the acceleration of inflation that characterizes many economic populist movements is usually the result of
Answers
The acceleration of inflation that characterizes many economic populist movements is usually the result of the printing of money to finance government budget deficits.
A government budget is a document prepared by a government and/or other political body that outlines the expected tax revenues and proposed spending/expenditures for the next financial year. In most parliamentary systems, budgets are submitted to parliament and often require parliamentary approval.
A government budget is a document that presents the projected revenues and expenditures of a government agency for the financial year. Government budgets often require legal approval and are subject to political pressure from competing interest groups for resources.
The State Budget is the annual report of the estimated revenues and expenditures of the Government during the fiscal year as defined in Article 112 of the Constitution of India. At the beginning of each year, the Government of India prepares a document and submits it to the House of Commons.
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Related Questions
Mr. Jack mentioned that there are new employees working on the production line. How can trainees affect production and standard cost variances? Trainees may be paid less than the seasoned workers causing an unfavorable labor spending variance. Trainees might work slower causing an unfavorable labor efficiency variance. Trainees might work slower causing an unfavorable labor spending variance. Trainees may make mistakes in the process causing waste or spoilage which in turn, results in a favorable material quantity variance.
Answers
Trainees can affect production and standard cost variances: by working slower causing an unfavorable labor efficiency variance. The correct option is B.
By making mistakes in the process causing waste or spoilage which in turn, results in an unfavorable material quantity variance (option D). They can also be paid less than seasoned workers causing an unfavorable labor spending variance (option A).
Unfavorable Labor Efficiency Variance:The labor efficiency variance is an indication of the effectiveness of a company's human resource department's planning and training efforts. When employees complete tasks slower than anticipated or use more hours than anticipated, unfavorable labor efficiency variances occur.
This unfavorable variance may be caused by a variety of factors, such as subpar training, slow production processes, or a lack of motivation.
Unfavorable Material Quantity Variance:The material quantity variance is a measure of the difference between the standard quantity of materials required for the actual production and the actual quantity of materials used in production. When trainees make errors in the process that result in waste or spoilage, the material quantity variance is unfavorable.
The variance is unfavorable because more materials are consumed than anticipated, resulting in higher expenses.
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Complete question:
Mr. Jack mentioned that there are new employees working on the production line. How can trainees affect production and standard cost variances?
A. Trainees may be paid less than the seasoned workers causing an unfavorable labor spending variance.
B. Trainees might work slower causing an unfavorable labor efficiency variance.
C. Trainees might work slower causing an unfavorable labor spending variance.
D. Trainees may make mistakes in the process causing waste or spoilage which in turn, results in a favorable material quantity variance.
With a command economy, do individuals have choice and flexibility
Answers
Davidson Corp. produces a single product: fireproof safety deposit boxes for home use.
The budget going into the current year anticipated a selling price of $71 per unit.
Because of competitive pressures, the company had to cut selling prices by 10% during
the year. Budgeted variable costs per unit are $48, and budgeted total fixed costs are
$164,000 for the year. Anticipated sales volume for the year was 18,000 units. Actual
sales volume was 5% less than budget. (1) What was the sales price variance for the
year?
Answers
Answer:
Sales price variance= $121,410 unfavorable
Explanation:
Giving the following information:
Standard selling price= $71
Actual selling price= 71*0.9= $63.9
Actual number of units sold= 18,000*0.95= 17,100
To calculate the selling price variance, we need to use the following formula:
Sales price variance= (standard price - actual price)*actual quantity
Sales price variance= (71 - 63.9)*17,100
Sales price variance= $121,410 unfavorable
the partnering for success feature in chapter 7 focuses on the topic of vesting company stock. according to the feature, a typical startup's vesting schedule lasts and includes a 12-month cliff. 12 months 12 months to 24 months 24 months to 36 months 36 months to 48 months 48 months to 60 months
Answers
The Savvy Entrepreneurial Firm section in Chapter 7 discusses vesting company stock. A typical startup's vesting schedule, according to the feature, lasts 36 to 48 months and includes a 12-month cliff.
