Business College
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Answer 1
The Latest Finish Time generally can be defined as the last point at which a project activity must be completed in order to not delay the project.
In the organization and management, Earliest start time of an activity generally can be defined as the earliest event time of the node it leaves. In the other side, there are Latest finish time of an activity that can be defined as the latest event time of the node it enters. Latest finish time can be calculated by sum up the amount of latest start time and activity completion time.
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Related Questions
An auditor's analytical procedures have revealed that the accounts receivable of a client have doubled since the end of the prior year. However, the allowance for doubtful accounts, as a percentage of accounts receivable remained about the same. Which of the following client explanations most likely would satisfy the auditor?
A) Credit standards were liberalized in the current year.
B) Twice as many accounts receivable were written off in the prior year as compared to this year.
C) A greater percentage of accounts were currently listed in the "more than 90 days overdue" category than in the prior year.
D) The client opened a second retail outlet in the current year and its credit sales approximately equaled the older, established outlet.
Answers
The answer is option D) The client opened a second retail outlet in the current year and its credit sales approximately equaled the older, established outlet.
How does a sale work?
In a sale, products or services are exchanged for cash as well as other considerations. In other words, a sale is any act that transfers ownership of a good or service to the buyer in exchange for cash.
What do corporate sales actually mean?
Sales are all transactions in which money or value is exchanged in order to obtain the right to possess a good or a service. This definition applies to all company operations. A company's revenue from selling goods or services is called as sales in the context of accounting (net sales).
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Select the statement that accurately describes the relationship between strategic planning and the marketing mix. Multiple Choice - Strategic planning helps to ensure that marketers will select and execute the right marketing mix strategies to maximize success - Strategic planning allows marketers to identify ways for products to sell themselves - Strategic planning is flexible whereas marketing mix strategies are inflexible- Strategic planning determines the life cycle of a fim's marketing mix strategy- Strategic planning establishes which aspects of the meting mix a firm must constanty monitor
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The statement that accurately describes the relationship between strategic planning and the marketing mix is "Strategic planning helps to ensure that marketers will select and execute the right marketing mix strategies to maximize success". The correct option is A.
The strategic planning is the planning in the company or business to promote and produce the product or services that the public wants. It is also referred to as the action that is taken from the ideation to the production of the product or services as a strategic plan to beat the competition in the marketplace.
The Strategic planning helps to ensure that marketers will select and execute the right marketing mix strategies to maximize success and it helps to find and determines the life cycle of a firm's marketing mix strategy.
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How much more or less will Jackie pay for a purse in a perfect competition than in a monopoly?A) $20 more. B) $10 less. C) $20 less. D) $40 less.
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the correct answer to the question is A) $20 more will Jackie pay for a purse in a perfect competition than in a monopoly.
In a perfect competition, there are numerous firms offering similar products, leading to a situation of price competition where prices are driven down to their marginal cost. On the other hand, a monopoly is a market where there is only one seller with significant market power, allowing them to charge a higher price than the competitive price. The difference in price between a monopoly and perfect competition can be significant, depending on the level of competition and the degree of market power. However, without further information about the market structure, it is difficult to determine the exact amount that Jackie would pay for the purse in each market. Therefore, none of the given answer options can be considered correct or incorrect without additional context about the market and the degree of competition
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At the end of its annual accounting period, the company must make three adjusting entries. a. Accrue salaries expense. b. Adjust the Unearned Revenue account to recognize eamed services revenue.
c. Accrue wages expense. For each of these adjusting entries, indicate the account to be debited and the account to be credited a. Debit _____
a. Credit _____
b. Debit _____
b. Credit _____
c. Debit _____
c. Credit ______
Answers
The account to be debited and the account to be credited are:
Debit - Salaries ExpenseCredit - Salaries PayableDebit - Unearned Service RevenueCredit - Service RevenueDebit - Accounts ReceivableCredit - Service Revenue
What are debit and credit?
A credit entry reflects a value transfer from the account, whereas a debit entry represents a transfer of value to the account.
Each transaction involves the movement of money from credit to debited accounts.
