Answer:
Most of these firms had audit committees that met at least four times a year.
Explanation:
COSO stands for Committee of Sponsoring Organization, which is an organization that is dedicated to offering the thought of guidance as well as leadership on the fraud deterrence, internal control and management of enterprise risk.
From the findings which is not found as fraud is that the most of the firms or businesses had committees of audit which met at least 4 times a year.
A 65-year old retired teacher living on a pension has $200,000 invested in 2 year certificates of deposit that are yielding 4%. $20,000 of the CDs are maturing and the customer wants to diversify into an investment that gives a higher return and a moderate level of risk. The BEST recommendation would be:
A. High yield corporate bonds
B. Treasury strips
C. Equity REITs
D. Income bonds
Answer:
The BEST recommendation would be:
C. Equity REITs
Explanation:
Equity REITs are Real Estate Investment Trusts that allow investors to purchase real estate without necessarily going out and buying the property themselves. They act as middlemen between the investors and the property sellers. The equity REITs invest and own property. The REITs in this way act as a type of security where the property can be traded in the market exchange like stocks and bonds. In this way, investments from large and small investors can purchase a piece of the real estate depending on the amount invested. The investors then own what is called, a share of the real estate.
To be a REIT, one needs to meet certain standards and regulations, for example; the REIT has to have more than 100 shareholders, the REIT has to be managed by a board of directors and the dividend payments have to be at least 90 percent of the REIT's taxable income per year. Equity REIT typically invest in the real estate sector like; industrial estates, residential estates and resorts. The y gain revenue from the rental income from the real estate holdings. This option would be best for the retired teacher since Equity REITs pay high dividends and the risk level is moderate since the real estate investments is diverse.
High yield corporate bonds have a higher return but the risk level is also considerable high. Treasury strips have low returns even though the risk is also very low. Income bonds have a high return only if the investor also has a high net income.
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $10 million to $20 million between one year and the next. Assuming that the price of gold increased by 100 percent over the same period, by what numerical amount did Glitter Gulch
Answer:
A. The real output did not change or changed by $0
B. The real output changed by $10,000,000
Explanation:
First, the question is incomplete, the following is the completion
a. Assuming that the price of gold increased by 100 percent over the same period, by what numerical amount did Glitter Gulch’s real output change?
b. If the price of gold had not changed, what would have been the change in Glitter Gulch’s real output? $ million.
A) First, the real output in the question refers to the gold amount as produced by the mind.
Sales revenue for the first year is $10,000,000 and then it doubled the next year to $20 million. Also, since the price of gold also increased by 100% over the same period, it means that it was the price increase by 100% that led to the 100% increase in sales revenue. This means that the real output of gold from the mine did not change.
b) The Hypothetical situation where the price however remains the same, means that to achieve an 100% increase in sales revenue then the real output of Glitter Gulch changed by 100%.
Specifically, the numerical value of the change =$20,000,000-$10,000,000= $10,000,000
AD corporation had sales of $750,000 and costs of goods sold of $350,000. Inventory at year end was $87,500. What is the inventory turnover?
Answer:
4 times
Explanation:
The inventory turnover ratio of the AD corporation can be calculated using the below mentioned formula:
Inventory turnover=Costs of goods sold/Average inventory
In given question
Costs of goods sold=$350,000
Assuming, inventory at year end= Average inventory=$87,500
Inventory turnover=$350,000/$87,500=4 times
Ending assets for CompuHelp equals $650,000, and the beginning retained earnings was $325,000. If net income during the period was $225,000 and the cash dividends paid total $150,000, what is the ending liabilities (assume common stock is zero)?Ending liabilities will be $250,000
Answer:
It is $250,000
Explanation:
Ending retained earning = Retained earnings at the beginning+Income during the period-dividends paid
= $325,000+$225,000-$150,000
= $400,000
Ending liabilities = Total Assets- Ending retained earnings
= $650,000-$400,000
=$250,000
Using Accounting equation, All Assets= Total equity and liabilities
Consider the following scenario. Two friends, Rachel and Joey, enjoy baking bread and making apple pies. Rachel takes two hours to bake one loaf of bread and one hour to make one pie. Joey takes four hours to bake one loaf of bread and four hours to make one pie. If Rachel and Joey decide to specialize in order to maximize their combined output, who should produce what? a. Joey should specialize in making pies because he has an absolute advantage. b. Rachel should specialize in making pies and Joey should specialize in making bread c. Joey should specialize in making pies and Rachel should specialize in making bread. d. Rachel should specialize in making bread and pies because she has a comparative advantage in both. e. Rachel should not specialize because she is better at producing both
Answer:
Option (b) is correct.
Explanation:
Rachel take:
1 hour to make one pie and 2 hours to bake a loaf of bread
Joey take:
4 hours to make one pie and 4 hours to bake a loaf of bread
Therefore,
Rachel is specialize in making bread because she can produce same quantity of pie with comparatively less amount of resources.
Joey is left with only one choice because Rachel is already producing pie, hence, Joey is specialized in producing bread and therefore, they can maximize the entire or combine output.
In Baer Food Co.'s 20x5 single-step Income Statement, the section titled "Revenues" consisted of the following: Net sales revenue $187,000 Results from discontinued operations: Loss from operations of the segment (net of $1,200 tax effect) $(2,400) Gain on the disposal of segment (net of $7,200 tax effect) 14,400 12,000 Interest revenue 10,200 Gain on the sale of equipment 4,700 Total revenues $213,900 In the revenues section of the 20x5 Income Statement, Baer Food should have reported total revenues of:_______________.
Answer:
Explanation:
In a single step income statement, revenues include sales and other gains
Sales revenue - 187000
Interest revenue - 10200
Gain on sale of equipment - 4700
In Total - 201900
A registered representative sends a prospecting letter to customers stating that significant profits can be achieved by purchasing call options in a rising market. This claim:
Answer:
B) must be balanced by a statement that trading options can also result in significant losses.
Explanation:
Representatives do not trade securities by themselves, they only enter orders on behalf of their clients and following their clients' orders. That means that the clients assume the risk of losing money due to a bad investment. The clients are also the ones that benefit the most since it is their money being invested. Any statement that states the possibility of significant earnings, must also include the possibility of significant losses.
Klingon Widgets, Inc., purchased new cloaking machinery three years ago for $6 million. The machinery can be sold to the Romulans today for $5.1 million. Klingon’s current balance sheet shows net fixed assets of $3.4 million, current liabilities of $895,000, and net working capital of $235,000. If the current assets and current liabilities were liquidated today, the company would receive a total of $1.15 million cash.
A. What is the book value of Klingon’s total assets today?
B. What is the sum of the market value of NWC and the market value of fixed assets?
Answer:
A. Book Value of Klingon’s Total Assets= Net Fixed Assets +Current assets = $3,400,000 + $1,130,000
=$4,530,000
B. What is the sum of the market value of NWC and the market value of fixed assets
i. Market Value of NWC = $5.1 million
ii. the market value of fixed assets =$5.1 million
Explanation:
Net working capital= Current assets minus current liabilities.
$235,000 =Current assets-$895,000
Current assets=$235,000 +$895,000= $1,130,000
Market value of new cloaking machinery(NWC) is equal to the market value of fixed assets. This is because the market values of other fixed assets is assume to be zero.
Book value of assets can be said as the value of the assets of the firm in the books of accounts. The total book value can be obtained by adding all the assets like fixed assets and current assets.
(a) The book value of Klingon Widgets Inc. can be calculated as follows:
Calculations[tex]\begin{aligned}\rm \: Total \:Assets&=\rm Net\: Fixed \: Assets+ Net\:Current\:Assets\\\rm Total \:Assets&= \$3,400,000+ \$1,130,000\\\rm \:Total \:Assets&= \$4,530,000 \end[/tex]
(b) Net Working Capital is the difference obtained by deducting current liabilities from current assets.
Net working capital is given as $235,000 in the question and fixed assets are assumed as zero. So the Sum of NWC and Fixed assets is also the same as NWC.
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Assessing the __________ of a tax system means determining the amount of tax revenue needed to fund the government and ensuring that the funds are provided by the system.
Answer:
Sufficiency
Explanation:
Tax is a compulsory levy imposed by the government of a sovereign state on her citizens. Difference types of tax are used by the tax authority to generate sufficient revenue and also to implement economic policy, these are direct and indirect taxes.
The word tax sufficiency relates to the measurement of the divergence if any between the actual tax yield and the expected aggregate tax revenue. This assessment will enable the government of the day to take corrective actions to close any observed gap.
Assessing the adequacy of a tax system involves determining the amount of tax revenue required for government functions and ensuring the system can provide it, with a focus on efficiency, understandability, and equitability.
Assessing the adequacy of a tax system means determining the amount of tax revenue needed to fund the government and ensuring that the funds are provided by the system. A good tax system should have certain characteristics to ensure that it meets the needs of public finance.
A tax system should be efficient, meaning it should raise the necessary revenues without unduly burdening the taxpayer. It should also be understandable, allowing the average citizen to easily comprehend the taxes they pay. Equitability is also a core component, with the expectation that the wealthier pay a higher amount reflecting their ability to contribute more.
The benefit principle suggests that those who use public services should pay more in taxes, reflective of the benefits they receive from government services.The Internal Revenue Service (IRS) in the United States is the regulatory authority empowered by Congress to collect taxes, making it a central element in public finance and the financing of government expenditures.
Furthermore, the federal tax system operates on principles like benefits received and the ability to pay. Governments require tax revenues to perform essential functions and supply goods and services such as legal systems, defense, roads, and education. The challenge is finding a balance in tax policy that meets revenue needs without impeding economic growth or contravening other public policy goals.
Americans spend the largest portion of their budget on
a. entertainment
b. housing
c. transportation
d. food
Please select the best answer from the choices provided
Oo oo
Mark this and return
Save and Exit
Next
Answer:
Americans spend the largest portion of their budget on Housing
Explanation:
Reason why housing has the highest budget allocation among the rest is as a result of its importance to life sustainability. Every Americans must reside in a place called house although the availability of some certain factors makes the price to vary but it does not negates the importance and why they spend more on housing rather than otherwise.
The maximum amount of a product that sellers are willing and able to provide for sale over a relevant range of prices, holding all other factors constant, is called:_______.
Answer:
The maximum amount of a product that sellers are willing and able to provide for sale over a relevant range of prices, holding all other factors constant, is called law of supply
Explanation:
This simply explains that if all other factors are constant, as the prices increases, the supply offer increases as well which is termed the law of supply
Gary works in a factory where the workers are known to leave oily rags all over the place. Which of the following best describes the oily rags?A. moral/morale hazardB. physical hazardC. societal hazardD. none of the above
Answer:
The term physical hazard best describes the oily rags.
Explanation:
The example narrated in the question statement is associated with hazardous environmental pollution due to a specific kind of waste that is in physical form that bears the potential of causing health issues. The scattering of oil rags left by the employees over the place of work would turn the place unhygienic and unfit for work. Hence, the term 'physical hazard' is used for oily rags.The component of communication that enables a sender of a message to know that the message was received is called _____.
Answer: Feedback
Explanation: Feedback could be termed as 'response'. It signals the receipt of information between communicating systems. Feedback is an important part of communication, it enables the sender to affirm receipt of information by the receiver. Feedbacks forms a loop between communicating systems where the systems adjusts on information or products in the medium. Feedbacks could be in form of body movement in terms of face-to-face communication, messages and other methods of acknowledging receipt of information.
If demand is inelastic, then: a. buyers do not alter their quantities demanded much in response to advertising, fads, or general changes in tastes. b. the demand curve is very flat. c. buyers respond substantially to a change in price, but the response is very slow. d. buyers do not respond much to a change in price.
Answer:
d. buyers do not respond much to a change in price.
Explanation:
Inelastic demand means a stable demand. The phrase elasticity of demand is used to describe how responsive the demand for a service or a product is to changes in prices. Elastic demand means that the demand has stretching attributes. Changes in price will lead to a decrease or an increase in the quantity demand.
Inelastic demand means that changes in price do not have a significant impact on the quantity demanded. Essential goods and services that are necessary for survival, such as food and water, will have inelastic demand. Other items considered crucial such as fuel, oil, and gas will also have inelastic demand. People will have to consume them. A small change in price will not have an impact on demand.
"Evaluations of financial information made through the study of plausible relationships among both financial and non-financial data are referred to as__________.
Answer: Analytical procedure
Explanation:
The analytical procedure is the process of the financial audit that basically helps in understanding the main objective of the client in the business.
It is one of the type of evidence gathering process for the auditors and helps in evaluating all the financial related data by analyzing both the non-financial or the financial information.
According to the given question, the analytical procedure is the evaluation of all the financial related data and also study of the plausible relationship in the system.
Therefore, Analytical procedure is the correct answer.
A 76.00 pound flask of mercury costs $ 125.50 . The density of mercury is 13.534 g/cm 3 . Find the price of one cubic inch of mercury by calculating intermediate values. What is the price of one pound of mercury?
Answer:
1 cubic inch cost = $0.80
1 pound of cost = $1.65
Explanation:
given data
76.00 pound mercury costs = $125.50
density of mercury = 13.534 g/cm³
solution
we get here 1 pound of cost that is
1 pound of cost = [tex]\frac{125.50}{76}[/tex]
1 pound of cost = $1.65
or
453.5 gram cost = $1.65
now we get volume of flask
volume of flask = 76 × [tex]\frac{453.5}{13.534}[/tex]
volume of flask = 2546.62 cm³ = 155.40 cubic inch
so 155.40 cubic inch cost = $125.50
and 1 cubic inch cost = [tex]\frac{125.50}{155.40}[/tex]
1 cubic inch cost = $0.80
Recognition"" refers to the idea of conveying the details of a transaction in a narrative note without including anything in the actual financial statements. True or false?
Answer:
FALSE
Explanation:
Recognition relies on the idea of communicating in a descriptive document the specifics of a sale, while including anything else in the current financial statements.
An act of acknowledgment or a Condition of acknowledgment. Identifying something as previously observed, seen, understood, etc., perceiving something as actual or true; knowing it. Acceptance of something as being legitimate or entitled to evaluation: the acceptance of an argument.therefore the answer for the following statement is FALSE.
Amy can study for an hour or spend that hour sleeping or going out for dinner. If she decides to study for the hour, the opportunity cost of the hour spent studying is:_______
a. sleeping or going out for dinner, whichever she would have preferred the most
b. definitely going to sleep.
c. sleeping and going out for dinner.
d. studying since this is the choice she opted for.
e. definitely going out to dinner because she must eat at some time
Answer:
a. sleeping or going out for dinner, whichever she would have preferred the most
Explanation:
Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.
Studying is the real cost .
I hope my answer helps you
Alpha Omega's percentage of sales model forecasts sales growth of 20 percent next year. If cost of good sold are proportionate at 80 percent of sales, then cost of good sold will increase by _____.
Answer:
cost of good sold will increase by 20 percent
Explanation:
given data
sales growth of 20 percent
cost of good sold = 80 percent of sales
to find out
cost of good sold
solution
As here cost of good sold will increase by 20 percent
because In a percentage of sales model
the expenses that is proportionate will be grow at same rate of the sales
so cost of good sold will increase by 20 percent
Which wholesaler's channel function is demonstrated when a buyer receives quicker delivery because wholesalers are located closer than producers?
A. financing
B. buying and assortment building
C. risk bearing
D. warehousing
E. transportation
Answer:
E. transportation
Explanation:
The wholesaler is one of the middle-men in the channel of distribution that stands between the producer and the retailer in bulk breaking, he buys in bulk from the producers and sell to the retailer.
One of the functions of the wholesaler in the distribution value chain is the transportation of goods from manufacturer's warehouse to his warehouse at his own cost, thereby bringing the products closer to the consumers.
The freebird turbocharger is being recalled. all customers who submitted warranty cards can have their installed turbochargers serviced free by authorized mechanics. if you do not have a warranty with freebird, bring your original receipt to your local freebird dealership and they will complete the repairs at cost.
Answer:
The primary purpose of this message is to inform a customer about a recall.
The secondary purpose is to retain the customer's goodwill.
Explanation:
The primary purpose of this message is to inform their customers about a problem and how it can be solved. The secondary purpose, but not less important, is to increase customer goodwill which in turn increases customer loyalty. Customers that believe that a company cares for them, will create a bond with that company.
Your clients are interested in an investment that may appreciate in value and be a hedge against inflation. Their best alternative is in:_______.
Answer:
REAL ESTATE
Explanation:
When an asset is expected to be an hedge against inflation it implies that such an asset is expected to maintain or increase its value over time. Real Estate is considered a hedge against inflation, because land on the one-hand is an asset that does not depreciate but appreciate and forms part of the buildings in real estate, and secondly, home values and rents normally increases during times of inflation.
Large companies may manage a number of very different businesses called _____. a. strategic business alliances b. focus groups c. business clusters d. strategic business units
Answer: Strategic business units.
Explanation:
Large companies in most cases have a lot of sub-companies under them that run almost independently but report to the headquarters of the large companies about their activities, these sub-companies are known as strategic business units(SBU). The SBU helps the large company gain a large area of coverage.
A local government sells bonds having a face value of $1,000,000 at par. The bond proceeds will be accounted for in a Capital Projects Fund. What account will be credited to offset the debit to cash?
Answer:
A) Other financing sources
Explanation:
Other financing sources and uses account has to be created to include operating transfers and proceeds from debt transactions. Since the issuing of bonds is a debt transaction, their proceeds must be included in this account. This account can only be used to record non-operating revenues and expenditures.
Final answer:
When a local government issues bonds at par, the credited account to offset the debit to cash is often labeled as 'Other Financing Sources' or 'Bonds Payable'. This reflects the government's obligation to repay the face value at bond maturity.
Explanation:
When a local government issues bonds at par, the amount of cash received from the sale is equal to the face value of the bonds. In this case, the local government sells $1,000,000 worth of bonds at par, meaning they sell the bonds for exactly $1,000,000. The account credited to offset the debit to cash is typically called "Other Financing Sources" in a government accounting context, more specifically "Bonds Payable" or "Proceeds of Bonds." This reflects that the local government now has a liability to repay the face value of the bonds at maturity.
Hot and Cold Corp. makes disposable coffee and soft drink cups for use in fast-food restaurants, hospitals, convenience stores, and the like. The company is working on a sturdy new product that will biodegrade within five years of being put in a landfill. According to the BCG matrix, this promising new product line would most likely be classified as a _____.
Answer:
Star in BCG matrix
Explanation:
BCG matrix is a system that helps the organization to decide on product sales, investment, etc. In BCG matrix, the product is divided into four types: dog, cash cows, stars and question marks.
stars - it is the type of product that makes high market share and growth. These produced large income but also require high investment
Hot and Cold Corp.'s new biodegradable cup line would likely be classified as a Question Mark in the BCG matrix, indicating a product with low market share in a high-growth market, requiring significant investment for growth.
According to the BCG (Boston Consulting Group) matrix, Hot and Cold Corp.'s new product line of disposable cups that biodegrade within five years of being placed in a landfill would most likely be classified as a Question Mark. The BCG matrix is a strategic tool used for portfolio analysis, categorizing business units or products into four quadrants based on their market growth rate and relative market share: Stars, Cash Cows, Question Marks, and Dogs.
A Question Mark represents a business or product with low market share but in a high-growth market. These products require significant investment to increase their market share but have potential for growth and possibly becoming Stars. Given the increasing pressure and demand for eco-friendly packaging solutions in the fast-food and beverage industry, this new line of biodegradable cups represents a high-growth opportunity but will initially have a small share in a competitive market as it seeks to establish itself.
A young engineer borrowed P21,552 at 10% interest and paid P3,735 per annum for the last 3 years. What does he have to pay (in pesos) at the end of the following year in order to pay off his loan?
Answer:
Explanation:
PV=21552
3735*3=11205 paid off
n=4 years
if we find FV, it is equal to 31554.3 (amount to be paid)
Already paid 11205, so 31554-11205=$20349 needed to pay at the end of 4th year
Lucia is a chief financial officer in a large corporation. Her responsibilities include the full financial authority to make appropriations and authorize expenditures. Lucia is likely to be a member of ________ management.
Lucia is likely to be a member of the top management.
What is top management?The organization's top management is in charge of setting policies, rules, and strategic goals as well as giving leadership and guidance for quality management.
Additionally, it ought to identify persons in charge and keep them answerable for a variety of management system procedures. They supervise and assess each employee's contribution, performance, and growth when managing one or more employees.
Top management is a group of managers who oversee marketing, finance, etc., at various operational levels. For instance, the chief financial officer (CFO) and vice president of marketing, whose main responsibilities are to coordinate many elements and manage the operations of several units.
Therefore, Lucia is likely a member of top management, seeing her responsibilities in the corporation.
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When Nike attempts to get close to its customers at the local level by sponsoring local school teams and providing shoes, equipment, and clothing to many of them, Nike is using which of the following marketing formats
Answer:
Grass-root marketing
Explanation:
Grassroots marketing is a business promotion strategy that aims to create product awareness from the ground moving up. In this approach, marketers usually move to regions and estates to meet their target clients. Marketers seek to gain the support of groups of customers and hope they will spread good words about the brand.
Grass root marketing is unlike the expensive commercial advertising whose messages originate from the top coming down. The action by Nike of getting close to potential customers is an example of grassroots marketing. The company is sponsoring a local event and giving away free samples with the intent of getting noticed by participants of the games. It expects all the attendant to spread good words about the company products and brand name.
If a company that was started this month has net income of $30,000, dividends of $4,000, and liabilities of $20,000, how much is ending retained earnings for the month?
Answer: $26,000
Explanation: Retained earnings could be defined as that portion of a company's earnings that hasn't been distributed to shareholders as dividends. It is reserved as working capital, clear outstanding liabilities and general running of the business.
Retained Earning is calculated using the formula :
Retained Earning (RE) = beginning retained earning + Net income - dividend
Since the company just started (1st month), there was no previous retained earning.
Therefore,
RE = Net income - dividend
RE = $30,000 - $4,000 = $26,000
In one hour, the United States can produce 25 tons of steel or 250 automobiles. In one hour,Japan can produce 30 tons of steel or 275 automobiles. This information implies that:
A.Japan has a comparative advantage in the production of automobiles.
B.the United States has an absolute advantage in the production of steel.
C.Japan has a comparative advantage in the production of both goods.
D.the United States has a comparative advantage in the production of automobiles.
Answer:
Option (D) is correct.
Explanation:
In United states:
Can produce 25 tons of steel or 250 automobiles,
Opportunity cost of producing a ton of steel = 250 ÷ 25
= 10 automobiles
Opportunity cost of producing 1 automobile = 25 ÷ 250
= 0.1 tons of steel
In Japan:
Can produce 30 tons of steel or 275 automobiles,
Opportunity cost of producing a ton of steel = 275 ÷ 30
= 9.17 automobiles
Opportunity cost of producing 1 automobile = 30 ÷ 275
= 0.11
Therefore,
United States has a comparative advantage in producing automobiles because the opportunity cost of producing automobiles is lower than the Japan.
Japan has a comparative advantage in producing steel because the opportunity cost of producing steel is lower than the United states.
Japan has a comparative advantage in the production of steel, while the United States has a comparative advantage in the production of automobiles, determined by their respective opportunity costs.
Explanation:The given information indicates that Japan can produce more steel and automobiles in one hour than the United States. However, to determine comparative advantage, we need to look at opportunity costs, or what each country gives up in order to produce one good over the other. We calculate this by dividing the maximum output of one good by the maximum output of the other.
For the United States, the opportunity cost of producing one ton of steel is 10 automobiles (250/25), and for Japan, it's approximately 9.17 automobiles (275/30). This means the United States has a higher cost of producing steel in terms of forgone automobile production, which indicates Japan has a comparative advantage in the production of steel.
Similarly, for the United States, the opportunity cost of producing one automobile is 0.1 tons of steel (25/250), while for Japan it's around 0.109 tons of steel (30/275). Hence, the United States has a comparative advantage in the production of automobiles, as it gives up less steel to produce each car.
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