Tutorial Questions - Accounting Concept
I am kindly requesting your assistance to answer the below Fundamentals of Accounting tutorial question.
The following narratives represent situations that may confront you as an accountant. You are required to identify and explain the accounting concept or principle that would guide you in your response to each of the situations.
a. A case of food poisoning occurred in your restaurant. The firm is being sued by a number of clients who were affected. The anticipated cost from this lawsuit is not yet ascertained although a judgment again the firm seems certain and will significantly erode the firm's liquidity and financial position in the short run.. Should the firm make a disclosure of this situation at the end of the year? How may this be done ?
b. The firm has traditionally depreciated its fixed assets using the straight line method. However this year the firm is contemplating a change to the reducing balance method as this would allow for the reporting of a greater net income. What would be your initial response to this situation? Is there any justification to support this proposition?
c. The company has two motor vehicles which were acquired on hire purchase. These have not yet been fully paid for, and the supplier still has a lien on them. However the vehicles are in use in the business. Should these motor vehicles be shown among the assets?. In line with the answer, what is an appropriate definition of the term ‘asset'?
d. Several minor expenses have been paid for, and classified under a common heading called miscellaneous expenses, as they were each of small amounts. Should the firm maintain a register of the receipts or proof of payment for these transactions? Explain some of the long term benefits of doing do? .
e. While carrying out its stock taking at the end of the year, a jewelry store encountered a few reams of paper and boxes pens among its cache of jewelry and watches. Should these items of stationery be included in the closing stock or should they be written off as office expense for the period?
f. The construction manager for a housing project is upset about that fact that his work is being interrupted so often by the accounting department, //as he is being asked to provide updates on work in progress. He argues that most jobs are being done on long term contracts, and the production department usually submit a completion report at the end of each job, often times up to two year. Does the construction manager have a valid point?
Answers
Identifying and explaining accounting concepts or principles is a very important function of accounting.
Accounting concepts or principles are very important in ensuring that financial reports are prepared using uniform and consistent guidelines. The following are accounting principles and concepts that may apply to the situations described in the question above:
In this scenario, the accounting principle of disclosure should apply. Disclosures are important in accounting to ensure that all stakeholders have the same information regarding the financial status of the company. In this scenario, the company should make a disclosure regarding the lawsuit, and this can be done by including a note in the financial statements. The note should state the nature of the lawsuit, the amount in dispute, and the possible impact on the financial status of the company.
In this scenario, the accounting principle of consistency should apply. Consistency is important in accounting because it ensures that financial reports are prepared using uniform and consistent guidelines. The firm should not change its depreciation method without a valid reason. A valid reason would be if the company has acquired new fixed assets that have a shorter useful life, and therefore the reducing balance method would be more appropriate. The only justification for changing the method from a straight line to reducing balance would be if the company has valid reasons to do so.
In this scenario, the accounting principle of asset recognition should apply. An asset is anything that is owned by the company and has value. The two motor vehicles in question should be included in the assets of the company, even though they are not fully paid for. This is because they have value and they are in use in the business. An appropriate definition of the term asset is anything that is owned by the company and has a value that can be measured in monetary terms.
In this scenario, the accounting principle of record-keeping should apply. Record keeping is important in accounting because it ensures that transactions are recorded accurately and consistently. The firm should maintain a register of the receipts or proof of payment for these transactions. Some of the long-term benefits of doing so include easy retrieval of information, easier preparation of financial reports, and easier reconciliation of bank statements.
In this scenario, the accounting principle of consistency should apply. The items of stationery should be written off as office expenses for the period because they are not part of the inventory of the jewellery store. They are not items that the jewellery store intends to sell, and they have no value to the business.
In this scenario, the accounting principle of completeness should apply. Completeness is important in accounting because it ensures that all transactions are recorded in the books of accounts. The construction manager does not have a valid point because the accounting department needs to keep track of work in progress. Work in progress is a very important item in construction projects because it helps in determining the profitability of the project. The accounting department needs to know how much work has been done so that they can record it accurately in the books of accounts.
Accounting is the language of business and the backbone of an organization. Accounting plays a crucial role in the financial decision-making process of any organization. Accounting concepts or principles are used to ensure that financial reports are prepared using uniform and consistent guidelines. Consistency, completeness, asset recognition, disclosure, and record-keeping are some of the accounting principles and concepts that apply to the various scenarios described above. Accounting is a complex field, but the principles and concepts provide a framework for preparing accurate and reliable financial reports.
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1. Players in Game B would likely rate their game as more fair than Game A, since the starting wealth and salaries are more evenly distributed.
What is Game?Game is a form of activity that involves competing for entertainment, often with a set of rules and goals. It is usually thought of as an activity involving physical or mental skill. Games are often used as a form of entertainment, as well as a way to learn or practice skills, often in a competitive environment. Examples of popular games include board games, card games, dice games, outdoor sports, computer and video games, and many more.
2. The middle class players would likely rate the game as most fair since they have the highest salary and the most balanced starting wealth in both games.
