Answer:
It is called controlling
Explanation:
Controlling has to do with ensuring that actual result is in line with target objectives or budget and where there is variance, this is investigated and corrective actions are taken .
Sometimes, this is called management by objectives. At the beginning of the period, budgets are prepared but most times, things may not work out as planned. Hence, there is need for controlling the results to ensure that organization's objectives are ultimately achieved.
A worldwide terrorist organization collectively known as ""Hackers Worldwide"" focuses on large breaches of retail stores to steal millions of credit card accounts. Which of the following threat actors fits this description?
Answer:
Organized crime
Explanation:
Organized crime is an international, national or local grouping used for highly placed enterprises run by criminals to perpetrate illegal activities for profit.
This crime enterprises could be motivated by a lot of things, one of which is political(for organizations like terrorist organizations).
Cheers.
Which new trend resulted from the increase in availability of exotic foods on a global scale?
Increased availability of exotic foods has led to food globalization, a trend characterized by a uniform food culture with mass-produced items, health concerns over additives, and renewed interest in Indigenous culinary heritage. In opposition, local food movements and the locavore concept promote locally sourced foods.
One new trend that has emerged from the increased availability of exotic foods on a global scale is the concept of food globalization. Due to the extended reach of transnational corporations, there has been a shift towards a more uniform food culture, often revolving around a small variety of mass-produced items. As food is transported across long distances, the reliance on preservatives, additives, and the need for foods to be harvested unripe has grown. This has led to a reduced diversity in our diets and potential health risks due to the additives and substances like antibiotics found in meats.
At the same time, globalization has increased interest in rediscovering foods originating from Indigenous cultures, which involves historical, oral, and genetic approaches to revive culinary heritage. Additionally, the increased availability of global food commodities has also spurred the locavore movement, advocating for locally sourced and organically produced food as a response to the downsides of food globalization. The concept of eating locally sourced products has gained popularity as a way to ensure food safety, nutritional value, and support local economies.
Globalized foods and local food movements reflect two contrasting trends resulting from the same phenomenon, illustrating the complex nature of our modern food supply chains and the various ways communities respond to it.
Countrywide Financial enabled Bank of America to extend its mortgage lending business and to tap into a large pool of new customers who might be interested in its credit card, consumer banking, and other financial products.
Answer:
Importance of information
Explanation:
Information sharing is an important aspect of any information and excessive information can lead to misconduct in some areas. Furthermore, it is understandable that information leads to more market awareness and synergies between different aspects of a business. Bank mortgages are an important source of funding for American banks and information sharing has led banks to attract more customers who might be interested in credit card etc.
The acquisition of Countrywide Financial by Bank of America allowed the latter to expand its mortgage lending business. However, securitization of mortgage loans and economic changes led to the financial crisis in 2007, affecting many banks including Bank of America.
Explanation:The Countrywide Financial acquisition enabled Bank of America to expand its mortgage lending business, potentially reaching a larger customer base for its other financial services. Throughout the late 1990s and early 2000s, changes in banking laws allowed for the securitization of mortgage loans, turning them into bonds sold to investors. These changes effectively separated the lender's financial interests from the borrower's ability to repay, thus making riskier loans more attractive to institutions. Despite the attractive nature of these investments initially, many of these subprime loans eventually had a devastating effect on the larger economy especially during the peak of the housing market in 2007.
When the borrowers started to default on their loans, major financial institutions, including Countrywide Financial and Bank of America, found themselves in financial trouble. This prompted the federal government to step in. Apart from the negative effects on large institutions, small banks also felt the impact, with many facing closure. Bank of America was involved in this economic turmoil due to its decision to heavily invest in these mortgage loans via Countrywide Financial.
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All of the following statements about decision style are true EXCEPTA) autocratic styles are authority-based.B) decision styles are consistent among top managers.C) heuristic styles can also be democratic.D) decision styles may vary among lower-level managers.
Answer:
B. decision styles are consistent among top managers
Explanation:
Decision making styles differ between managers. Many managers exercise autocratic style which is authoritative wherein very limited inputs from the subordinates are taken and there is little scope for constructive advises.
