Answer:
The correct answer is option B,controlling.
Explanation:
Controlling is a feedback mechanism that enables actual performance to be gauged viz-a-viz set standards within an organization in order to determine whether actual performance exceeds targets(favorable variance), or falls short of expectation(unfavorable variance).
Control is key as learning points might be drawn from outstanding performance for future purposes,the same way unsatisfactory performance requires that corrective measures be put in place if the organization must achieve its short,medium and long term goals.
Your friend currently works as an accountant at a public accounting firm in the small town of Beaver Falls, Pennsylvania. He is offered a job in New York City for $60,000. Your friend calls you and tells you that he is excited about the new job offer, which gives him a raise from his current salary of $50,000. Based on your knowledge of economics, you think that Choose one: O A. your friend most likely should not be quite so excited because the extremely high cost of living in New York City means his real salary increase will be less than he imagined. B. your friend has every reason to be excited because he will be getting paid C. your friend has reason to be excited because in a bigger city he will häve more D. your friend has no reason to be excited because higher pay implies more job 120% of what he used to be paid. things to do and his higher salary will allow him to spend on those activities. responsibilities and more working hours. < 11/15> SUBMIT O Type here to search Esc
Answer:
A. your friend most likely should not be quite so excited because the extremely high cost of living in New York City means his real salary increase will be less than he imagined.
Explanation:
Large cities are associated with a high cost of living. House rent, food, and transport will cost more in major cities compared to smaller towns. In considering the job offer, the accountant should analyze the cost implications of living in the New York City in comparison to his salary increment.
A salary raise in economic terms will refer to an increase in pay after adjusting to any increase increase in prices. If the prices and subsequently cost of living is rising at a higher rate compared to salary increment, then an individual is actually experiencing reduced income. The accountant should consider the offer if the salary increments would cover the expected rise in the cost of living and leave him with some surplus.
Robert plans to invest $650 in a savings account at the beginning of each of the next seven years. If his opportunity cost rate is 5 percent compounded annually, how much will his investment be worth at the end of seven years?
Answer:
Amount after 7 years will be equal to $914.615
Explanation:
We have given initial investment P = $650
It is given it is compounded annually with rate 5%
So rate of interest r = 5%
Time period is given n = 7 years
We have to find the amount after 7 years
Future value is given by [tex]A=P(1+\frac{r}{100})^n[/tex], here A is future value P is initial investment r is rate of interest and n is time period
So [tex]A=650(1+\frac{5}{100})^7[/tex]
[tex]A=650\times 1.05^7[/tex]
[tex]A=650\times 1.4071[/tex]
[tex]A=914.615[/tex]
So the amount after 7 years will be $914.615
The following information pertains to Paramus Metal Works for the year just ended:
Budgeted direct-labor cost:
70,000 hours (practical capacity) at $16 per hour
Actual direct-labor cost:
80,000 hours at $17.50 per hour
Budgeted manufacturing overhead: $997,500
Budgeted selling and administrative expenses: $438,000
Actual manufacturing overhead:
Depreciation $234,000
Property taxes 22,000
Indirect labor 81,000
Supervisory salaries 202,000
Utilities 58,000
Insurance 33,000
Rental of space 302,000
Indirect material (see data below) 79,000
Indirect material:
Beginning inventory, January 147,000
Purchases during the year 95,000
Ending inventory, December 31 63,000
Required:
1. Compute the firm's predetermined overhead rate which is based on direct-labor hours.
(Round answer to 2 decimal places)
2. Calculate the over-applied or under-applied overhead for the year.
3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold.
Answer:
1. Predetermined overhead rate=(997,500/70,000)=$14.25 per hour
2. Over-applied=$129,000
3. The journal entry will include a debit of $129,000 to the manufacturing overhead account and a credit to the cost of goods sold of the same amount.
Explanation:
1.
Step 1: Determine firm's predetermined overhead rate.
