Answer:
a. True
Explanation:
An accounting framework represents a set of criteria that is used to measure, interpret, and disclose the information that appears in an organization's financial statements.
The law of several nations mandates the Management of a company to prepare and present their financial statements in accordance with the laws of the nation. Since the law mandates this, it makes it a legal requirement.
Bank "A" is offering 2% interest and a $100 debit card on a newly opened savings account with a minimum balance of $1,000 for one year. Bank "B" is offering 5% interest and a $50 debit card on a newly opened savings account with a minimum balance of $1,000 for one year. Assuming you deposit $1,000, which has the better return (interest plus card value) FOR THE FIRST MONTH?
Answer:
Explanation:
On the offer of Bank A , the total return ( annual ) for deposit holder
= 2%of 1000 + 100 = 120 dollar
On the offer of Bank B , the total return ( annual ) for deposit holder
= 5%of 1000 + 50 = 100 dollar
Hence the offer of bank A is better in terms of return.
Answer:
The Answer is Bank A
Explanation:
Bank A is offering =(Card Value+ interest on saving account i.e $100+1000*2%/12)=$101.667
Bank B is offering=(Card Value+ interest on saving account i.e $50+1000*5%/12)=$54.1667
So the Answer is Bank A because the debit card value of Bank A is greater than Bank B. Therefore overall benefit and return is better of Bank A.
U.S. cola companies entered the global market because of:
a. an increase in the return on investment from their U.S. bottling plants.
b. lower labor costs in the emerging markets.
c. limited growth opportunities in their domestic market.
d. economies of scale that offset research and development costs.
Answer:
C. limited growth opportunities in their domestic market.
Explanation:
U.S. cola companies entered the global market because of limited growth opportunities in their domestic market.
For how long should a certified personal trainer maintain accurate contract and appointment records?
Correct/Complete question: For how long should a certified personal trainer maintain accurate contract and appointment records?
a. 3 years
b. 4 years
c. 2 years
d. 1 year
Answer:
4 years
Explanation:
A certified personal trainer is expected to maintain accurate record of contracts and appointment for at least 4 years before discarding them so as to be able to use them for future assessment or reference purposes. These records are kept in both soft and hard copies. the hard copies can be recycled after 4yeasr at least while the soft copies are kept in a database which can last for almost forever.
Cheers
Chad incurred capital gains and losses during the current year. He has a $7,000 net short-term capital gain; a $14,000 long-term capital loss in the 15% category; and a $10,000 long-term capital gain taxed at 28%. How will these transactions be taxed after the gains and losses are combined?
Answer:
$3,000 of net short-term capital gain will be taxed at marginal rates
Explanation:
The $14,000 long-term capital loss will offset the $10,000 long-term capital gain. The remaining $4,000 long-term capital loss can offset some of the net short term capital gain: $7,000 - $4,000 = $3,000
Bargain Books, Inc., an eclectic book and music store near a large college campus, is a reseller. The operation buys books almost every day. Deliveries are constantly part of the day-to-day operation of the firm. The transportation company that delivers to Backstreet Books provides this service on trade credit terms of 3/5, net 30. This means the firm ________.a) will receive a 5% discount if they pay within the first three days, but the entire bill is due in 30 daysb) will pay 30% of the charge on delivery and the rest within 5 daysc) is offered a 3% discount if it pays during the first 5 days. The entire bill is due in 30 daysd) will receive 10% discount on the first 5% of the order. The entire bill is due in 30 days
Answer:
c) is offered a 3% discount if it pays during the first 5 days. The entire bill is due in 30 days
Explanation:
When reading commercial terms:
3/5 n/30
the first number is the percentage of discount while the second is the days the discount is outstanding
Then, the second part means the person has 30 days to pay the bill at nominal afterwhich; the customer will have to settle with the company to make up for interest charges.
the nominal can be outstanding for a lesser period than 30 days is not mandatory to be 30 days same is true for the discount eahc company can determinate the day outstanding and amount of discount provided
Final answer:
The trade credit terms 3/5, net 30 provided by the transportation company mean Bargain Books, Inc. can receive a 3% discount if they pay within 5 days; otherwise, the full payment is due in 30 days.