In heuristic style, the strategies help managers to take clear cut decisions in a prompt manner. In such a form, decisions are arrived at quickly.
Managerial decision making methods differ from manager to manager and are an outcome of managers own judgement and demeanor.
Hence it is evident from above points that decision styles are not consistent among top managers.
Countrywide Financial enabled Bank of America to extend its mortgage lending business and to tap into a large pool of new customers who might be interested in its credit card, consumer banking, and other financial products.
This scenario is an example of __________.
Countrywide Financial enabled Bank of America to extend its mortgage lending business and to tap into a large pool of new customers who might be interested in its credit card, consumer banking, and other financial products. This scenario is an example of how information systems help businesses use synergies to achieve competitive advantage.
Explanation:
Any business in the current business environment is affected drastically by the information systems. The awareness about the information systems helps an entrepreneur to get top know about the new technologies and the operation of their competitors in such environment. Information technologies plays many different roles in business environment.
The structure of any industry can be changed and new rules can be implemented based on the competition. The information system can make any companies to create or achieve competitive advantage and perform their functions. It can also helps in changing the technology that is being practiced in a business for a long term.
Positive technological change in the production of LCD televisions caused the price of LCD televisions to fall. Holding everything else constant, how would this affect the market for Blu-ray players (a complement to LCD televisions)?
A. The demand for Blu-ray players would increase and the equilibrium price of Blu-ray players would increase.
B. The demand for Blu-ray players would increase and the equilibrium price of Blu-ray players would decrease.
C. The demand for Blu-ray players would decrease because consumers could afford to buy fewer LCD televisions and Blu-ray players.
D. The supply of Blu-ray players would increase and the equilibrium price of Blu-ray players would decrease.
Answer:
A. The demand for Blu-ray players would increase and the equilibrium price of Blu-ray players would increase.
Explanation:
Complement goods are goods that are demanded together. An increase in demand for one good would lead to an increase in demand for the other good.
If the price of LCDs falls, the quantity demanded would increase. This would lead to an increase in demand for the players too. The increase in demand for the players leads to a rise in price of the players.
I hope my answer helps you.
Betsy, a recent retiree, requires $5 comma 000 per year in extra income. She has $60 comma 000 to invest and can invest in B-rated bonds paying 17% per year or in a certificate of deposit (CD) paying 7% per year. How much money should be invested in each to realize exactly $5 comma 000 in interest per year?
Answer:
Betsy needs to invest $8,000 in bonds and $52,000 in a CD
Explanation:
B = amount invested in bonds
C = amount invested in a CD
step 1:
B + C = 60,000
0.17B + 0.07C = 5,000
step 2:
C = 60,000 - B
step 3:
0.17B + 0.07(60,000 - B) = 5,000
step 4:
0.17B + 4,200 - 0.07B = 5,000
step 5:
0.1B = 800
step 6:
B = 800 / 0.1 = 8,000
C = 60,000 - B = 60,000 - 8,000 = 52,000
Your company decides to use internal sources for developing new product ideas. Which of the following would not be a common internal source?
a. executives and professionals
b. company records and data
c. intrapreneurial programs
d. suppliers
e. salespeople
Answer: (D) Suppliers
Explanation:
According to the given question, the organization using the various types of internal sources as it helps in developing the various types of new products ideas in the market.
The supplier is one of the common internal source in an organization as it helps the employees for encourage them for developing various types of new ideas and concepts.
The organization basically developing various types of new ideas by the formal research process and also through the development. Therefore, Option (D) is correct answer.
d. Suppliers are not a common internal source for developing new product ideas because they are external partners. Common internal sources include executives, company records, intrapreneurial programs, and salespeople. Internal feedback is usually prioritized over professional reviews.
When a company decides to develop new product ideas using internal sources, its own resources and capabilities. Common internal sources include:
executives and professionalscompany records and dataintrapreneurial programssalespeopleAmong the options given, suppliers would not be considered an internal source because suppliers are external partners that provide goods or services to the company.