Therefore, the entries are:
Debit - Salaries ExpenseCredit - Salaries PayableDebit - Unearned Service RevenueCredit - Service RevenueDebit - Accounts ReceivableCredit - Service Revenue
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Which of the following sequence of statements would ensure that testuser has the privileges of the roles of technology and marketing? a.) CREATE ROLE marketing NOINHERIT; CREATE ROLE technology INHERIT; GRANT technology to testuser; GRANT marketing to technology; b.) CREATE ROLE marketing INHERIT; CREATE ROLE technology INHERIT; GRANT technology to testuser; GRANT marketing to technology; c.) CREATE ROLE marketing NOINHERIT; CREATE ROLE technology NOINHERIT; GRANT technology to testuser; GRANT marketing to technology; O d.) CREATE ROLE marketing NOINHERIT; CREATE ROLE technology NOINHERIT; GRANT marketing to testuser; GRANT marketing to technology;
Answers
The correct sequence of statements to ensure that testuser has the privileges of the roles of technology and marketing would be: b.) CREATE ROLE marketing INHERIT; CREATE ROLE technology INHERIT; GRANT technology to testuser; GRANT marketing to technology;
Option a.) does not ensure that testuser has the privileges of both marketing and technology roles. It creates marketing role without inheritance, and technology role with inheritance, then grants technology to testuser and marketing to technology, but this does not grant the privileges of marketing to testuser.
Option b.) creates both marketing and technology roles with inheritance, which means that any role that is granted marketing or technology will inherit the privileges of both roles. Then, it grants technology to testuser and marketing to technology, ensuring that testuser has the privileges of both roles.
Option c.) creates both marketing and technology roles without inheritance, and then grants technology to testuser and marketing to technology, but this does not ensure that testuser has the privileges of both roles.
Option d.) creates both marketing and technology roles without inheritance, then grants marketing to testuser and marketing to technology, but this does not ensure that testuser has the privileges of technology role.
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According to Maslow's Hierarchy of Needs, lower order needs do NOT have to be satisfied in order to advance to a higher order of need (T/F).
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False, As according Maslow's Hierarchical Hierarchy of Needs, a higher level of need can be met without first addressing a lower order need.
What lower-order requirements are there, according to Maslow's theory of needs?
The base of Maslow's needs hierarchy is physiological needs. They are the items that an individual needs the most in order to survive. These comprise the need for food, clothing, warmth, relaxation, and health. At this level, a person's motivation comes from their innate will to survive. The highest level of Maslow's needs hierarchy is self-actualization. It is the endeavour of realising one's full potential. This need, unlike lower-level needs, is never completely satisfied because there are always fresh possibilities to grow.
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peron company uses a perpetual inventory system and the net method of recording invoices. the company purchased merchandise on november 4 at a $2,000 invoice price with terms of 2/10, n/30. complete the journal entry by selecting the account names from the drop-down menus and the amounts in the debit and credit columns.
Answers
The journal entry to record the purchase on November 4 would be: The Purchase Discounts account is a contra-expense account that is credited when the company takes advantage of a discount. By crediting this account, the company records the reduction in the cost of goods sold due to the discount.
The image of the journal is attached below
What is journal entry?
Generally, the image below
Since Peron Company uses a perpetual inventory system, it records each purchase of merchandise into the Merchandise Inventory account, which is a current asset account that reflects the cost of goods available for sale.
Since the invoice terms are 2/10, n/30, the company can take a 2% discount if it pays within 10 days. The discount is calculated as 2% of the invoice price, or $40 ($2,000 x 2%). The net amount due is $1,960 ($2,000 - $40).
Since the company is using the net method of recording invoices, it records the net amount due in the Accounts Payable account, which is a current liability account that reflects the amount owed to the vendor.
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Yard Designs (YD) experienced the following events in Year 1, its first year of operation:
On October 1, Year 1, YD collected $20,400 for consulting services it agreed to provide during the coming year.
Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1.
Required
Based on this information alone:
a. Record the events under an accounting equation.
b. Prepare an income statement, balance sheet, and statement of cash flows for the Year 1 accounting period.
c. Ignoring all other future events, what is the amount of service revenue that would be recognized in Year 2?
