The calculated values of new products are: (A) 1,250 units, (B) $75,000, (C) 550 units, (D) $33,000, (E) 30%, and (F) $20,000.
(A): The Break-Even (BE) point in units would be 1,250 units.
(B): The Break-Even (BE) point in dollars would be $75,000.
(C): The Margin of Safety (MS) in units would be 550 units.
(D): The Margin of Safety (MS) in dollars would be $33,000.
(E): The Margin of Safety (MS) as a percentage would be 30%.
(F): The forecasted profit would be $20,000.
To prepare the complete Break-Even chart, we first need to calculate the Break-Even point, Margin of Safety, and forecasted profit.
(A): The Break-Even (BE) point in units can be calculated by dividing the fixed costs ($25,000) by the contribution margin per unit ($60 - $40 = $20). BE (Units) = $25,000 / $20 = 1,250 units.
(B): The Break-Even (BE) point in dollars can be calculated by multiplying the Break-Even point in units (1,250 units) by the selling price per unit ($60). BE ($) = 1,250 units * $60 = $75,000.
(C): The Margin of Safety (MS) in units can be calculated by subtracting the Break-Even point in units (1,250 units) from the forecasted sales (1,800 units). MS (Units) = 1,800 units - 1,250 units = 550 units.
(D): The Margin of Safety (MS) in dollars can be calculated by multiplying the Margin of Safety in units (550 units) by the selling price per unit ($60). MS ($) = 550 units * $60 = $33,000.
(E): The Margin of Safety (MS) as a percentage can be calculated by dividing the Margin of Safety in dollars ($33,000) by the forecasted sales revenue ($60,000) and multiplying by 100. MS (%) = ($33,000 / $60,000) * 100 = 55%.
(F): The forecasted profit can be calculated by subtracting the fixed costs ($25,000) from the forecasted sales revenue ($60 * 1,800 units = $108,000). Forecasted Profit = $108,000 - $25,000 = $83,000.
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faulk corporation uses a process costing system for its two production departments: mixing and baking. the company provided the following manufacturing cost information for the month of june.
Faulk Corporation manufactures its products using a process costing system in which it produces two production departments, mixing and baking. The company provided the following information about manufacturing costs for the month of June:
:The manufacturing cost of a product includes all the expenses incurred in producing the product from raw materials to finished goods. Manufacturing costs include direct materials, direct labor, and manufacturing overhead. The manufacturing costs for the month of June are as follows:Direct Materials:
The direct materials cost for the mixing department is $84,000 and for the baking department is $96,000.Direct Labor: The direct labor cost for the mixing department is $42,000 and for the baking department is $48,000.Manufacturing Overhead: The manufacturing overhead cost for the mixing department is $21,000 and for the baking department is $24,000.Total manufacturing costs are the sum of : direct labor, and manufacturing overhead. For the mixing department, the total manufacturing cost is $147,000 ($84,000 + $42,000 + $21,000). Similarly, for the baking department, the total manufacturing cost is $168,000 ($96,000 + $48,000 + $24,000).
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Since March 2020 we've seen the sharpest recession ever, with the fastest, largest loss of employment since records have been kept. Followed by the Federal Re- serve and Congress using their policy tools to try to ameliorate the situation. In this final, I would like you to interpret these events through the models presented in class. 1. In the labor market, show the evolution of job vacancies. First look at the first Spring/Summer of the Recession, then this Fall. There are several measures, but the main one from a government statistical agency is "job openings" from JOLTS and is available on FRED. What should the change in vacancies have predicted about labor force status flow rates (i.e. job separations, St, or the job finding rate, ft). Should you look at the number of vacancies, or is there a particular ratio that'd be more informative for flow rates? Can you find evidence on flow rates that’re consistent or inconsistent with that prediction? For this, you probably want to use FRED. I would like to see at least two charts from the data, one showing vacancies (or that special ratio involving vacancies) and another showing the flow rate that you think should be predicted by that vacancy data. You should also explain why they are related.
IntroductionThe recession caused by the COVID-19 pandemic is the sharpest recession ever, with the fastest, largest loss of employment since records have been kept. As a result, the Federal Reserve and Congress employed their policy tools to improve the situation.
In this context, we must analyze these events through the models presented in class, with a focus on labor markets that show the evolution of job vacancies.Evolution of Job Vacancies in the Labor MarketJob vacancies' evolution in the labor market has a significant effect on labor force status flow rates such as job separations, St, or the job-finding rate, ft. Government statistical agencies' primary measure of job openings, JOLTS, is available on FRED. We should look at the change in vacancies' number to predict labor force status flow rates. However, a specific ratio is more informative in predicting flow rates. The ratio of unemployment rate to job vacancies rate helps predict flow rates more accurately.Consistency of Flow Rates and VacanciesThe FRED data has evidence on flow rates that are consistent or inconsistent with the predictions made using vacancy data. The data shows that labor market flows increased in June 2020 but remained below the pre-recession levels. The data also shows that the hiring rate improved from the end of April but remained lower than the level observed before the recession.Therefore, there is a relationship between the evolution of job vacancies and labor force status flow rates. The decline in job vacancies led to a decline in labor force status flow rates. The rise in job vacancies led to a rise in labor force status flow rates. It is evident that labor market flows are sensitive to changes in job vacancies. Below are two charts from FRED data:Chart 1: The graph shows the number of job openings. As expected, there was a decline in job openings during the Spring/Summer of the Recession and a rise during the Fall.Chart 2: The graph shows the job-finding rate, ft, and job separation rate, St. It is consistent with the prediction that a decline in job openings leads to a decline in labor force status flow rates. The graph shows that the job-finding rate declined, while the job separation rate increased during the Spring/Summer of the Recession. It is also consistent with the prediction that a rise in job openings leads to a rise in labor force status flow rates. The graph shows that the job-finding rate increased, while the job separation rate declined during the Fall.ConclusionIn conclusion, we have examined the labor market's evolution of job vacancies, predicting labor force status flow rates, and analyzed the consistency of flow rates and vacancies. The data from FRED shows that labor market flows are sensitive to changes in job vacancies. The decline in job vacancies led to a decline in labor force status flow rates. The rise in job vacancies led to a rise in labor force status flow rates.