Explanation:
The transportation company that delivers to Bargain Books, Inc. offers trade credit terms of 3/5, net 30. This means that the firm is offered a 3% discount if it pays within the first 5 days after delivery. If the discount is not utilized, the entire bill is due within 30 days, with no discount applied. These credit terms are typical in business transactions to encourage early payments and improve cash flow for the supplier.
For several years in a row, the east coast cities of the nation suffered extremely cold winters. Demand for home heating oil was very inelastic. How did the elasticity of supply impact the changes in price that resulted from the increased demand? a) Supply is elastic, therefore, the price increased more than it otherwise would have. b) Supply is inelastic, therefore, the price increased more than it otherwise would have. c) The elasticity of supply would have no impact on the price changes. d) Supply is inelastic, therefore, the price increased less than it otherwise would have. e) Other factors impacted price of heating oil more than elasticity of supply or demand.
Answer:
B) Supply is inelastic, therefore, the price increased more than it otherwise would have.
Explanation:
The price elasticity of demand (PED) measures how much the quantity demanded of a product or service changes proportionally to a change in the price of the product or service.
If PED < 1, the demand is inelastic
PED > 1, the demand is elastic
PED = 1, the demand is unitary
When the PED is inelastic, if the price of a product or service changes 1%, then the quantity demanded will change less than 1%.
In this case the price increased a lot, but the quantity demanded only decreased a little bit.
Valerie is in the business of selling toys. She has noticed that the sale of toys increases on long holiday weekends. She has instructed her staff to work for extra hours on these days to manage the demand. What strategy is Valerie using to adjust her capacity to the demand?
Valerie is using the _____ strategy to adjust the capacity to the demand.
There are not any multiple choice
Answer:
match strategy
Explanation:
The match strategy in capacity planning refers to the fluctuating capacity that is altered at times in order to meet a particular demand. Since Valerie increases the staff work hours (labor capacity) during the time of increased demand (weekend), she is using the match strategy, which is sometimes called adjustment strategy.
Answer: control strategy
If this market behaved like most markets, you would expect:A. equilibrium quantity to rise or fall and equilibrium price to fall.B. equilibrium quantity and price to rise.C. equilibrium quantity and price to fall.D. equilibrium quantity to rise or fall and equilibrium price to rise.
Answer:
C. equilibrium quantity and price to fall.
Explanation:
Equilibrium of price is the intersection of demand and supply curve at a price, which mean quantity demanded is equal to quantity demanded. There is shift in demand or supply curve due change in various factor, like price, income, customer´s preference, technologies etc. If market reachs below equilibrium price then there will be higher demand and low supply in the market. Shift in demand and supply curve lead to increase or decrease in equilibrium price and quantity. If demand curve shift downward, which means there is decrease in quanity demanded and supply does not change, which lead both equilibrium price and quantity to fall.
Which of the following statements is true when it comes to taking a business online?
A Stick to what you are doing and don’t make changes
B The same content works across online and offline platforms
C Use analytics to make informed decisions
D Use analytics to track your customers across the internet
Answer: Use analytics to make informed decisions.
Explanation:
Analytics are accurate records taken by organizations which are carefully analysed and used for decision making.
When taking a business online, consumer purchase behavior can be taken record of, properly analysed and then used to make decisions on improvement in the business.
The correct statement is to use analytics to make informed decisions. Analytics are vital for understanding customer behavior and refining online strategy, unlike offline content which may not translate effectively online.
Explanation:The statement that is true when it comes to taking a business online is C: Use analytics to make informed decisions. In the context of business, it's crucial to analyze data to understand customer behavior and market trends. Leveraging analytics allows businesses to gain insights into their operations and make decisions that are informed by actual data rather than guesswork. The use of analytics is not limited to tracking customers but enables a company to refine its strategies, operations, and content for online platforms. This is important as it's a misconception that the same content or approach that works offline will be effective online.