Answers
Assets = Liabilities + Stockholders' Equity in the YARD DESIGNS Accounting Equation Event Cash = Retained Earnings + Unearned Revenue Adjusting $20400 to $20400 plus $0 $0 = ($5100) $510
What is meant by a Balance Sheet ?
A balance sheet, also referred to as a statement of financial position or a statement of financial condition in financial accounting, is a summary of the financial standing of a person or an organization, whether they are sole proprietors, partners in a business, corporations, private limited companies, or other entities like governments or not-for-profits.
A precise date, such as the conclusion of the company's fiscal year, is used to list the assets, liabilities, and ownership equity. As a "snapshot of a company's financial state," a balance sheet is frequently referred to.
Each and every financial statement of an organization is summarized in it. The balance sheet is the only one of the four fundamental financial statements that pertains to just one point in time on a company's calendar.
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which of the following are normally included in a credit application? (choose every correct answer.)
Answers
The following are normally included in a credit application:
Other credit relationshipsBank accountsLiabilities
What is credit applications?
Credit applications typically request information about a borrower's financial situation, including other credit relationships, bank accounts, and liabilities.
This information is used by lenders to evaluate the borrower's creditworthiness and ability to repay the loan. Information about family life and driving record is generally not relevant to the credit application process.
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The complete question is:
Which of the following are normally included in a credit application? Information about: (Select all that apply)
- Family life
- Other credit relationships
- Bank accounts
- Liabilities
- Driving record
Alessia and Maarten have scheduled a lunch meeting to discuss doing business together. Maarten arrives at the restaurant precisely on time, but Alessia doesn't arrive until after Maarten has finished his first glass of iced tea. She does not apologize for her lateness, and she launches into a cheerful discussion of the restaurant's history. Maarten nods along, but he is impatient to get down to business so that they can eat. Which of the following statements is most likely true?
Multiple Choice
a. Alessia belongs to a high-context culture, and Maarten belongs to a low-context culture.
b. Alessia belongs to a monochronic culture, and Maarten belongs to a polychronic culture.
c. Alessia belongs to a low-context culture, and Maarten belongs to a high-context culture.
d. Alessia belongs to a low power distance culture, and Maarten belongs to a high power distance culture.
e. Alessia belongs to a polychronic culture, and Maarten belongs to a monochronic culture.
Answers
In the following question, among the given options, The most likely true statement is (e) Alessia belongs to a polychronic culture, and Maarten belongs to a monochronic culture.
In a polychronic culture, people tend to prioritize relationships and socializing over time, and may not be as strict about punctuality or adhering to a strict schedule. In contrast, in a monochronic culture, time is seen as a valuable resource, and people are expected to adhere to strict schedules and punctuality.
Alessia's behavior suggests that she may not place as much importance on punctuality as Maarten, and she may value building a relationship with him before discussing business. On the other hand, Maarten's impatience suggests that he places a higher value on time and efficiency.
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Sandhill Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2016, the company expends $324,500 on a research project, but by the end of 2016 it is impossible to determine whether any benefit will be derived from it. v (b) The project is completed in 2017, and a successful patent is obtained. The R&D costs to complete the project are $114,500. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2017 total $16,900. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record research and development costs) (To record legal and administrative costs) (To record one year's amortization expense) Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER
Answers
To record research and development costs, debit $324,500 from Research and Development Expense and credit $324,500 from Cash.
What is meant by journal entry?
A journal entry is a record of a financial transaction that is entered into the accounting system of a company. It typically includes the transaction date, the accounts involved, the transaction amount, and a brief description of the transaction. Journal entries form the basis of a company's financial records and are used to prepare financial statements, track cash flow, and monitor business performance. They can be done manually in a physical journal or automatically in an accounting software system, and they must be accurate and complete in order for the company's financial records to be reliable and up to date. To keep track of legal and administrative expenses:
Credit Cash for $16,900 Debit Patent Expense for $16,900 To record the amortisation expense for one year: Amortization Expense in the amount of $26,900 ($114,500 / 5 + $16,900) Credit Accumulated Amortization - $26,900 Patent.