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Intro Samsung has sales of $52,000 and a net income of $16,000. Total assets are $46,000 and total equity is $27,000.
The consumer electronics industry as a whole has the following characteristics:
- Profit margin 0.137
- Total asset turnover 0.941
- Equity multiplier 1.8
- Return on equity 0.232
1) What is Samsung's profit margin?
2) What is Samsung's total asset turnover?
3) What is Samsung's equity multiplier?
4) What is Samsung's return on equity?
5) Which is the main factor explaining why Samsung has a greater ROE than the industry?
a. Higher profit margin
b. Higher total asset turnover
c. Higher equity multiplier.
Samsung's profit margin can be calculated by dividing the net income by the sales. In this case, the profit margin is $16,000 / $52,000 = 0.307.
The total asset turnover is calculated by dividing the sales by the total assets. For Samsung, the total asset turnover is $52,000 / $46,000 = 1.130.The equity multiplier is calculated by dividing the total assets by the total equity. In Samsung's case, the equity multiplier is $46,000 / $27,000 = 1.704.Samsung's return on equity (ROE) can be calculated by multiplying the profit margin, total asset turnover, and equity multiplier. Using the given values, the ROE is 0.307 * 1.130 * 1.704 = 0.571.
The main factor explaining why Samsung has a greater ROE than the industry can be identified by comparing the components of ROE. In this case, the higher equity multiplier (c) contributes to a greater ROE. The equity multiplier reflects the company's use of leverage, which magnifies the return on equity. A higher equity multiplier indicates that Samsung has a higher proportion of debt relative to equity, resulting in a higher ROE.
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How helping employees find the things which inspire their heart contribute to their intrinsic motivation and extrinsic motivation?
Intrinsic motivation is enhanced when employees find things that inspire their heart, as it taps into their personal passions and interests. This leads to a sense of enjoyment and fulfillment in their work.
Helping employees find the things that inspire their heart can greatly contribute to both intrinsic and extrinsic motivation. Intrinsic motivation refers to the internal desire and enjoyment that individuals experience when engaging in an activity for its own sake, without any external rewards or incentives. When employees are able to connect with their personal passions and interests at work, they experience a deeper sense of purpose and fulfillment. This connection ignites their intrinsic motivation, as they are genuinely inspired to do their best and derive satisfaction from their work.
By identifying and nurturing what inspires employees' hearts, organizations can create an environment that promotes autonomy, mastery, and purpose - the three key elements of intrinsic motivation as described by Daniel Pink in his book "Drive". Employees are given the freedom to pursue tasks and projects aligned with their inspirations, allowing them to exercise their creativity and expertise. This sense of autonomy fosters a greater sense of ownership and pride in their work, leading to increased intrinsic motivation.
Furthermore, when employees are inspired, they tend to exhibit higher levels of engagement and dedication. They are more likely to go above and beyond their basic job responsibilities, actively seek out challenges, and persist in the face of obstacles. This level of commitment and effort contributes to their extrinsic motivation, as they are likely to be recognized, rewarded, and promoted based on their outstanding performance. Inspired employees are also more likely to be seen as valuable assets within the organization, which can lead to increased opportunities for career advancement and financial incentives.
In summary, helping employees find the things that inspire their heart enhances both intrinsic and extrinsic motivation. It taps into their personal passions, fueling their intrinsic motivation, while also leading to increased engagement and recognition, thus boosting their extrinsic motivation. Creating an environment that encourages and supports employees' inspirations can result in a more motivated, productive, and satisfied workforce.
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1. One reason we saw for the firms to have a large size is a large MES (the economies of scale are exhausted at a large level of output). Another reason may be the scope economies (you may want to quickly review section 4.3.1 in chapter 4 of the textbook). Use the ideas of economies of scale and economies of scope to try and explain in short Why are the BC elementary schools small, secondary schools large, and universities very large? (4) To give you some context, a typical elementary school in BC probably has about 80-200 students: a typical secondary school in BC probably has about 800-1,500 students: SFU has about 30,000 students, UBC about 65,000, UVic about 20,000; a typical elementary school teacher teaches everything: a typical secondary school teacher specializes in one or two subjects: a typical university instructor teaches a subject (specializes in it) and conducts research.
The reasons behind the different sizes of BC elementary schools, secondary schools, and universities are linked to the ideas of economies of scale and economies of scope firms .Let's consider the following:Elementary schools are smaller because the economies of scope favor them.
The instruction given to students is not very diverse and can be handled by one teacher, which implies that it is not necessary to hire many teachers. Additionally, the class sizes are modest, which ensures that each student gets the attention they require to excel in their studies.
Thus, the average enrollment of an elementary school is around 80-200 pupils.Secondary schools, on the other hand, are larger because of the economies of scale. Specialization is one of the reasons for this. Unlike the generalized instruction given in elementary schools, students in secondary schools are exposed to diverse subjects and curricula. As a result, there are more teachers who specialize in specific subjects.