The firm's predetermined overhead rate can be expressed as;
P=BMO/BDL
where;
P=predetermined overhead rate
BMO=Budgeted manufacturing over head
BDL=Budgeted direct labor cost
This can also be written as;
Predetermined overhead rate=(Budgeted manufacturing over head/Budgeted direct labor cost)
In our case;
Predetermined overhead rate=unknown, to be determined
Budgeted manufacturing over head=$997,500
Budgeted direct labor cost=70,000 hours
Substituting;
Predetermined overhead rate=(997,500/70,000)=$14.25 per hour
2.
Step 2: Determine the over-applied or under-applied overhead for the year
The over-applied or under-applied overhead can be expressed as shown below;
O/U=AO-AM
where;
O/U=over-applied or under-applied overhead
AO=applied overhead
AM=actual manufacturing overhead
This can also be written as;
Over-applied or under-applied overhead=Applied overhead-actual manufacturing overhead
In our case;
Over-applied or under-applied overhead=unknown, to be determined
Applied overhead=Predetermined overhead rate×Actual direct-labor cost
and;
Predetermined overhead rate=$14.25 per hour
Actual direct-labor cost=80,000 hours
Applied overhead=(14.25×80,000)=$1,140,000
Actual manufacturing overhead=All manufacturing overhead except indirect materials+indirect materials
and;
All actual manufacturing overhead except indirect materials=$932,000
Indirect materials=(47,000+95,000-63,000)=$79,000
Actual manufacturing overhead=(932,000+79,000)=$1,011,000
Substituting in the original expression;
Over-applied or under-applied overhead=(1,140,000-1,011,000)=$129,000
Over-applied=$129,000
3.
Step 3: Close out the Manufacturing Overhead account into Cost of Goods Sold.
At the end of the year, the balance in the manufacturing overhead account which can either be overapplied or underapplied is disposed of by transferring the amount to the cost of goods sold. This can be journalized as follows;
Since the overhead is over-applied;
Account Name Debit Credit
Manufacturing overhead $129,000
Cost of goods sold $129,000
The journal entry will include a debit of $129,000 to the manufacturing overhead account and a credit to the cost of goods sold of the same amount.
To compute the predetermined overhead rate, divide the budgeted manufacturing overhead by the budgeted direct-labor hours. To calculate the over-applied or under-applied overhead, subtract the actual manufacturing overhead from the applied manufacturing overhead. To close out the Manufacturing Overhead account into Cost of Goods Sold, debit the Cost of Goods Sold account and credit the Manufacturing Overhead account.
Explanation:1. To compute the firm's predetermined overhead rate based on direct-labor hours, divide the budgeted manufacturing overhead by the budgeted direct-labor hours:
Predetermined Overhead Rate = Budgeted Manufacturing Overhead / Budgeted Direct-Labor Hours
2. To calculate the over-applied or under-applied overhead for the year, subtract the actual manufacturing overhead from the applied manufacturing overhead:
Over-Applied or Under-Applied Overhead = Applied Manufacturing Overhead - Actual Manufacturing Overhead
3. To prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold, debit the Cost of Goods Sold account and credit the Manufacturing Overhead account for the amount of the over-applied or under-applied overhead.
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Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for minivans causes the price of minivans to increase by 5%, then the quantity supplied of minivans will increase by about
a. 1.5% in the short run and 6% in the long run.
b. 16.7% in the short run and 4.2% in the long run.
c. 6% in the short run and 1.5% in the long run.
d. 4.2% in the short run and 16.7% in the long run.
Answer:
a. 1.5% in the short run and 6% in the long run
Explanation:
Price Elasticity of supply = percentage change in quantity supplied / percentage change in price
In the short run, the percentage change in quantity supplied = 0.3 = the percentage change in quantity supplied / 5% = 1.5%
In the long run : 1.2 = the percentage change in quantity supplied / 5% = 6%
I hope my answer helps you
Sam’s Club believes that most of its sales are to small businesses rather than consumers, and that women are more likely to be making the purchasing decisions. This is an example of a(n) _______ that Sam’s Club could test through marketing research.