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The information presented here represents selected data from December 31, 2022, balance sheets and income statements for the year then ended for three firms. Required: Calculate the missing amounts for each firm.
Firm AFirm BFirm C
Total assets, 12/31/22$406,000$537,000$332,000
Total liabilities, 12/31/22223,000135,000Paid-in capital, 12/31/2280,00037,000
Retained earnings, 12/31/22316,000Net income for 202280,000117,000
Dividends declared and paid during 202256,00018,00070,000
Retained earnings, 1/1/2268,00050,000
Answers
We must utilize the accounting equation, which is: to determine the missing amounts. Liabilities + stockholders' equity = assets.
How can it be calculated in detail?
Firm A:
Retained profits as of December 31, 2012: Stockholders' equity minus paid-in capital.
12/31/22 retained profits equal $183,000 minus $80,000.
12/31/22 retained earnings equal $103,000
Net profit for 2022 will be $80,000
2022 dividends declared and paid equal $56,000.
Earnings retained, 1/1/22 = $68,000
Dividends announced and paid throughout 2022 subtracted from 2022's net income to calculate retained profits as of December 31, 2012.
12/31/22 retained profits equal $68,000 plus $80,000 less $56,000.
12/31/22 retained earnings equal $92,000.
As a result, the sums that Firm A is missing are:
Contingent income, 12/31/22: $103,000
Firm B:
Retained profits as of December 31, 2012 equals Stockholders' Equity minus Paid-in Capital.
Retained profits as of December 31, 2012: $402,000 - $37,000
12/31/22 retained earnings equal $365,000.
2022 expected net income is $117,000
2022 dividends declared and paid equal $18,000.
Retained profits as of 1/1/22 equal $50,000.
Dividends announced and paid throughout 2022 subtracted from 2022's net income to calculate retained profits as of December 31, 2012.Retained profits as of December 31, 2012: $50,000 plus $117,000 less $18,000.
12/31/22 retained earnings equal $149,000.
As a result, the sums that Firm B is missing are:
Contingent income, 12/31/22: $365,000
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The Treaty of Maastricht and the Treaty of Lisbon were indications of within the European Union Multiple Choice a harmonized trade system - greater political union less economic structure increased sovereignty for member countries a shift toward common external policies
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The Treaty of Maastricht and the Treaty of Lisbon were signs of a wider political union of the European Union, less of an economic structure.
The Europeans who demanded the highest rates from the rest of Europe for products imported from Asia were the Venetians. Because of its historical importance, UNESCO declared this city a World Heritage Site. Venice, which was established in the fifth century and has a prime position, has progressively risen to importance in Europe. They placed a lot of focus on navigation, which aided in its development as the city with the greatest commercial significance. Due to Venice's close economic relations with China and India, merchants were able to import items from Asia and resell them to the rest of Europe for considerably higher prices.
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consumer behavior can be defined as the process and activities people engage in when searching for, selecting, purchasing, using, evaluating, and disposing of products and services so as to satisfy their needs and desires.TrueFalse
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Consumer behavior can be defined as the process and activities people engage in when searching for, selecting, purchasing, using, evaluating, and disposing of products and services so as to satisfy their needs and desires. This is true.
What is Consumer behavior?
The study of people, groups, or organizations and all the behaviors connected to the acquisition, consumption, and disposal of products and services is known as consumer behavior.
Consumer behavior refers to how a person's feelings, attitudes, and preferences influence their purchasing decisions.
Consumer behavior first originated as a separate marketing subfield in the 1940s and 1950s, but it has since evolved into an interdisciplinary social science that combines elements of psychology, sociology, social anthropology, anthropology, ethnography, marketing, and economics.
In an effort to comprehend people's desires and consumption habits, the formal study of consumer behavior looks into human characteristics like demographics, personality types, and behavioral variables.
Regarding their budget and a variety of other considerations, they can alter their preferences.