Additionally, schools are able to offer a greater variety of extracurricular activities, allowing students to participate in a wide range of activities. These benefits are only possible due to the economies of scale that come from having a larger student body. Therefore, the average enrollment of a secondary school is around 800-1,500 students.Finally, universities are very large due to the scope economies. University instructors specialize in their fields of study and conduct research. They also have more resources and facilities than other educational institutions.
To cover the diverse curricula and fields of study, universities must have a large pool of instructors. Additionally, more resources are needed to cater to a large student body. As a result, universities have a very large student body, with an average enrollment of 20,000-65,000 students.
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1. The reason economists focus on measuring GDP is because
a. Economists are mostly concerned about profits.
b. Real GDP is the easiest thing to "count up" countries.
c. Real GDP is highly correlated with other measures of well-being.
d.None of the above
2. Using the Rule of 70, an economy that grows at 2% a year will take approximately ____ years to double its Real GDP
a. 35 years
b. 37 years
c. 140 years
d. 40 years
3. Let’s suppose that the state government of Pythagoras Land establishes an interest rate ceiling of 3 % through a usury law. (The equilibrium interest rate is 5%). One would expect to see...
a. A shortage of funds
b. A surplus of funds
c. An equilibrium
d. None of the above
4. Which of the following is an effect of the government borrowing to increase spending?
a. A decrease in private investment
b. An increase in private consumption
c. A decrease in interest rates
d. None of the above
5. What's the measure of standard of living used by economists?
a. Real GDP per capita
b. Nominal GDP per capita
c. Real GDP
d. Nominal GDP
The reason economists focus on measuring GDP is that Real GDP is highly correlated with other measures of well-being. Therefore, the answer to question 1 is (c) Real GDP is highly correlated with other measures of well-being. As a result, it has become a widely accepted measure of an economy's overall health.
The gross domestic product (GDP) is one of the most significant macroeconomic measures. It is a statistical estimate of a nation's total monetary value of all the goods and services produced in a specified period. It serves as a general indication of an economy's size and development. GDP is calculated using several measures such as consumption, investment, net exports, and government spending.Economists and policymakers use GDP as a measure of economic performance, as it helps to determine a country's economic well-being. GDP is regarded as a reliable measure of economic growth, output, and consumption. It provides information on whether an economy is growing or contracting. However, GDP only measures a country's output, and it does not take into account factors like quality of life, poverty levels, and income inequality. Furthermore, GDP does not indicate how income is distributed in a society, which is an essential indicator of welfare.Economists focus on measuring GDP because Real GDP is highly correlated with other measures of well-being.
Therefore, it has become a widely accepted measure of an economy's overall health. For example, an increase in real GDP can lead to increased employment opportunities, improved living standards, and an overall boost to an economy. The Rule of 70 can be used to predict how long it will take for Real GDP to double. An economy that grows at 2% per year will take approximately 35 years to double its Real GDP. The interest rate ceiling that is established by the state government of Pythagoras Land can have an impact on funds. If an interest rate ceiling of 3 % is established through a usury law, one would expect to see a shortage of funds. Borrowing by the government to increase spending has an impact on private investment. A decrease in private investment is a consequence of the government borrowing to increase spending.
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Experian Marketing Services is a global provider of marketing research. It helps organizations intelligently interact with today's dynamic, empowered, and hyperconnected consumers. By coordinating seamless and intelligent interactions across all channels, marketers are able to precisely plan and execute superior brand experiences that deepen customer loyalty, strengthen brand advocacy, and maximize profits. Marketing research is the act of collecting, interpreting, and reporting information concerning a clearly defined marketing problem. When done properly, marketing research helps companies understand and satisfy the needs and wants of customers. Marketing research has become more important, and more complicated, as markets continue to become globalized and product life cycles become shorter. In such a climate, companies need accurate information to reduce risk and make good decisions. This quest for information compels companies to spend billions of dollars each year on marketing research. This activity is important because marketing managers need to be aware of changes in the external environment that may represent new opportunities or threats for the organization. In particular, marketing managers need to be able to recognize and understand shifts in consumer attitudes and preferences in order to develop new marketing strategies that are well adapted to changing conditions. Effective market research can enable marketing managers to identify and understand changing conditions and determine how effective potential marketing strategies under consideration might be. The goal of this activity is for you to demonstrate an understanding of the market research process and different sources of information relevant to marketing by considering the application of concepts related to both in the context of a company-specific example. Marketers are usually the ones entrusted with scanning the environment for changes that might affect the organization. As a result, creating procedures that collect, analyze, and access relevant information is a critical part of marketing management. Staying connected to the business environment is no longer optional. Success is based, in part, on both the quality and quantity of information available to management. As a result, most companies engage in collecting, analyzing, and storing data from the macro environment on a continuous basis known as marketing intelligence. 1. According to the video, all marketing research design should be Multiple Choice reliable, repeatable, and statistically relevant. repeatable. affordable. reliable. 2. Experian’s marketing research would be considered Multiple Choice secondary and causal. primary and descriptive. secondary and quantitative. primary and causal. 3. By having such a large sample size, Experian hopes to achieve a sample that _______Blank of the overall population. Multiple Choice somewhat looks like is statistically representative "feels like" 4. The data collected by HitWise can be very valuable for making Multiple Choice content choices. partnerships. channel selection decisions. All of the answers are correct. 5. "Qualifying" a member of the sample ensures that the sample as a whole Multiple Choice only reflects certain demographic groups. stays representative of the population and isn’t otherwise skewed. takes more time to reach and costs more. stays small and manageable.
According to the information provided, the answer to question 1 would be "reliable." Marketing research design should aim to be reliable, ensuring that the data collected is accurate and consistent.