What exactly is a savvy entrepreneurial firm?To be successful, starting a business necessitates a number of factors. The desire to be one's own boss, to pursue one's own idea, or to gain financial rewards must be met with shrewdness and persistence. Failure should not be considered an option, but rather a learning experience that guides future decisions. An entrepreneur gets things done and enjoys being competitive. A true entrepreneur is unpredictable; he or she has a certain level of creativity that allows them to see and produce "ahead of the curve." An entrepreneur, on the other hand, cannot be successful without strong people skills.To learn more about Entrepreneur, refer to:
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If an american-based firm opens and operates a new clothing factory in honduras, then it is engaging in:.
Answers
(d) State how the double entry would be completed for the items recorded in the ledger accounts
column of the petty cash book.
Answers
The general ledger's expense account is debited for the sum of each expense column.
How does a general ledger work?An organization employs a general ledger, which is a group of numbered accounts, to record its financial activities and generate financial reports. A unique record detailing a particular kind of asset, risk, equity, revenue, or expense makes up each account.
Which five categories of accounts for general ledgers are there?Accounts receivable, a commodity account, represents money owed to your business. Accounts payable refers to money that your business owes to creditors for expenses. Cash: Easily convertible assets held by your company, such as accounts and owner' equity.
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if the proposed regional comprehensive economic partnership (rcep) is achieved, it will rival the european union (eu) when measured by the number of countries involved and their combined gross domestic product (gdp). the eu is an example of a(n)
Answers
As per the given statement, the European Union is an example of economic union. Hence, Option C is correct.
What is economic union?An economic union is an arrangement between two or more countries that permits unrestricted trade in commodities, services, money, and labour. To foster this unified market, the nations may also coordinate their social and financial policies. One illustration of an economic union is the European Union (EU).
When it comes to the number of participating nations and their combined gross domestic product, the proposed Regional Comprehensive Economic Partnership will rival the European Union.
Therefore, Option C is correct.
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The complete question has been attached in text form:
If the proposed Regional Comprehensive Economic Partnership (RCEP) is achieved, it will rival the European Union (EU) when measured by the number of countries involved and their combined gross domestic product (GDP). The EU is an example of a(n)
A.) CUSTOM UNIONS
B.) FREE TRADE AREA
C.) ECONOMIC UNION
D.) POLITICAL UNION
E.) COMMON MARKET
What is unemployment
Answers
Answer:
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15)[2] not being in paid employment or self-employment but currently available for work during the reference period.
Explanation:
At The Extra;-
Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed).
Pls Rate And Brainliest
Answer:
a situation when a person actively searches for employment but is unable to find work.
hussain after doing his graduation has decided to run a retail shop as a source of livelihood. ii. He procures the goods from the wholesalers according to the consumer's demand and maintains a regular supply of goods to his customers. [5] TGIS-Raipur 4 / 5 iii. Customers are well satisfied with his services due to which his sales turnover is very high and he is earning a good return on his capital employed. iv. Seeing his Successful business, two other retailers have also opened their shops in the same area giving him tough competition reducing his market share and margin of profits. But Rohit knows, in spite of his best efforts put into the business, there is always the possibility of inadequate profits or losses. a. Identify the economic activity Rohit is engaged in. b. Enlist the features of identified economic activity with reference to the underlined words in each sentence given above.
Answers
A) Business is an economic activity.
B) features are profit earning- as it is essential for survival growth and expansion of business
Dealings in goods and services on a regular basis - and not merely one single transaction of sale or purchase.
The four major economic activities are resource management, production of goods and services, distribution of goods and services, and consumption of goods and services.
Agriculture, fisheries, mining, and forestry. Manufacture of finished products. Manufacture of technology, consumer goods, furniture, vehicles, and clothing. The provision of intangibles is commonly referred to as a service.
Economic activity is the activity by which people provide, produce, purchase or sell goods and services to meet their daily needs. Economic activity includes all activities related to the manufacture, sale, or use of products or services.
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PROFIT/LOSS = TOTAL REVENUE - TOTAL COSTS
lan set up a taxi firm one month ago. He has calculated that his total monthly revenue was £2400.
He has added his costs together for the first month and they came to £2800. However, he spent
£1000 on a car for the business that he will not need to spend again.
1) What was his profit/loss for the month?
For the month it was €
1
2) Next month, what will his profit/loss be?
3) List 2 things that could happen that would increase his costs?
Answers
Answer:
What's the question? :) I'm an econ major btw.