Answer: Hypothesis
Explanation:
Hypothesis is defined as the explanation for any particular phenomena or process based on supposition and evidence.hypothesis is the base and initial start for conduction of experiment to investigate the results. If that concept is found correct then it can be considered as established theory.
According to the question, the believes and supposed evidences displayed by Sam'Club that sale is mostly towards small-sector business and women are behind purchasing decision majorly are hypothesis which can be further tested and research based on market field.
Assume baseball player salaries are fully determined before the season starts. From the point of view of the baseball team owner, player salaries during the course of the season are then:______
A. variable costs.
B. marginal costs.
C. average costs.
D. fixed costs.
Answer:
The correct answer is option D.
Explanation:
Fixed costs incurred in the production process can be defined as the cost that does not change with the volume of output. It remains constant throughout the production process.
In the given example, the salaries of baseball players are fixed and will remain the same throughout the season. So, in the view of the team owner, it is a fixed cost as it remains constant.
If a company failed to make the end-of-period adjustment to move the amount of management fees that were earned from the Unearned Management Fees account to the Management Fees Revenue account, this omission would cause:a. An overstatement of net income. b. An overstatement of assets. c. An overstatement of liabilities. d. An overstatement of equity. e. An understatement of liabilities.
Answer:
c. An overstatement of liabilities.
Explanation:
To account for management fees unearned but received, the following entries may be required;
Debit Cash account
Credit Unearned/Deferred Management Fees
Being entries to recognize unearned management fees.
When the fees are earned, the necessary entries are;
Debit Unearned/Deferred Management Fees
Credit Revenue (Management Fees) (P/L)
Being entries to recognize management fees earned during the period. Failure to post the second entry would result in an overstatement of Unearned/Deferred Management Fees which is an overstatement of liabilities.
T. Bina and M. Valley are partners with equal capital balances of $50,000 each. They agree to let R. Smith invest $20,000 in their partnership for a 25% interest, which means that Smith's beginning capital balance will equal $30,000, with each existing partner granting a $5,000 bonus to Smith. The journal entry to reflect Smith's new capital balance will include a____(debit/credit) to Smith, Capital in the amount of $________.
Answer:
The journal entry to reflect Smith's new capital balance will include a credit to Smith, Capital in the amount of $30,000.
Explanation:
Step 1: Determine Smith's capital balance
Smith's new capital balance can be expressed as shown;
C=I+B1+B2
where;
C=new capital balance
I=Smith's capital investment
B1=T. Bina bonus amount
B2=M. Valley bonus amount
In our case;
C=unknown, to be determined
I=$20,000
B1=$5,000
B2=$5,000
Replacing;
C=(20,000+5,000+5,000)=$30,000
New capital balance=$30,000
Step 2: Record Smith's New Capital balance
Account Debit Credit
Cash 30,000
Smith 30,000
A credit to Smith, Capital in the amount of $30,000
What work-related tasks do you think would be appropriate to be delivered electronically, and what types do you feel would be better delivered in a more traditional setting?
Answer:
What I feel would be appropriate to be delivered electronically:
- Sending Daily report
- Requesting invoice for petty cash
- Working schedule
- Creating list of tasks.
I think every activities that does not necessarily need a lot of human communication should be delivered electronically . it just safe a lot of time and make it accessible anywhere you want.
What i feel would be better delivered in traditional setting:
- Brainstorming
- Firing people
I believe group brainstorming will be more efficient if team members spare their time to gather together in a private setting and focus on doing so. Doing it electronically will make it hard to communicate and some team members might not focusing on the task.
Firing people also should be done face-to-face. Even though this person is about to be kicked out of the team, we need to know that we appreciate what they've done to the team. Firing using electronic media just seems cold and impersonal.
Which of the following refers to an organized collection (often electronic) of data that can be searched and queried to provide information about contacts, products, customers, inventory, and more? A. Data B. Market intelligence system C. Marketing information system (MIS) D. Intranet E. Database
Answer:
E. Database
Explanation:
A database often contains data that is collected from different sources and which is stored or held in a computer and can be accessed at various time to assist in making certain decision.