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Indicate whether a debit will increase (I) or decrease (D) each of the following accounts listed in items 1 through 15.1. _______ Inventory
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The concept is a Debit. It's an entry that results in an increase in means or a drop in arrears on the company's balance distance.
A debit is an counting entry that results in either an increase in means or a drop in arrears on a company's balance distance. In primary account, disbenefits are neutralize by credits, which work in exactly the contrary direction.
Given: increase / decrease
Inventory I
Depreciation I
Liabilities D
Advance Rent I
turnover D
common shares D
Wages paid D
crafting cost I
ancillary expenses I
Equipment I
Complaints I
payment media D
Interest expense I
Interest Income D
Question:
Indicate whether the debit increases (I) or decreases (D) each of the following accounts:
force, deprecation expenditure, Accounts Payable, Prepaid rent, Deals profit, Common stock, hires Outstanding
Cost of goods vended, Utilities Expense, Equipment, Accounts Receivable, Utilities Payable, Interest expenditure, Interest profit
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Suppose Martha and Julia both work at a bakery making bread and muffins. In an hour, Martha can either make 10 loaves of bread or 40 muffins, while Julia can either make 12 loaves of bread or 60 muffins. Both Martha and Julia work 8 hours a day.
a. Draw Martha's daily PPC.
Instructions: Use the tool provided to draw Martha's PPC curve. Plot only the endpoints and locate these endpoints on the axes of the diagram.
b. Draw Julia's daily PPC.
Instructions: Use the tool provided to draw Julia's PPC curve. Plot only the endpoints and locate these endpoints on the axes of the diagram.
c. What is the opportunity cost to each of making one loaf of bread?
Martha's opportunity cost of making a loaf of bread: muffins
Julia's opportunity cost of making a loaf of bread: muffins
d. What is the opportunity cost to each of making one muffin?
Instructions: Enter your responses rounded to two decimal places.
Martha's opportunity cost of making a muffin: loaves of bread
Julia's opportunity cost of making a muffin: loaves of bread
e. Who has the comparative advantage in making bread?
Neither
Julia
Martha
f. Who has the absolute advantage in making bread?
Julia
Neither
Martha
g. Suppose you are the owner of the bakery. If Julia and Martha are currently both spending all of their time making muffins, then which of them should you ask to start making bread?
Martha because her opportunity cost of making bread is higher than Julia's.
Julia because her opportunity cost of making bread is lower than Martha's.
Martha because her opportunity cost of making bread is lower than Julia's.
Answers
If Julia and Martha are currently both spending all of their time making the muffins, then Martha because her opportunity cost of making the bread is higher than Julia's.
What is opportunity cost?
Opportunity cost is the value of the next best alternative that must be foregone in order to pursue a certain action or decision. In other words, it is the cost of what is given up in order to obtain something else. For example, if a person decides to spend money on a vacation, the opportunity cost would be the other things they could have done with that money, such as investing or saving it. Opportunity cost is an important concept in economics, as it helps individuals and businesses make informed decisions by weighing the benefits and drawbacks of different options. It is also a reminder that resources are scarce and every choice comes with a trade-off.
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The information necessary for preparing the 2024 year-end adjusting entries for Gameco*ck Advertising Agency appears below. Gameco*ck's fiscal year-end is December 31. 1. On July 1, 2024, Gameco*ck received $6000 from a customer for advertising services to be given evenly over the next 10 months. Gameco*ck credited Deferred Revenue on July 1. 2. At the end of the year, income taxes owed are $7000. 3. On May 1, 2024, the company paid $4800 for a two-year fire and liability insurance policy. The company debited Prepaid Insurance on May 1. 4. On September 1, 2024, the company borrowed $20000 from a local bank and signed a note. Principal and interest at 12% will be paid on August 31, 2025. 5. At year-end there is a $2700 debit balance in the Supplies (asset) account. Only $1000 of supplies remains on hand at the end of the year. Required: Record the necessary adjusting entries on December 31, 2024. No prior adjustments have been made during 2024 . (Do not round intermediate calculations. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Answers
The adjusting entries on December 31, 2024 would be:
Debit Service Revenue $600
Credit Deferred Revenue $600
Debit Income Tax Payable $7000
Credit Income Tax Expense $7000
Debit Insurance Expense $2400
Credit Prepaid Insurance $2400
Debit Interest Expense $X
Credit Interest Payable $X
Debit Supplies Expense $1700
Credit Supplies $1700
How to explain the adjusting entry
On December 31, 2024, Gameco*ck needs to accrue revenue for the advertising services that have been received in advance on July 1, 2024. To do this, Gameco*ck can debit the account "Service Revenue" for $600 (which is 1/10th of the total revenue received in advance) and credit the "Deferred Revenue" account for the same amount.
