data and reports for a period.
What are the benefits of accounting for a business?Accounting contributes to managerial decision-making that is more focused and aligned with the real financial situation and needs of the company, through reports that allow the manager to analyze, organize, control and better correct organizational finances.
Therefore, management accounting is a tool that contributes to management through accounting reports and projections that help in focused decision making.
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given the int variables yearswithcompany and department, write an expression that evaluates to true if yearswithcompany is less than 5 and department is not equal to 99.
It is not possible to assign the outcome of a logical expression to an int variable, but it is possible to assign it to a bool variable. Take into account the following claims.
I discovered that the outcome of a logical expression may only be assigned to a boolean variable; however, I tried a short piece of code to verify that the outcome can really be assigned to an integer variable as the logical expression itself yields an integer value.
#include <iostream>
using namespace std;
int main() {
int n1 = 1;
int n2 = 2;
int b;
b = (n1 == n2);
cout<<b;
}
In this instance, the logical expression's outcome is essentially false, which means it is 0.
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FILL IN THE BLANK. When McDonald's offers healthy menu items in hopes of avoiding competition with Wendy's and Burger King, it uses ________ positioning.
When McDonald's offers the healthy menu items in hopes of avoiding competition with the Wendy's and Burger King, it uses differentiation positioning.
What is differentiation positioning?Differentiation positioning is a marketing strategy that aims to make a product or service stand out from its competitors by emphasizing its unique features, benefits, or values. This strategy involves identifying the key attributes that set the product apart from others in the market and positioning it in a way that makes it more attractive to a specific target audience. Differentiation can be achieved through various means, such as product design, quality, branding, customer service, pricing, or distribution. By highlighting these unique features, companies can create a strong brand image and build customer loyalty. Effective differentiation positioning requires a deep understanding of the market, the target audience, and the competition to identify the right attributes that will resonate with customers and lead to a competitive advantage.
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Lindsay is an analyst at a large power company. She creates a custom spreadsheet showing how cold weather might affect the company's profitability. This shows her ________ skills.
problem-solving
risk ordering
abstract reasoning
systems thinking
experimentation
As an analyst for a power firm, Lindsay works. She creates a unique spreadsheet to show how the cold weather may affect the company's profitability. This illustrates her prowess with (C) abstract reasoning.
What is abstract reasoning?Fluid intelligence—our capacity to quickly reason with information to solve novel, unsolved issues without the aid of prior knowledge—is most closely related to abstract reasoning.
It entails creative problem-solving that goes beyond the most obvious solutions, as well as flexible and lateral thinking.
The purpose of abstract reasoning tests is to be difficult, to distinguish amongst applicants, and to determine the candidate's maximal performance.
Typically, they have short deadlines and more challenging questions.
Lindsay works as a power company analyst. She makes a special spreadsheet that illustrates how the company's profitability can be impacted by the chilly weather.
This demonstrates her aptitude for abstract reasoning.
Therefore, as an analyst for a power firm, Lindsay works. She creates a unique spreadsheet to show how the cold weather may affect the company's profitability. This illustrates her prowess with (C) abstract thought.
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Complete question:
Lindsay is an analyst at a large power company. She creates a custom spreadsheet showing how cold weather might affect the company's profitability. This shows her ________ skills.
A. problem-solving
B. risk ordering
C. abstract reasoning
D. systems thinking
E. experimentation
if a firm sold some inventory for cash and left the funds in its bank account, its current ratio would probably not change much, but its quick ratio would decline. T/F
The given statement "if a business sold some goods for cash and kept the money in its bank account, its quick ratio would likely not change much, but its current ratio most likely would" is TRUE.
What is a quick ratio?The ability of a business to use its near cash or quick assets to extinguish or retire its current liabilities instantly is measured by the quick ratio, sometimes referred to as the acid-test ratio in finance.
It is described as the proportion of current liabilities to easily movable or liquid assets.
Current assets that may theoretically be quickly converted to cash at prices near their book values are known as "quick assets."
A 1:1 liquid ratio is regarded as usual.
A business with a quick ratio under 1 is now unable to fully cover its current liabilities.
High quick and current ratios always show that the company is effectively managing its liquidity position.
A company's current ratio would presumably not alter significantly, but its quick ratio might decrease if it sold some merchandise for cash and kept the proceeds in its checking account.