3. The upper class players are likely to cheat the most since they have the most wealth and the highest salaries in both games.
4. Game B gives players the most opportunity for success since the starting wealth and salaries are more evenly distributed, giving everyone a better chance at success.
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The Monarch Division of Allgood Corporation has a current ROI of 13 percent. The company target ROI is 9 percent. The Monarch Division has an opportunity to invest $5,700,000 at 11 percent but is reluctant to do so because its ROI will fall to 12.24 percent. The present investment base for the division is $9,300,000. Required Calculate the current residual income and the residual income with the new investment opportunity being included. Based on your answers to requirement a, should Monarch Division make the investment?
Calculate the current residual income and the residual income with the new investment opportunity being included.
Based on your answers to requirement a, should Monarch Division make the investment?
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Answer and Explanation:
The computation is shown below:
Current residual Income is
= current investment base × (Current ROI - Target ROI)
= $9,300,000 × (13% - 9%)
= $9,300,000 × 4%
= $372,000
Now
New residual income is
= (New investment base) × (New ROI - target ROI)
= ($9,300,000 + $5,700,000) × (12.24% - 9%)
= $15,000,000 × 3.24%
= $486,000
Yes, Monarch division should make the investment because the new residual income is more than the present residual income
what statement best illustrates an example of economic specialist
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What are some reasons that a bank statement might not match a cash balance of a business's records? Choose all answers that are correct.
Question 1 options:
posted payments on credit cards
bank errors
outstanding deposits
service charges
recorded checks
outstanding checks
Answers
Answer:
outstanding deposits, outstanding checks, posted payments on credit cards
Explanation:
Bank errors, Outstanding Deposits, Service Charges, and Outstanding checks are some reasons that a bank statement might not match the cash balance of a business's records. The correct options are B, C, D, and F.
What information does a bank statement provide?Name, address, account number, and bank branch information are all listed on bank statements for account holders. Additionally, a summary table that displays the statement's time frame, opening and closing bank balances, deposits made to the account, refunds, and cash withdrawals is included. In addition, fines levied by your bank as well as declined or canceled payments will appear on your statements.
Differences between the two records could be the result of Deposits in transit: The firm may have received cash or cheques, but the bank may not have yet recorded them. Outstanding checks are ones that have been issued but have not yet been processed. Bank service fees: Banks frequently deduct service fees.
Thus, the ideal options are B, C, D, and F.
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in north dakota, a producer collecting premiums from clients for his own personal use is engaging in a
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In North Dakota, a producer collecting premiums from clients for his own personal use is engaging in a larcenous activity. Hence, option (a) can be considered as correct.
Give a brief account on types of premium.Price premium : A premium is a price that exists above a certain kind of basic value, and such assets or items are said to be trading at a premium. Increased demand, a constrained supply, or expectations of rising value in the future can all cause assets to trade at a premium.Options Premium : Options premiums are what it costs to purchase an option. Option holders (owners) have the option to buy or sell the underlying financial instrument at a set strike price, but they are not required to do so. A bond's premium takes into account changes in risk factors or interest rates since the bond's issuance. Insurance Premium : The money the insurer receives for taking on the risk of a payout should an occurrence that triggers coverage is included in the premiums for insurance. A sales agent's or broker's commissions may also be included in the premium. Homeowners', health, and auto insurance are the most popular forms of protection. Many different types of insurance require premium payments, including health, homeowner's, and rental insurance. Automobile insurance is a typical example of an insurance premium.To know more about, insurance premium, visit :
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The complete question is mentioned below :
In North Dakota, a producer collecting premiums from clients for his own personal use is engaging in a
Larcenous activity
Capital practice
Coercive practice
Rebating activity
Identify and explain 2 reasons why a business such as AEC could not be successful without other firms providing natural resources
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Answer:
AEC needs rubber to make its seals too. Oil is needed to produce rubber and, like coal and iron ore, oil is a natural resource. Without oil, AEC would have no rubber for seals. Natural resources are declining over time + coal reserves, especially, are running out.
Answer:
Identify and explain 2 reasons why a business such as AEC could not be successful without other firms providing natural resources
Explanation:
AEC needs rubber to make its seals too. Oil is needed to produce rubber and, like coal and iron ore, oil is a natural resource. Without oil, AEC would have no rubber for seals. Natural resources are declining over time + coal reserves, especially, are running out.
Bonita Realty Management Co. received a check the first year would be: for $30,000 on October 1, which represents a one year Financial statements are prepared on December 31. The appropriate adjusting journal entry to make on December 31 of advance payment of rent on an office it rents to a client. Unearned Unearned Rent Revenue $22,500 Rent Revenue $22,500 O Rent Revenue $22,500 Unearned Rent Revenue $22,500 Rent Revenue $2,500 Unearned Rent Revenue $2,500 Unearned Rent Revenue $7,500 Rent Revenue $7,500
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The appropriate adjusting journal entry to make on December 31 for the advance payment of rent on an office that Bonita Realty Management Co. rents to a client would be: Unearned Rent Revenue $7,500, Rent Revenue $7,500
The company received a check for $30,000 on October 1, which represents a one-year rent payment from a client. However, the financial statements are prepared on December 31, which means that only three months of rent revenue have been earned and recognized as revenue. Therefore, the remaining nine months' worth of rent payment is considered unearned revenue.