In marketing, database helps to access data pertaining to customers needs in other to determine the means by which their needs can be satisfied.
Which is true about a process with a start event?
All paths in the process must end with an end event
Chosen paths in the process may end with an end event and the end events with incoming messages are shown as message events
Paths in the process reveal an end event and the end events optionally accept an incoming message
Paths with a start in the process must end with an end event
The end events must not accept an incoming messages
Answer:
All paths in the process must end with an end event
The end events must not accept an incoming messages
Explanation:
All paths in the process must end with an end event :
In a network of activity, all activity start with an event and end with an event. there must be an end to every activity that we undergo in a program.
The end events must not accept an incoming messages
An end event is an a single activity done to complete the intermediate and start activity. End event is the end of a process where no other activity or message is received. because for every message there must be a feedback.
In BPMN, for every process with a start event, all paths in that process must end with an end event, indicating the completion of a specific process or set of activities.
Explanation:In the context of Business Process Model and Notation (BPMN), which is a graphical representation for specifying business processes, the statement 'All paths in the process must end with an end event' is true about a process with a start event. This is primarily due to the existence of process flows where each initiated sequence flow (a path) must have a definitive start and end point for the purpose of clarity and completion of tasks. Hence, every start event initiates a path that must culminate in an end event, marking the completion of a specific process or a set of activities within the overall business process.
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Tanya, a social activist, works closely with a local nonprofit organization (NGO) to spread awareness about the importance of education in rural areas. She is actively involved in planning and organizing programs conducted by the community. Together, they have helped enroll 500 students in public schools and have also been responsible for setting up 15 new schools. Tanya takes a lot of pride in her work and her association with the NGO. In the context of the dimensions of national culture as identified by Robert House in his GLOBE project (Global Leadership and Organizational Behavior Effectiveness), Tanya belongs to a culture that is likely to score:A) low on femininity.
B) high on in-group collectivism.
C) low on humane orientation.
D) high on individualism.
Answer:
The correct answer is B
Explanation:
In group collectivism, it is defined as the degree to which the person or an individuals states the cohesiveness, loyalty and pride in the business or firm. Few of the characteristics of the societies, which have the high in group collectivism are:
1. The life pace is slower.
2. Obligations and the duties are vital determinants of the social behavior.
3. Strong distinction is made among out groups as well as in groups.
Therefore, Tanya, works for NGO, takes a lot of pride in her work. So, she belongs to a culture which is likely to score high on in group collectivism.
A registered representative works in the municipal finance department of a municipal securities firm in a large city and is defined as a Municipal Finance Professional (MFP). The firm recently completed a $100 million underwriting for the city and the firm is hosting a dinner to celebrate the closing of the deal. The event is expected to cost $300 per person, including the cost of a cocktail reception, dinner, and the cost transporting the group to and from the venue where the event is being held. The representative wishes to invite one of the town officials with whom he worked on the underwriting to the event. Which statement is TRUE about doing this?A. Taking this individual to dinner violates the MSRB $100 gift limit
B. Taking this individual to dinner is a violation because the $300 value exceeds the MSRB Political Contribution rule limit
C. Taking this individual to dinner is permitted because this is business entertainment
D. This individual cannot be taken to dinner because it is a conflict of interest
Answer:
C: Taking this individual to dinner is permitted because this is business entertainment
Explanation:
Had it been before the completion of underwriting that representative invited the town official, then it could lead to a conflict of interest. But the project is already complete and it seems purely a business entertainment, so there is no big deal in inviting the town official to the event to celebrate success.
After using her Chevy Citation for 17 years, Tracey's mechanic told her that it would cost more to fix the transmission than what the car was worth. She decided it was time for a new car. In which stage of the buying process is Tracey involved?