Therefore, the given statement "if a business sold some goods for cash and kept the money in its bank account, its quick ratio would likely not change much, but its current ratio most likely would" is TRUE.
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According to the theory of international trade, it makes sense for a company to disperse its production to those countries where
According to the theory of international trade, it makes sense for a company to disperse its production to those countries where they can be performed most efficiently.
The various explanations for international trade are merely known as international trade theories. The idea of trading goods and services between two parties is known as trade.
Specialization enables nations to produce fewer, but more numerous, limited goods. They can disperse the production of the remaining manufactured goods at a lower cost than their home country with help of international trade.
The proximity to natural resources provided by a country's location can give it a distinct advantage over other nations. For instance, one country may produce oil faster and more efficiently than another, giving the former a clear advantage.
Hence it is suggested that companies disperse their production to those countries where they can be performed most efficiently.
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The full question is:
According to the theory of international trade, it makes sense for a company to disperse its production to those countries where:
a) they can barter and trade goods
b) they can be performed most efficiently
c) factors of endowment are lacking
d) offshoring service is available
which of the following are examples of data? (select all that apply) multiple select question. customer number best-selling product lowest sales per week compared with the economic interest rate amount sold
The answer is all of the given options are examples of data, they are classified on basis of business intelligence.
Which definition of business fits the bill the best?As an organization or enterprising entity engaged in commercial, industrial, or professional activity, a business is, by definition, such. Businesses can be either for-profit corporations or nonprofit institutions. In addition to sole proprietorships, corporations, and partnerships, limited liability firms are another type of business.
What does business actually stand for?A business's goal is to provide value to consumers, who then exchange that value for money or other acceptable forms of payment. The funds should, at the very least, cover the owner's basic necessities and the expenditures of running the business.
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On 1st January, 2012, the following were the ledger balances of Rajan & Co
Cash in hand Rs900 ; Cash at bank Rs21,000 ; Soni (Cr) Rs3,000 ; Zahir (Dr) Rs 2400 ; Stock Rs21,000 ; Prasad (Cr) Rs6,000 ; Sharma (Dr) Rs4,500 ; Lall (Cr) Rs2,700.
Ascertain Capital
Transactions during the month were : [insert image]
Journalise the above transactions and post them to ledger. u
The following is the arranged Trial Balance in the books of Rajan and Co. (kshs.):
Particulars
Debit
Credit
Cash in Hand
850
Cash at Bank
14,530
Stock
14,900
Soni (Cr)
Zahir (Dr)
2,400
Prasad (Cr)
400
Stationary
50
Sharma (Dr.)
3,000
Drawings
200
Interest on Capital
100
Capital A/c
100
Rent A/c
200
Landlord A/c
200
Purchases A/c
6,300
Sales
3,000
Gain on Settlement
80
Loss on Settlement
50
The arranged Journal Entries for the transactions that took place in the books of Rajan and Co. (kshs.):Journal
Date
Particulars
Debit
Credit
02-Jan-21
Purchases (Stock) A/c Dr.
2,700
To Prasad A/c
2,700
(Being goods purchased from Prasad)
22-Jan-21
Stationary A/c Dr.
50
To Cash A/c
50
(Being stationary purchased for Cash)
03-Jan-21
Sharma A/c Dr.
3,000
To Sales (Stock) A/c
3,000
(Being goods sold to Sharma)
29-Jan-21
Prasad A/c Dr.
2,650
To Bank A/c
2,650
(Being payment made to Prasad for goods purchased)
05-Jan-21
Purchases (Stock) A/c Dr.
3,600
To Bank A/c
3,600
(Being goods purchased from Lall and payment made through cheque)
07-Jan-21
Drawings A/c Dr.
200
To Stock
200
(Being Goods withdrawn for personal use)
30-Jan-21
Interest on Capital A/c Dr.
100
To Capital A/c
100
(Being Interest on Capital provided)
13-Jan-21
Bank A/c Dr.
2,400
Loss on settlement Dr.
50
To Zahir A/c
2,450
(Being amount received from Zahir)
30-Jan-21
Rent A/c Dr.
200
To Landlord A/c
200
(Being rent due to landlord)
17-Jan-21
Soni A/c Dr.