To adjust for this, an adjusting journal entry needs to be made on December 31 to recognize the earned portion of the rent payment and to defer the unearned portion. The amount to be recognized as revenue would be $7,500 (three months' worth of rent). This amount would be recorded as Rent Revenue, while the remaining $22,500 (nine months' worth of rent) would be recorded as Unearned Rent Revenue.
Hence, the correct adjusting journal entry would be:
Debit: Unearned Rent Revenue $7,500
Credit: Rent Revenue $7,500
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In 2011, it was estimated that 45 percent of Indians worked in the primary sector - mainly agriculture. Why was this sector least important of the three in terms of output?
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Answer:
not sure i can really help sorry
What is the total amount of variable cost incurred if the company produces and sells 10,300 units?
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The total amount of variable cost incurred by the company can be calculated by multiplying the variable cost per unit by the number of units produced and sold.
Let's assume the variable cost per unit is $5. To find the total variable cost, we multiply $5 by the number of units produced and sold, which is 10,300.Total variable cost = Variable cost per unit x Number of units produced .
Therefore, the total amount of variable cost incurred if the company .
It's important to note that the variable cost per unit may vary depending on such as production volume and economies of scale. Hence, the specific value of the variable cost produces and sells 10,300 units is $51,500.per unit is crucial in accurately calculating the total variable cost.
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Builtfine is a company that manufactures kids' halloween costumes. the costumes are custom-made based on clients' themes and ideas. according to joan woodward's classification schemes for technology, the technology used by builtfine is _____.
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according to Joan Woodward’s classification schemes for technology, the technology used by built fine is unit technology.
What is Woodward’s classification?She divided the technology into organizations with unit-based (small scale), mass-based (big size), and continuous processes. She claimed that every successful business in these categories had The main insight Joan Woodward brought to organizational theory was that organizational structure depends on the kinds of production technologies a firm uses. This concept, which later served as the cornerstone of contingency theory, has had a long-lasting influence on management and creativity. Task variability and task analyzability were used by Perrow to categorize organizational technology. James Thompson offered three typologies—the long-linked, the mediating, and the intensive technology—rather than limiting himself to the manufacturing setting as Woodward did.
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A manufacturer of cheese filled ravioli supplies a pizza restaurant chain. Based on data collected from its automatic filling process, the amount of cheese inserted into the ravioli is normally distributed. To make sure that the automatic filling process is on target, quality control inspectors take a sample of 25 ravioli and measure the weight of cheese filling. They find a sample mean weight of 15 grams with a standard deviation of 1. 5 grams.
a. Describe the sampling distribution for the sample mean.
b. What is the standard error?
c. What is the margin of error for 99% confidence?
d. What is the margin of error for 90% confidence?
e. Based on the sample results, find the 99% confidence interval and interpret.
f. Based on the sample results, find the 90% confidence interval and interpret.
g. For a more accurate determination of the mean weight, the quality control inspectors wish to estimate it within 0. 25 grams with 99% confidence. How many ravioli should they sample?
Show calculations
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The sampling distribution is normal. The standard error is 0.3 grams. The margin of error is 0.77 grams. The margin of error is 0.49 grams. The true mean weight of cheese filling is between 14.23 and 15.77 grams and between 14.51 and 15.49 grams. The quality control inspectors should sample at least 581 ravioli.
The sampling distribution for the sample mean is normally distributed since the sample size is large enough (n = 25) and the population distribution is also normal.
The standard error can be calculated as standard deviation of sample mean = σ/√n, where σ is the population standard deviation and n is the sample size. In this case, the standard error is 1.5/√25 = 0.3 grams.
The margin of error for 99% confidence can be calculated as z* × standard error, where z* is the z-value corresponding to the 99% confidence level. From the standard normal distribution table, z* = 2.576. Therefore, the margin of error is 2.576 × 0.3 = 0.77 grams.
Similarly, the margin of error for 90% confidence can be calculated as z* × standard error, where z* is the z-value corresponding to the 90% confidence level. From the standard normal distribution table, z* = 1.645. Therefore, the margin of error is 1.645 × 0.3 = 0.49 grams.
The 99% confidence interval can be calculated as sample mean ± margin of error. From part c, the margin of error is 0.77 grams. Therefore, the 99% confidence interval is (15 - 0.77, 15 + 0.77) = (14.23, 15.77) grams. We are 99% confident that the true mean weight of cheese filling in ravioli is between 14.23 and 15.77 grams.