Experian's marketing research would likely be considered primary and descriptive. Primary research involves gathering new data specifically for the research objective, and descriptive research focuses on describing characteristics or phenomena. Experian's role as a provider of marketing research suggests they collect data directly from consumers or target audiences to gain insights.
By having a large sample size, Experian aims to achieve a sample that is statistically representative of the overall population. A large sample size helps reduce sampling error and increases the likelihood of obtaining results that reflect the characteristics of the broader population.
The data collected by HitWise can be valuable for making various decisions, such as content choices, partnerships, and channel selection. All of the given answers are correct as HitWise data can provide insights into consumer behavior, market trends, and competitor analysis, which can inform decision-making in different areas of marketing.
"Qualifying" a member of the sample ensures that the sample as a whole stays representative of the population and isn't otherwise skewed. This means that the sample selection process considers certain criteria or characteristics to ensure that it accurately represents the target population and avoids bias or distortion.
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1. The EOQ . II . No. of opers in a year , and III . Time between two successive orders IV . Average yearly cost of Inventory V. Total inventory cost VI . Total Cost
The Economic Order Quantity (EOQ) is a calculation used to determine the optimal order quantity that minimizes inventory costs. It considers factors such as demand, ordering costs, and holding costs. The number of orders in a year can be calculated by dividing the annual demand by the EOQ.
The Economic Order Quantity EOQ can be calculated using the formula: EOQ = √[(2 × Annual Demand × Ordering Cost) / Holding Cost per Unit]. This formula considers the annual demand, ordering cost per order, and holding cost per unit. By calculating the EOQ, the optimal order quantity can be determined to minimize inventory costs. The number of orders in a year can be calculated by dividing the annual demand by the EOQ. This provides insight into how frequently orders need to be placed to meet the demand and maintain inventory levels. The time between two successive orders is the duration between placing an order and receiving the next order. It depends on factors such as lead time, order processing time, and supplier reliability. Understanding this time helps in managing inventory levels and ensuring timely replenishment.
The average yearly cost of inventory is calculated by multiplying the average inventory level by the holding cost per unit. It represents the cost of holding inventory for a year, including expenses such as storage, insurance, and obsolescence. The total inventory cost is the sum of the average yearly cost of inventory and the cost of ordering. It provides a comprehensive view of the expenses associated with maintaining inventory. Finally, the total cost is the sum of the total inventory cost and the cost of the actual inventory, taking into account both holding costs and ordering costs. This helps in evaluating the overall financial impact of inventory management on the organization.
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President George W. Bush's environmental policies reflected his overall commitment to
A. limiting the power of big business.
B. conserving fossil fuels.
C. protecting disadvantaged Americans.
D. reducing government regulation.
President George W. Bush's environmental policies reflected his overall commitment to reducing government regulation. Therefore option (D) is the correct answer.
W. Bush's environmental policies reflected his overall commitment to reducing government regulation. His policies aimed at reducing regulation, particularly in the environment. W. Bush's administration went after many of the government's most important environmental laws, including the Clean Water Act, the Clean Air Act, and the Endangered Species Act, all of which it tried to roll back or undermine. In conclusion, the option that completes the statement above is the option D, which is reducing government regulation.
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A project is a one-time job that has - A. B. C. D. Indefinite starting and ending points Clearly defined objectives, schedule, and scope Must have a budget All of the above QUESTION 3, MARKS: 20 Project milestone determines - A. B. O C. D. C Controlling sequence of activities Start and completion dates of all work If the requested completion date is possible All of the above QUESTION 4, MARKS: 20 In order to address any changes in the project, what action you (assume you are a project leader) should take? A. Project leader can do any changes without any discussion with team members B. Any changes can be done without the concern of upper management C. Recommended options should be listed, prepare decision matrix, get feedback from members, and get approval from top management D. None of the above QUESTION 5, MARKS: 20 What is the role of a project manager during the project close-out? A. Just handed over to the clients without obtaining acceptance B. Ensure the project is opted for deliver and formally accepted by the clients C. Complete documentation is not a must during close out D. Brainstorm to give thanks to the team members
The role of a project manager during the project close-out is to option B. ensure that the project is delivered and formally accepted by the clients.
The project manager is responsible for ensuring that all deliverables have been completed according to the project requirements and that the clients are satisfied with the outcome. This involves finalizing any remaining tasks, obtaining formal acceptance from the clients, and ensuring that all documentation related to the project is completed and archived appropriately.
A project is a one-time job that has Clearly defined objectives, schedule, and scope, must have a budget. The statement is true regarding the characteristics of a project.Project milestone determines controlling sequence of activities, start and completion dates of all work, if the requested completion date is possible. The statement is false as Project milestone determines all of the above.
In order to address any changes in the project, the recommended options should be listed, prepare decision matrix, get feedback from members, and get approval from top management. Therefore, option C is correct.A project manager's role during the project close-out is to ensure the project is opted for delivery and formally accepted by the clients. Therefore, option B is correct.
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earnings before interest (ebi) adjusts net income for which one of the following groups of items?
Earnings before interest (EBI) is a financial metric that adjusts net income by removing the costs associated with interest expenses.
Interest expenses arise when a company borrows money from lenders and must make regular payments to those lenders in exchange for the use of those funds.
These expenses are subtracted from a company's total revenue to arrive at its operating income.
By removing interest expenses from the equation, EBI provides a clearer picture of a company's operational profitability and financial health. This is important because interest expenses can vary significantly from one company to another depending on their debt structure and borrowing activities. Additionally, EBI is often used as a proxy for a company's cash flow since it represents the amount of money generated from its core operations before accounting for interest payments.
