Answer:
CPM
Explanation:
CPM is the abbreviation for Certified Public Manager. It is a professional establishment that has the responsibility of improving performance and best practice standards for public sector managers.
A CPM program is a comprehensive management development program basaed on certain criteria. At the end of a CPM program, a CPM degree is awarded to show the completion of the program and improved managerial capabilites.
Cheers.
Professional certifications are important and can often lead to higher salaries. The Certified MEEC Professional (CMP) program recognizes individuals who have achieved the industry's highest standards of professionalism within the MEEC Industry.
The sentence provided in the question is incomplete and requires the name of a specific program that recognizes individuals for their professionalism within the MEEC Industry. The MEEC Industry is a term that is not commonly defined, but for the purpose of this question, we can assume it refers to a specific sector or field.
The sentence structure implies that the blank should be filled with the name of a certification program that is well-regarded in the industry. The Certified MEEC Professional (CMP) program is a hypothetical certification program that fits the context of the sentence. It suggests that individuals who have been recognized by this program have demonstrated exceptional professionalism and have met the highest standards set by the industry. The use of the word ""Certified"" indicates a formal recognition, and ""Professional"" denotes a level of expertise and conduct expected in a professional setting. The acronym ""CMP"" is often used in various industries to denote a Certified Management Professional or other similar certifications, which aligns with the context of professional achievement.Which modern small-town institution is most like an ancient Sumerian temple in terms of its social power and economic importance to its hometown?
Answer:
Local factory: provides thousands of employment opportunities of both professional and unprofessional to the locals, they have charity affiliations, they own lots of the local market real estate and have good ties with political leaders.
The total rewards approach has arisen from the:
A) changing business environment of the last several decades.
B) organizationʹs business needs.
C) executive boardroom.
D) changing global economy.
E) employeeʹs requirement for stability.
Answer: Changing business environment of the last several decades.
Explanation:
The total reward approach covers the totality of payments and benefits an employee gains from his employer. The total reward approach for running businesses has changed overtime, as employers have discovered more efficient ways of handling employee welfare.
The trees these moths used to live on were white, but have been covered in soot from coal factories. Which moth will be more successful in this environment?
Dark mothLight mothBoth will be equally successfulNeither will be successful
Answer:
Dark moth
Explanation:
The survival of the fittest.
Before, the white moth's characteristics made them the fittest moth to survive in this environment, but as the environment changed and the color of the trees got darker, the advantage shifted to the dark moths. The dark moth's characteristics are now the best ones to survive on the environment, and therefore they will multiply, while the number of white moths will decrease. Now the dark moth is the fittest, and will survive in larger numbers.
The primary goal of a financial manager is ________. A. maximizing wealth B. minimizing return C. minimizing risk D. maximizing profit
Answer:
D. maximizing profit
Explanation:
Maximizing profit because maximizing wealth may also maximize expenses by a certain limit . Minimizing return or risk may not result in maximum profit.
Maximum profit may help the business to develop grow and have the best results. The primary objective of financial managers is to make the business and company more worthy to its owners employees etc. This is achieved by getting the maximum profits. The maximum profits in turn reward every person connected with the company.
The primary goal of a financial manager is maximizing wealth. So, option A is correct.
The primary goal of a financial manager is maximizing wealth. In traditional economics and corporate finance, this is often equated to profit maximization, which means seeking to maximize the difference between revenues and costs. Financial managers are tasked with making decisions that increase the firm's value, where profit serves as a primary indicator of financial health and potential for growth. While minimizing risk and maximizing returns are also concerns for a financial manager, these are typically sub-goals within the broader objective of wealth maximization for the shareholders. Profit maximization can sometimes lead to tensions between ownership and corporate goals, as managers may pursue strategies that prioritize short-term profits at the expense of long-term growth and sustainability. Understanding the marginal decision rule is critical - firms should produce additional units only when the marginal revenue exceeds the marginal cost. In the context of ensuring that the firm operates at least cost while maximizing revenues, a financial manager plays a crucial role in steering the firm towards its primary goal.
Assume Metro Company had a net income of $2,100 for the year ending December 2018. Its beginning and ending total assets were $33,500 and $19,500, respectively. Calculate Metro's return on assets (ROA). (Round your percentage answer to two decimal places.)
Answer:
7.92%
Explanation:
The computation of the return on total assets is shown below:
Return on assets = (Net income) ÷ (average of total assets)
where,
Net income is $2,100
Average total assets = (Beginning total assets + ending total assets) ÷ 2
= ($33,500 + $19,500) ÷ 2
= $26,500
Now put these values to the above formula
So, the ratio would equal to
= $2,100 ÷ $26,500
= 7.92%
The Return on Assets (ROA) for Metro Company is 7.92%. This is calculated by dividing the net income by the average total assets for the year.
Explanation:The Return on Assets (ROA) is calculated by dividing the Net Income by the average total assets for the same period. The Net Income for Metro Company is $2,100. The average total assets is found by adding the beginning and ending total assets and dividing by 2. In this case, the beginning assets were $33,500 and the ending assets were $19,500. Therefore, the average total assets is ($33,500 + $19,500) / 2 = $26,500. The ROA is then $2,100 / $26,500 = 0.0792 or 7.92% when rounded to two decimal places.
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You were recently hired into an organization that you have always wanted to work at, and in addition, your education and experience complement your new position perfectly. According to the situational model, your level of development is
a. S2
b. D2
c. S1
d. D4
According to the situational model, your level of development is D4.
Explanation:
The situation leadership approach, created through control of organisation's activities by Paul Hersey and Ken Blanchard, is a guide. The theory was published as the "life cycle leadership hypothesis" in 1969.
The model of situation leadership used by Blanchard in its definition of various levels of development, the words "voice" (ability, knowledge and skills) and "commitment" (esteem and motivation).
According to Ken Blanchard, "The so-called quality stage is composed of the four combinations of expertise and dedication"
D1 – Low competence with high commitment
D2 – Low/middling competence with low commitment
D3 – High competence with low/variable commitment
D4 – High competence with high commitment
admission to a county fair costs 20 for two adults and one child and 16 for one adult and two children. what is the cost for one adult?
Answer:
cost of 1 adult = 8
Explanation:
two adults and one child == 20
one adult and two children == 16
what is the cost for one adult?
2 adults + 1 child == 20
1 adult and 2 children == 16
if 1 adult price is x and let 1 children be y
2x + y = 20 ........(1)
x + 2y =16 .........(2)
using simultaneous equation of substitution method
eqn (1) becomes y = 20- 2x ........(3)
input eqn (3) in (2)
x + 2(20- 2x) =16 .........(4)
x + 40 - 4x = 16
40 -3x =16
-3x = 16 - 40 = -24
x == 8
since x equal 8
therefore, cost of 1 adult = 8
If an economy is in a recession and the government opts for an expansionary fiscal policy to shift AD closer to potential output, an economist with a typical functional finance view who acknowledges partial crowding out would conclude that the AD:
Answer:
Shifts to the right as a result of increase in government expenditure
Explanation:
An economist with functional finance view is one that has experience or training in finance related field. An economist that acknowledges partial crowding out is one that is persuaded that government cannot spend its way out of recession without a crowding out effect.
Crowding out is when government spending reduces investment spending by the private sector. Therefore an economist with this mindset will naturally conclude that aggregate demand Shifts to the right as a result of increase in government expenditure.
When a person gains a benefit from a previously unauthorized act of an agent and does not deny the authority to act after learning about it, this constitutes an agency created by:
Answer:
The answer is agency by Ratification
Explanation:
An agency by ratification is created when a person gains some benefit from a previously unauthorized act of an agent and the person, upon learning of the act, does not deny that the agent had the authority to perform the act.
A client is admitted to the hospital with a diagnosis of lower extremity arterial disease (LEAD) A client with heart disease has been reading on the Internet about the anatomy and physiology of the heart and tells the nurse, "I'm so confused." The nurse reinforces the pattern of circulation in the body. Which client statement indicates a correct understanding?or peripheral arterial disease. Which is the most beneficial lifestyle modification the nurse should teach this client?
Answer:
Blood enters the right atrium via the superior and inferior vena cava, flows to the right ventricle and then into the lungs, returns from the lungs to the left atrium and left ventricle, and exits out the aorta
Explanation:
The blood stream will flow to the right artium through the vena cava and moves to the right ventricle as well as the lungs. The blood is then returned back to the left atrium and ventricle from the lungs. It later flows out through the aorta. That is the sequence of flow of the blood streams to and from the lungs.
Wal-Mart distribution centers bring together a large variety of different kinds of products from a wide range of manufacturers. Wal-Mart is performing the ______________ function when, based on what each store’s needs are at the time, it combines a number of different products together for shipping to each of its Wal-Mart stores. A. Accumulating B. Assorting C. Allocating D. Buying and selling E. Sorting
Answer:
B. Assorting
Explanation:
Assorting is defined as the term in which the sorting is done on the basis of the kind or classification of the product or the service etc.
This term can also be used for arranging or distributing the product or the service based on the category of the product or the service.
Now, here in the given question the wal-mart sorts the products required by the stores from the large variety available and then distributing it.
Wal-Mart performs the assorting function when it selects and combines various products based on the specific needs of each store for shipment, thereby optimizing their supply chain to meet customer demands at different locations.
Wal-Mart distribution centers are involved in various functions to adjust their supply chain logistics effectively. When Wal-Mart decides what each store's needs are and combines different products together for shipping to each location, it is performing the assorting function. This involves creating a variety of products from multiple manufacturers to meet the specific needs of each store.
The assorting function supports the idea of providing a tailored set of goods that corresponds with consumer demand at different locations. This is in contrast to the accumulating or sorting functions, which involve collecting similar items or categorizing them into groups, respectively. By performing the assorting function, Wal-Mart is adjusting its product offerings to maximize efficiency and satisfy customer needs in its widespread retail locations.
Central City needs to have an income of $3,560,000. The total property is valued for taxation at $92,000,000.What is the tax rate?%
Answer:
3.87%
Explanation:
Data provided in the question:
Income needed by the central city = $3,560,000
Total Value of the property for the taxation = $92,000,000
Now,
The income needed by the central city = Tax collected
or
The income needed by the central city = Total Value of the property for the taxation × Tax rate
or
$3,560,000 = $92,000,000 × Tax rate
or
Tax rate = $3,560,000 ÷ $92,000,000
or
Tax rate = 0.0387
or
Tax rate = 0.0387 × 100%
= 3.87%
Bonita Realty Management Co. received a check for $30,000 on October 1, which represents a one yearadvance payment of rent on an office it rents to a client. Unearned Rental Revenue was credited for the full $30,000. Financial statements are prepared on December 31. The appropriate adjusting journal entryto make on December 31 would be
A.Rent Revenue $2,500Unearned Rent Revenue $2,500
B.Rent Revenue $22,500Unearned Rent Revenue $22,500
C.Unearned Rent Revenue $22,500Rent Revenue $22,500
D.Unearned Rent Revenue $7,500Rent Revenue $7,500
Answer:
D. Unearned Rent Revenue $7,500 Rent Revenue $7,500
Explanation:
The journal entry is shown below:
Unearned Rent Revenue Dr $7,500
To Rent Revenue $7,500
(Being the unearned rent revenue is recorded)
The computation is shown below:
= Unearned rent revenue × (number of months ÷ total number of months in a year)
= $30,000 × (3 months ÷ 12 months)
= $7,500
Since the unearned rent revenue is credited for $30,000 but for adjusting for 3 months we have to debit this account and credited the rent revenue account
Final answer:
The correct adjusting journal entry on December 31 for Bonita Realty Management Co. is to debit Unearned Rent Revenue and credit Rent Revenue for $7,500, which represents rent for the three months out of the year that has been earned.
Explanation:
When Bonita Realty Management Co. receives a payment of $30,000 for one year of advance rent, this amount is initially recorded as Unearned Rental Revenue because the service (the use of the office space) has not yet been provided. This is in keeping with the accrual basis of accounting, which requires that revenues be recorded when they are earned, regardless of when the cash is received.
By December 31, three months of rent have been 'earned', since the office has been in use for that time period by the client. Therefore, the adjusting journal entry should move one quarter of the total payment from Unearned Rent Revenue to Rent Revenue to reflect the rent that has been earned from October 1 through December 31.
The calculation is as follows:
$30,000 ÷ 12 months = $2,500 per month
$2,500 per month x 3 months = $7,500 earned rent
The correct journal entry on December 31 is:
Debit Unearned Rent Revenue $7,500
Credit Rent Revenue $7,500
This entry recognizes that $7,500 of the prepaid rent is now earned, leaving the balance of prepaid rent to be recognized in the following months of the lease term.
According to the text, there are four different aspects of a decision that a business should evaluate in order to___ maximize profits and be a good corporate citizen. Those four items, in order, are the___ implications of the decision, the__ impact, the___ for consumers and employees, and the implications.
a. Legal
b. Public relations
c. Safety risk
d. Financial
Answer: Legal, public relation, safety risk, financial.
Explanation:
The above are different aspects of a decision in order to maximize profit and be a good corporate citizen.
Financial decision taking with respect to capital structure.
Legal- legal rights and responsibilities.
Safety risk assessment and mitigation of safety risk.
Public relation communication that are strategic that builds mutually beneficial relationships.
As the CEO of a software company, Keith is required to participate in several meetings each week. Some of his other responsibilities include helping to formulate the company's strategic plans and giving the final word on which projects the company will undertake. This reflects the ________ aspect of Keith's role as a manager.
A) constraint
B) demand
C) technique
D) compliance
Answer:
B) demand
Explanation:
In this context, the term demand describes how involving the roles, duties, and responsibilities of Keith as a manager are. The term demand implies that Keith's position needs a lot of attention. She many assignments and tasks to perform.
As a manager, Keith's role is demanding. It means she has to be available in person for long hours to attend to her duties. Constraint refers to impediments or obstruction that prevents one from doing their job or attaining their objectives. The technique would mean Keith's style of management.
As the CEO of a software company, Keith is required to participate in several meetings each week. Some of his other responsibilities include helping to formulate the company's strategic plans and giving the final word on which projects the company will undertake. This reflects the B) demand aspect of Keith's role as a manager.
As the CEO of a software company, Keith's involvement in formulating the company's strategic plans and making final decisions on projects reflects the demand aspect of his role as a manager.
In management, demands refer to the responsibilities and requirements that a position entails. These typically include high-level decision-making, strategic planning, and overseeing major company operations.
For example, Keith's participation in several weekly meetings and his role in developing the company's strategic direction are prime examples of these requirements.
These tasks are essential to guiding the company toward its goals and ensuring effective management.
Tristan owns a local flower shop. His customers are already finding him online, but he's curious whether Google My Business can do more than just list his phone number and address. How can Google My Business help Tristan engage his customers?
a. By responding to reviews.b. By sending e-mail newsletters.c. By tracking search history.d. By collecting online payments.
Answer: By responding to reviews
Explanation:
Google my business can also help Tristan respond to reviews/comments made by customers online about his business. Google my business is a tool which business owners make use of, to make their business easily accessible when searched about online and it provides a section for reviews which a business can respond to.
G-My Business can help Tristan engage customers by allowing him to actively respond to customer reviews. Other functions, such as sending newsletters, tracking search history or collecting online payments are not available within the G-My Business platform.
Explanation:G-My Business can indeed offer Tristan additional avenues for engaging his customers beyond simply listing his contact details. Out of the options presented, option a, which is to actively respond to reviews is the way G-My Business can help engage customers. Not only does this approach allow for direct interaction with customers but it also gives Tristan an opportunity to handle any complaints publicly and demonstrate his commitment to customer service.
By responding to reviews: Tristan can use G-My Business to respond to customer reviews. This feature shows clients that their opinions are valued and that Tristan is engaged.However, it's worth noting that G-My Business doesn't offer newsletter services, search history tracking or online payment collection. For these, Tristan might need to explore other digital platforms tailored towards these purposes.
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Classify this form of business:
Selena and Mario run a law firm in Chicago. The firm has debt of 100k, but Selena and Mario are not held personally liable for the law firm's debt
Answer:
Limited Liability Partnership / Limited Liability Company.
Explanation:
Limited Liability Partnership: A limited liability relationship is a company in which certain or all members have defined obligations, based on the law. Consequently, it can show collaboration and organizational features. Each partner in an LLP is not accountable or liable for any wrongdoing or incompetence of another party.Limited Liability Company: A limited liability company is a management structure whose proprietors are not personally responsible for the obligations or responsibilities of the business. Limited liability corporations are hybrid organizations that combine a company's features with that of a partnership or sole business entity.The form of business is a limited liability partnership (LLP) where the partners are not personally liable for the firm's debts.
Explanation:This form of business is known as a limited liability partnership (LLP). In an LLP, the partners are not personally liable for the debts and obligations of the business. Only the assets of the business, such as the firm's bank accounts or other property, can be used to satisfy the firm's debts.
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A Coverdell Education Savings Account may be preferred to a Sec. 529 Education Savings Account under all of the following circumstances EXCEPT:(A)The student beneficiary will use the money to pay for high school expenses.(B)The grantor's modified adjusted gross income is below a certain threshold amount.(C)The grantor is in a low tax bracket.(D)The grantor wants to make a one-time contribution of $15,000 to the account.
A Coverdell Education Savings Account may be preferred to a Sec. 529 Education Savings Account under certain circumstances, but not when the student beneficiary will use the money to pay for high school expenses.
Explanation:A Coverdell Education Savings Account may be preferred to a Sec. 529 Education Savings Account under all of the following circumstances EXCEPT:
(A) The student beneficiary will use the money to pay for high school expenses. A Coverdell Education Savings Account can be used to pay for qualified education expenses for elementary, secondary, and higher education. A Sec. 529 Education Savings Account is specifically designed for higher education expenses.(B) The grantor's modified adjusted gross income is below a certain threshold amount. Both a Coverdell Education Savings Account and a Sec. 529 Education Savings Account have income limits.(C) The grantor is in a low tax bracket. Both accounts can be beneficial for individuals in low tax brackets.(D) The grantor wants to make a one-time contribution of $15,000 to the account. Both accounts allow contributions, but there may be annual contribution limits.Learn more about Coverdell Education Savings Account here:https://brainly.com/question/29490147
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Globalization directly and indirectly influences the politics, environment, geo-politics, and economics of virtually every country in the world.
A) True
B) False
Answer:
TRUE
Explanation:
Globalization as defined by Merrian webster dictionary state that globalization is the development of an increasingly integrated global economy marked by free trade, free flow of capital which help in operating in international scale.
so many factors influences globalization of a country or region which includes Technology, economy, tax system, development of multinational companies.
Globalization has influences politics, environment, geo politics and economic in the following aspect:
Through technology; internet is now in vogue, television, phones, e.t.c, all these enable the country to learn from happening across the world and emulate there advancement.
in politics; technology has brought about e-voting system as against balloting system, which enable every individual to vote at the comfort of there zone.
through global industrialization, country will develop globally, allowing foreign countries to establish business in the country will boast international trade and promote foreign exchange. these will seriously affect the economy of the nation.
and also boast the country environment, because foreigner can migrate in and out of the country easily.
The credit system today is structured to accommodate a state of uncertain employment and income instability, utilizing high interest rates and fees to turn huge profits.
True or False.
Answer:
The credit system today is structured to accommodate a state of uncertain employment and income instability, utilizing high interest rates and fees to turn huge profits. This statement is True.
Explanation:
Since 1970, the credit industry of United States is growing. Credit is marketed also very well because they take high interest rates and fees and continue to flourish by earning huge profits with these.
Banks also lend more money to consumers as they earn high profits by taking more interest rates. Though this credit is actually not good for an individual's financial condition, as they have to re-pay the credit in addition of the high interest. So, the credit structure is designed such that it can sustain high unemployment and income instability these days. Thus, the given statement is True.
If Newton Manufacturers has an accounts receivable turnover of 4.8 times and net sales of $7,812,379, what would its receivables be?
Answer:
$1,627,579
Explanation:
The formula and the computation of the account receivable turnover ratio is presented below:
Account receivable turnover ratio = Net credit sales ÷ Average accounts receivable
4.8 times = $7,812,379 ÷ Average accounts receivable
So, the average accounts receivable would be
= $7,812,379 ÷ 4.8 times
= $1,627,579
According to the IASB Framework, the two criteria required for incorporating items into the income statement or statement of financial position are that:_________
A) It meets the definition of relevance and faithful representation.
B) It meets the definition of an element and can be measured reliably.
C) It satisfies the criteria of capital maintenance.
D) It meets the requirements of comparability and consistency.
Answer:
A) It meets the definition of relevance and faithful representation.
Explanation:
According to IASB Framework, an asset or liability is recognised only if recognition of that asset or liability and of any resulting income, expenses or changes in equity provides users of financial statements:
a) Relevant information about the asset or liability and about any resulting income, expenses or change in equity
b) A faithful representation of the asset or liability and of any resulting income, expenses or changes in equity.
So based on the above discussion, the answer is A) It meets the definition of relevance and faithful representation.
The IASB framework has been capable of providing a relevant and faithful representation to the financial statement. Thus, option A is correct.
The International Accounting Standards Board (IASB) had issued the documentation that has been dealing with the financial statement in the year 1989. The framework has been helpful in providing the format for the external users.
The framework provides the assets and liabilities to the consumers when there have been the presence of relevant and faithful information for the income source,
Thus, the IASB framework has been capable of providing a relevant and faithful representation to the financial statement. Thus, option A is correct.
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Which term refers to items that are imported without the consent of the trademark holder? A. Product adaption strategy B. Gray market goods C. Dumping D. Free trade zone E. Backward invention strategy
Answer:
B. Gray market goods
Explanation:
Gray market goods is the term which refers to items that are imported without the consent of the trademark holder.
Unlike 'backward invention strategy and 'product adaptation strategy' where products are re engineered and re adapted to suite the peculiarities of the developing economies, Grey Market is trade of commodities through authorized distribution channels but are not authorized by the original manufacturer or owner of the trade mark.
The airline and hospitality industries use______by which they offer discounted but limited early purchases, higher-priced late purchases, and the lowest rates on un-sold inventory just before it expires.
A) Special-customer pricing.
B) Yield pricing.
C) Cash rebates.
D) Location pricing.
E) Customer-segment pricing.
Answer:
Yield pricing
Explanation:
Yield control refers to the variable pricing model based on knowing, forecasting and manipulating consumer preferences to optimize a set, moment-limited resource's sales or income.
As a particular stock-focused sales control division, yield management includes competitive inventory support in order to deliver the right model to the right buyer at the perfect time for the correct price.
Yield management is multidisciplinary, as it combines marketing, procedures and money management aspects into a new strategy that is extremely successful. While planning and executing yield management techniques, yield management analysts often need to collaborate alongside one or more divisions.
Hard Rock Mining is a mineral mining company. The CEO of Hard Rock Mining died last month. The news led to a short-term decline in the company's stock price, but the price bounced back after the company announced its increased quarterly earnings. This is an example of:
This is an example of:
a. An LLP/LLC
b. A corporation
c. A proprietorship
d. A partnership
Answer:
b. A corporation
Explanation:
Hard Rock Mining is a corporation because they are the only business types that have shareholders.
An LLP/LLC and partnership is owned by partners.
A sole proprietorship is owned by one person. The death of the ceo would most likely lead to the dissolution of the business.
I hope my answer helps you
Complete the following sentence. If, as the price of orange juice decreases, the quantity of grapefruit juice that people buy decreases, then orange juice and grapefruit juice are _______.
Answer: Substitutes
Explanation:
The consumers take orange juice and grape fruit juice as substitute for each other: when goods are substitutes, one can be consumed in place of the other, therefore an increase in demand for one substitute would directly lead to the decrease in demand of the other.
Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value.
Answer:
Promotion expenses $40,000
To Common stock A/c $40,000
(Being the issuance of the shares is given to promoters is recorded)
Explanation:
The journal entries are shown below:
Promotion expenses $40,000
To Common stock A/c $40,000
(Being the issuance of the shares is given to promoters is recorded)
Since the stock has no stated value so we do not consider the additional paid-in capital in excess of par value account
We only recorded the promotion expenses and the common stock account for $40,000
Which type of small store carries a limited line of high-turnover convenience goods and makes most of its revenues from cigarette, beverage, and gasoline sales?
A) hypermarket
B) chain
C) convenience
D) supermarket
E) department
a company saw a drop in sales after negative publicity around a scandal involving safetry reports. the strategic changes the company makes to deal with this situation are reactive changes.
Answer:
The question is not complete, below is the complete question:
A company saw a drop in sales after negative publicity around a scandal involving safety reports. the strategic changes the company makes to deal with this situation are reactive changes?
(A) True
(B) False
Correct answer is (A) True
Explanation:
This shows that a company external environment, as an impact on the company sales of goods and services.
Final answer:
Reactive changes are strategic adjustments made in response to a crisis in business, often handled by crisis communication professionals.
Explanation:
Reactive changes are strategic adjustments made by a company in response to a crisis or negative event such as a scandal impacting its operations.
These changes aim to address the issues at hand and mitigate the damage caused by the crisis. In the business world, organizations often employ crisis communication professionals to handle such situations effectively.
Smith, CPA, is a partner of Johnson Accounting Firm. Johnson audited the books of Hometown Bank. Smith's independence would be impaired under which of the following circumstances?
Answer:
A. Smith is a Director of Hometown Bank
Explanation:
First, the multiple Options
a. Smith is a director of Hometown Bank.
b. Smith has a collateralized automobile loan with Hometown Bank.
c. Smith had an account with Hometown Bank 2 years ago.
d. Smith and a Hometown Bank board member belong to the same church.
Basically, there are 5 characteristics of an auditor whose responsibility is access the financial statement of an organisation and give a true and fair report on the state of the business. One of these characteristics is Independence and Objectivity.
When there are potential risks to the ability of the auditor to give a true and fair view of the audited books, the we say the auditor's independence is impaired.
An auditor's independence is impaired as a result of business relationship with clients. This includes any form of business association with client as manager, employee, director among others.
Based on these definitions, Smith as a director of Hometown Bank and a partner of Johnson Accounting firm risks the impairment of his independence because of the business relationship of being a Director with the client.