A. Product selection
B. Need recognition
C. Information search
D. Product examination
E. Product purchase
Answer is B. Tracey is involved in the Need recognition
Explanation: The need recognition is the very first step a consumer takes in the consumer buying journey. It has to do with realising and admitting that there's a need to be met or fulfilled. This is not just a want or wish, but the fact that she recognises the importance of a particularly thing to satisfy her unmet need and decided to acquire it.
If she doesn't recognise and admit that need to acquire a new car, the buying process will hardly progress since she's yet to be motivated to acquire a new car.
I hope this helps you?
Final answer:
Tracey is in the need recognition stage of the buying process after her mechanic advised her that the cost to fix her car exceeds its value.
Explanation:
Given that Tracey's mechanic has informed her that the cost to fix her Chevy Citation's transmission exceeds the value of the car, and she has decided to get a new car, Tracey is in the need recognition stage of the buying process. This is the first step where she acknowledges the necessity for a product—in this case, a replacement vehicle. The subsequent steps of the buying process would involve determining her decision criteria, gathering information, evaluating alternatives based on those criteria, and making the purchase decision, but at this moment, she is at the stage of recognizing the need for a new car.
Identification of problems is challenging. What portion of an MIS system would make managers aware of promotions that are cannibalizing other products or indicate which geographical regions are responding or not responding to promotions?
A) Marketing decision support system
B) Marketing research system
C) Marketing intelligence system
D) Internal reports system
Answer:
Internal reports system.
Explanation:
The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job.A.TrueB.Flase
Answer:
True
Explanation:
For computing the cost of the completed jobs in a job-order costing system we have to consider the actual direct materials cost, actual direct labor cost, and the manufacturing overhead cost applied.
In mathematically,
The total cost of completed job = Direct Material cost + Direct labor cost + manufacturing overhead cost
Therefore, the given statement is true
Manufacturing overhead is _______________if actual manufacturing overhead costs for a period are greater than the amount of manufacturing overhead cost that was applied to Work in Process.
Answer:
overapplied
Explanation:
When we say that manufacturing costs were overapplied, it means that at the beginning of the production process the estimated costs were too high. In other words, the budget considered that it would cost more money to produce the goods.
In this case, overhead costs tend to be overestimated and then overapplied because they rely on past data and efficiency can improve, which lowers costs; or the total production output can be lower than estimated, therefore the company incurred in less costs.
Depending on the cause of the actual lower costs it can be good or bad. If the costs were lower due to improved efficiency, then it is very good. But if the costs were lower due to a lower output, then that is not good.
Manufacturing overhead is overapplied when actual costs exceed the applied costs. This could arise from production inefficiencies or unexpected costs. The difference must be addressed for proper financial accounting.
Explanation:In the realm of managerial accounting, the term Manufacturing Overhead refers to all the indirect factory-related costs that are incurred when manufacturing a product. When the actual manufacturing overhead costs for a period are greater than the amount of manufacturing overhead cost that was applied to Work in Process, we say that the manufacturing overhead is overapplied.
This situation may arise when there is an inefficiency in production, or unexpected costs, such as unplanned machine maintenance or increased factory labor wages.
To correct this, the difference must be added back to the cost of goods sold, or distributed across remaining inventory accounts depending on the policy of the company.
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The managers of a popular software firm believe in trusting their subordinates to perform effectively rather than monitoring them closely and imposing rules on them. This company most likely follows _____.
Answer:
Decentralized control
Explanation:
Decentralized control -
It refers to the method adapted by the organisation or company , in which the lower level elements helps completely to attain certain goal or task , is referred to as decentralization control
In this case , the people in the higher post need not rule over the lower one to complete the project or task on time .
The company using this method is happy as the employees are hardworking and there is least number of arguments , and hence becomes successful in shorter run .
Hence , from the question ,
The correct term is decentralization control .
Which e-commerce business model used in procurement and sourcing has a seller-operated service that consists of a number of electronic catalogs from suppliers within a market.
Answer:
The correct answer is: electronic marketplace.