Investors and analysts often use EBI when comparing companies within the same industry or sector, as it allows for an apples-to-apples comparison of their profitability and financial performance. Overall, earnings before interest is an important metric that provides insight into a company's ability to generate profits from its core operations, while also accounting for the impact of interest expenses on its bottom line.
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Earnings Before Interest (EBI) adjusts net income for which one of the following groups of items? a. nonrecrring items
b. after tax
c. distorion
d. Nonrecurring items, after-tax interest, and distortions related to accounting quality concerns.
.Which of the following statements is correct?
A. The revaluation of non-current assets in the subsidiary’s records means that the subsidiary has adopted the cost model of accounting for those assets.
B. Revaluations of assets such as goodwill and inventory are not permitted in the accounting records of the subsidiary.
C. AASB 3 Business Combinations requires that any revaluations of a subsidiary’s assets at acquisition date must be done in the consolidation worksheet.
D. Inventory can be revalued to an amount greater than its cost in the records of the subsidiary.
The correct statement is:
D. Inventory can be revalued to an amount greater than its cost in the records of the subsidiary.
Revaluation of inventory is allowed in the accounting records of the subsidiary, and it can be revalued to an amount greater than its cost. This revaluation is done to reflect the fair value of the inventory and is in line with the principles of fair value accounting.
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(Financing Component) On Jan. 1, 20x1, ABC Co. enters into a Contract with a customer to transfer a license for a fixed fee of P100,000 payable as follows: a. 20% upon signing of contract. b. Balance due in 4 equal annual installments starting Dec. 31, 20x1. The discount rate is 12%. ABC incurs direct contract costs of P20,000 in 20x1. ABC transfers the license to the customer on Jan. 3, 20x2. The license provides the customer with the right to use ABC's intellectual property as it exists at grant date. Requirement: Compute for the profits in 20x1 and 20x2 respectively.
The amount of the contract that will be recognized equipment as revenue in 20x1 is P20,000, which is the amount of direct contract costs that ABC will incur in that year.
The rest of the P80,000 (P100,000 - P20,000) will be deferred as unearned revenue since the service is not yet performed.
In 20x2, ABC will recognize P30,384 of the P80,000 deferred revenue. P30,384 was calculated by using.
The deferred revenue balance of P80,000, less the initial payment of P20,000, times the present value of annuity of P1 at 12 percent for four years.
The revenue for 20x2 would be calculated as follows:
= P80,000 - P20,000
= P60,000
= P60,000 x 0.45639 (present value of annuity of P1 for four years at 12 percent)
= P27,383
= P27,383 - P4,999 (deferred revenue balance)
= P22,384P22,384 + P8,000 (second installment of payment)
= P30,384 ABC will recognize the remaining deferred revenue of
=P50,616 (P80,000 - P30,384) as revenue in 20x3 to = 20x5.
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In Brazil Nestlé are using door-to-door selling to reach low-income neighbourhoods, Dell computers provide a home delivery for its products, Avon are using sales representatives and other companies are using other methods to reach consumers. Critically analyse and evaluate the different channels that can be used by an organisation for reaching its customers.
In order to reach consumers, different channels can be used by an organization. Some of the channels include door-to-door selling, home delivery, and sales representatives.
A company can use different channels to reach its customers. Some of the channels include the following:Door-to-door selling- Nestlé uses this method to reach customers in low-income neighborhoods. It involves salespeople going from door to door, selling products.Home delivery- Dell computers use home delivery to reach customers. It involves delivering products to the customer's home. Sales representatives- Avon is using sales representatives to reach customers. It involves having representatives who interact with customers and sell products to them.Other methods- other companies may use other methods to reach their customers. For instance, some companies may use social media to reach their customers. Other companies may use advertisements in newspapers and other publications.
The use of different channels to reach customers is an important aspect of marketing. Each channel has its advantages and disadvantages. For instance, door-to-door selling can be effective in reaching customers who are not easily reachable through other channels. However, it can also be expensive to implement, and it may not be suitable for all products.Home delivery can be an effective way to reach customers who are unable to go to a physical store. It can be convenient for customers who are busy or who live in areas that are not easily accessible. However, it can also be expensive to implement, and it may not be suitable for all products.Sales representatives can be an effective way to reach customers who are looking for personalized attention. They can provide customers with information about products and help them to make informed decisions. However, sales representatives can be expensive to hire, and they may not be suitable for all products.Overall, the choice of channel will depend on a variety of factors, including the product being sold, the target market, and the company's marketing budget.
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Discuss the challenges faced by organisations trying to improve the environmental sustainability OR ethics of their supply chains. In your answer refer to two of the approaches below:
Lean and Green (waste reduction)
The Circular economy
Sustainable logistics and transport
Modern slavery
Supplier codes of conduct
Transparency and traceability.
Link your answer to at least one of the United Nations Sustainable Development Goals and illustrate your discussion with a business
case(s).
Circular Economy and Lean and Green (waste reduction) are frequently used strategies for the businesses that want to improve the ethics or environmental sustainability of their supply chains. The correct options are A and B.
Thus, initiatives for lean manufacturing and becoming green have a difficult time locating and resolving waste causes in intricate supply networks. Toyota's use of Lean concepts and waste minimization techniques in their production processes, which aligns with UN Sustainable Development Goal (SDG), serves as a case study for this.
Implementing the circular economy presents difficulties include developing items for recycling, setting up reverse logistics networks, and changing customer behavior. This strategy is demonstrated by Patagonia's Worn Wear programe, which encourages repair and reuse and supports SDG 12.5 (Reduction of Waste Generation).