3,000
To Bank A/c
2,920
To Gain on Settlement
80
(Being payment received from Soni and gain on settlement)
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Arnold is a CEO at Gamma LLC. He has control over the corporate funds of the company. Arnold has often used funds from the company to pay for his travel and hotel expenses. The funds could otherwise have increased stockholder returns. Which of the following concepts is illustrated in this scenario?
a. On-the-job consumption
b. Information manipulation
c. Information asymmetry
d. Corporate governance
e. Greenmail
The concept that is illustrated in this scenario is On-the-job consumption. This is because Arnold, the CEO of Gamma LLC, is using corporate funds to pay for his personal expenses, such as travel and hotel expenses.
This is a form of on-the-job consumption, as Arnold is using company resources for his personal benefit. As a result, the stockholder returns are reduced, since the funds that Arnold is using could have otherwise been used to increase the returns for the stockholders. Therefore, the correct answer is option (a) On-the-job consumption.
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fears, frustrations or anxieties can be described by which of the following elements on the empathy map?
Fears, frustrations, or anxieties can be described by the emotional elements on the empathy map. These emotional elements include:
Say/Do: What the person says or does that indicates their fears, frustrations, or anxieties.
Think/Feel: What the person is thinking or feeling that underlies their fears, frustrations, or anxieties.
See: What the person sees in their environment that contributes to their fears, frustrations, or anxieties.
Hear: What the person hears in their environment that contributes to their fears, frustrations, or anxieties.
By considering these emotional elements, businesses can better understand their customers' needs, desires, and pain points. This allows businesses to develop more effective strategies and solutions that address these emotional elements and improve customer satisfaction.
For example, if a customer is frustrated because they are not able to easily find the information they need on a company's website, the business can use the emotional elements of the empathy map to understand what the customer is thinking, feeling, saying, seeing, and hearing in this situation. They can then use this information to make improvements to the website and customer experience that address the customer's frustrations and improve their overall experience.
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Darren and Natalie are first-time buyers who have decided to purchase a newly built townhouse. Their agent, Jenner, tells them that the builder must provide a one-year home warranty. Which of the following conditions must be true?
A. Darren and Natalie are getting a USDA rural development loan.
B. Darren and Natalie are using an FHA-insured loan.
C. Darren and Natalie are using conventional financing.
D. Darren and Natalie made an all-cash offer.
The condition that must be true is B. Darren and Natalie are using an FHA-insured loan.
FHA (Federal Housing Administration) requires that new construction homes, including townhouses, come with a one-year warranty that covers the workmanship and materials used in the construction. This requirement is designed to protect homebuyers from unexpected repair costs in the first year of homeownership.
USDA (United States Department of Agriculture) rural development loans do not have specific requirements for new construction homes, and conventional financing does not have a requirement for a one-year warranty. An all-cash offer does not involve a mortgage and therefore does not have any requirements related to the type of loan.
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Debbie Berger's salary is
$60,000
, and she is covered by her employer's noncontributory, nondiscriminatory group term life insurance policy in the amount of
$90,000
. Identify the correct statement regarding the consequences of this coverage. A) Debbie is taxed only on the cost of coverage in excess of
$50,000
. In this case, the cost of
$40,000
coverage is subject to tax. B) Debbie is taxed on an additional
$40,000
of income due to this coverage. C) There is no income tax consequence to Debbie since the coverage is both noncontributory and nondiscriminatory. D) Debbie is taxed only on the cost of coverage in excess of one times her salary. In this case the cost of
$30,000
coverage is subject to tax.
Since the coverage is both nondiscriminatory and noncontributory, Debbie does not face any income tax consequences as a result.
What does "non-contributory" insurance mean?The "NONCONTRIBUTORY" part indicates that the policy will not solicit contributions from other policies to pay for the claim. As a result, the claim will be paid for within the limits of this policy's insurance coverage.
What exactly are noncontributory and additional insured primary endorsements?Primary & Non-Contributory (also known as PNC) language is an endorsement that is added to your general liability insurance policy. It gives a third party who wants to become an "Additional Insured" on your policy certain additional rights.
A Hindu undivided family (HUF) member who receives family income or income from an impartial family estate or property is exempt from filing an income tax return for that income.
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I am wanting to randomly sample NFL football Teams to track some of the team financial information. I have miniature helmets for all 32 NFL teams. Which of the following methods would result in a random sample of two teams to use in my analysis? O Go to alphabetical list and select every 4th team to include Select the eight teams located geographically closest to you O Choose the eight teams that lasted longest in the playoffs last year. O Put all 32 helmets in a big box. Mix thoroughly and pull eight out without looking.