Explanation:
An electronic marketplace gathers sellers and suppliers through the worldwide web who offer their products virtually to fasten the purchase process and reach a larger number of consumers. These characters have a well-structured business even if it is not physical. Their objective is to give consumers to shop online without the need of going to the store in person.
What are the two characteristics of public goods? Explain the significance of each for public provision as opposed to private provision. What is the free-rider problem as it relates to public goods? Is U.S. border patrol a public good or a private good? Why? How about satellite TV?
Pubic goods are:
produced by the government for the welfare of the people with no costPublic goods are for the welfare of people, produced by the government as it's the government's responsibility to care for it's people.
Pubic goods are at no cost in order for it to be accessible to everyone, without a financial barrier or limit.
The free-rider problem is a market failure where pubic goods are being accessed and benefitted from but it's not being paid for by the benefiting group.
U.S border control is public goods as we, the general public, do not pay for it and it's aim is our protection, it is for our wellbeing.
Satellite TV is private goods as it's manufactured by a business or entrepreneur, and is sold for their profit.
Public goods are characterized by non-excludability and non-rivalry, leading to challenges in private provision and the free-rider problem. U.S. border patrol is a public good, while satellite TV is a private good.
Explanation:The two main characteristics of public goods are non-excludability and non-rivalry. Non-excludability means that once the good is provided, no one can be prevented from consuming it. This is significant because it makes it hard for private firms to charge for the good, leading us typically to public provision. Non-rivalry means that one person's consumption of the good does not limit another person's consumption. This means that there is no benefit to restricting access, again leading us to public provision.
The free-rider problem occurs because people can consume public goods without paying for them, benefiting without contributing to their production. This leads to under-provision of the good, as private firms have less incentive to produce it.
U.S. border patrol is a public good because it is both non-excludable and non-rivalrous. Everyone in the country benefits from it whether or not they paid for it. Satellite TV, on the other hand, is a private good because access to the broadcasts is restricted to those who pay for it.
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"Jane wins $100,000 in the lottery and immediately uses her winnings to open a donut shop. Her direct costs for the first year are $50,000. Alternatively, Jane could have placed her lottery winnings in a savings account earning 10 percent annual interest. Jane's total cost is"
Answer:
Jane's total cost is $60,000.
Explanation:
This is because of the phenomenon called Opportunity Cost.
Simply put, opportunity cost is the cost of the next best alternative use of resources when a choice is made at the detriment of another.
We can also define it by saying, Opportunity Cost is the forgone alternative.
So we know she spent $50,000 to start her business, but would have made 10% of $100,000 which is $10,000 which is the opportunity cost, she has incurred a total cost of $60,000.
Ken believes his company's overhead costs are driven (affected) by the number of direct labor hours because the production process is very labor intensive. During the period, the company produced 5,000 units of Product A requiring a total of 800 labor hours and 2,500 units of Product B requiring a total of 200 labor hours. What allocation rate should be used if the company incurs overhead costs of $20,000?
Answer:
The Absorption Overhead rate must be used which can be computed using the following formula:
Absorption Overhead Rate (OAR) = Total overhead / Absorption Basis
Here as we know that the absorption basis is labor hours because the overhead costs are driven by the direct labor hours and also that the total overhead is $20,000.
Putting values in the formula:
Absorption Overhead Rate (OAR) = $20,000 / (200 + 800)Hrs = $20 per Hr
Total Overheads share for Product A = $20 per hour * 800 Labor hrs worked on product A = $16,000
For unit Product A = $16000 / 5000 units of A = $3.2 per unit of product A
Similarly for Product B:
Total Overheads share for Product B = $20 per hour * 200 Labor hrs worked on product B = $4000
For unit Product B = $4000 / 2500 units of A = $1.6 per unit of prduct B
A problem with the utilitarian principle of ethical decision making is that:_______.
a. it focuses on the consequences of our actions, not on how we achieve those consequences.
b. there is no agreement on what activities are the greatest benefits to the affected.
c. it is difficult to predict the "trickle down" benefits to the least well off in society.
d. it is almost impossible to evaluate the benefits or costs of many decisions.
e. it chooses the option that provides the minimum acceptable degree of satisfaction to those affected.