Note that while professional intermediaries and advisory groups can offer important insights, internal audiences' responses are often prioritized, as they are more intimately familiar with the company's needs and capabilities.
The _____ is the idea that an organization exists not only to satisfy customer wants and needs but also to preserve individuals' long-term best interests.
A. promotional orientation
B. production orientation
C. sales orientation
D. societal marketing orientation
Answer:
correct answer is D. societal marketing orientation
Explanation:
correct answer societal marketing orientation because
Societal marketing is that market which deliver product and service as that it is satisfy need of consumer and the requirement of organization
and it is based on societal welfare and it emphasize for organization that make strategic marketing decision for consumer and organization needs as keep in mind for long term interest of society
so correct answer is D. societal marketing orientation
In addition to deploying business intelligence (bi) systems, companies may also perform other actions to counter business pressures, such as improving customer service and entering business alliances.
a. True
b. False
Answer:
Answer for the following statement is TRUE.
Explanation:
The rewards of entering into alliances include access to new technology, R&D tools, and IP protection, diversification of products and services, enhancement of supply distribution and product life cycle cycles, the efficiency of production and elimination in operating and administrative costs.therefore In addition to implementing business analytics solutions, businesses can also take certain steps to combat market challenges, such as enhancing customer service and entering into corporate partnerships.
Direct costs typically include the cost of direct labor as well as other direct costs for items such as material, travel, subcontracts and computer time.?
Answer:
True
Explanation:
The direct cost is that cost which is directly related to the manufacturing process of the product or the production process of the product
The example of the direct cost involves direct material cost, direct labor cost, supplies cost of manufacturing, travel, subcontracts, computer time, etc
Hence, the given statement is true.
2. Which of the following headlines is more closely related to what microeconomists study than to what macroeconomists study?
a. Unemployment rate falls from 7.5 percent to 7.3 percent.
b. Real GDP falls by 0.4 percent in the third quarter.
c. Inflation was 2.4 percent last year.
d. The price of gasoline rises due to rising oil prices.
Answer: The answer is D. The price of gasoline rises due to rising oil prices
Explanation: microeconomist study is based on the interaction of individuals or firms in an economy, rather than aggregate economic factors that affect a nation as a whole. Examples are inflation rate, unemployment rates, Per capital income, GDP etc
The division of economics where behavioural research, choices of firms, and the intercommunication between the individual and firm is called microeconomics.
While macroeconomist investigates the arrangement, behaviour, and performance of the whole economy.
The correct answer is:
Option D. The price of gasoline rises due to rising oil prices.
This can be explained as:
Microeconomist study the individual or the organization's role in the economy.It does not deal with the issues that involve the economy as a whole.Microeconomist, therefore, examines and foretell the individuals or firms assets.Therefore, an increase in the gasoline price will be studied by microeconomists.
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A buyer is concerned about making changes to a historic property he wants to purchase. Who should the buyer consult?
Answer:
real estate agent
Explanation:
A real estate agent is seen as a licensed professional , whose job or duties is to arrange real estate transactions, putting buyers and sellers together and acting as a representatives in negotiation. this negotiations and purchase are basically made for property procurement.
involves the actual taking of cash, inventory, information, or other assets whereas _______ involves selling stolen assets or transferring them into cash and then spending the cash.
Answer:
1. Theft 2. Conversion
Explanation:
The consequence of a dishonest action such as theft is usually dependent on the type of theft committed by the perpetrator. It is also determined by the role played by the thief.
The common type is the one actually referred to as theft and it involves taking cash, goods, information, assets. This type of theft can be physically done or virtually or electronically.
However, Conversion is also a kind of theft but it represents the transference or conversion and sales of stolen asset into cash form and conversion as a form of theft also involves the actual spending of the cash. Once an income through trade or sales is generated from stolen goods then theft by conversion is established.
This is the reason why both the thief of a good and the seller/keeper of the stolen item are implicated by the law upon discovery.
To show how successfully your business performed during a period of time, you would report its revenues and expenses in the
A. balance sheet.
B. retained earnings statement.
C. income statement.
D. statement of cash flows.
Answer: The correct answer is c). Income statement.