The 90% confidence interval can be calculated as sample mean ± margin of error. From part d, the margin of error is 0.49 grams. Therefore, the 90% confidence interval is (15 - 0.49, 15 + 0.49) = (14.51, 15.49) grams. We are 90% confident that the true mean weight of cheese filling in ravioli is between 14.51 and 15.49 grams.
To estimate the mean weight of cheese filling in ravioli within 0.25 grams with 99% confidence, we need to find the sample size required using the formula n = (z* σ / E)², where z* is the z-value corresponding to 99% confidence (2.576), σ is the population standard deviation (1.5 grams), and E is the maximum error allowed (0.25 grams).
Substituting the values, we get n = (2.576 × 1.5 / 0.25)² = 580.81. Therefore, the quality control inspectors should sample at least 581 ravioli.
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The company wants to buy a warehouse. It is assumed that the warehouse can be rented for 10 years at an annual rent of 2,600,000 d.e. At the end of this period it is supposed to sell the room of a warehouse for 180,000,000 е. What is the current value of the warehouse if the required income rate is 14%?
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The current value of the warehouse, considering a required income rate of 14%, is approximately 127,141,760.
To calculate the current value of the warehouse, we need to determine the present value of the future cash flows generated by the rental income and the sale of the warehouse. We can break down the calculation into two parts:
Present Value of Rental Income:
The annual rent of 2,600,000 d.e. over a 10-year period can be viewed as an annuity. Using the formula for the present value of an annuity, we can calculate the present value of the rental income. Applying a discount rate of 14% to each annual rent payment, we find that the present value of the rental income is approximately 18,208,647 е.
Present Value of Sale Proceeds:
At the end of the 10-year period, the warehouse is expected to be sold for 180,000,000 е. To determine the present value of this future cash inflow, we discount it back to the present using the required income rate of 14%. The present value of the sale proceeds is approximately 108,933,113 е.
Finally, we add the present values of the rental income and the sale proceeds to calculate the current value of the warehouse:
18,208,647 е + 108,933,113 е = 127,141,760 е.
Present Value: In financial analysis, the concept of present value is used to evaluate the worth of future cash flows in today's terms. It takes into account the time value of money, recognizing that a dollar received in the future is worth less than a dollar received today due to factors such as inflation and opportunity cost. By discounting future cash flows at an appropriate rate, the present value allows for a meaningful comparison and evaluation of different investment opportunities.
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Is this a good rhetorical analysis and what can i do make it better?
In Praise of a Snail's Pace Rhetorical Analysis One cannot deny the significant changes in interpersonal connections brought about by the current acceleration in communication technology development. Ellen Goodman advocates against the use of excessive technology in interpersonal and human connection in her piece "In praise of a Snail's Pace," which had been written and released in 2005.
The author has established herself as a columnist thanks to her regular contributions to the publication. In this essay, Goodman tries to describe how hyperactive technology, especially in areas like communication, has enthralled contemporary people and caused them to abandon the stillness that allows people to value many facets of life. She describes how paying insufficient attention has resulted in disputes and numerous disagreements in human existence using a number of instances supported by personal experience. By contributing, he illustrates how technology has turned into a barrier using his experience. Goodman contrasts contemporary life with life and society 50 years ago or more. She gives several illustrations to illustrate how technology has been developed to have fewer substantial effects on human existence. She believes that handwritten letters are more successful and effective in fostering purpose in human existence. Goodman illustrates that point by sharing a personal account of the time she went to the post office to deliver a sympathy letter. Despite the fact that humans just began actively communicating through written mail thirty years ago, she considers a handwritten letter as something archaic and antiquated. The argument is succinctly stated in the term "an artefact from another age," which alludes to the letter in her possession. The author acknowledges that sending an email would have been easier, faster, and more effective. She, however, does not believe that it is appropriate because an electronic message does not convey the same degree of feeling and sincerity.
She argues that a person can give their whole attention to a task or cease doing it because giving partial attention has no purpose. Goodman presents the example of a five-year-old youngster who has too much sugars in his body yet is taking on several tasks as evidence for his position. In one instance, the youngster "collapses" and passes out from exhaustion, demonstrating the harmful consequences of technology. This illustration illustrates the notion that the capacity to slow down and concentrate on a job while at the same time is a human characteristic that needs to be encouraged.
Nowadays, society relies mostly on electronics and makes use of it. Many adults and young people send instant messages the majority of the time, and sending emails is also growing in popularity. However, I personally believe that delivering letters or mail in person evokes more emotion and feeling. Individuals use the Internet and the Net already, and they might even consider them to be a part of their daily lives. Many people claim to experience "continuous partial attention" because they are so linked to the Internet. Linda Stone believes that this individual represents Microsoft.
If he was successful in explaining what she meant, his vague thought would become more concrete. By claiming that young adults and teenagers are the only ones to blame for how "technology is taking over the era" and society, I was led to believe that the author was placing all the blame and shame on them. Although probably not as much as we do, adults and even senior citizens have made significant contributions to the development of technology and society. Technology is not the only factor driving the adoption of "new ways of communication" by younger generations.