Answer:
Option D
Explanation:
The Utilitarian Strategy analyses an intervention in consideration of its effects or results; that is, the net advantages and expenses to all different participants.
It aims to accomplish the maximum good for the greatest amount while producing the least amount of suffering or preventing the most suffering.
In a business setting, this method may focus on a statistical methods of likely results, a traditional cost / benefit calculation, or evaluation of the potential usefulness of a result for different group participants.
The utilitarian principle of ethical decision-making has several problems. It focuses on outcomes over processes, has varying interpretations of the 'greatest good', faces challenges in predicting outcomes, struggles in evaluating benefits or costs of decisions, and aims for maximum rather than minimum satisfaction.
Explanation:The utilitarian principle of ethical decision-making is associated with several problems, including these options. Option a: The principle largely focuses on outcomes rather than the means of achieving them, potentially neglecting ethical concerns in the process. Option b: Utilitarianism seeks to create the greatest good for the greatest number, but what constitutes this 'greatest good' can vary widely, leading to disagreement. Option c: It is indeed challenging to predict the broader implications of decisions, particularly their impact on the least well-off in society. Option d: Evaluating the benefits or costs of many decisions can be incredibly complex and almost impossible under the utilitarian principle. Option e: The utilitarian principle does not aim to provide the minimum acceptable degree of satisfaction, but rather seeks the maximum overall benefit.
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Craig is a salesperson for an industrial equipment company. Craig calls on factories and spends most of his time talking with equipment operators who work on the factory floor. While Craig is able to get the equipment operators interested in his products, he is often unable to make a sale. Craig needs to work on:________.
A. Determining other purchase decision influencers.
B. Improving his products.
C. Improving his attitude.
D. His cold canvassing ability.
E. His record keeping.
Answer:
The correct answer is letter "A": Determining other purchase decision influencers.
Explanation:
Sales are variable and require salespeople to adapt their speeches to their potential costumers. It is important to know in-deep the features of the product or service offered but that is not enough. Most sales are processed because of good closing strategies. There is when the sellers create a need for the product and convince consumers they must acquire whatever the salesperson is offering.
Thus, Craig should focus on other aspects of his sales strategy rather than only the technical features.
The accounting records for Social Event Planning Services include the following select unadjusted balances on December 31, 2018: Salaries Expense, $6,000; Service Revenue: $18,000; Unearned Revenue, $400; Supplies Expense, $600; Rent Expense, $300; Depreciation ExpensedashEquipment, $200.During December, the company worked with a new client and provided event planning services for an upcoming event. It will receive the full amount of $1,500 when the event is completed in January 2019. As of the end of December 2018, it performed one-third of the services covered by the contract. The company made the accrual adjustments. The balance of Service Revenue, as shown on the adjusted trial balance, should be a ________.
A. debit balance of $1,500
B. credit balance of $19,500
C. credit balance of $19,000
D. debit balance of $20,500
Answer:
$18,500
Explanation:
The computation of the balance of Service Revenue shown on the adjusted trial balance is shown below:
= Service revenue ending balance + accrued value
where,
Accrued value = $1,500 ÷ 3 = $500
And, the service revenue ending balance is $18,000
So, the Service revenue balance equal to
= $18,000 + $500
= $18,500
This is the answer but the same is not given in the options mentioned in the question.
The adjusted 'Service Revenue' for December, after accounting for the partial services provided for an upcoming event and recognizing the 'Unearned Revenue', should be a credit balance of $18,900. However, among the options provided, the closest correct answer is a credit balance of $19,000 (Option C).
Explanation:The 'Service Revenue' of Social Event Planning Services consists of the revenue generated from rendering their services, which at the beginning stood at $18,000. However, in December 2018, they provided one-third of their services to a new client for an upcoming event, which they expect to receive $1,500 for, once the event is completed in January 2019.