The last choice, which involved placing all 32 helmets in a box and picking eight at random, would produce a random sample.
Option D, "place all 32 helmets in a huge box, fully mix, and pluck two out without seeing," would produce a random sampling of two teams. This is because any systematic bias that could exist in other selection methods is eliminated by the random sampling. process. Option A incorporates a pattern of selection that is not random and might not be representative of the full population. The teams nearest to you might not be indicative of the overall population in Option B, which is also not random. Option C favours the teams that competed the longest in the playoffs, which may not include all of the NFL clubs. As a result, the optimum strategy for selecting a random sample is option D.
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Which of the following is NOT included in Cost of Quality?
a.
Operating computers required for the project.
b.
Preventing nonconformance to requirements.
c.
Failing to meet requirements (rework).
d.
Appraising the product or service for conformance to requirements.
Answer:
A. Operating computers required for the project.
Explanation:
On July 7, Saints Inc. received $10,000 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7?
A) Debit Deferred Revenue $10,000, credit Cash $10,000.
B) Debit Cash $10,000, credit Service Revenue $10,000.
C) Debit Cash $10,000, credit Deferred Revenue $10,000.
D) Debit Accounts Receivable $10,000, credit Service Revenue $10,000.
The answer is C) Debit Cash $10,000, credit Deferred Revenue $10,000, it is the way the transaction should be recorded on July 7.
What is the straightforward definition of revenue?Revenue, which is determined by multiplying the average sales price by the quantity of units sold, is the money made from routine business operations. It is the top line (or gross income) figure from which costs are deducted to calculate net income. On the income statement, revenue is referred to as sales.
What is the difference between revenue and profit?Profit refers to net income after deducting expenses from earnings, whereas revenue refers to income produced through business operations. Sales, fee-based revenue, and property-based income are just a few examples of the different ways that money might come in.
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Journalize the following transactions for Ramirez Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.
May 9 Sold goods costing $6,000 to Bailey Company on account, $10,000, terms 5/10, n/30.
May 15 Bailey Company was granted an allowance of $800 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition.
May 20 Received the amount due from Bailey Company.
Debit Accounts Receivable and credit Sales by 10,000. Debit Cost of goods sold and credit Inventory by 6,000. Debit Sales returns and credit allowance and credit Accounts receivable by 800. Debit Inventory and credit Cost of goods sold by 480. Debit cash and credit Accounts receivable by 9,200.
Date Account title Debit Credit
May 9 Accounts Receivable 10,000
To Sales 10,000
May 9 Cost of goods sold 6,000
To Inventory 6,000
May 15 Sales returns and allowance 800
To Accounts receivable 800
May 15 Inventory 480
To Cost of goods sold 480
May 20 Cash 9,200
To Accounts receivable 9,200
Working note:
Since the payment was made after 10 days, hence no discount will be allowed.
Cost of goods sold = $6,000
Sales = $10,000
The ratio of Cost of goods sold to sales = 6,000/10,000
= 60%
Sales returns = $800
Hence, cost of goods returned = 800 x 60%
= $480
The final amount due = Sales - sales returns
= 10,000 - 800
= $9,200
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Which of the following statements regarding decentralized organizations are correct?
A.) Decentralization is likely to cause job dissatisfaction and decreased motivation for lower-level managers since they have increased responsibility.
B.) In a decentralized organization, decision-making authority is reserved for top management so lower level managers can concentrate on operations.
C.) Decentralization helps lower-level managers develop better management skills.
D.) Decentralized organizations often use responsibility accounting systems to evaluate lower level-managers.
E.) In a decentralized organization, lower-level managers should not be held accountable for the outcomes of their decisions.
F.) Managers in decentralized operations may make decisions that are good for their department, but not for the organization as a whole.
G.) Decentralization often allows decisions to be made faster, since not as many layers of management are needed for approval.
Decentralization does not have the trait that makes lower-level managers less responsible for the results of their decisions.