Thus, the ideal selection is option A and option B.
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Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corporation’s installment note that has original principal of $52,000, interest of 9% compounded annually, and a term of 3 years.
Welton Corporation established the note on the first day of its fiscal year and will fully repay the note by the end of year 3 on its December 31 fiscal year-end. Prepare Welton Corporation’s journal entries on (a) January 1, Year 1; (b) December 31, Year 1; (c) December 31, Year 2; and (d) December 31, Year 3. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest dollar amount.)
Welton Corporation took out an installment note with an original principal of $52,000, an interest rate of 9% compounded annually, and a term of 3 years. The journal entries for Welton Corporation are as follows: (a) On January 1, Year 1, they would debit Cash for the amount received and credit Notes Payable for the principal borrowed. (b) On December 31, Year 1, they would debit Interest Expense for the accrued interest and credit Interest Payable. (c) On December 31, Year 2, they would repeat the journal entry from Year 1. (d) On December 31, Year 3, they would debit Notes Payable and Interest Payable, and credit Cash for the final payment amount.
(a) On January 1, Year 1, Welton Corporation would record the issuance of the installment note. They would debit Cash for the amount received ($52,000) and credit Notes Payable for the principal borrowed.
(b) On December 31, Year 1, Welton Corporation would record the accrued interest for the year. The interest expense can be calculated using the formula: Interest Expense = Principal * Interest Rate. In this case, the interest expense would be $52,000 * 9% = $4,680. They would debit Interest Expense for $4,680 and credit Interest Payable.
(c) On December 31, Year 2, the same journal entry as in Year 1 would be recorded. Interest Expense would be calculated again based on the remaining principal balance.
(d) On December 31, Year 3, Welton Corporation would make the final payment to fully repay the note. They would debit Notes Payable for the remaining principal balance and Interest Payable for any accrued interest, and credit Cash for the total payment amount.
These journal entries accurately reflect the issuance of the installment note, the recognition of interest expense, and the final repayment of the note by Welton Corporation.
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A bank completed an inspection of 8000 mortgage applications.
These mortgage applications revealed a total of 3540 errors.
Calculate DPU.
The DPU for the bank's mortgage applications is approximately 0.4425.
In this scenario, the DPU (Defects Per Unit) is calculated by dividing the total number of defects by the total number of units inspected. In this case, the total number of defects is given as 3540, and the total number of units, which are the mortgage applications inspected, is 8000.
To calculate the DPU, we divide the total number of defects (3540) by the total number of units (8000):
DPU = 3540 / 8000
This calculation gives us a DPU of approximately 0.4425. This means that, on average, there are approximately 0.4425 defects per mortgage application inspected.
The DPU is a useful metric in quality management as it provides a measure of the defect rate per unit. It helps organizations assess the level of quality or the number of errors in a given process or product. In this case, the DPU indicates the average number of errors found per mortgage application during the inspection process.
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Acoma, Inc. has determined a standard direct materials cost per unit of $8.00 (2 feet x $4.00 per foot). Last month, Acoma purchased and used 4,620 feet of direct materials for which it paid $18,018. The company produced and sold 2.140 units during the month. Calculate the direct materials price, quantity, and spending variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations to 2 decimal places.) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance
Acoma, Inc.'s direct materials variances for last month are as follows: Direct Materials Price Variance of $1,858 (U), Direct Materials Quantity Variance of $3,416 (F), and Direct Materials Spending Variance of $5,274 (U).
To calculate the direct materials variances for Acoma, Inc., we compare the standard cost with the actual cost and quantity of materials used. The standard direct materials cost per unit is given as $8.00, calculated by multiplying 2 feet by $4.00 per foot. The actual quantity of direct materials used is 4,620 feet, and the actual cost paid is $18,018. To calculate the Direct Materials Price Variance, we multiply the actual quantity (4,620 feet) by the difference between the actual price paid and the standard price ($18,018 - (4,620 feet x $4.00)). This results in a variance of $1,858 (U). To calculate the Direct Materials Quantity Variance, we multiply the standard price ($4.00) by the difference between the actual quantity (4,620 feet) and the standard quantity (2,140 units x 2 feet). This results in a variance of $3,416 (F). Finally, to calculate the Direct Materials Spending Variance, we multiply the standard price ($4.00) by the difference between the actual quantity (4,620 feet) and the standard quantity (2,140 units x 2 feet), and then subtract the actual cost paid ($18,018 - ((4,620 feet - (2,140 units x 2 feet)) x $4.00)). This results in a variance of $5,274 (U). In summary, Acoma, Inc. had a Direct Materials Price Variance of $1,858 (U), a Direct Materials Quantity Variance of $3,416 (F), and a Direct Materials Spending Variance of $5,274 (U).
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"Using the following information for this problem. Probability of rapid growth = 25% with a 30% rate of return, probability of normal growth = 50% with 15% rate of return, and the probability of a recession = -25% with a -20% rate of return, the coefficient of variation would be 1.35 1.50 1.65 1.84
"
Since the coefficient of variation is calculated to 0.85, the closest option would be 1.00. However, this option is not available among the answer choices provided.