On December 31, 2024, Gameco*ck needs to accrue the income taxes owed for the year. To do this, the company can debit the "Income Tax Payable" account for $7000 and credit the "Income Tax Expense" account for the same amount.
On December 31, 2024, Gameco*ck needs to recognize the portion of the insurance policy that has been used up during the year.
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Which of the following items would be reported under financing activities on the statement of cash flows? (Select all that apply). a. Cash dividends paid to shareholders b. Cash received from issuing notes payable c. Cash paid for interest on long-term debt d. Cash paid to repay debt
Answers
The financing activity in the cash flow statement focuses on how a company raises capital and returns it to investors through capital markets. So option d is correct.
How does cash flow work?
The movement of money into and out of a business is known as cash flow. Cash spent indicates outflows, whereas cash received indicates inflows. A financial statement that details the sources and uses of a company's cash over time is called a cash flow statement. Spending that occurs in the normal course of business is included in 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.
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Why might a company invest in the securities of another company?
Answers
A company may invest in the securities of another company for a variety of reasons, including potential financial gain, diversifying their portfolio, or access to new technologies or markets. For example, a company may purchase stocks in another company to gain access to their expertise or access to new products.
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Which of the following is a correct statement regarding reporting on reviewed financial statements for a non issuer?
A) An accountant who is NOT independent is allowed to issue a review report as long as the accountant discloses the lack of independence in the review report.
B) The date of the accountant's review report should be the day the accountant discusses the draft report with management.
C) Reviewed financial statements must be prepared in accordance with generally accepted accounting principles.
D) An accountant is allowed to issue a review report on the balance sheet only and NOT on the other financial statements as long as the scope of inquiry and analytical procedures were NOT restricted.
Answers
The correct statement is D) An accountant can issue a review report on the balance sheet only and NOT on the other financial statements as long as the scope of inquiry and analytical procedures are NOT restricted.
The balance sheet is the only financial statement that can be the subject of a review report under generally accepted auditing standards (GAAS), even if the scope of the investigation and the analytical techniques were not constrained.
As part of a review engagement, investigation and analytical techniques are used to acquire a bare minimum of assurance that the financial statements are accurate. The entire set of financial statements, not just the balance sheet, is covered by the review engagement's scope. A review engagement's goal is to offer a medium level of assurance that the financial statements adhere to the relevant financial reporting framework, such as Generally Accepted Accounting Principles (GAAP).
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for a given set of project cash flows and investment time period, the required rate of return is related to the ___ and the expected rate of return is related to the ___ of the security
Answers
The answer is fair present value and current market price, for a given set of project cash flows and investment time period, the required rate of return is related to the fair present value and the expected rate of return is related to the current market price of the security.
Which definition of a market is most accurate?
In order to expedite the exchange or transaction of products and services, buyers and sellers can come together in a market. A market may be actual, like a real store, or it may be virtual, like an online retailer.
What are some instances of markets?
A market is any location where producers, retailers, or distributors sell and customers buy. Examples include stores, main thoroughfares, or websites. The word could also apply to the entire group of people that purchase an item or service.
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Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $25,200 ($2,100/month) in advance on October 1. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0). Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the payment of rent in advance on October 1, Note: Enter debits before credits. General Journal Debit Credit Date October 01
Answers
If On October 1, Hoosiers would record the payment of rent in advance as follows: Debit Prepaid Rent: $25,200, Credit Cash: $25,200
How to prepare the journal entry?