Decentralization in business refers to the movement of daily operations and decision-making authority from top management to middle- and lower-level managers—and sporadically even team members. Team members can apply their knowledge, skills, and expertise to make a meaningful contribution to the workplace thanks to decentralized frameworks. Additionally, this tactic loosens some of the restrictions placed on business owners, allowing them to concentrate more on expansion and less on routine duties. Lower-level managers have low motivation and job satisfaction owing to increased responsibility changes in the operating environment can be responded to quickly, lower-level managers are trained for higher positions, and top management may focus on matters like overall strategy.
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identify which group of accounts may require adjustments at the end of the accounting period. multiple choice question. a. unearned revenue; b. supplies; c. prepaid rent cash;
d. notes receivable; e. land utilities expense; f. cash; g. common stock
Unearned revenue ; Supplies; At the end of the accounting period, prepaid rent accounts may require adjustments.
What exactly is unearned revenue?The money a company gets from a customer before delivering a product or service is called unearned revenue.
The money a company gets from a customer before delivering a product or service is called unearned revenue. A company's prepayment is recorded as a liability on its balance sheet until a customer receives a service or product.
Unearned revenue can be used by business owners for accounting purposes to accurately reflect the company's financial health. First and foremost, this kind of revenue presents an opportunity to assist small businesses in maintaining operations and producing goods or providing services by providing working capital and cash flow. However, in order to get the most out of this financial component, it is essential to comprehend how unearned revenue affects the books and customer relationships.
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by keeping a running total of the effects of transactions, the accounting equation provides a framework for summarizing the effects of a series of transactions. T/F
True. Yes, by keeping a running total of the effects of the transactions, the accounting equation provides a framework for summarizing the effects of a series of transactions.
The balance sheet equation is the basic principle of accounting and the basic element of the balance sheet. The formula is:
Assets = Liabilities + Equity
This equation forms the basis of double-entry bookkeeping, also known as double-entry bookkeeping, and clarifies the balance sheet structure.
Double-entry bookkeeping is a type of a system in which each transaction affects at least two accounts.
For example, an increase in an asset account can be accompanied by a corresponding increase in the associated liability or equity account to keep the accounting equation in balance.
Alternatively, an increase in one asset account can be matched with a corresponding decrease in another asset account. It is important to keep accounting equations in mind when creating journal entries.
Journal entries often use the language of debits (DR) and credits (CR). Expenses relate to increases in assets or decreases in liabilities or equity. Credit, on the other hand, refers to a decrease in assets or an increase in liabilities or equity.
As mentioned earlier, the balance sheet equation forms the basis of the balance sheet. A balance sheet is sometimes called a balance sheet. The balance sheet is divided into three main sections and various underlying items.
Assets, Liabilities, Equity.
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Interpret the coefficient PresidentsDay, 1,303.94. If you were part of the analytics team at Caesars, how would you explain this coefficient to the operations team?
Interpret the coefficient Presidents Day, 1,303.94. If we were part of the analytics team , then we can explain this coefficient to the operations team as Interpretation of the coefficient Presidents Day : For each 1 unit increase in the Presidents Day, We predict an increase in check in's by 1,303.94.
What is the explanation of the coefficient to the operations team?We know that the coefficient b1 tell that when x1 is increased by one unit, then predicted value of y is also increased by b1 value. Therefore following Interpretation can be drawn in context with given problem.
Interpretation of the coefficient Presidents Day : For each 1 unit increase in the Presidents Day, We predict an increase in check in's by 1,303.94.
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a paper manufacturer has built a plant that meets all government-mandated environmental regulations, but the plant still produces an unpleasant odor w
This is an example of environmental externality. Thus, option A is correct.
What are the 4 types of externalities?Positive consumption, positive production, negative consumption, and negative production externalities are the four main categories of externalities in economics. Positive externalities, as their names imply, often have a positive impact, and negative ones typically have the opposite.
What are environmental externalities?Human activity has detrimental consequences on the environment and biodiversity, which are known as externalities. The true costs of externalities and their consequences on the environment, notably in terms of GHG emissions, are hidden by the underpricing of products and services. The erosion and chemical discharge that arise from building new roads and pollute the water supply downstream is an example of a negative externality.
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Complete question:
A paper manufacturer has built a plant that meets all government-mandated environmental regulations, but the plant still produces an unpleasant odor when it is being operated. Many residents in the area dislike the paper mill because of these unpleasant odors. This is an example of _________ externality.
A. an environmental
B. a positive within-firm
C. a negative within-firm
D. None