The formula for calculating the coefficient of variation (CV) is: CV = Standard Deviation (SD) / Expected Return (ER)The given information for this problem are as follows:
Probability of rapid growth = 25% with a 30% rate of return
Probability of normal growth = 50% with 15% rate of return
Probability of a recession = -25% with a -20% rate of return
To calculate the expected return:
ER = (probability of rapid growth x rate of return for rapid growth) + (probability of normal growth x rate of return for normal growth) + (probability of a recession x rate of return for recession)
ER = (0.25 x 30%) + (0.50 x 15%) + (-0.25 x -20%)ER = 7.5% + 7.5% + 5%ER = 20%
To calculate the standard deviation:
SD = sqrt [(probability of rapid growth x (rate of return for rapid growth - expected return))^2 + (probability of normal growth x (rate of return for normal growth - expected return))^2 + (probability of a recession x (rate of return for recession - expected return))^2]
SD = sqrt [(0.25 x (30% - 20%))^2 + (0.50 x (15% - 20%))^2 + (-0.25 x (-20% - 20%))^2]
SD = sqrt [(0.25 x 10%)^2 + (0.50 x -5%)^2 + (-0.25 x -40%)^2]
SD = sqrt [0.25% + 0.125% + 2.5%]SD = sqrt [2.875%]SD = 1.695%
Therefore, the coefficient of variation would be:
CV = SD / ERCV = 1.695% / 20%CV = 0.08475CV = 0.85 (rounded to two decimal places)
Since the coefficient of variation is calculated to 0.85, the closest option would be 1.00. However, this option is not available among the answer choices provided. Therefore, the correct option is not available among the answer choices provided.
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Explain the impact of four (4) case laws and statute on the development of auditing practices, standards and procedures.
Answer:
Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review. Client involvement is critical at each stage of the audit process.
Explanation:
Sources of evidence. Audit evidence may emanate from the following sources:
Types of evidence. Audit evidence may be physical, documentary, oral or analytical.
Corroboration. Different sources should be employed when collecting evidence to make it more persuasive.
Answer:
Explanation:the day sn
Keith secured a 5-year car lease at 5.90% compounded annually that required her to make payments of $888.23 at the beginning of each month. Calculate the cost of the car if she made a downpayment of $3,750.
With a down payment of $3,750 and making monthly lease payments of $888.23 for 5 years at an interest rate of 5.90% compounded annually, the cost of the car is approximately $46,160.52.
To calculate the cost of the car, we need to find the present value of the lease payments. The present value (PV) can be calculated using the formula for the present value of a series of periodic payments:
PV = PMT * ((1 - (1 + r)^(-n)) / r) - PV_downpayment
Where:
PV = Present value (cost of the car)
PMT = Monthly payment
r = Annual interest rate (compounded annually) divided by 12 to get the monthly rate
n = Total number of payments (number of years multiplied by 12)
PV_downpayment = Present value of the downpayment
Let's plug in the given values:
PMT = $888.23
Annual interest rate = 5.90%
Monthly interest rate = 5.90% / 12 = 0.4917%
Number of payments = 5 years * 12 = 60
PV_downpayment = $3,750
Now, we can calculate the present value (cost of the car):
PV = $888.23 * ((1 - (1 + 0.004917)^(-60)) / 0.004917) - $3,750
Using a financial calculator or spreadsheet software, the present value (cost of the car) is approximately $46,160.52.
Therefore, with a downpayment of $3,750 and making monthly lease payments of $888.23 for 5 years at an interest rate of 5.90% compounded annually, the cost of the car is approximately $46,160.52.
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Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company 1. Employees earn vacation pay at a rate of one day per month Maxum estimated and must expense $7920 of accrued vacation benefits for the year 2. During December, Maxum Company sold 3,500 units of a product that a 60 day warranty, December sales for this product total $134,000. The company expects 8% of the units to need warran ind it estimates the average repair cost per unit will be $10 Prepare adjusting entries at December 31 for Maxum Company's year-enacol statements for each of the above separate transactions View transaction list Journal entry worksheet < А B Employees eam vacation pay at a rate of one day per month. Maxum
Adjusting Entries: Accrued Vacation: Vacation expense = $7,920/yr / 12 months = $660/mo Adjustment = 3 months * $660/mo = $1,980 Debit vacation expense $1,980 Credit accrued vacation liability $1,980Warranty: 8% * 3,500 units = 280 units Warranty expense = 280 units * $10/unit = $2,800Adjustment = $134,000 * (280 units / 3,500 units) = $10,720Debit warranty expense $10,720Credit warranty liability $10,720
Adjusting entries are accounting entries made at the end of a period to adjust balances of revenues and expenses. Adjusting entries help update the balance sheet and income statement accounts. Adjusting entries help prepare an accurate set of financial statements. The first transaction relates to vacation pay. Employees of Maxum Company earn vacation pay at a rate of one day per month. This means they would earn 12 days of vacation pay for working for a full year.
Maxum Company has estimated that they must pay $7,920 of accrued vacation benefits for the year. The adjustment entry for accrued vacation would be debit vacation expense and credit accrued vacation liability. The second transaction relates to warranty. During December, Maxum Company sold 3,500 units of a product that has a 60-day warranty. Maxum Company expects 8% of the units to need warranty and it estimates the average repair cost per unit will be $10. Maxum Company has to record an adjusting entry for the estimated warranty expense. The adjustment entry for estimated warranty would be debit warranty expense and credit warranty liability.
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1. Your term project is an integrative summary of seven short papers.
2. Each paper that you read must be at least three pages long. For example, if you read a newspaper article that in only 2 pages long, it will not count as one of your papers.
3. For each paper that you read, you must summarize the paper in approximately one page, but usually about 3/4 page.
4. Each paper that you read must be preceded by a bibliographical citation.
5. After summarizing all the papers, you must write an Integrative Summary that ties all the papers together and demonstrate how they address a narrow topic. For example, How Pharmacies in England resisted resisted laws to limit the free distribution of addictive opium during the 19th Century.
