Answer:
($500) = NA + NA + ($500)
Explanation:
In this question, the following accounting equation is used
Assets = Liability + common stock + retained earnings
As in the transaction, it is given that $500 cash is paid for advertising expense, so this event would be affecting the accounting equation for asset and the retained earning account i.e
($500) = NA + NA + ($500)
As cash is paid which reduces the asset balance plus the retained earning balance is also get reduced by $500
Courts use a __________ to determine whether a prudent mortgage loan originator exercised his or her due diligence in a loan transaction?
Answer:
Courts use a federal consumer financial law and procedures to determine whether a prudent mortgage loan originator exercised his or her due diligence in a loan transaction.
1. Congress passed the Sarbanes-Oxley Act to ensure that investors invest only in companies that will be profitable.
a) true
b) false
2. The standards of conduct by which actions are judged as loyal or disloyal are ethics.
a) true
b) false
3. The primary accounting standard-setting body in the United States is the Securities and Exchange Commission (SEC).
a) true
b) false
4. The historical cost principle dictates that companies record assets at their cost and continue to report them at their cost over the time the asset is held.
a) true
b) false
5. The monetary unit assumption requires that companies record only transactions that can be measured in money terms.
a) true
b) false
Answer:
1. False
2. False
3. False
4. True
5. True
Explanation:
1.
Sarbanes-Oxley Act was a federal law that was established by congress to sweep auditing and financial statements for public companies. The main aim for this was to improve the investor confidence by improving reliability in accounting statements. Errors in the financial statements for the public companies were to be minimized following this law especially in the wake of numerous cases of corporate crime. This law was never passed to ensure that investors only invest in companies that will be profitable, since the choice of which company to invest in is exclusively left to the investor. So the above statement is false.
2.
Ethics can be defined as a set of rules and regulation that govern the moral behavior of someone. Ethical standards vary from one region to another since they are majorly cultural, for example; a behavior in the United States can be considered as appropriate while the same behavior in a different place can be inappropriate. Ethical standards are either right or wrong, and the actions are judged on these terms. Ethics don't measure whether a actions are loyal or disloyal, thus the statement is false.
3.
The primary accounting standard setting body in the United States is Financial Accounting Standards Board (FASB). This body is charged with regulating and setting the best standard of accounting practice. The FASB usually constitutes a board whose officials are rigorously assessed. The board members have to be professionals in the field of accounting. Securities and Exchange Commission on the other hand is an independent federal agency with the authority to enforce federal security laws. Thus the statement above is false.
4.
The historical cost principle suggests that the companies record assets cost at their original cost and continue to report them at their original cost over the time the asset is held. The historical cost principle is a generally accepted accounting principle that has been in use for a long time. The definition about the historical cost principle in the question above is therefor true.
5.
The monetary unit assumption dictates that business related activities be converted to monetary units. There are some business transactions that are however quite difficult to convert into monetary units, therefor the accountant in using this principle is only obliged to record only the transactions that can be measured in money terms. The statement about monetary units in the question above is thus true.
The Sarbanes-Oxley Act was designed to protect investors from accounting fraud, not ensure profitability. Ethics represent the judgment of loyalty or disloyalty in actions. The FASB, not the SEC, sets primary accounting standards, and the historical cost principle and monetary unit assumption guide financial reporting. First and third statements are only false, others are true.
The answer to the first question is false. Congress passed the Sarbanes-Oxley Act not to ensure that investors only invest in companies that will be profitable, but rather to increase confidence in financial reports and protect investors from accounting fraud following major scandals.
The answer to the second question is true. Ethics are indeed the standards of conduct by which actions are judged as loyal or disloyal.
The answer to the third question is false. While the Securities and Exchange Commission (SEC) has authority over financial disclosures and the securities industry, it is the Financial Accounting Standards Board (FASB) that primarily sets accounting standards in the United States.
The fourth answer is true. The historical cost principle does dictate that companies record assets at their cost and report them at that cost over the time the asset is held.
The answer to the fifth question is true. The monetary unit assumption does require that companies record only transactions that can be measured in monetary terms.
How would the financial statements of Boston Company by affected by the billing of a client for $10,000 of consulting work completed?
a.Assets increase by $10,000; revenues increase by $10,000
b.Assets (Accounts Receivable) decrease by $10,000; Assets (Cash) increase by $10,000
c.Assets increase by $10,000; liabilities increase by $10,000
d.Assets increase by $10,000; liabilities decrease by $10,000
Answer:
a) Assets increase by $ 10,000; revenues increase by $ 10,000
Explanation:
The billing to a client results in an increase in receivables, an asset which is a debit. the consulting work is a revenue to the organization which is a credit.