I am confident that Goodman's claim is true since it is supported by real-world facts, elements, and observations. For instance, "letters are more sentimental than emails" is true and has been demonstrated. For instance, it is possible for someone to pay attention in full if they give themselves enough time to compose a letter on paper. Which undoubtedly adds more accuracy and meaning to the content. However, even though drafting an email is a simple and short process, some people only complete it partially. Unfortunately, handwritten letters are becoming less common, so individuals like Goodman must embrace change and the greater tech revolutions.
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The rhetorical analysis provided has some strengths, but it can be improved by enhancing the introduction, thesis statement, organization, evidence and examples, clarity and coherence, addressing counterarguments, and concluding with a strong summary and reflection.
Overall, your rhetorical analysis has some strengths, but there are areas where it can be improved. Here are some suggestions to enhance your analysis:
Introduction: Provide a stronger hook to engage the reader from the beginning. You can start with a thought-provoking question, a captivating statistic, or an intriguing statement about technology and interpersonal connections.
Thesis statement: Clearly state the main argument or central idea of the analysis in a concise and focused manner. This will help guide the reader and maintain a clear direction throughout the analysis.
Organization: Consider organizing your analysis into distinct paragraphs with topic sentences that introduce the main points or arguments. This will make your analysis easier to follow and ensure a logical flow of ideas.
Evidence and examples: While you provide some examples from the text to support your analysis, try to incorporate more specific evidence and examples to strengthen your points. This can include direct quotes, statistics, or anecdotes that demonstrate the author's viewpoint or the impact of technology on interpersonal connections.
Clarity and coherence: Review the analysis for clarity and coherence. Make sure each sentence and paragraph contributes to the overall analysis and maintains a clear focus on the topic. Avoid any repetitive or redundant statements.
Counterarguments: Acknowledge and address potential counterarguments or alternative perspectives. This can strengthen your analysis by demonstrating a well-rounded understanding of the topic and showing that you have considered multiple viewpoints.
Conclusion: Summarize the main points of your analysis and reiterate your thesis statement. Consider providing a final thought or reflection on the significance of the author's argument and its relevance in today's society.
By incorporating these suggestions, you can enhance the clarity, depth, and overall impact of your rhetorical analysis.
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Which of the following statements are correct?
Select the correct option(s) and click submit.
Agile and Design Thinking are same
Design Thinking is about Product Development. Agile Manifesto is about Software Development
Design Thinking is finding the right things and Agile is about building the right things
Design Thinking is building the right things and Agile is about finding the right things
Submit
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Product Development is the focus of Design Thinking. The Agile Manifesto is concerned with software development.
Design Thinking is about discovering the right things, while Agile Manifesto is about creating the right things. Hence, option b) is correct.
Design thinking is a problem-finding methodology, whereas agile is a problem-solving methodology. It requires a high level of end-user empathy and comprehension, as well as an iterative process of developing new ideas, debunking assumptions, and redefinition of problems.
Agile Manifesto and Design thinking fosters a user-centric environment that emphasizes rapid iterations to achieve the best results. Use agile development to collaboratively build solutions to problems identified through design thinking.
Design thinking prioritizes the needs of the user, and Agile is an excellent method for delivering solutions gradually. The user's needs are considered throughout the design and development process.
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If you know you are at risk of becoming unemployed, you should _____. A. Wait until you officially lose the job to worry b. Get additional education to learn new skills c. Spend all your money while you are still making it d. Ignore the economy, because it is always changing Please select the best answer from the choices provided A B C D.
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Market risk can also be called systematic risk and non-diversified risk, since systematic risk can be understood as the risk inherent in the entire market, that is, it is the risk that encompasses the general market, regardless of the sector in which it operates.
Risk of becoming unemployedCorrect option is B
If you know you are at risk of becoming unemployed, you should "Get additional education to learn new skills".
Gaining new skills will allow you to focus more time on family and outside interests.Acquiring new skills may increase your opportunities for advancement.Through gathering more skill like computer or IT skill, people can able to compete in the market.Learn more about unemployment, refer to the link:
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Answer: B) get additional education to learn new skills
Explanation:
took the test
A household that is a net saver owes less money to its creditors than it has saved or has lont out to other entities. If there is an increase in interest rates in an economy, then what will happen to the consumption of the households in that economy that are net savers? Both the income and substitution effects will drive their current consumption down. The income effect will drive their current consumption up, but the substitution effect will drive it down The income effect will drive their current consumption down, but the substitution effect will drive it up O Both the income and substitution effects will drive their current consumption higher The income effect will drive their current consumption up and the substitution effect will keep it unchanged
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A household that is a net saver owes less money to its creditors than it has saved or has lent out to other entities. If there is an increase in interest rates in an economy, then the consumption of the households in that economy that are net savers will be driven down by both the income and substitution effects.