Since they provided one-third of these services in December, a third of the expected payment, $1,500, could be recognized as revenue for the month of December, despite receiving that payment in January. So this translates to $1,500 / 3 = $500 earned in December.
Adding this $500 to the initial 'Service Revenue' of $18,000, we have $18,500. Now, considering there was an 'Unearned Revenue' of $400, which must now be recognized as part of the revenue (since services have been rendered for it), the total 'Service Revenue', as shown on the adjusted trial balance, should be a credit balance of $18,500 + $400 = $18,900. However, from the options available the closest correct answer is credit balance of $19,000 (Option C).
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Salim files a case agaisnt nina for nonpayments of dues.before the trial. nina is examined under oath in the presense of salim's attorney. this process of examination is known as:_______.
Answer:
A) deposition
Explanation:
A witness or a party's deposition takes place before the actual trial starts, during discovery (or the investigation stage). During the deposition, the party or witness must answer the questions of the other party's attorney. Those questions are answered under oath, which means that lying is considered perjury and the party or the witness can be prosecuted for it.
Relative to common ownership, private ownership generally leads to less conservation of resources. With private ownership, owners are held accountable for using their resources in a manner that harms the resources of others. Private ownership generally gives the owner little incentive to find ways to use the resource wisely. With private ownership, resource owners have little incentive to consider the preferences of others when deciding how to employ a resource.
Answer:
b. With private ownership, owners are held accountable for using their resources in a manner that harms the resources of others.
Explanation:
Which of the following is true regarding private ownership?
a.Relative to common ownership, private ownership generally leads to less conservation of resources.
b.With private ownership, owners are held accountable for using their resources in a manner that harms the resources of others.
c.Private ownership generally gives the owner little incentive to find ways to use the resource wisely.
d. With private ownership, resource owners have little incentive to consider the preferences of others when deciding how to employ a resource.
Private Ownership is when a company is being owned by people or an organization rather than Government
Let's consider the options
Private ownership does not lead to less conservation of resources. Infact resources are conserved through optimization in revenue and publicity. It does not give the owner little incentives. Resource onwers to do not have little incentives.
B. .With private ownership, owners are held accountable for using their resources in a manner that harms the resources of others is correct because the company is owned by group of people or organizations, therefore , there is a high level of accountability which is the opposite as regards government owned establishments.
The leader of a federal political party made the following campaign promise: "my administration will increase national defense without requiring sacrifices elsewhere in the economy." the promise can be kept if:________
a. the economy moves along the production possibilities in the direction of a greater quantity of defense.
b. the economy moves from a point inside the production possibilities curve toward a point on the production possibilities curve.
c. the production possibilities frontier shifts outward due to an improvement in technology.
d. either b) or c) occurs, but not as a result of a).
Answer:
D
Explanation:
Either b) or c) occurs, but not as a result of a).
the promise can be kept if the economy moves from a point inside the production possibilities curve toward a point on the production possibilities curve or if the production possibilities frontier shifts outward due to an improvement in technology and because the economy moves along the production possibilities in the direction of a greater quantity of defense.
Shawn works for Vance Steel Corporation. Shawn's duties include managing the overall processes for the company and transforming the steel resources into goods. Which department would Shawn most likely work in?
A. CIO.
B. Marketing.
C. Accounting.
D. Operations management.
Answer:
D. Operation management department / Operations department
Explanation:
The operations department is the department responsible for overseeing the production process of the department.
The operations department in a firm overlooks the production process. They must:
• Use the resources in a cost-effective and efficient manner
• Manage inventory effectively
• Produce the required output to meet customer demands
• Meet the quality standards expected by customers
Therefore Shawn's function of managing the overall processes for the company and transforming steel resources into goods shows that he most likely work in the operation department and serves as the operations manager
Based on these findings, what can we predict about total production long dash whether or not that production is included in the calculation of GDP long dash in the economy when these workers became unemployed?
Answer:
If the workers had been paying other people to perform the household activities prior to unemployment, then total production will fall.
Explanation: