Answer: Command
Explanation: A command also known as planned economy is one in which all economic activities are carried out using economic policies laid down by the state. In such economy, government influence and determine the type of goods to be produced, method of production, The price of goods produced, The target market and also oversee the proceeds or income generated. The command system is mainly found in communist economy like North Korea. Command systems is aimed at achieving even or fair distribution of resources among the populates rather than being concentrated in the hands of private investors.
In one of the case studies in the textbook, Ernie Phillips was a CPA who had fallen on hard times both financially and personally. He eventually got a job as a controller for a friend who had just been named as the receiver for a financial services company. Within a short period of time Phillips began writing checks to himself that had nothing to do with payroll. How was the fraud discovered?
a. The president received a bank statement containing canceled checks that had been written to Phillips.
b. The receiver received a call from the bank asking him to verify a check.
c. A vendor received a check in error reported it to the operations manager.
d. The operations manager found a check made payable to Phillips while searching Phillips' desk for some accounting records.
Answer:
The fraud was discovered Option D: The operations manager found a check made payable to Phillips while searching Phillips' desk for some accounting records.
Explanation:
In the given case study, Ernie Phillips had got a job as a 'controller'. He had started writing checks to himself other than the payroll checks.
This fraud can be discovered when the operations manager found a check on Phillips desk which was payable to himself and it was other than the payroll check. Thus, Option D is the statement as an answer.
Cancelled checks do not have to do anything with the fraud, as per Option A, because cancelled checks are never cleared in the bank. The receiver doesn't usually receive a call before check clearance. So, Option B is also incorrect. No error was there in the check as stated in Option C.
Which of the following is an example of a permanent difference? a. Bad debt expense recognized for financial reporting, but only write-offs of bad debts are deductible for tax reporting b. Prepaid rent that is recognized as an asset for financial reporting but tax deductible when paid c. Depreciation recognized using straight-line for financial reporting but using an accelerated method for tax reporting
Answer:
d.
Explanation:
A permanent difference refers to a business transaction that is reported differently when dealing with financial or tax reporting purposes. Therefore based on the answers provided within the question it can be said that the answer is Interest income from municipal bond investments recognized for financial reporting, but not taxable for tax reporting. Since they are reported differently since they are not taxable.
Among the functions performed by an HR department, vacation, retirement plans, and profit sharing are categorized under the _____ function.
Answer:
Compensation Benefit
Explanation:
The compensation Benefit functions of a human resource management includes providing monetary value to employees in exchange for the services rendered. This function of the Human resource manager helps to motivate employees and ensures organisational effectiveness. Compensation benefits to employees can be monetary or non monetary.
A project is a time-bound effort constrained by performance specifications, resources, and budget to create a unique product or service. a. True b. False
Answer:
a. True
Explanation:
In addition to the definition above, most project goals and plans usually are more specific in the early stage of work even until it is completed.
Answer:
TRUE
Explanation:
It is a true assertion that a project is a time-bound effort constrained by performance specifications, resources, and budget to create a unique product or service.
There are 3 things that define a project - Scope, Cost and Time.
Scope: Every project has an aim to achieve and involves the achievement of specific goals, deliverables, features and functions.
Cost: The project must have a specified budget which represents the cost to achieve the goal(s) of the project
Time: Every project must be delivered within a specified time.
Therefore the definition offered above is an appropriate definition of a project
Which of the following groups uses accounting information primarily to insure the entity is operating within prescribed rules?
A. Taxing authorities
B. Regulatory agencies
C. Labor Unions
D. Management
Answer:
B. Regulatory agencies
Explanation:
Regulatory agencies are external users of accounting information.
External users of accounting information are people or organisations outside an organisation that makes use of accounting information.
I hope my answer helps you
Managerial performance can be measured in many different ways including return on investment (ROI) and residual income. A good reason for using residual income instead of ROI is:
Answer:
The main reason behind using the residual income in place of rate if income is that the manager always goes for that project that gives maximum benefit to the organization.
Explanation:
The main reason behind using the residual income in place of rate if income is that the manager always goes for that project that gives maximum benefit to the organization.
As residual income is referred to income that calculated after deducting all debt and expenses occur on the project. ROI is a way to predict the profit of the project while residual income calculates the net income that the organisation generates from the project.
A company produces alternators for cars. They generally use a static budget with the following costs based on 8,000 units per month: Indirect materials, $22,000; Indirect labor, $25,000; Utilities, $12,000; Supervision, $4,000; Depreciation, $18,000. If the company wanted to create a flexible budget for 9,000 units, what value would they record for variable costs?a. $52,875 b. $91,125 c. $70,875 d. $66,375
Answer:
$70,875
Explanation:
By definition, a flexible budget is when a budget has been adjusted or flexed to accommodate the changes in the level of activity.
If the company wanted to create a flexible budget for 9,000 units, then the value that would be recorded for variable costs will be:
Indirect materials, $22,000/8000*9000 = 24,750;
Indirect labor, $25,000/8000*9000 = 28,125 ;
Utilities, $12,000/8000*9000 = 13,500;
Supervision, $4,000/8000*9000=4,500
Total of variable costs = ........................70,875
With respect to consumer markets, advertising done by manufacturers of well-known brands on a countrywide basis or in most regions of the country is known as _____ advertising.
A) Professional
B) Trade
C) Business-to-business
D) National
E) Direct response
Answer:
D) National Advertising
Explanation:
National Advertising represents campaigns through the use of images and word by a business organisation in a bid to bring a national market to the awareness of its product or service. Such advertising are usually carried out on broadcasting radio or they are televised specifically to increase the range of the audience that would have access to the campaign.
The broad range of national advertisement makes them very expensive, therefore they are usually carried out majorly by large organisations. The national campaigns due to the cost and requirement is usually carried out by well-known brands across the country.
The success of this advertisement by such manufacturers makes them even more well-known and their advertising becomes something the people are well used or conversant with over time.
The National Advertising is the class of advertising done by manufacturers of well-known brands on a countrywide basis.
National Advertising refers to a advert campaigns employed by a firm to bring the national market to the awareness of its product or service.
Typically, a National Advertising is usually carried out on broadcasting radio or Television that covers wide area to increase the audience that would have access to the campaign.
In conclusion, the National Advertising is the class of advertising done by manufacturers of well-known brands on a countrywide basis.
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Quick-service restaurants are likely to spend __________ percent of their income on advertising, more than is spent by the casual, fast casual, or family restaurant, or the dinner house.
Answer:
The correct answer to the following question will be "4 to 5".
Explanation:
Fast-service restaurants are inclined to spend 4 or 5 percent of their sales on ads, almost as much as the casual, fast-casual, or family restaurant, or dining room, does.
Ways to attract further friends to Hotel Streamline Booking procedures:
Manage the deals and prices. Customize Hotel Experience. Harnessing Internet Energy. Up The Stakes Social Media.With your friends, log in Evaluate Chambers.
Therefore, 4 to 5 is the right answer.
John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils.
a) Does John show diminishing marginal utility for Coke or does he show increasing marginal utility for Coke?
b) Suppose that John has $3 in his pocket. If Coke costs $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke too? What about the third dollar?
Answer:
A. Increasing Marginal Utility B. Yes, John will spend
Explanation:
Total Utility is the total satisfaction from all units of consumption
Marginal Utility is additional satisfaction from an additional consumption unit.
Coca Cola TU MU
1 10 10
2 25 15 (25-10)
3 50 25 (25-15)
John's Marginal Utility is increasing each time in succeeding unit over its preceding unit.
b. John having $3, price of a coke = $1: will be willing to spend 1st 2nd & 3rd dollar on coke consumption because - its gainful for him (MU > P) each time.
John shows diminishing marginal utility for Coke. Based on the principle of diminishing marginal utility, John is less willing to spend his second and third dollars on a Coke compared to his first dollar.
Explanation:a) John shows diminishing marginal utility for Coke. This means that as he consumes more Coca-Cola, the additional satisfaction he gets from each additional Coke decreases. In this case, the total utility increases with each additional Coke, but at a decreasing rate. For example, the increase from 1 Coke to 2 Cokes is 15 utils, while the increase from 2 Cokes to 3 Cokes is 25 utils.
b) Based on the principle of diminishing marginal utility, John is less willing to spend his second dollar on a Coke compared to his first dollar. The additional satisfaction he gets from consuming the second Coke is lower than the first, so he would be less willing to spend his second dollar. Similarly, the additional satisfaction from the third Coke is even lower, so he would be even less willing to spend his third dollar.
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Who focuses on project interdependencies and helps to determine the optimal approach for managing and realizing the desired benefits?
Answer:
Program Project Manager
Explanation:
Program Project Manager focuses on project inter-dependencies and helps to determine the optimal approach for managing and realizing the desired benefits. An example of a program would be a new communications satellite system program, comprising projects for designing the satellite, constructing and integrating the individual systems and launching the satellite.
The supply chain function works with finance and accounting on determining capital investments in manufacturing plants and resource levels, such as workforce. This supply chain activity is ___.
Answer: Logistics.
Explanation:
The part of supply chain function that deals with procurement of equipments and raw materials for production, payment of workers, and other production related investments is known as the Logistics. Planning for logistics is making sure everything needed for production is available.
A flexible budget for 15,000 hours revealed variable manufacturing overhead of $90,000 and fixed manufacturing overhead of $120,000. The budget for 25,000 hours would reveal total overhead costs of: A.None of the answers is correct. B.$350,000. C.$290,000. D.$270,000. E.$210,000..
Answer:
Option (D) $270,000
Explanation:
Data provided in the question:
Variable overhead for 15,000 hours = $90,000
Fixed manufacturing overhead = $120,000
Now,
Variable overhead per hour = $90,000 ÷ 15,000
= $6 per hour
Therefore,
Variable overhead for 25,000 hours = $6 per hour × 25,000
= $150,000
Thus,
Total overhead cost
= Variable overhead for 25,000 hours + Fixed overhead cost
[ Fixed overhead cost is independent of number of units or number of hours]
= $150,000 + $120,000
= $270,000
hence,
Option (D) $270,000
When preparing a journal entry for a transaction that affects retained earnings, the "Retained Earnings" account should not be debited or credited. Instead, the account which ultimately affects retained earnings should be debited or credited.True / False.
Answer:
True
Explanation:
Retained earnings are the net earnings of an entity accumulated over time after payment of dividend. It is that part of earnings that is retain for expansion by the entity.
Generally, retained earnings are not changed by direct posting except it is prior year adjustment. in some entities, the amount that is transferred to retained earnings is system generated. Most transactions that affect retained earnings are debited or credited to account which ultimately affects retained earnings
Allstocks, a Web seller that buys furniture, clothing, electronics, and more from a variety of producers at less-than-regular wholesale prices and then charges customers less than retail, is a(n) ________.A) specialty retailer
B) independent off-price retailer
C) departmental retailer
D) full-service retailer
E) category killer
Answer:
B) independent off-price retailer
Explanation:
Independent off-price retailers generally buy products from overstocked companies, end of season products, or even bankrupted companies that are liquidating their stock. The they resell them at a price lower than the standard retail price.
Since these companies tend to be smaller and are not part of a larger corporation, their sales and administrative costs are also lower.
Answer:
B
Explanation:
The specialty of an independent off-price retailer is that they sell products lesser price than the other retailers. They deal in leftover, old stocks (not necessarily) and get them in price lesser than wholesale price and pass this benefit to customers. They deal with products in very high volume so that they can offer lower price by economies of scale.
Brokers primary objective as a property manager is to:______.
a) oversee the maintance of rentai property.
b) fill vacancies with suitable tenants.
c) account to the landlord.
Answer:
oversee the maintenance of rental property
-fill vacancies with suitable tenants
-collect rent
-account to the landlord
Explanation:
its all of it
Answer:
A!B,C
Explanation:
A Brokers primary objective as a property manager is to oversee the maintenance of rental property, fill vancies with tenants, account to the landlord and equally collect rent on the lanlord's behalf, ( The property manager sets up a system for collecting rent from tenants. To ensure smooth cash flow they will set a date to collect rent each month and enforcing late fees). dealing with evictions: (When a tenant does not pay rent or otherwise breaches the terms of a lease, the property manager knows the right way to file and move forward with an eviction).
Says, "Wealth gotten by vanity shall be diminished:________ but he that gathereth by labour shall increase." In other words, a person who tries to get money by fraudulent means will not get more, but the steady worker will add to his savings.
Answer:
True (From Proverbs 13:11)
Explanation:
A biblical quote from the bible book of Proverbs 13:11.
For example, a gambler who in effect tries to get money by fraudulent means will not get more or since the money has come easily, he may have very little appreciation for its value.
But someone who labours or do steady work will indeed add to his savings.
Which of the following is the best reason why cost accounting information does not need to be comparable to similar information in other organizations?
A) Because no publicly traded companies use cost accounting.
B) because it is only used by investors and creditors.
C) because IFRS and cost accounting are converging which eliminates the need for comparability,
D) because managers that use this information are making decisions only for their organization.
Answer:
The correct answer is (D)
Explanation:
Every organisation has a different set of accounting principles and they use different accounting software’s. Overall, the accounting information of one organisation is not related or comparable with any other organisation because managers usually use that accounting information to make organisational decisions on for their organisation. A firm cannot make a decision by considering accounting information of any other firm.
The objective of general-purpose financial reporting is to provide financial information about a reporting entity to each of the following except:______________
A. potential equity investors.
B. potential lenders.
C. present investors.
D. All of these answers are correct.
Answer:
D) All of these answers are correct.
Explanation:
A company's financial reports are not top secret, their taxes are based on them. They main purpose of preparing financial reports is to provide useful information for current and potential investors, and current and potential lenders.
Any company that needs to raise equity must show their financial reports to current and potential investors so that they can decide whether to invest or not in the company. Publicly traded corporations must present their financial records to the market. Every single bank (or any other type of lender including investors willing to buy bonds) will request a copy of the financial statements to analyze if the company is going to be able to pay them back.
"Which kind of marketing involves sending an offer, announcement, reminder, or other item to a person at a particular postal address?
Answer:
Direct-mail marketing
Explanation:
through the advent of technology, it is very easy to do marketing with the help of internet, phones, email e.t.c hence it is called Digital marketing.
Digital marketing has started becoming the current trends of business now a days where the seller and buyer makes transaction online without physical contact and the seller is bound to send the items to the address of the buyer and announce the delivery to that location.
A form of digital marketing which is Direct mail marketing involves sending an offer, announcement, reminder, or other item to a person by Post or mail.
This action has makes business very easy and profitable because there is no debt involves. there are so many companies involves in digital marketing e.g Jumia, Konga, Ebay, e.t.c.
An account should have an account title, account number, a place for the date of transaction, and two columns for:_________a. Assets and liabilitesb. Closing and post-closingc. Revenues and expensesd. Debits ans credits
Answer:
Debits and Credits
Explanation:
An account should have an account title, account number, a place for the date of transaction, and two columns for: Debits and credits.
Debits depending on whether the account is an asset and expense account, will increase the amount and balance of the account while Credits for Assets and expense accounts will reduce the balance on the account. The opposite is applicable to liability and revenue accounts.
Every account according to the double entry principle must have a debit and a credit column.
The cost of leaving a championship soccer match before it ends is ________, while the cost of staying for the entire match is ________.
Answer: opportunity/economic cost of not seeing the winning goal during the time you were away; the opportunity/economic cost of what else you could have done during the time you have stayed.
Explanation: it's the loss of alternatives based on an alternative chosen.
Answer:
The opportunity cost of not seeing the winning goal;
the opportunity cost of what else one could have done
Explanation:
Opportunity Cost of Actions in a Championship Soccer Match
First, When one chooses to leave a championship soccer match before it ends, there is the high probability of not seeing the winning goal. This is the opportunity cost of leaving early.
The reason is that towards the end of soccer matches, players from both teams are usually more pumped or eager to score more goals in order to outdo their opponents. Therefore, more often than not, more determining goals are scored towards the end of the match
Secondly, if one decides to stay for the entire match, it is possible to see the winning goal but there is also an opportunity cost of what could have been done during the time, if one had left earlier.
For instance, staying the extra 20 minutes could have the opportunity cost of taking a snack, buying groceries catching the bus early or even going to see a friend.
Which of the following statements is false?
A) Under IFRS, there are the same number of financial statement elements as in GAAP.
B) The FASB and IASB are no longer working on a joint conceptual framework project.
C) The monetary unit assumption is used under IFRS.
D) Under IFRS, companies may use fair value for property, plant, and equipment.
Answer: d) Under IFRS, there are the same number of financial statement elements as in GAAP.
Explanation:
There are adjustments required to move from previous GAAP to IFRSs at the time of first-time adoption.
The cost constraint suggests that, even when the cost of providing accounting information exceeds its benefit, the financial accounting information should always be provided. True or false?
Answer:
False
Explanation:
The GAAP established that when the benefits of obtaining accounting information are lower than the costs of providing that information, the information should not be provided.
For example, sometimes there are very small differences in certain accounts that don't allow a balance sheet to be balanced. If the accounting error is very small, e.g. just a few hundred dollars, then it is not reasonable to have a whole audit team check all the financial statements again to determine what caused the error. An adjusting entry could be made to close the account balances.
Imagine you are an auditor that must check the physical inventory of a factory and some boxes containing supplies are misplaced. It might take you a whole day to count again all the supplies and materials, but is it worth it? If the supplies were really expensive, probably yes, but if they were cheap components, then probably no.
The cost constraint suggests that financial accounting information should only be provided when its benefits outweigh the costs.
Explanation:The statement is false.
The cost constraint in accounting suggests that financial accounting information should only be provided when its benefits outweigh the costs. If the cost of providing accounting information exceeds its benefit, it is not necessary to provide it. This is because the main purpose of financial accounting information is to help decision-makers understand the financial position and performance of a business. If the cost of providing the information outweighs the benefits, it would not be rational to provide it.
For example, if a small business spends a significant amount of money on hiring an external auditor to prepare financial statements, but the business does not have any external stakeholders or investors who require those financial statements, providing the information would not be economically justified.
Opening a corner coffee shop is a relatively simple process with low-to-moderate start-up costs. The five forces model would suggest that ______________ is a strong force.
Answer:
Threat of New entrants
Explanation:
Opening a corner coffee shop is a relatively simple process with low-to-moderate start-up costs. The five forces model would suggest that in this industry, threat of new entrants is a strong force.
In the scenario, there is a low barrier to entry and it requires little capital to enter into the coffee shop industry, hence the factor of 'threat of new entrant' is a strong force.
The most serious problems with accounting systems appear to occur when managers attempt to use accounting information that was developed for ______________ decision making.
Answer:
External Decision Making
Explanation:
Accounting Information refers to economic information about the true state of an organisation and the end purpose of an accounting information is to provide relevant, dependable and timely information that can aid users of the information in decision making.
However, every accounting information created, is created with specific users in mind. Defining the users whether internal (management) or external (shareholders, potential investors, government among others) determines the information to include.
For instance, for a manufacturing organisation, information provided for external users will not contain details on issues including adherence to pre-determined standards, it will contain majorly information on the profitability of the business. Such information cannot be used by the managers of the company for monitoring and control functions because it does not contain the specifics of production input, output and then detailed variances from standard set.
Therefore, when managers attempt to use external users' accounting information for decision making it leads to a serious problem of not been detailed enough for such a purpose.
A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a:_______.
a) membership group.
b) reference group.
c) laggard.
d) sub-culture.
e) late-majority adopter.
Answer: (B) Reference group
Explanation:
A reference group is basically refers to the individual and the group that is specifically used for the comparison purpose. It is one of the type of group that share a common attitude, beliefs and the behavior for making the various types of decisions.
According to the given question, a shoe's company is one of the most popular music band as the products sales of the company significantly increase. Then, from the fans point of views the band is refers to the reference group.
Therefore, Option (B) is correct answer.
The band is considered a reference group by their fans.
Explanation:The answer to the student's question is b) reference group. In this scenario, the members of the country music band act as a reference group for the fans. A reference group is a group that people compare themselves to as a standard of measurement. The fans of the band look to the group for guidance on what products to buy, influenced by the band's presence in the shoe company's ads. The band's fans consider the band a reference group because they identify with the band and use their values, norms, and beliefs as a benchmark for their own behavior.
Krening Realty has been found guilty of running deceptive ads. Which of these statements about the potential penalty is NOT true?
The statement that is not true is that Krening broker may face jail time
Explanation:
Running deceptive ads is not a crime that will need to face jail time if a person is found running deceptive ads the person will be asked to pay the penalty and they will be asked to pay the fine
And the violators will be asked to run the correct form of the ad and the information must be corrected and the civil penalties faced by them will be in millions
On September 1, Horton purchased $13,300 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $280. Payment for the purchase was made on September 18. Assuming Horton uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase?a. $13,580b. $13,300c. $13,167d. $13,447
Answer:
C) $13,167
Explanation:
Since the sales was made FOB destination, the freight charges were included in the invoice, so the total purchase was $13,300.
Horton uses the net method of accounting for purchase discounts, so it will always record the inventory purchases with the applicable discount whether they received them or not.
$13,300 x 99% = $13,167
Since Horton was unable to pay in time, the $133 discount is recorded as a discount lost (expense account).
Polio is transmitted by ingestion of water contaminated with feces containing polio virus. What portal of entry does polio virus use? Polio is transmitted by ingestion of water contaminated with feces containing polio virus. What portal of entry does polio virus use? parenteral only skin only mucous membranes only skin and parenteral skin, parenteral, and mucous membranes.
Answer:
Mucous membrane only
Explanation:
Parenteral route refers to any route other than digestive tract like intravenous , intramuscular route etc.
Polio virus enters the body via mucous membrane of mouth and digestive tract or alimentary canal. . It is found mostly in the infected person's faeca . It can not penetrate skin .