Explanation:
Your firm spends $5000 every month on printing and mailing costs, sending statements to customers. If the interest rate is 0. 5% per month, what is the present value of eliminating this cost by sending the statements electronically
Answers
The present value for cutting this expense is 58,094.66 according to the solution.
What do you call the present value?The term "present value," also known as "discounted value," refers to a financial calculation that determines how much a sum of money or stream of payments worth in future dollars today after accounting for interest and inflation. In other words, it contrasts the current value of one dollar with its purchasing power in the future.
According to the given information:Since the query doesn't define a time frame, we'll presume it's 12 months or a year. Next, we use the basic annuity formula, which is shown below.
PV = PMT * (1 - (1 + i)⁻ⁿ)/I
PV = 5000 * (1 - (1 + 0.5%)⁻¹²)/0.5
= 58,094.66
For the following year, the PV of reducing this expense is 58,094.66. This is the PV of the cost savings realised by sending statements electronically over the course of the year.
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A stock is priced at $85 per share and pays a quarterly dividend of $2.10 per share. What is the dividend yield per stock share per year?
Answers
Indigo Pty Ltd, a company conducting business in the printing industry, was formed in 2000 by Mr and Mrs Blue. They were appointed as directors. The company employed an accountant. The company’s financial records were kept on a computer, accessible to all directors, and maintained by the accountant each month.
In March 2020, a third director was appointed to Indigo Pty Ltd. Green, the newly appointed director, previously worked as a consultant to the printing industry. Due to his strong marketing skills, Green was invited to become a non-executive director and chairperson of Indigo Pty Ltd. Green also has a strong background in operational management but has no experience in corporate financial management.
Green accepted the invitation because Mr and Mrs Blue were friends in need of help with business marketing and also because ‘by all appearances’ the business was thriving. Prior to accepting the appointment, Green met with the other two directors at a formal board meeting. The minutes of the board meeting records that the company’s accountant was also in attendance and that the only item discussed related to the general performance of the printing industry in New South Wales.
Within 12 months of Green’s appointment as a director, due to the devasting impact of Covid-19 on the economy and its crippling effect on businesses, Indigo Pty Ltd ceased trading in January 2021 with outstanding debts of $750,000 and appointed a voluntary administrator. The administrator was thereafter appointed as liquidator. The liquidator’s Report produced a month by month analysis of the company’s financial performance for the period December 2019 to December 2020. According to this financial information, Indigo Pty Ltd had significant cash flow difficulties during this entire period and was not making a profit.
The liquidator, in taking legal action against all of the company’s directors for insolvent trading, has successfully proved in court a breach of the requirements of s 588G of the Corporations Act.
The evidence showed that Mrs Blue accepted her appointment as a director of Indigo Pty Ltd at her husband’s request but was happy at all times to leave the management of the company to him. Furthermore, she did not believe that her participation was required, especially since the law changed in 1995 to permit single director companies. Each year Mrs Blue signed the company’s annual returns declaring the company was solvent, but this document was not explained to her and she said: "I have faith and trust in my husband whom I love very dearly and therefore I would sign documents whenever asked."
Green and Mrs Blue now seek to rely on a statutory defence in s 588H of the Corporations Act to defeat the liquidator’s claim for compensation payable to Indigo Pty Ltd on the basis of insolvent trading:
With reference to the Corporations Act 2001 (Cth), relevant precedents, advise:
(a) Green; and
(b) Mrs Blue, as directors of Indigo Pty Ltd, of their chances of success in avoiding personal liability.
(c) Green and Mrs Blue [the defendants] of all the potential consequences of breach of the Corporations Act for the offences identified in your answer.
(d) Whether the safe harbour ‘defence’ to insolvent trading will assist the directors in this case? Explain why or why not.
Essential Reading
• Hargovan, Adams and Brown: Australian Corporate Law, 7 h ed, 2021 (LexisNexis) – Chapter 5 [pp 160-169] and 18 (pp 571-587)
• LexisNexis Case Summaries: Corporations Law (pp 11, 30, 42 52, 66) [Optional]
• Corporations Act: Ch 5 (Pt 5.7B, Division 3)
Answers
I can provide a general overview of the relevant provisions of the Corporations Act and the potential consequences of breaching those provisions.
(a) Green's chances of success in avoiding personal liability:
As a director of Indigo Pty Ltd, Green may have a chance to avoid personal liability if he can establish a statutory defense under Section 588H of the Corporations Act. This section provides a defense for directors who can show that at the time when the debt was incurred, they had reasonable grounds to believe that the company was solvent or would become solvent. The success of Green's defense would depend on the specific evidence and circumstances surrounding his appointment, his knowledge of the company's financial situation, and his actions as a director.
(b) Mrs Blue's chances of success in avoiding personal liability:
Mrs Blue may also have a chance to avoid personal liability if she can establish a statutory defense under Section 588H. The defense requires directors to show that they relied on information provided by another competent and reliable person, and at the time of signing the company's financial documents, they had no reason to suspect the company's insolvency. Mrs Blue's chances of success would depend on whether she can demonstrate that she relied on her husband's representations and had no reason to question the solvency of the company.
(c) Potential consequences of breaching the Corporations Act:
If Green and Mrs Blue are found to have breached the provisions of the Corporations Act, they may face personal liability for insolvent trading. The consequences may include being held personally liable for the debts incurred by the company during the period of insolvency, being disqualified from acting as a director in the future, and potential civil penalties imposed by the court.
(d) Safe harbour defense to insolvent trading:
The safe harbour provisions under Section 588GA of the Corporations Act provide a defense to directors against insolvent trading liability if they take certain steps to develop and implement a course of action that is reasonably likely to lead to a better outcome for the company and its creditors. Whether the safe harbour defense will assist the directors in this case would depend on whether they can demonstrate that they met the requirements of the safe harbour provisions, such as taking timely and appropriate action to address the company's financial difficulties.
Again, it is crucial to consult with a qualified legal professional who can provide advice tailored to the specific circumstances and jurisdiction involved in the case.
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What happens if you still have a balance on your credit card AFTER the company starts charging you interest?
A: The bank will make your interest payments for you
B: The bank will extend the 0% APR so you don't pay interest
C: The bank will offer you a 0% so they make no money off you
D: The bank will make money from the interest fees you pay
Answers
My reasoning is because banks will always make money of your interest and debt someway. This includes every bank in the world, it’s how banks can afford to stay open and hire employees.
Hope this helps have a nice day :)
Plz Hurry I am timed!
A chain of coffee servers is sending a spreadsheet of projected costs and profits to some of its investors. When, Kyle, the administrator making the spreadsheet, adds an image of his company’s logo, he realizes it would fit and look best if turned to read sideways.
How can Kyle change the image to make it fit in such a way?
A) He can select the image and hold down on the green handle above it while sliding the mouse.
B) He can select the image and hold down Control while sliding the scroll bar to the right.
C) He can press the PivotTable button and select “Rotate 90 degrees” and then click OK.
D) He can click on the Pictures Tool tab and select press Artistic Effects to access the rotate option.
Answers
Answer: A) He can select the image and hold down on the green handle above it while sliding the mouse.
Explanation:
After inserting the picture, if he wants the logo to read sideways, his best bet is to rotate it. He can do this by clicking on the picture and then clicking and holding down the green handle above the image which would look like a rotating arrow.
While holding it down, he should then slide the mouse and the picture would rotate. He can stop rotating at an angle he deems appropriate.
Answer:
A
Explanation:
Just took the test
For those with health issues, regular exercise is not generally recommended. Please select the best answer from the choices provided. T F D. soccer Please select the best answer from the choices provided. A B C DIt's recommended that those with osteoporosis __________. A. monitor their blood sugar levels throughout cardiorespiratory activities B. increase their bone density with high-intensity activities C. always have their inhalers close by during flexibility activities D. limit their overall activity time to 20 minutes per day Please select the best answer from the choices provided. A B C D Mark this and return
Answers
Answer:
For those with health issues, regular exercise is not generally recommended. regular exercise can be too hard for them. If they have Asma attacks, they can stop breathing if they run for too long
Explanation: my sister has a health issue
Answer:
FALSE
Explanation:
Budgetary slack occurs when a manager submits a budget that is ______.
Answers
Answer:
Budgetary slack occurs when a manager submits a budget that is too easy to attain.
Explanation:
Hope that helps!
What section of the economy is the largest employer
Answers
Answer: public schools in the us
Explanation: 6,646,292...
short notes on the topic of price determination
Answers
Answer:
Determination of Prices means to determine the cost of goods sold and services rendered in the free market. In a free market, the forces of demand and supply determine the prices. ... For example, the Government has fixed the minimum selling price for the wheat.
Explanation:
there is your answer
Type the correct answer in the box. Spell all words correctly.
What need is influenced by an individual’s personality, culture, and environment?
______ are needs that are influenced by an individual’s personality, culture, and environment, while needs are essential to human life.
Answers
Answer:
WANTS are those needs(things that u don't need that moment like cars etc) which influence one personality, culture and environment.The proportion of the variance in the dependent variable that is predicted from the independent variable is _____.
Multiple Choice
a. the coefficient of determination
b. confidence level
c. goodness of fit
d. None of these choices is correct.
e. prediction band
Answers
The proportion of the variance in the dependent variable that is predicted from the independent variable is the coefficient of determination.
The coefficient of determination, also known as R-squared, is a statistical measure that represents the proportion of the variance in the dependent variable that is predicted from the independent variable. It ranges from 0 to 1, where 0 indicates no correlation between the variables and 1 indicates a perfect correlation. Therefore, option a, the coefficient of determination, is the correct answer to this question. The confidence level is a measure of the certainty or probability that a result falls within a certain range, while the goodness of fit is a measure of how well the observed data fits with the expected values. A prediction band is a graphical representation of the range of possible values for a predicted outcome. Option d, None of these choices is correct, is incorrect as the correct answer is option a.
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The service gaps model is designed to highlight those areas where:.
Answers
The service gap model is designed to highlight areas where there may be discrepancies between customers' expectations and the actual service provided by a business.
Specifically, the model identifies five potential gaps that can occur during the service delivery process:
gap 1 (the difference between customer expectations and management perceptions of those expectations),
gap 2 (the difference between management perceptions and service quality specifications),
gap 3 (the difference between service quality specifications and service delivery),
gap 4 (the difference between service delivery and external communications), and
gap 5 (the difference between customers' expectations and their perceptions of the service delivered).
The service gap model is designed to highlight those areas where there is a discrepancy between customer expectations and the actual service delivered. To address your question, let me provide a brief overview of the model in a step-by-step manner:
1. Knowledge Gap: This is the difference between what customers expect and what service providers understand about those expectations. To close this gap, companies should conduct market research to better understand customer needs and expectations.
2. Standards Gap: This gap arises when service providers fail to set or maintain appropriate service standards based on customer expectations. To close this gap, companies should establish clear service standards and train employees to meet those standards consistently.
3. Delivery Gap: This gap occurs when service providers do not consistently deliver services that meet their own standards. To close this gap, companies should monitor service delivery and implement continuous improvement processes.
4. Communication Gap: This gap arises when companies overpromise and underdeliver or do not communicate their service standards effectively. To close this gap, companies should be transparent about their service offerings and set realistic expectations for customers.
5. Perception Gap: This gap exists when customers perceive the service received to be different from what was actually delivered. To close this gap, companies should focus on managing customer perceptions and addressing any misconceptions about their service offerings.
By identifying and addressing these gaps, the service gaps model helps companies improve their service quality and enhance customer satisfaction.
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a (blank) is a rule or limit placed on the supply of a good or service by the government
Answers
A price ceiling is a rule or limit placed on the supply of a good or service by the government.
Why is there a price ceiling?A price ceiling is the imposed upper limit on what a seller may charge for a good or service. Price ceilings, which are normally established by law, are frequently applied to necessities like food and energy supplies when they become expensive for regular consumers.
A price cap is advantageous to whom?Benefits accrue to individuals who are able to buy the product for the lower price set by the price ceiling, but sellers of the goods and others who are unable to buy the commodity at all suffer.
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Put the following events from computer history in the order they happened:
Drag
Drop
Drag events here with oldest at top
The World Wide Web becomes available to the public
Scientists at Bell Laboratories invent the transistor
Apple releases the iPhone
Herman Hollerith develops electronic tabulating machine
International Business Machines, or IBM, is formed
The Apple Il is released for home consumers
Jack Kilby invents the microchip
Answers
The sequencing of the following events with respect to computer history is as follows:
In 1890, Herman Hollerith introduced a machine of electronic tabulation.In 1911, IBM or an International business machine should be developed.In 1947, The scientist invented the transistor at Bell Laboratories.In 1958, Microchip was invented by Jack Kilby.In 1977, Home consumers should be released by the Apple II.In 1993, WWW or World wide web could be accessed by the public.In 2007, iPhone should be introduced by Apple.In this way, the above events should be ordered.
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Answer:
Answer in image
Explanation:
Analyse one effect to Fisherman’s Friends Ltd of being located in Fleetwood
Answers
Fisherman's Friends Ltd. is a brand that was created in Fleetwood. As a result, being situated in Fleetwood has had a significant impact on the brand.
Here is an analysis of one effect to Fisherman’s Friends Ltd of being located in Fleetwood: Effect of being located in Fleetwood on Fisherman's Friends Ltd: In 1865, Fisherman's Friend, a brand of menthol throat lozenges, was founded in Fleetwood, Lancashire, England. Fleetwood was, and still is, a fishing port.
Lofthouse of Fleetwood Ltd. bought Fisherman's Friend in 1963. Since the very beginning, the company has been committed to the town of Fleetwood. Fisherman's Friends have never relocated their base of operations away from Fleetwood.
Fisherman's Friend has become an essential part of the town's heritage over the years. Fleetwood, Lancashire is the birthplace of the well-known Fisherman's Friend lozenges. Fisherman's Friend is a well-known and respected brand in the town. The firm has never moved its base of operations away from the town. Fisherman's Friend has also been a significant employer in the town for a long time. As a result, the company has contributed to the local economy and has created employment opportunities.
Therefore, one of the significant effects of being located in Fleetwood is that the brand is an important part of the town's heritage and has contributed to the local economy and has created employment opportunities.
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An entrepreneur is a person who does not undertake a business venture.
True
False
Answers
Answer:
false
Explanation:
.........
..
....
............
When will janis’s salary be the same for job 1 and job 2, and how much will she be earning at that point? a. the salaries will be the same in year 20, and she will be earning $80,000. b. the salaries will be the same in year 16, and she will be earning $70,000. c. the salaries will be the same in year 12, and she will be earning $60,000. d. the salaries will be the same in year 10, and she will be earning $55,000.
Answers
In year 20, Janis' wages will remain the same, and she will make $80,000.
By earning, what do you mean?
Your earnings are the money you take home after working a job. When you find out that your pay will be more generous, babysitting will excite you much more. The majority of your profits come from work you've done, though you can also refer to money you make from investments as earnings.
What different ways may you get paid?
Earned, passive, and portfolio income are the three basic types of income. Earned income consists of salaries, tips, commissions, and wages. Rental properties, royalties, and limited partnerships are all potential sources of passive or unearned income. Interest, dividends, and capital gains on assets are all types of portfolio or investment income.
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Answer:
A: The salaries will be the same in year 20, and she will be earning $80,000.
Explanation:
.To properly turn wood stock, one should use a?
A. Plane
B. Router
C. Lathe
D. Spokeshave
Answers
To properly turn wood stock, one should use a:
C. Lathe
Rotational Control: Wood turning involves shaping the stock by removing material while it rotates. A lathe provides precise rotational control, allowing the woodworker to turn the stock at a consistent speed.
This controlled rotation is essential for achieving smooth and even cuts, resulting in a well-shaped and balanced final product.
Versatility: Lathes come in various sizes and configurations, making them suitable for a wide range of woodturning projects.
Whether you're working on small-scale projects like pens or larger pieces like bowls or table legs, a lathe can be adjusted and equipped with different accessories to accommodate the specific requirements of the task.
Stability and Support: A lathe provides a stable and secure platform for holding and supporting the wood stock during the turning process.
The stock is mounted between centers or in a chuck, ensuring that it remains securely in place while being rotated. This stability is crucial for maintaining accuracy and safety throughout the turning operation.
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Question 2. Small Town Sweets—audit planning analytics (4%)
Small Town Sweets is based in Molong, NSW, and produces a range of high-quality confectionery for the East Coast market. Small Town Sweets operates in a low-margin environment, which typically means that large volumes are required to cover overhead costs and generate profits. It also means that overheads need to be kept under control to ensure that a net profit is generated from its operations. Debt is also kept to a minimum to ensure that interest costs are low and that there is sufficient margin to protect solvency during downturns.