In 2021, it was discovered that Hines 55 had debited expense for the full cost of an asset purchased on January 1, 2018. The cost was $24 million with no expected residual value. Its useful life was 5 years and straight-line depreciation is used by the company. The correcting entry assuming the error was discovered in 2021 before the adjusting and closing entries includes:a.A credit to accumulated depreciation of $14.4 millionb.A debit to accumulated depreciation of $9.6 millionc.A debit to retained earnings of $9.6 milliond.A credit to an asset of $24 million
Answer:
A) A credit to accumulated depreciation of $14.4 Million
Explanation:
The complete journal entry should be:
Dr Asset XXX account 24,000,000Cr Accumulated Depreciation account 14,400,000Cr Retained Earnings account 9,600,000
First of all the asset must be recorded at full value.
Accumulated depreciation would be credited for 3 years = ($24 / 5) x 3 = $4.8 x = $14.4
Since the depreciation expense lowered the net profits during 2018, the retained earnings must be adjusted for the remaining value = $24 - $14.4 = $9.8
Lisa Smith decided to start her CPA practice as a professional corporation, Smith CPA, PC. The corporation purchased an office building for $35,000. The real estate agent said the building was worth $50,000 in the current market. The corporation recorded the building as a $50,000 asset because Lisa believes that is the real value of the building. Which of the following concepts or principles of accounting is being violated? A) cost principle
B) economic entity assumption
C) monetary unit assumption
D) going concern assumption
Answer:
A) cost principle
Explanation:
Cost Principle is a fundamental guideline in accounting. It states that assets should be recorded in it's cash amount or it's equivalent at the time of purchase. In this scenario, the corporation(Smith CPA, PC) ignored this fundamental principle and decided on a figure which didn't reflect the value paid for.
$35,000 is the cash value and should be recorded as the vlue of the building.
Four consumers each want to buy a refrigerator. Without a retail intermediary like Best Buy, fridge manufacturers Walton, Sub-Zero, Bosch, Kenmore, and General Electric would each have to make four contacts to reach the four consumers who are in the target market, for a total of twenty transactions. But when Best Buy acts as an intermediary between the producer and consumers, each producer needs to make only one contact, reducing the number to nine transactions. This is an example of a ______.a. manufacturer offering exchange utilityb. retailer using contract logisticsc. retailer offering contact efficiencyd. manufacturer using additive manufacturing
Answer: (C) Retailer offering contact efficiency
Explanation:
According to the given question, the retailer offering the contact efficiency is an example of the given scenario as it best describe the about the given situation.
We can provide the contact efficiency by reduce the number of the transaction which is required for delivering the products and the services to the customers and it also make a proper assortment of the various types of products that is available in the one place or location.
Therefore, Option (C) is correct.
Which of the following is a valid criticism of the use of money as a store of value in modern economies?a. annual inflationary loss of buying power b. money supply is too narrowly defined c. storing money is wasteful d. imperfect as a unit of account
Annual inflationary loss of buying power is a valid criticism of the use of money as a store of value in modern economies.
Explanation:
As a result of a highly inflationary reduction in the buying ability of an economy, significant negative economic impacts emerge, particularly rising costs of consumer goods and services, with high-interest rates impacting global markets and lower ratings.
The buying power is the buyer's dollar value of credit to purchase additional stocks and bonds on the retirement account against the already marginal securities. Capacity can also be recognised as the purchasing power of the dollar.
The annual inflationary loss of buying power is a valid criticism of using money as a store of value in modern economies. During inflation, the value of money decreases, which can be disadvantageous for those who have their assets stored in the form of cash or in a way that the nominal return doesn't keep up with inflation.
Explanation:The question asks which of the following is a valid criticism of the use of money as a store of value in modern economies. The effective critique of the choices presented could be the annual inflationary loss of buying power. In an economy characterized by inflation, the value of money decreases each year. It's like someone who has invested their money in a bank that gives a 4% interest rate annually, but the inflation rate increases to 5%. Here, the nominal return doesn't keep up with inflation, making the real rate of return for the money invested in the bank account negative at 1%. Essentially, the buying power of cash diminishes during inflation, with cash holders being the most adversely affected. While money can serve as a store of value, it doesn't imply that it's a perfect store of value.
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Nancy bought her home last year for $425,000. Her property taxes would be assessed at:_____.A) $425B) $1,500C) $2,250D) $4,250
Answer:
$4,250
Explanation:
Property tax is 1%
$425,000 x .01 = $4,250
Without the property tax rate, we cannot accurately determine Nancy's property taxes on her home valued at $425,000. Real-world property tax calculations require the tax assessment value multiplied by the local property tax rate.
Explanation:The question asks about the property tax assessment for Nancy's home, which she bought for $425,000. However, to give an accurate answer, we would need to know the property tax rate. Without that rate, we cannot calculate the actual taxes owed. Such tax rates are usually expressed in terms of mills (one mill is equal to $1 in tax per $1,000 of assessment), and they can vary widely from one location to another.
Given the options provided (A, B, C, and D) and no tax rate specified, we cannot determine what her property taxes would be. In real-world scenarios, it's necessary to multiply the assessment value by the property tax rate to get the annual tax amount. If the student can provide a tax rate, we can apply it to the home value of $425,000 to determine the correct answer.
This type of transaction is one that a business encounters on a regular, recurring basis. The volume of the transactions is so large that transactions and the related accounting activities become second nature to the employees responsible for handling them. Specific authorization for each of these transactions is not necessary. The type of transaction referred to is:
Answer:
Routine transaction
Explanation:
Firms and organisations generally consist of various transactions on a daily basis. Some of them require specific authorisations and some do not. Those transactions which do not require specific laws or approval before the transaction is called a routine transaction. Similarly, routine transactions are payroll transactions, sales, purchases and receipts. They are done on the normal course of business, and certain specific applications are made once to account for these transactions.
According to Federal Regulations, the SEC would have to issue an exemptive order before a mutual fund may
[A] Adopt a 12b-1 plan.
[B] Change its investment objectives
[C] Employ as an investment adviser a person who has been convicted within the past 10 years of a crime involving the securities business.
[D] Do any of the above
Answer: The correct answer is "[C] Employ as an investment adviser a person who has been convicted within the past 10 years of a crime involving the securities business.".
Explanation: According to Federal Regulations, the SEC would have to issue an exemptive order before a mutual fund may employ as an investment adviser a person who has been convicted within the past 10 years of a crime involving the securities business.
Assume that Jimmy Cash has $2,300 in his checking account at Folsom Bank and uses his checking account card to withdraw $230 of cash from the bank’s ATM machine. Instructions: Enter your answer as a whole number. By what dollar amount did the M1 money supply change as a result of this single, isolated transaction?
Answer:
net change is 0
Explanation:
M1 type of money include cash and checking amounts. Jimmy withdraw $290 amount of money from account card by using bank ATM. Hence check able deposited is 2300 - 230 = $2070. This will decrease in M1 but the cash amount is also increases by some amount of $2300 therefore M1 again increase to same amount i.e. $2300. overall there is no change in M1 i.e net change is 0
Final answer:
The M1 money supply remained unchanged when Jimmy Cash withdrew $230 from his checking account, as the funds simply moved from one component of M1 to another without affecting the total.
Explanation:
When Jimmy Cash withdraws $230 from his checking account using an ATM, the M1 money supply does not change because the transaction involves shifting funds from one form of M1 (checkable deposits) to another form of M1 (currency in circulation). The definition of M1 includes both checkable deposits and physical currency; thus, when funds are transferred from a checking account to cash, there is no net change in the total M1 money supply.
Government spending for goods and services is a(n) ____________ part of total spending in our economy.
Answer:
"Essential".
Explanation:
The basic macroeconomic identity says that national consumption is equal than national production (excluding the net external movements of trade, capital flows and remittances). This identity considers national consumption equal than domestic spending that includes the private sector and the public sector. The public sector spending is in the form of investment and the execution of the public budget.
Car salespersons are notorious for using the ________ technique, which involves changing terms after an agreement has been made.
a.foot-in-the-door
b.foot-in-the-mouth
c.door-in-the-face
d.lowball
Answer:
D) lowball
Explanation:
The lowball sales technique is used by salespeople who first offer a product or service at a low cost and then suddenly change some condition that increases the sales price.
For example, a car salesperson shows you a car and gives you a price. Once you have accepted that price, the salesperson says that the price was for the basic car trim and that the car you saw had a higher trim and therefore a higher price. If that doesn't work, and the client decides to purchase the car with the basic trim, the salesperson starts adding some extra expenses including but not limited to shipping and handling costs, taxes and sometimes even a fee for giving you the car clean and in a mint condition.
The key for a lowball sale is that the customer really likes and wants the product, and that the seller's argument for changing the price can convince the customer.
Which of the following is not a proven strategy for reducing thinking errors in the workplace?A. Use of evidence and informationB. Decision supportC. Management memos and policiesD. Bias awarenessE. Reflection and discussion
Answer: Management memos and policies.
Explanation:
Management memos and policies sometimes may seem unfair or tedious to the employees when they may not actually be that way in reality, which is a form of thinking error.
Thinking error is a wrong pattern of interpreting things/events by an individual which in most cases turns out not to be true.
To avoid thinking errors information and motives should be passed across in a more clearer manner.
Final answer:
Bias awareness by itself is not a proven strategy for reducing thinking errors in the workplace; instead, utilizing evidence, decision support, reflection, and management policies are more effective in promoting effortful thinking.
Explanation:
The question asks which of the following is not a proven strategy for reducing thinking errors in the workplace. According to the provided information, bias awareness on its own is not enough to effectively reduce biases or thinking errors. Early research, such as that by Fischhoff (1982), indicated that simply being aware of biases does not substantially reduce them. Instead, strategies such as the use of evidence and information, decision support systems, reflection and discussion, and management memos and policies are more effective because they promote careful and effortful thinking (Kahneman), and they help transition from intuitive System 1 thinking to a more deliberative System 2 thought process (Chugh, 2004).
Pierson Industries has a beginning retained earnings balance of $42,500. An adjusted trial balance shows total expenses of $97,300 and revenue of $104,800. If dividends for the year were $3,500, determine the ending retained earnings balance for the year.
Answer:
$46,500
Explanation:
Data provided in the question:
Beginning retained earnings balance = $42,500
Total expenses = $97,300
Revenue = $104,800
Dividends for the year = $3,500
Now,
The ending retained earnings balance for the year will be
= Beginning retained earnings balance + Revenue - Total expenses - Dividends for the year
= $42,500 + $104,800 - $97,300 - $3,500
= $46,500
The condition of a market in which there are many sellers of slightly differentiated goods, sellers and buyers are reasonably aware of conditions that may affect the market, each seller has some control over his good's price, and sellers find it relatively easy to enter and exit the market.
Answer:
Imperfect competition
Explanation:
Is a competitive market situation where there are many sellers, but they are selling heterogeneus good as opposed to the perfect competitive market scenario.
Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $925. Fragmental collected the entire $7,400 cash on October 1 and recorded it as unearned revenue. The journal entry made by Fragmental Co. at year-end on December 31 would be:
A debit to Cash and a credit to Rent Revenue for $7,400.
A debit to Unearned Rent and a credit to Rent Earned for $4,625.
A debit to Rent Revenue and a credit to Cash for $2,775.
A debit to Rent Revenue and a credit to Unearned Rent for $2,775.
A debit to Unearned Rent and a credit to Rent Earned for $2,775.
Answer:
A debit to Unearned Rent and a credit to Rent Earned for $2,775.
Explanation:
Lease period is 8 months beginning from October 1.
Monthly rate = $925
Cash collected = $7,400 (On October 1)
Amount earned between October 1 and December 31 (3 months)
= 3 × $925
= $2,775
Journal entry made by Fragmental Co. at year-end on December 31 would be
Debit Unearned Rent $2,775
Credit Rent revenue $2,775
Being entries to recognize earned revenue at December 31
the effort to inform, persuade, or remind potential customers about a business's products or services is known as
Promotion
Selling
Marketing
Marketing Information Management
Answer:
The right answer is Promotion.
Explanation:
Following term can be described as
Promotion: Promotion is a term which comes under marketing, and states the concept of giving information about any new product or service to the potential customers.
Selling: The concept to sell any product or service is known as selling.
Marketing: The concept of promotion and selling of products and services by different means i.e advertisement, door to door, etc. is known as marketing.
Marketing Information Management: The concept of reviewing and managing the data comes from marketing to make further strategies is known as Marketing Information Management.
Hence according to the scenario, the most appropriate answer is Promotion because it gives only information about the company's product or service.
The market demand curve is the sum of all the individual prices at each quantity demanded.a) trueb) false
Answer:
The statement is true
Explanation:
Market demand curve is the sum or total of all the individual demand curves in the given market. It states the quantity demanded of the goods or service through all the individuals at the different or varying price points.
Individual demand curves is the curve which states how much amount of goods will be purchased or bought by the customers at the various or different price points.
Therefore, the statement is true and correct as it total of all the individual prices at each and every quantity demanded.
The government of an Asian country allows its currency to nominally float freely against other currencies, but the government has the right to intervene, buying and selling currency, if it believes that the currency has deviated too far from its fair value. What this country is doing is called a ________ float.A. fixedB. peggedC. capitalD. clean dirty
Answer: Dirty float system.
Explanation:
The dirty float system is also knowns as "managed float".
It is a floating exchange rate in which the central bank of a particular country steps in occasionally to alter the pace at which the country's currency change value. In this system, the central bank acts to prevent external economics shock and guide against its disruptive effect on the domestic economy.
You have been hired to implement an enterprise system that will automate much of the billing and accounting work for a statewide HVAC services company. Which of the following would you prepare to describe how the new system will affect a firm's structure and operations? A. Information Systems Plan
B. Internal Integration Report
C. Socio-technical design Report
D. Organizational impact analysis
Answer:
the correct answer is
D. Organizational impact analysis
good luck
How much cash MUST a buyer furnish in addition to a $2,500 deposit if the lending institution grants a 90% loan on an $80,000 property?
Answer:
$5,500
Explanation:
The computation of the cash required is shown below:
= Loan amount on property × remaining percentage - additional deposit
= $80,000 × 10% - $2,500
= $8,000 - $2,500
= $5,500
The remaining percentage would be
= Percentage - given percentage
= 100% - 90%
= 10%
The difference which comes is the cash requirement after considering the loan amount and the additional deposit
Which of the following are employer requirements for safety training and education?
Answer:
The secretary shall pursuant to section 107 (f) of the act, establish and supervise programs for the education and training of employees in the recognition, avoidance and prevention of unsafe conditions in employments covered by the act
Explanation:
The secretary shall pursuant to section 107 (f) of the act, establish and supervise programs for the education and training of employees in the recognition, avoidance, and prevention of unsafe conditions in employments covered by the act.
Prime Contractor: Has overall responsibility for compliance with OSHA regulations.
Subcontractor: Assumes responsibility for his or her portion of work
Both prime and subcontractor: have responsibility for complying with OSHA regulations
Either prime or subcontractor: can enter into an agreement to fulfill specific OSHA obligations on a job site basis.
Who is required by OSHA to conduct employee training?The employer shall provide a training program for each employee who might be exposed to fall hazards. The program shall enable each employee to recognize the hazards of falling and shall train each employee in the procedures to be followed in order to minimize these hazards.
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According to the Monetarist theory, _____________is a critical causal force that determines the nominal GDP..
Answer:
money supply
Explanation:
Monetarists are a branch of new classical economists that, as the name suggests, believe that money has a very important part to play within an economy.They believe that aggregate expenditures in the economy are influenced by the market rate of interest, and therefore money can affect the level of output in the short run economy.However, they further believe that money influences the long run unemployment in the economy. If monetary policies are used to increase aggregate demand, it is thought that this use of additional money may cause a short term boost in output, but will ultimately lead to inflation in the economy.
So the answer is money supply