(1) On October 1, Hoosiers would record the payment of rent in advance as follows:
Debit Prepaid Rent: $25,200
Credit Cash: $25,200
(2) On December 31, Hoosiers would need to record an adjusting entry to reflect the amount of rent that has been used up or "expired" during the period
Debit Rent Expense: $6,300
(3 months x $2,100/month)
Credit Prepaid Rent: $6,300
(3) The year-end adjusted balances of Prepaid Rent and Rent Expense would be as follows:
Prepaid Rent:
Beginning balance: $0
Add : Rent paid in advance on October 1: $25,200
Less : Rent expense adjusted at year-end on December 31: $6,300
Ending balance: $18,900
Rent Expense:
Beginning balance: $0
Add : Rent expense adjusted at year-end on December 31: $6,300
Ending balance: $6,300
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In 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) updated its framework for the assessment of internal control. That framework includes all of the following interrelated components except:
Question 1 options:
O separation of duties.
O risk assessment.
O monitoring.
O the control environment.
Answers
That framework includes all of following interrelated components except the risk assessment.
What is risk assessment?
Risk assessment is a systematic process of identifying potential hazards and evaluating the level of risk associated with each hazard. It involves the collection and analysis of relevant data to estimate the likelihood and consequences of an adverse event occurring. The aim of risk assessment is to identify the level of risk posed by a particular activity, process or situation, and to determine appropriate measures to manage or mitigate that risk. Risk assessments are used in a variety of industries, including healthcare, construction, and environmental management. They are an important tool for organizations to proactively identify and address potential risks, protect employees and stakeholders, and ensure compliance with regulatory requirements.
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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
Answers
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 loyalty
1. 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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Capital budgeting decisions include ______.
choosing to lease or buy new equipment
acquiring a new facility to increase capacity
increasing the salary of the current company president
determining which equipment to purchase among available alternatives
hiring new factory workers
purchasing new equipment to reduce cost
deciding to replace old equipment
Answers
The capital budgeting decisions include lease or buy decisions, cost reduction decisions, and equipment selection decisions.
Based on the statement above, from the question above the action that includes a capital budgeting decision is:lease or buy decision: choosing to lease or buy new equipment, cost reduction decisions: purchasing new equipment to reduce costequipment selection decision: determining which equipment to purchase among available alternatives
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doane cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. during 2024, the company provides services of $404,000 on account. of this amount, $54,000 remains uncollected at the end of the year. an aging schedule as of december 31, 2024, follows.
Answers
Consequently, Doane Cosmetic's aging schedule is $350,000 as of December 31, 2024.
What is company and types?
An company is an authorized individual or a legitimately acknowledged business entity that has registered with the Companies Act. It could be a community interest corporation, a private or public company, with a guarantee or with a share capital. Simply said, a company's objective is to create a profitable vision and then carry it out. Furthermore, we need clarify what is meant by the word "profitable," which is defined is long-term sustainable returns.
How a company is formed?
A business's incorporation (registration) as a limited company is known as company creation. When a business is registered, it becomes a distinct legal entity; a "person" that is independent of its owners and in charge of its own funds, possessions, and obligations.
During 2024 the company provide services of $404,000
so, uncollected amount = $54,000
Therefore aging schedule = services – uncollected amount
=404000-54000
=$350,000
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Question: You've Been Hired By ABC Company To Review Several Transactions That Were Omitted As Adjusting Entries At December 31, 2015 As The Bookkeeper Was New And Uncertain On How To Record Them. For Each Of The Transactions Listed Below, Record The Appropriate AJE That Would Have Been Required At December 31st. Transactions:
You've been hired by ABC Company to review several transactions that were omitted as Adjusting Entries at December 31, 2015 as the bookkeeper was new and uncertain on how to record them. For each of the transactions listed below, record the appropriate AJE that would have been required at December 31st.
Transactions:
A. On September 1, 2015, ABC received a $15,000 advance payment from a customer for services to be performed evenly over the next 15 months. The original entry was credited to a real account.