The other options are not applicable, because the scenario (b) results in increase in cash collection of receivables which is not the transaction.
The scenarios (c) and (d) are not relevant because the transaction has no impact on liabilities
Raven has successfully added her location to Google My Business. She knows she has options for verification, including use of a phone call or e-mail. How else can she verify her location?
A. With a downloaded mobile app.B. With a state-issued business license.C. With a visit to a local Google office.D. With a postcard delivered by mail.
Answer: With a postcard delivered by mail.
Explanation:
The best way Raven can verify her business address displayed on the internet, is for her to ask someone to check the internet for her company address and send a post card to her company address via mail. Postal cards are mails that are sent to an address without envelopes.
As she has options for verification including use of a phone call or e-mail, she can verify her location with a postcard delivered by mail. The Option D.
How will the postcard delivery verify her location?When she chooses this method, Go/ogle will send a physical postcard to the address she provided during the verification process. This postcard typically contains a verification code. Once Raven receives the postcard, she can log back into her Go/ogle My Business account and enter the verification code to confirm her location.
This method ensures that the business's physical address is accurate and helps maintain the integrity of Go/ogle's business listings. It is a reliable way to verify the legitimacy of a business's location on the platform.
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People in the U.S. state of Iowa eat both corn and potatoes. It is technically possible for farmers to grow both corn and potatoes in Iowa, yet almost no farmers grow potatoes. Instead, every year, Iowa exports corn and imports potatoes from the U.S. state of Idaho, where farmers specialize in potatoes.Which of the following principles of economic interaction best describes this scenario?A. Trade can make everyone better off.B. When markets do not achieve efficiency, government intervention can improve overall welfare.C. There is a tradeoff between equality and efficiency.D.All costs are opportunity costs.
Answer:
A. Trade can make everyone better off.
Explanation:
Iowa is probably only producing corn because it has a comparative advantage in the production of corn. By producing only goods it has a comparative advantage in and importing potatoes, both states are benefiting from the trade as the trade gives both states the opportunity to specialise in the production of goods for which they have comparative advantage in production.
I hope my answer helps you.
Business at Korey's Comics has been good, and Korey expects the same business next month. However, due to an increase in business, Korey has made the decision to bring on an extra hand to help run the store in the afternoons. The new employee will make $435 per month. How does this change affect Korey's monthly net income?
Answer:
ADDITIONAL REVENUE & ADDITIONAL COST
Explanation:
If Korey has made the decision to bring on an extra hand to help run the store in the afternoons and the new employee will make $435 per month; then there are 2 changes that will happen to the monthly net income
1. Increased Revenue: Since the new employee will be bringing in additional revenue of $435, then the direct impact of that is an increment in the revenue line of the income statement
2. Increased Costs: Secondly, this change will affect Korey's monthly net income in the area of cost because he has to pay the extra hand some sort of monthly salaries which will have a reducing effect on profit.
Answer:
c
Explanation:
Gale Corporation leases the printing equipment it uses. The terms of the lease require the monthly lease payments to be made at the beginning of every month. This is an example of an annuity due.
A) True
B) False
Answer: True.
Explanation:
The statement in question is correct because an annuity due is a form of payment on a property/equipment that is paid at the beginning of a period(e.g a month/year). Annuity due is paid periodically and is always at the start of a period.
_____ is the degree to which a company relies on a provider because of the importance of the provider's product to the company and the difficulty of finding other sources of that product.
Answer:
Supplier dependence
Explanation:
When an entity finds itself in a situation where it has to rely on a particular supplier or provider of service for its business operations, either as a result of not being able to get an alternative supplier or the importance of the suppliers product to the entity, such is called supplier dependence.
It is very risky for an entity to depend on a particular source for input. This reverse order of an entity depending on the supplier for business strategy instead of the supplier depending on the entity is not a good business practice.
It’s easy for our own strategy to be determined by what our suppliers are doing. If we become too dependent, we risk having our strategy set by our suppliers rather than having them support our strategy. I’ve been thinking a lot here recently about how much suppliers can direct you
It should be noted that supplier dependency is the degree to which a company relies on a provider.
Supplier dependency can be regarded as how how the manufacturer relies on actions of its suppliers so that some certain goals can be achieved.
This is as a result of how important provider's product to the company .
Therefore, supplier dependency is the degree to which a company relies on a provider.
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"Stores that provide moderate sales assistance because they carry shopping goods about which customers need a moderate level of information are called ________."
Answer:
limited-service retailers
A ___________ is an arrangement whereby someone with a good idea for a business sells the rights to use the business name and to sell a product or service to others in a given territory.
Answer:
Franchise agreement
Explanation:
A franchise is a license a franchisee (the ones that are interested in buying the idea) gets to have access to a party's knowledge (or idea for business in this case) to use it. In exchange for the franchise, the franchisee receives a payment.
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The fact that the manager generally has more information about the "true" financial position and results of operations of the entity than does the absentee owner is called______________.
Answer:
Information assymetry
Explanation:
Information assymetry occurs when one party to an economic transaction possesses greater material knowledge than the other party. In this case manager has more information than owner.
This marketing strategy involves marketing products that are similar to ones already on the market and are in-line with cultural norms, thereby minimizing resistance. The reference is to:_________a. flank attackb. cultural congruencec. guerilla marketingd. lateral marketinge. culture equalization
Answer:
B, Cultural congruence
Explanation:
Cultural congruence is a kind of marketing technique/strategy in which a new product with similar characteristics as with the currently existing product is marketed. This technique of marketing helps to reduce resistance as consumers see the new product as the same as the existing product.
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You are providing consulting services for a client who plans to purchase a large number of printers that can print multipart forms. Which printer type should you advise him to consider? A. Laser
B. Thermal
C. Inkjet
*D. Dot Matrix
Answer:
D. Dot Matrix
Explanation:
Dot Matrix printers are used to print multi part forms.they are also known as impact printers. Dot matrix printers consist of a hammer and and ribbon which forms dots. Dot matrix printers are better than laser printers and inkjet printers in printing multi part forms.Dot matrix printers are inexpensive but make a lot of noise. Multi part forms make use of dots and it is therefore easier to print them using dot matrix printers.
The printing of the dot matrix may not be as fine or as bright/ dark as that of the other printers. It may be light or not very clear.
Bankers who are processing loan applications from companies seeking large loans will probably ask for financial statements audited by an independent CPA because________________
Answer:
they believe that independent opinion expressed by an independent auditor on such a financial statement is more reliable than financial statement not from such a source due to potential conflict of interest.
Explanation:
The financial statement audited by an independent CPA is more reliable than the ones audited by a non-independent CPA. This is so because of the statutory responsibilities of the independent CPA.
The non-independent CPA is under the control of the management but the independent CPA is not responsible to the management but the shareholders.
Above-average returns are returns in excess of what an investor expects to earn from other investments with a similar amount of risk.
A. True
B. False
Answer:
The answer is True because above average returns are returns in excess of what an investor expects to earn from other investments with a similar amount of risk.
Above-average returns are returns that exceed an investor's expectations for other investments with similar risk levels.
Explanation:Above-average returns refer to returns that are higher than what an investor expects to earn from other investments with a similar amount of risk.
For example, if an investor expects to earn a 5% return on a particular investment, but ends up earning 8%, the 3% difference would be considered an above-average return.
Above-average returns indicate that an investment has performed better than expected, potentially resulting in higher profits for the investor.
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People use _____ to determine how many hours to work, and businesses use _____ to determine how much of their product they are willing to supply to the market.
a) marginal analysis; marginal analysis
b) production efficiency; marginal analysis
c) marginal analysis; allocative efficiency
d) allocative efficiency; production efficiency
Answer:
a) marginal analysis; marginal analysis
Explanation:
People use marginal analysis to determine how many hours to work, and businesses use marginal analysis to determine how much of their product they are willing to supply to the market.
Marginal analysis is the analysis or examination of profit or benefit realized by the business by adding extra cost in the similar activity or producing extra unit of goods and services. It helps the management to take decision on quatity of product to be produced and used as base for quantitive financial analysis.
People use marginal analysis to determine how many hours to work to get maximum benefits.
The correct answer is (a) marginal analysis; marginal analysis. Both individuals and businesses use marginal analysis to make decisions regarding labor and production, aiming to maximize the benefits while minimizing the costs.
People use marginal analysis to determine how many hours to work, and businesses use marginal analysis to determine how much of their product they are willing to supply to the market. Therefore, the correct answer to the question is option (a) marginal analysis; marginal analysis.
Marginal analysis is the consideration of the additional benefits and costs of a decision when trying to decide whether to do a bit more or a bit less of an activity. Workers use marginal analysis when deciding how many extra hours to work, based on the additional income earned as opposed to the additional cost in terms of labor and reduced leisure time. Similarly, firms apply marginal analysis to determine the combination of labor and capital that maximizes profitability—looking at the marginal cost versus the marginal benefit of producing more goods or services.
Illustrating Free-Market Equilibrium and Efficient Production
In economics, the free-market equilibrium is illustrated by the intersection of supply and demand where neither surplus nor shortage occurs, and the efficient level of production is where price equals marginal cost (P = MC), indicating allocative efficiency.
what is the process that determines what is needed, how to collect it, analyze it, and use it for effective market planning?
a) controlb) marketing information systemc) ansoff matrixd) SMART goals
Answer:
b) marketing information system
Explanation:
A marketing information system (MIS) is a system used to collect data (structure, equipment, procedures and people) into a coherent format using methods to interprete, sort, analyse and evaluate the information in order to improve the marketing planning.
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The lesson of __________ is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options.
Answer:
The lesson of _sunk costs_ is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options.
Greeson Corp. signed a three-month, zero-interest-bearing note on November 1, 2020 for the purchase of $500,000 of inventory. The face value of the note was $507,800. Greeson used a "Discount of Note Payable" account to initially record the note. Assuming that the discount will be amortized equally over the 3-month period and that there was no adjusting entry made for November, the adjusting entry made at December 31, 2020 will include a_____________.
Final answer:
The adjusting entry made on December 31, 2020, for Greeson Corp's three-month note includes a debit to interest expense and a credit to the Discount on Notes Payable account, both for the amount of $2,600, accounting for the monthly amortization of the note's discount.
Explanation:
The scenario involves Greeson Corp. signing a three-month, zero-interest-bearing note with a face value of $507,800 in exchange for $500,000 of inventory. The difference of $7,800 represents the discount on the note, which is to be amortized over the note's lifespan.
To calculate the monthly amortization amount, we would divide the total discount by the number of months the note is outstanding. In this case, $7,800 divided by 3 months equals $2,600 per month. Since no adjusting entry was made for November, the adjusting entry on December 31, 2020, would include a debit (increase) of $2,600 to interest expense and a credit (decrease) of $2,600 to the Discount on Notes Payable account, reflecting the amortization of the discount for December.
In king's view, what three qualities must a movement have in order to achieve the goal of integration?
Answer:
Martin Luther King Jr. believed that in order for an integration movement to be successful, it had to be:
organized in a militant manner: members must be vigorously active supporting the causethe movement must have a mass character: must include everyone, not just some selected individualsthe movement must reject (repudiate) violenceIf a movement doesn't embrace peace, then it will generate conflict and violence. If the members are passive, there ideals will not be noticed. If the movement does not include everyone, then it will create more segregation.
The three qualities that a movement must have in order to achieve the goal of integration includes:
being non-violent.must have a militant character.must have a mass quality.Martin Luther King Jr. believed that in order for an integration movement to be successful, it had to have three qualities:
they must be organized in a militant manner.the movement must have a mass character.the movement must reject violence.Read more about integration movement
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Jake serves on a committee of employees who were charged with selecting three co-workers to honor at the holiday banquet. One employee whose name was at the top of everybody's list was instrumental in helping another employee who failed to wear his protective headgear to avoid suffering a serious head injury. Although this was a noble act, Jake knew that the hero was frequently negligent about wearing his own headgear. Jake knew that several other employees followed strict company policy every day and always wore their headgear; yet, they were not being acknowledged for their compliance. According to Norman Vincent Peale, which of the following questions should Jake refer to as he proceeds to make an ethical decision?
a) Is the action I am proposing to take something the boss would like to promote among workers?b) How does the action I am proposing to take make me feel about myself?c) Does the action I am about to take follow universal business practices?d) How can my decision help elevate my own status within the firm?
Answer:
B) How does the action I am proposing to take make me feel about myself?
Explanation:
According to Norman Peale (the ideologist of positive thinking), decisions that affect or solve ethical dilemmas should be evaluated against three questions:
My decision will follow the law and the company's policies? Is the decision balanced and fair? How does this decision made make me feel about myself?In the Scrum method, during which As a manager, you want to praise a team member, Phil, for doing a good job on a particular project. However, you know he tends to be an introvert. Which communication method would Phil be most comfortable with_______.
Answer:
One On One Approach
Explanation:
Phil being an introvert, the best approach is to call him in to a pivate meeting and appriciate his work and effort towards the team.
Suppose a competitive industry faces an increase in demand (i.e., the demand curve shifts upward).
1. What are the steps by which a competitive market ensures increased output?
2. Will your answer change if the government imposes a price ceiling?
3. If demand increases, then output will increase with competition because:________.
Answer:
Answer for questions 1 and 3:
If the total demand for a product increases, the demand curve will shift to the right, which will result in a price increase at every quantity demanded. Since the price of the product will increase, the suppliers will be making a higher economic profit. this in turn will make existing firms increase their total output, and other firms enter the market and start their own production. You must remember that on a competitive market with no entry barriers, the competing firms have $0 economic profit (not the same as accounting profit).
Answer for question 2:
If the government imposes a price ceiling and it is lower than equilibrium quantity, then the firms' profits will decrease, which in turn will reduce their incentive to increase their output and it will also decrease the number of new firms entering the market. This will produce a deadweight loss resulting from a shortage of products that which will negatively affect customers.
Which of the following best describes the opportunity cost of attending a free concert at the local coffee shop?
1. The chance to play the latest video game with your roommate while you were at the concert
2. The coffee you buy while attending the concert Hanging out with your friends at the coffee shop during the concert
3. The amount of money a ticket would have cost if it were not free
Answer:
1. The chance to play the latest video game with your roommate while you were at the concert
Explanation:
Opportunity cost is the next best option forgone when one alternative is chosen over other alternatives.
The opportunity cost of attending the concert is the activity that could have been done if one didnt attend the concert which is playing video games.
I hope my answer helps you.
The opportunity cost of attending the free concert at the local coffee shop would best be described as the chance to play the latest video game with your roommate while you were at the concert. This represents the alternative activity that you missed out on as a result of your decision to go to the concert.
In the concept of Economics, the opportunity cost refers to the potential benefit an individual misses out on when choosing a particular option over another. Given the context of this question, the best description of the opportunity cost of attending the free concert at the local coffee shop would be: The chance to play the latest video game with your roommate while you were at the concert.
This is the most fitting choice because it represents an alternative activity that you missed out on (playing video games with your roommate) as a result of your decision to go to the concert. It's important to understand that opportunity cost isn't about money or price but rather the alternative foregone. The cost of the coffee or the ticket price if it weren't free does not represent opportunity cost in this scenario.
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If you were to learn that Gatorade introduced new flavors in 2018, should that information affect your calculation of the inflation rate? If so, how?
Answer:
Yes
Gatorade's increased price will lower the rate of inflation as it increases well-being. The more flavors improve well-being, thereby rising the inflation rate in 2018 due to this quality improvement.
You are dealt two cards successively (without replacement) from a shuffled deck of 52 playing cards. Find the probability that both cards are hearts. Express your answer as a simplified fraction.
Answer:
1/17
Explanation:
There are 13 hearts in a deck of cards
first picking = 13 / 52
without replacement the number of hearts will reduce by 1 so also will the number of total card will also reduce
second picking = 12 / 51
Probability of picking two cards without replacement = 13/ 52 × 12/51 = 1/17
Organization psychology studies _________. a. the principles of selecting and evaluating workers studies b. how work environments and management styles influence worker c. motivation involves setting standards, organizing work, and focusing on goals d. involves mediating conflicts and building high achieving teams e. involves evaluating work performa
Answer:
B. how work environments and management styles influence workers
Explanation:
Organizational psychology, also known as I-O psychology refers to the use of psychological theories to analyze an organization. It could also be said to refer to the study of how relationships between workers affects those workers and subsequently the organization.
It involves observing the mental, physical, etc health of workers and how it affects them and their relationship with other workers and also how it helps them to perform their organizational obligations.
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true or false because cash transactions occur more frequently than ither transactions the chances for making recording errors affecting cash are less______________.
Answer:
False
Explanation:
Cash transaction is a business transaction where customers pay cash immediately for goods purchase, as opposed to other types of transaction where cash payment is delayed to a future agreed date. example of other transactions that are not cash are, credit sales, forward contract, future contract e.t.c.
The more the cash transactions, the more the probability of making recording errors as one will be overwhelmed by the volume of cash which involves counting, receipting and recording.
You have just created the "perfect" ad. It communicates the full mix of benefits upon which the brand is differentiated and positioned. This full positioning of the brand is called ________.A) its value propositionB) target marketingC) capturing the consumers' attentionD) value profilingE) differentiated marketing
Answer:
A) its value proposition
Explanation:
A good brand value proposition should state all the benefits of your product or service since it is the promise that your brand (or company) is delivering to potential or current customers in order for them to purchase your product or service instead of the competition's.
Sam, a business-owner, sought the help of a friend to find out which employees were likely to be loyal and honest if hired. The friend examined the bumps on the heads of all applicants and gave Sam a list of the employees he should hire. Sam's friend is a _______________.'
Answer: Phrenologist
Explanation: Phrenologist are individuals who studied Phrenology.phrenology The theory of Phrenology which has been widely discredited today indicates that the brain is the organ of the mind. It involves physical measurement of bumps in the human head to establish decisions of mental wellness in an individual. The concept of Phrenology could not be established from empirical research and thus widely regarded as pseudoscience today.