Explanation:
An income statement is a part of the financial statements. It is used for reporting a company's financial performance over a financial period.
Revenues and expenses are reported on an income statement to arrive at either profit or loss of a company.
Which of the following may be a current liability? 1. Withheld Income Taxes. 2. Deposits Received from Customers. 3. Deferred Revenue. 4. All of these answers are correct.
Answer:
Option "D" is the correct answer for the following :
All of these answers are correct.
Explanation:
Withheld Income Tax: A withholding tax is a sum an individual withholds in wages of the workforce and charges directly to the state. The balance deferred is a deduction against the employee's taxes throughout the year.Deposits Receiver Form Customer: A consumer deposit is a cash charged by a buyer to a supplier for which the business has not yet purchased a product or service in return. The organization is obligated to provide products or services specified or to refund the money.Deferred Revenue: Deferred revenue is a responsibility, as it indicates non-earned sales that cover products or services due to a client. As the product or service is distributed over time, compensation on the consolidated financial statements is remembered proportionally.
Disturbed, Inc., had the following operating results for the past year: sales = $22,676; depreciation = $1,440; interest expense = $1,160; costs = $16,555. The tax rate for the year was 38 percent. What was the company's operating cash flow?
A cash flow statement's initial section depicts operating cash flow, which additionally includes contributions from financing and investing activities. The Operating Cash Flow is $3623.
Given information:
Sales = $22,676
Depreciation = $1,440
Interest expense = $1,160
Costs = $16,555
Tax rate = 38%
The computation of Operating Cash Flow is as follows:
First, calculate the net income:
[tex]Net \ Income = (Sales-Costs- Depreciation- Interest \ Expense)\times(1-tax \ Rate)\\\\\rm Net \ Income = \$ (22676 -16555-1440-1160)\times(1-0.38)\\\\\rm Net \ Income = \$ 2,183.02[/tex]
Then the Operating Cash Flow is:
[tex]\\\rmOperating \ Cash\ Flow = Net \ Income + Depreciation\\\\\rmOperating \ Cash\ Flow = \$ 2,183.02+1,440\\\\\rmOperating \ Cash\ Flow =\$ 3623.02[/tex]
Hence, the Operating Cash Flow is $3623.
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The company's operating cash flow is calculated by subtracting costs from sales to get EBIT. Then add the depreciation expense to EBIT. Hence, the operating cash flow of Disturbed, Inc. is $7,561.
Explanation:The company's operating cash flow can be computed by subtracting non-cash expenses (like depreciation) from Earnings Before Interest and Taxes (EBIT). In this case, we need to compute EBIT first which can be calculated as total sales minus costs. So, EBIT = sales - costs = $22,676 - $16,555 = $6,121. Then we add back the non-cash depreciation expense to the EBIT, therefore Operating Cash Flow = EBIT + Depreciation = $6,121 + $1,440 = $7,561.
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RESTAURANT RESEARCH SCENARIO - Insight Research, a marketing research company, has been hired by a national chain of family restaurants to help them better understand their customers and their preferences. The restaurant chain has several competitors competing for the same customer segments and has experienced sales declines in the past few years. Researchers go "under cover" and pretend to be customers so that they will fit in while they observe the interactions between customers and the wait staff. Subsequently, they write a report of their interpretations of what they experienced personally while pretending to be a customer. They also add in details of what they saw regarding interactions of other customers with each other and with the employees of the restaurant. Some conclusions drawn were that the employees were not especially attentive to the customers and that customers were overheard saying they didn't intend to return. Some researchers also noted that the food was not very good and they saw several customers return orders.
Refer to the Restaurant Research Scenario. Which of the following current demographic trends is most likely to result in the restaurant experiencing an increase in sales?
Answer:
Employees attitude to customers (Customer Relationship) and the quality of the food are the two most important trends that would bring about an increase in sales.
Explanation:
The first instrument of effective sales is an establish relationship. If a customers visits a restaurant to buy food and does not feel welcomed, the tendency to return back another time is very slim. Hnece, taking the scenerio in questions,the employees do not have the right attitude for keepiing their customers loyal to their product irrespective of whether the product is good or bad.
On the other hand, the reason for visiting a restaurant is to eat good food and not bad. So, when the quality of food cooked by the restaurant does not meet the taste and quality expected by the customer, the possibility of having such customer come around again is low. This invariably implies loosing the customer and the chain of connections such customer would have brought to the restaurant.
In summary, having the right employees with good customer relationship and chefs with good food recipes and quality is likely to result in the restaurant experiencing an increase in sales
The production possibilities frontier shows the ________ combinations of two products that may be produced in a particular time period with available resources.
a) maximum attainable
b) equitable
c) minimum attainable
Answer:
Option (a) is correct.
Explanation:
The production possibility frontier curve is a graphical representation of all the points or combination of two commodities that an economy can produce with the limited or available resources.
All the points on the PPF curve shows the best combination of two goods, all the points below that curve shows that resources are not fully utilized and all the points above that curve shows that allocations are not achievable.
The production possibilities frontier shows maximum attainable the combinations of two products that may be produced in a particular time period with available resources.
a) maximum attainable
The production possibilities frontier (PPF), also known as the production possibilities curve (PPC), represents the maximum attainable combinations of two products that may be produced in a particular time period with the available resources and technology. The PPF is a fundamental concept in economics used to illustrate the concept of scarcity, opportunity cost, and the trade-offs that exist when allocating resources between the production of two goods or services.
The PPF typically consists of a graph with two axes representing the production of two different goods or services. Points along the curve represent combinations of the two products that can be produced given the current resources and technology. Points inside the curve represent inefficient resource allocation, while points outside the curve are unattainable with the current resources and technology.
The shape of the PPF depends on various factors, including resource availability, technological advancement, and the efficiency of resource allocation. When resources are efficiently allocated, the PPF shows the maximum attainable combinations of the two products. Any point on the curve, or the curve itself, represents the most efficient use of resources to produce a combination of goods, given the limitations of resources and technology.
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If a product is repaired under warranty, the seller would record a journal entry that includes a ________.a. debit to Product Warranty Payable. b. credit to Product Warranty Payable. c. debit to Supplies. d. debit to Cash.
Answer: Debit to Product Warranty Payable
Explanation: Product Warranty Payable is a liability account that has a credit balance. To increase a liability a credit is recorded while to reduce a liability a debit is recorded to the liability.
The seller maintains the warranty as a liability and initially records a debit to its product warranty expense and a credit to its product warranty Payable.
When a repair is done on a product under warranty, the seller records a debit to the product warranty Payable to reduce it’s liability.
Also, a debit to either supplies or cash will increase the expense and assets accounts respectively which will amount to incorrect journal entries.
Dynamic Production Services started the year with total assets of $130,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $100,000 and $60,000, respectively. During the year, there were no new capital contributions and the owner withdrew $45,000. Calculate Dynamicʹs net income for the year.
A) $60,000.
B) $130,000.
C) $40,000.
D) $100,000.
Answer:
C) $40,000.
Explanation:
As we know, the net income is a difference between the total revenues and the total expenditure incurred
Net income = Total revenues earned - Total expenditure incurred
= $100,000 - $60,000
= $40,000
By subtracting the total expenses from the total revenues we can find out the net income and the same method is applied in the above calculation
You are a financial manager in a public corporation. One of your engineers says that they can increase the profit margin on your flagship product by using a lower quality vendor. However, the product is likely to fail more often and will generally not last as long. Will taking your engineer's suggestion necessarily make shareholders better off? Why or why not?
Answer:
No, the particular suggestion never makes shareholders better off.
Explanation:
No, it isn't necessarily going to make investors better off.
Although we are cutting costs, that could boost earnings in the short term, we will deal with much more expensive permit problems and lost public image with our customers, possibly leading them to purchase from our rivals, that in the longer term would decrease cash flow.
Having a commodity less expensive but of lesser quality is not the same as increasing the value of the shares.therefore, we have to reject this offer.
Managerial economics
a. describes how the pay for managers is set.
b. explains which products consumers will buy.
c. helps managers make decisions in the face of scarcity.
d. ensures managers always make good decisions.
Answer:
d. ensures managers always make good decisions.
Explanation:
Managerial economics is the study of the economics theory with accounting managerial scope to ensure the decision taken are as required within the business practices. It helps managers to solve accounting problems and make decision using economic theory and laws.
It provides a basis to solve and give the best solutions at all times even under constraints or in the time of scarcity. It uses quantitative methods and statistical tools to get better result oriented strategies.
When an economy is operating efficiently, the production of one more unit of a good will result in some loss of production of another good because:a) resources are limited and efficiency implies that all resources are already in use. b) consumers will not want more of both goods. c) the production possibilities frontier (PPF) shifts inward as more of only one good is produced. d) technology can only improve the production of one good.
Answer:
a) resources are limited and efficiency implies that all resources are already in use
Explanation:
If production is efficient, it means that the economy is producing on the production possibility frontier and all resources are in use.
To produce one unit of a good, the economy has to forgo producing one unit of the other good.
I hope my answer helps you.
A unit cost is computed by ________.
a. dividing variable cost by the number of units produced.
b. dividing fixed cost by the number of units produced.
c. multiplying total cost by the number of units produced.
d. dividing total cost by the number of units produced.
Answer:
D
Explanation:
A unit cost is the cost of producing one unit of goods or services. It is calculated by dividing the total cost (sum of fixed and variable cost) by the total number of units produced
A unit cost is computed by d. dividing total cost by the number of units produced.
d. dividing total cost by the number of units produced.
A unit cost, also known as the cost per unit, is calculated by dividing the total cost incurred by a business by the number of units produced. This calculation helps companies understand the cost associated with producing each unit of a product or providing each unit of a service. It is a fundamental concept in cost accounting and financial analysis.
Here's a breakdown of the options:
a. Dividing variable cost by the number of units produced: This would give you the variable cost per unit, not the total unit cost. Variable costs are costs that change in direct proportion to changes in production levels.
b. Dividing fixed cost by the number of units produced: This would give you the fixed cost per unit, not the total unit cost. Fixed costs remain constant regardless of the level of production.
c. Multiplying total cost by the number of units produced: This calculation would give you the total cost of producing the specified number of units, not the cost per unit. It does not yield the unit cost.
d. Dividing total cost by the number of units produced: This is the correct method for calculating the unit cost. It provides the cost incurred to produce each individual unit, taking into account both variable and fixed costs.
In summary, option (d) is the accurate method for computing the unit cost, which is essential for various financial and operational decisions, including pricing, budgeting, and cost control.
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The project manager is supposed to facilitate the work of the project team and must, therefore, stay aloof from the conflicts arising among project team members.
True / False.
Answer:
FALSE
Explanation:
The project manager is supposed to facilitate the work of the project team and must, therefore, resolve the conflicts arising among project team members.
Conflict resolution is a key responsibility of project managers and according to the Project Management Body of Knowledge suggests five techniques for conflict resolution in project management namely:
1. Withdraw/Avoid: When there is likely to be outburst of temper
2. Smooth/Accommodate: Emphasize your similarities NOT differences
3. Compromise/Reconcile: Asking one party to step down for another
4. Force/Direct: Use of authority to over rule in the situation
5. Collaborate/Problem Solve: Adopt a unified or win-win position.
It is clear from the 5 methods that only in one case should a project manager withdraw but generally it is the project manager's responsibility to handle conflict resolution.
There are 100 consumers, each of whom values a concert ticket at a unique whole number dollar amount between $1 and $100. One customer is willing to pay $1, a second is willing to pay $2, a third is willing to pay $3, and so on. An unlimited number of concert tickets are on sale for $15 each. Create a simple demand curve to represent this scenario and using that curve calculate the total consumer surplus. What is the total consumer surplus in this market?
A) $3,612.50
B) $4.250.00
C) $4,887.50
D) $5,000.00
Answer:
A) $3,612.50
Explanation:
There are 85 (= 100 - 15) customers willing to purchase concert tickets that will have some consumer surplus. The first 14 will not purchase the tickets since they value the concert less than $15 and the customer that values the concert at $15 wouldn't have any consumer surplus.
Consumer surplus is the difference between the amount of money a consumer is willing to pay for a good or service, and the actual price of the good or service. In this case consumer surplus goes from $1 to $85. Average consumer surplus = 1/2 x $85
We can calculate it by drawing a graph or by using the following equation:
average consumer surplus x number of consumers = (1/2 x $85) x (100 - 15) = $3,612.50
National savings is equal to the sum of private savings and public savings. To make our notation a bit easier, we will call national savings S, Private savings V, and public savings U. So in other words, S=V+U. If private savings 'V'= 0.75S and the total savings 'S' equals $4.20 billion, then
a) Public savings = S _____ billion, and;
b) Private savings= S _____ billion?
Answer:
a. Public savings = $1.05 billion
b. Private savings = $3.15 billion
Explanation:
Given that
Total savings, S = $4.20 billion
And
S = V+U
National Savings = Private savings + Public savings
where,
V = private savings
U = public savings
And
Private saving, V = 0.75 × S
= 0.75 × $4.20 billion
= $3.15 billion
And, the public saving would be
= National savings - private savings
= $4.20 billion - $3.15 billion
= $1.05 billion
Savings is that part of income which is left after making all the payments and managing expenses from the income. Similarly, national savings are the total savings of a nation after all the payments and expenses.
Given
Total national savings are $4.20 billion
Private savings are 75%
National savings is a sum total of public and private savings
Here,
Public savings is represented by U,
Private savings is represented by V, and
National savings is represented by S
Calculations[tex]\begin{aligned}\rm (b) \: Private\: savings &= National\:savings \times \dfrac{75}{100} \\\\\rm \: Private\: savings &= \$ 4.20 \times (\dfrac{75}{100})\\\\\rm \: Private\: savings &=\$ 4.20 \times 0.75\\\\\rm \: Private\: savings &=\$ 3.15 \:billion \end[/tex]
Therefore private savings is $3.15 billion.
(a) Similarly, public savings is a difference of national savings and Private savings.
[tex]\begin{aligned}\rm Public\: savings &= \rm National \:savings - Private\: savings \\\rm U &=\rm S-V\\\rm U&= \$4.20- \$3.15 \\\rm U &=\rm \$ 1.05 \:billion \end[/tex]
Therefore , (a) public savings are U = $1.05 billion and (b) private savings are V = $3.15 billion.
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Crane Inc. took a physical inventory at the end of the year and determined that $834000 of goods were on hand. In addition, the following items were not included in the physical count. Crane, Inc. determined that $94000 of goods purchased were in transit that were shipped f.o.b. destination (goods were actually received by the company three days after the inventory count). The company sold $41500 worth of inventory f.o.b. destination that did not reach the destination yet. What amount should Crane report as inventory at the end of the year?
Answer:
$834,000+$41,500 = $875,500
Explanation:
Generally, F.O.B. terms determines which party would include stock in transit in inventory. Goods in transit in any case always belongs to the party holding legal ownership. When the goods in transit are sold F.O.B. destination, they belong to the purchaser only when they arrive at their final destination. When the goods in transit are sold F.O.B. shipping point, they belong to the purchaser once they shipped by the seller.
Applying the above to the scenario, the $94000 of goods purchased were in transit that were shipped f.o.b. destination, will not be included in inventory but the goods sold $41500 worth of inventory f.o.b. destination that did not reach the destination yet, will have to be included.
Therefore Inventory figure should be the $834,000 in stock plus the $41,500 sold goods in transit, on the terms of f.o.b destination.
"Cost accounting information developed for managers to use in making decisions must comply with generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS)."
A. True
B. False
Answer:
False
Explanation:
The above statement is false because cost accounting information developed for managers is mostly for reporting to shareholders the cost situation of the firm.
Cheers.