In general, the income effect is caused by a decrease in the purchasing power of the households' financial savings as a result of the increase in interest rates. This is due to the fact that an increase in interest rates will lead to an increase in the return on savings, which will raise household income and wealth. This will encourage individuals to save more and consume less than they would have if interest rates had remained the same.On the other hand, the substitution effect is caused by a rise in the relative cost of consumption, which occurs as a result of the increase in interest rates. As a result, households are more likely to save rather than consume because saving becomes more attractive due to the higher interest rates. Thus, both the income and substitution effects will cause households to consume less. Hence, the correct option is: "Both the income and substitution effects will drive their current consumption down."
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firms will only adopt more automated methods of production when
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Answer when the argument gets too long
Explanation:
Subject: Accounting
Please answerr
On 1 May Sally owed William $400. On 21 May she purchased goods, list price $1440, subject to a trade discount of 25%. She returned one third of these goods on 24 May.How much did Sally owe William on 31 May? Include working.
A $630 B $720 C $1030 D$1120
Answers
Answer:
D) $1120
Explanation:
The goods Sally purchase were $1440, and with the 25% discount, she would have paid $1080, because 25% of $1440 is $360. Since she returned 1/3, she would have only spent $720, because $1080/3 is also $360. $720+$400 from the beginning would be $1120
Answer:
l believe the answer is a
you have a credit card with a balance of $11,800 and an apr of 17.4 percent compounded monthly. you have been making monthly payments of $230 per month, but you have received a substantial raise and will increase your monthly payments to $280 per month. how many months quicker will you be able to pay off the account?
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You will be able to pay off your credit card balance approximately 18 months quicker by increasing your monthly payment to $280.
To determine how many months quicker you will be able to pay off your credit card balance, we need to calculate how many months it will take to pay off the balance with the current payment of $230 per month, and then how many months it will take with the increased payment of $280 per month.
First, we can calculate the minimum payment required by the credit card issuer each month. This is typically the greater of a fixed amount or a percentage of the balance. Assuming the minimum payment is 2.5% of the balance, the minimum payment for the initial balance of $11,800 would be $295.
Using the current payment of $230 per month, we can calculate the number of months it will take to pay off the balance as follows:
11,800 x (1 + 0.174/12)^(n) = 230[(1 + 0.174/12)^(n) - 1]/(0.174/12)
Solving for n, we get n = 77.4 months.
Next, using the increased payment of $280 per month, we can calculate the number of months it will take to pay off the balance as follows:
11,800 x (1 + 0.174/12)^(n) = 280[(1 + 0.174/12)^(n) - 1]/(0.174/12)
Solving for n, we get n = 59.4 months.
The difference is = 18 months.
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The purchase price that will yield an investor the lowest acceptable rate of return is?
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The purchase price that will yield the lowest acceptable rate of return for this investor is approximately $620.92.
The purchase price that will yield an investor the lowest acceptable rate of return depends on several factors, such as the investor's desired rate of return and the expected cash flows from the investment. To calculate the purchase price, you can use the formula:
Purchase Price = Cash Flows / (1 + Rate of Return) ^ Time
Let's say an investor wants a 10% rate of return and expects to receive cash flows of $1,000 annually for the next 5 years. To find the purchase price, we substitute the values into the formula:
Purchase Price = $1,000 / (1 + 0.10) ^ 5
Simplifying this equation, we get:
Purchase Price = $1,000 / (1.10) ^ 5
Purchase Price = $1,000 / 1.61051
Purchase Price ≈ $620.92
Therefore, the purchase price that will yield the lowest acceptable rate of return for this investor is approximately $620.92.
It's important to note that the lowest acceptable rate of return varies for each investor and depends on their risk tolerance, investment goals, and market conditions. The formula allows investors to determine the purchase price that aligns with their desired rate of return.
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Macroeconomics Group of answer choices is the efficient allocation of societies scarce resources is how to use our scarce resources to maximize societies well being is studied so society can use its limited resources to its maximum potential and increase well being All of the above
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Macroeconomics is an important branch of economics that focuses on understanding the behavior of the economy as a whole. It concerns itself with the study of large-scale economic factors that impact economies at the national and global levels.
Macroeconomics is concerned with the allocation of resources and the achievement of optimal economic growth and stability. This involves studying how economies allocate resources in the most efficient way possible.
At the same time, it also seeks to ensure that societies are able to maximize their well-being by using the limited resources available to them. Thus, all the given options are correct, and we can say that Macroeconomics is about the efficient allocation of society's scarce resources.
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Why does demand rise when house prices increase? (Macroeconomics)
Answers
Answer: If house prices rise, then the wealth effect is likely to cause an increase in consumer spending. This will cause higher Aggregate Demand (AD), and it is likely to cause an increase in Real GDP and a higher rate of economic growth.
Explanation:
.3. One day you happen to hear a snippet of conversation between two graduate students, who are drinking coffee and contemplating an open box of exquisitely delicious chocolate truffles in the Page Break Café. The first student opines that one can definitely outline a set of objective design principles that should underpin the construction of any professional chart or map. The second student disagrees vehemently and argues that the one and only important thing to worry about is aesthetics. The first student is speechless. What do you think? Use your knowledge of data visualization to inform your answer, and be sure to explain your answer carefully.
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The debate between the two graduate students revolves around the importance of objective design principles versus aesthetics in the construction of professional charts or maps.
Objective design principles in data visualization serve as guidelines to ensure clarity, accuracy, and effective communication of information. These principles include considerations such as appropriate use of colors, legibility of text, proper labeling, and accurate representation of data. By adhering to these principles, charts and maps can convey the intended message clearly, facilitating data comprehension and analysis.
However, aesthetics cannot be disregarded. Visual appeal and aesthetics contribute to the overall user experience and can enhance engagement with the data. An aesthetically pleasing chart or map can captivate the viewer's attention, stimulate interest, and encourage exploration of the data. Attention to aesthetics involves aspects such as visual balance, appropriate use of visuals and typography, and overall design coherence.
Both objective design principles and aesthetics are important in data visualization because they serve different purposes. Objective design principles ensure accuracy and effective communication, while aesthetics enhance engagement and user experience. Striking a balance between these two aspects is crucial to create visually appealing and informative visualizations that effectively convey the intended message while engaging the audience.
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Question on Audit & Assurance
Question 1)
The firm of Bureck & Co, where you work as an audit senior, is a Chartered Certified Accountants. After the senior on the engagement falls ill, you are temporarily appointed as audit senior to the audit of Sultana Co, a scaffolding supplier to the construction industry. Currently, you and the junior members of your audit team are analysing the audit files and discussing the audit as it nears completion for the year ending 30 September 2021 for Sultana Co. The draught financial accounts of Sultana Co. show revenues of £12.5 million, a net profit of £400,000, and total assets of £78 million.
After going through the audit files, you've discovered the following information.
Cherry Co, a major customer with whom Sultana Co has several substantial contracts, declared bankruptcy after the end of the year. Efforts to wind down the business have already begun. There are administrators who believe that the corporation can pay about 25 percent of the debt to Sultana Co. This customer has a trade receivable of £300,000 on Sultana Co's financial statement. The audit's management has also been questioned by a member of the audit team who is a junior. The following is what the junior said.
‘Prior to being assigned to the audit team of Sultana Co., I had only worked on two other projects' Despite my expectations, there was no pre-audit meeting where the partner and other senior auditors would discuss the audit. Another problem is that a senior audit manager has been in charge while the audit manager has been on vacation for three weeks and has been replaced. As a result of this, the senior could not always be contacted.'
"I was tasked with auditing the goodwill resulting from an acquisition made during the year." I also participated in the inventory audit and count, which was quite complicated because Sultana Co has a substantial amount of ongoing projects. I endeavoured to be as helpful as possible during the count and assisted the client's staff in counting a portion of the raw materials. As I had participated in the inventory count, the audit senior requested that I question the finance director about the adequacy of the provision against inventory, which the senior felt was grossly understated.
'Finally, we discovered that we were out of time to complete our audit procedures. As a means of saving time, the audit senior advised that we reduce the sample sizes used in our tests. When conducting audit sampling, he also suggested that we select items that would be easy when carrying out audit sampling'
Required:
a) comment on the issues to be taken into consideration as well as an explanation of the audit evidence you can expect to find when reviewing Cherry Co's trade receivable file is required. (6marks)
(b) Analyze the issues of the audit junior on the audit management of Sultana Co. (14 marks)
Answers
a) The issues include the impact of Cherry Co's bankruptcy, recoverability of the outstanding amount, and the need for impairment provision
b) While concerns involve the absence of a pre-audit meeting, challenges in contacting the senior audit manager, limited experience of the junior, and suggestions to reduce sample sizes and select easy items during audit sampling.
How should the review of Cherry Co's trade receivable file be approached considering bankruptcy, recovery rate, and provision?Furthermore, what concerns are raised by the audit junior regarding the audit management of Sultana Co?When reviewing Cherry Co's trade receivable file, several factors need to be taken into consideration.
Firstly, the bankruptcy of Cherry Co raises concerns about the collectability of the trade receivable. The estimated recovery rate of 25 percent provided by the administrators should be assessed for reasonableness and its impact on the financial statements evaluated.
Secondly, the adequacy of the provision for doubtful debts needs to be examined. Given the uncertain nature of the receivable, it is important to assess whether the provision reflects the potential credit losses accurately.
The audit team should review the supporting documentation, correspondence with Cherry Co, and assess any subsequent events that may affect the collectability of the debt. This review will provide the necessary audit evidence to evaluate the recoverability of the trade receivable.
Additionally, discussions with the administrators can provide valuable information regarding the financial status of Cherry Co and the likelihood of recovery. The auditor may need to consult legal opinions and expert advice to evaluate the recoverability of the debt accurately. Based on this assessment, appropriate adjustments and provisions should be made to reflect the potential loss arising from Cherry Co's bankruptcy.
The concerns raised by the audit junior regarding the audit management of Sultana Co highlight several issues that need to be analyzed. Firstly, the absence of a pre-audit meeting where the partner and senior auditors discuss the audit raises questions about the adequacy of planning and coordination.
This lack of communication can hinder the efficient execution of the audit and compromise the quality of the work performed. Secondly, the prolonged absence of the audit manager and the challenges in contacting the senior audit manager raise concerns about the availability and accessibility of key personnel for guidance and supervision during the audit.
In analyzing these issues, it is essential to assess whether proper planning, supervision, and delegation of responsibilities were in place, and whether the assigned personnel had the necessary competence and experience.
Additionally, it is crucial to evaluate the impact of these issues on the audit's overall effectiveness, the reliability of the audit evidence obtained, and the accuracy of the financial statements.
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A long term goal taking _____ years to achieve can be broken down into shorter term goals, each taking _______ years to achieve
A. 16;32
B. 16;8
C. 8;32
D. 8;16
Answers
Answer:
B. 16;8
Explanation:
A short-term goal is something you want to do in the near future. The near future can mean today, this week, this month, or even this year. A short-term goal is something you want to accomplish soon.A long-term goal is something you want to do further in the future. Long-term goals require time and planning. They are not something you can do this week or even this year. Long-term goals usually take 12 months or more to achieve.Sometimes a liquid can be sitting there and its molecules will become a gas. That’s called
___________________________________________.
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Answer:
Una vez que toda la sustancia está en estado líquido, al continuar calentando vuelve a subir la temperatura y llega un momento en que las fuerzas intermoleculares ya son incapaces de mantener juntas las moléculas del líquido, por lo que éste hierve y se convierte en un gas, se produce la ebullición.
Which of the following is NOT a deception method of customers
A)Warning label
B)Pigeon Drop
C)Ponzi Scheme
D)Bait and Switch
Answers
So i feel the answer to this is obvious because a warning label is not meant to trick a consumer so the answer would be a since the rest are trying to bait costumers into something. hope this helps and makes sense to you.
you are leading a team and some of your team members are requesting a flexible schedule while others want all team members to work on a fixed time schedule. your company allows both fixed and flexible time schedules. what should you do first to resolve this conflict?
Answers
You are leading a team and some of your team members are requesting a flexible schedule while others want all team members to work on a fixed time schedule. Arrange a meeting and help the teamwork it out should do first to resolve this conflict.
Time agenda approach a agenda protected as part of a agreement specifying the specified transport and related milestones and cut-off dates of provider with appreciate to the execution of Works and services.
Scheduling helps you reflect onconsideration on what you want to obtain in a day, week, or month, and it keeps you on track to perform your dreams. i am writing to schedule a assembly to [write what the purpose of your meeting is]. If the time works for you, I would like to fulfill at [time] on [date] at [place]. Please confirm whether that works for you or if over again and location is better. I sit up for our assembly.
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Attorneys suing Chiquita believe that the most ethical choice for a company facing violent threats at an overseas business unit is to: a.make questionable payments to political groups. b.offer bribes to top leaders of the host country. c.do nothing. d.suspend all business activities and exit the country.
Answers
Answer: d. suspend all business activities and exit the country.
Explanation:
Chiquita Brands International is simply a multinational corporation that delas with fruit production. While in Columbia, the company was involved in bribery which was due to the political unrest in the country.
In order to keep the guerilla fighters away from their workers, Chiquita has to bribe them which later resulted in a court case. Attorneys suing Chiquita believe that the most ethical choice for a company facing violent threats at an overseas business unit is to suspend all business activities and exit the country.
The most ethical choice for a company facing violent threats for option d.
Ethical choices:Chiquita Brands International should be the multinational corporation that deals with the production of fruit . While in Columbia, the company was included in bribery because of the political unrest in the country. For keep the guerilla fighters away from their workers, Chiquita has to bribe them that leads in a court case.
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Kent works in the public relations department of his company. He sends a news release about a new product offering to several newspapers and television stations. Kent knows from past experience that even when the media use his news releases, they often release the information at inopportune times. They will also sometimes cut out what Kevin believes are the most important points to make the news fit. However, Kent accepts these disadvantages because free publicity offers the advantage of
Answers
Answer:
The answer is "credibility".
Explanation:
In this scenario, free advertising offers a reputation benefit. When this journal advertises openly, it's also considered reliable by the targeted customers like, it is in news form while charging something. Therefore, Kent finds that improper transmission of time information to be a drawback since it recognizes that its product and company would still be credible.
People are known to have different qualities. Kent accepts these disadvantages because free publicity offers the advantage of Credibility.
Credibility is known to be a characteristic of an individual who is said to be noted by others to be a trusted advisor, believable, and confident as they tend to show a high level of expertise in a specific field.A lot of traits are said to be of influential behaviors are known to be linked with with high credibility. Kent acceptance shows that free publicity gives some measure of Credibility.
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