The company did not reach industry profitability benchmarks in the previous year and budgeted to do better in the current year. It thought that it could do so by keeping its costs down in relation to sales while allowing its gross margin to drop, evidently planning to generate a larger volume of sales. The company also planned to better manage its working capital by reducing inventory and accounts receivable levels, indicating that it expected to produce a healthy cash flow to enable it to do so. As part of the planning process MCA has produced the following analytical information:
Ratio Actual Budgeted Prior Year Industry
Return on equity % 12.9 16.6 14.8 15.5
Return on total assets % 10.7 14.2 13.1 14.5
Gross margin % 8.5 9.0 9.5 9.0
Marketing expense/sales % 2.6 1.8 2.0 2.2
Admin expenses/sales % 1.6 1.6 1.8 2.0
Interest coverage ratio 5.4 8.1 6.4 6.0
Days in inventory 33.1 30.4 31.1 30.0
Days in accounts receivable 50.0 48.0 49.7 45.0
Current ratio 1.3 1.2 1.2 1.5
Quick asset ratio 0.81 0.77 0.77 1.0
Debt to equity ratio 0.51 0.33 0.41 0.40
Required
With reference to ASA 315 and the information above, identify and justify:
the three ratios that would be of most interest in the planning of the audit.
the account balance that is most at risk for each ratio identified in 1.
the assertion most at risk for each account balance identified in 2.
Answer this question using the following headings:
1. Ratio
2. Account balance
3. Assertion
Answers
Ratio:
a) Return on equity %
b) Days in inventory
c) Days in accounts receivable
Account balance:
a) Net income
b) Inventory
c) Accounts receivable
Assertion:
a) Existence
b) Valuation
c) Completeness
Justification:
Ratio:
a) Return on equity %: Return on equity is a key profitability ratio that measures the company's ability to generate profits for shareholders. It is of interest to auditors as it provides insight into the effectiveness of the company's management team in generating profits. A lower than expected return on equity could indicate mismanagement or fraudulent activity.
b) Days in inventory: Days in inventory is a ratio that measures the average number of days it takes for inventory to be sold. It is of interest to auditors as it provides insight into the efficiency of the company's inventory management system. A high number of days in inventory could indicate that inventory is not being managed efficiently, leading to potential overstatement of inventory and understatement of cost of sales.
c) Days in accounts receivable: Days in accounts receivable is a ratio that measures the average number of days it takes for customers to pay their bills. It is of interest to auditors as it provides insight into the efficiency of the company's accounts receivable management system. A high number of days in accounts receivable could indicate that the company is not collecting receivables in a timely manner, leading to potential overstatement of accounts receivable and understatement of bad debts.
Account balance:
a) Net income: Net income is the primary measure of a company's profitability. It is at risk if the return on equity ratio is lower than expected, as it may indicate mismanagement or fraudulent activity.
b) Inventory: Inventory is a major component of cost of sales and is at risk if the days in inventory ratio is higher than expected, as it may indicate potential overstatement of inventory and understatement of cost of sales.
c) Accounts receivable: Accounts receivable represent amounts owed to the company by customers. They are at risk if the days in accounts receivable ratio is higher than expected, as it may indicate potential overstatement of accounts receivable and understatement of bad debts.
Assertion:
a) Existence: The existence assertion is at risk for net income if the return on equity ratio is lower than expected, as it may indicate mismanagement or fraudulent activity.
b) Valuation: The valuation assertion is at risk for inventory if the days in inventory ratio is higher than expected, as it may indicate potential overstatement of inventory and understatement of cost of sales.
c) Completeness: The completeness assertion is at risk for accounts receivable if the days in accounts receivable ratio is higher than expected, as it may indicate potential overstatement of accounts receivable and understatement of bad debts.
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Financial accounting is chiefly concerned with providing information to external usersTrueFalse
Answers
It is true that Financial accounting is chiefly concerned with providing information to external users.
What is Financial accounting?The process of recording, compiling, and reporting the numerous transactions occurring from corporate operations throughout time is known as financial accounting. It is a particular branch of accounting. A business's financial transactions are summarised, analysed, and reported in the area of accounting known as financial accounting. Publicly accessible financial statements must be prepared in this. The process of documenting, compiling, and reporting transactions and revenue-expense generation over a period of time is known as financial accounting. Before expressing interest in working with the company, for instance, investors or sponsors must confirm an account statement.
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