B. On March 1, 2015, ABC paid $12,720 for a four-year insurance policy. ABC debited a nominal account at that time.
For your account titles, choose from:
Service Revenue
Unearned Revenue
Insurance Expense
Prepaid Insurance
Answers
The journal entry will be unearned revenue will be debited $3000 and service revenue will be credited with $3000. as it was performed evenly over the next 15 months
On March 1, 2015, ABC paid $12,720 for a four-year insurance policy. ABC debited a nominal account at that time.
The expected journal entry for the same will be Insurance expense debited with an amount of $1590 and prepaid insurance credited with an amount of $1590.
What is a journal entry?
In an organization's accounting system, a journal entry serves as a record of a business transaction. Journal entries serve as the cornerstone of the centuries-old double-entry accounting process.
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: Answer the question based on the following information for a public good. Pa and Pb are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society. 0 Pa Pb
1 3 5
2 2 4
3 1 3
4 0 2
5 0 1
If the marginal cost of producing this good at the optimal quantity is $6, the optimal quantity must be :
Multiple Choice
A. 6 units B. 4 units C. 3 units
D. 2 units
Answers
The ideal amount must be 4 units is if marginal cost of manufacturing this item just at optimal quantity is $6.
What do mean by cost?
An expense is the value of money that was spent to produce an item or deliver a service and is now unavailable for use in manufacturing, development, retail, as well as accounting. While calculating an inventory costs, the sum of the acquisition's costs is taken into account.
What is cost in simple words?
Cost is the sum of money that a company spends to manufacture or produce goods or services. This profit margin markup is not included. The main consideration for a vendor is price.
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Loreal-American Corporation purchased several marketable securities during 2021. At December 31, 2021, the company had the investments in bonds listed below. None was held at the last reporting date, December 31, 2020, and all are considered securities available-for-sale. Unrealized Holding Gain (Loss) $(99,000) 38,000 $(61,000) Cost Fair Value Short term: Blair, Inc. $ 496,000 $ 397,000 ANC Corporation 458,000 496,000 Totals $ 954,000 $ 893,000 Long term: Drake $ 496,000 $ 568,000 Corporation Aaron 712,000 668,000 Industries Totals $1,208,000 $1,236,000 $ 72,000 (44,000) $ 28,000 Required: 1. Prepare appropriate adjusting entries at December 31, 2021. 2. What amount would be reported in the income statement at December 31, 2021, as a result of the adjusting entry? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare appropriate adjusting entry at December 31, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list
Answers
The amount that should be reported in the income statement is zero since the net unrealized gain or loss is included in other comprehensive income and stockholder equity.
1 Dec 2021. 25,000 Dr. Net unrealized holding gain/loss. 25,000 Cr Fair value adjustment 2. None writing a journal entry. The initial step is to determine the unrealized loss. Short-term loss plus long-term gain equals unrealized loss. Unrealized loss = 40,000 minus 20,000. 25 000 in unrealized loss, entry in a diary. 31 Dec 2021. 25,000 Dr. Net unrealized holding gain/loss. 25,000 Cr Fair value adjustment. (To report unrealized loss on securities that are available for sale). 2. Since the Net Unrealized Holding Gain/Loss will be shown in Other Comprehensive Income, no amount will be disclosed in the income statement at December 31, 2021.
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To find the present value of an annuity of $100 per year for 5 years at 10 percent per year using the tables, look up the present value interest factor which is ____and multiply that by ___O 3.1699: 10 O 4.3553; 10 O 3.7908; $100 O 7.7217; $100
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The present value of an annuity of $100 per year for 5 years at 10 percent per year can be found using the tables by looking up the present value interest factor which is 3.7908 and multiplying that by $100. The answer is $379.08.
What is annuity?
An annuity is a financial instrument that provides a regular stream of payments to an individual in exchange for an upfront lump-sum payment or a series of payments. Annuities are often used for retirement and income planning as they provide a guaranteed income for a set period of time. Annuities can be structured as either immediate or deferred, with the latter providing payments that start at some point in the future. Annuities are generally purchased from insurance companies and are regulated by state insurance departments.
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