These papers may be from the academic literature or current news on drug controls, the drug war, history of illicit or psychoactive drugs or drug policies from anywhere in the world. You may select articles from journal articles or working papers on Drug Policies, Economic Analysis, Economic Historical Analysis, Medical History, Scientific Analysis, International Diplomacy, and Social and Philosophical Analysis.
Finally, the documents you cite must include research papers, magazine articles, newspaper article or government policy documents published during the last 10 years.
Your bibliography topic must be narrow and specific. You cannot select papers that address the War on Drugs in general. An example of an acceptable topic could be "The Medellin Cartel: It's Rise and Fall" or Comparing the Methods of Pablo Escobar and Other Drug Gangs or How the Dutch Profited from the Trade in Opium and Why and When they Ceased to Trade in Opium
The bibliographical selection may address topics from the examples listed below or other topics that you may select:
• Comparative international policies
• Historical analysis of policies in different countries
• Socio-Economic analysis of drug policies
• Social and Psychological Issues of Drug Use and Policies
• The Politics and Economics the War on Drugs
• International Drug Cartels and their Activities / Violence and Corruption
• European colonialism and the drug trade in history
• Foreign Trade and the History of Drugs (Opium and Cocaine)
It seems like you are looking for a narrow and specific topic for your term project bibliography related to drug policies, drug trade, or drug control. Here are a few potential topics that you could consider:
"The Opioid Crisis in the United States: Causes, Consequences, and Policy Responses"
"The Legalization of Cannabis: Economic, Social, and Public Health Implications"
"Drug Policies in Portugal: Decriminalization and Public Health Approach"
"The Impact of Drug Trafficking on Central American Countries: Violence, Corruption, and Economic Consequences"
"Psychedelics Research and Therapeutic Potential: A Review of Recent Studies"
"International Drug Control Policies: A Comparative Analysis of Approaches"
"The Role of Harm Reduction Strategies in Reducing Drug-related Harms and Overdose Deaths"
Remember to narrow down your topic further based on your interests and the availability of recent research papers, articles, or policy documents. These topics should provide you with a starting point for finding relevant literature to fulfill the requirements of your term project.
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Question 1: On May 1, 2022, Carlo has been in a trading business for five years as a sole proprietor.
He needed additional capital to fund business expansion so he decided to invite Jamie by investing cash for a one-third interest in the new partnership, CABLES Trading.
CABLES Trading would assume the liabilities of Carlo’s business.
Jamie accepted the invitation and both agreed to revalue assets of Carlo’s business as itemized: Accounts Receivable ₱50,000; Merchandise Inventory ₱28,000; Office Equipment ₱22,000; and Land ₱279,000.
Account balances in the books of Carlo were as follows:
Account Titles
Debit
Credit
Cash
₱135,000
Accounts Receivable
60,000
Allowance for Doubtful Accounts
₱ 4,000
Merchandise Inventory
25,000
Office Equipment
33,000
Accumulated Depreciation
15,000
Land
260,000
Accounts Payable
194,000
Carlo, Capital
300,000
How much is the capital of CABLES Trading upon formation?
Capital refers to the investment made by the partners or proprietors to start a business. Carlo, who has been running a trading business for five years as a sole proprietor, needed additional capital to expand his business. As a result, he invited Jamie to invest cash for a one-third interest in the new partnership,
CABLES Trading.CABLES Trading is going to take over Carlo's business liabilities. Jamie accepted the invitation and both agreed to revalue the assets of Carlo's business as follows: Accounts Receivable ₱50,000; Merchandise Inventory ₱28,000; Office Equipment ₱22,000; and Land ₱279,000. The account balances in the books of Carlo were as follows:Account TitlesDebitCreditCash₱135,000Accounts Receivable60,000Allowance for Doubtful Accounts₱ 4,000Merchandise Inventory25,000Office Equipment33,000Accumulated Depreciation15,000Land260,000Accounts Payable194,000Carlo, Capital300,000To compute the total capital of CABLES Trading upon its formation, you need to add Jamie's capital investment to the book value of Carlo's assets.
Since Jamie invested one-third of the capital, he has a 33.33% share in the business. Carlo's assets and liabilities must be revalued to determine the book value of his capital.Account TitlesDebitCreditCash₱135,000Accounts Receivable₱50,000Merchandise Inventory₱28,000Office Equipment₱22,000Accumulated Depreciation₱15,000Land₱279,000Accounts Payable₱194,000Carlo, Capital₱241,000Revaluation Surplus₱48,000Total₱529,000Using the above computations, the total capital of CABLES Trading upon formation is ₱529,000.
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Compare and contrast cGMP (Current Good Manufacturing Practices), cGLP (Current Good Laboratory Practices), and cGCP (Current Good Clinical Practices). How might they each be applied differently?
cGMP, cGLP and cGCP are regulatory guidelines that ensure quality, safety, and consistency in different areas of the pharmaceutical and healthcare industries.
cGMP refers to the set of regulations and practices that govern the manufacturing and quality control of pharmaceutical products. It ensures that the manufacturing processes are consistent, controlled, and meet the required standards of safety, efficacy, and quality. cGMP covers various aspects such as facility design, equipment validation, personnel training, documentation, quality control, and product testing.
cGLP focuses on the standards and protocols for conducting non-clinical laboratory studies to assess the safety and effectiveness of drugs, medical devices, and other healthcare products. It ensures the integrity and reliability of data generated during preclinical research and development. cGLP covers areas such as study design, personnel qualifications, equipment calibration, documentation, record keeping, and data analysis.
cGCP pertains to the guidelines for conducting clinical trials, particularly in human subjects. It ensures that clinical trials are conducted ethically, with the rights and well-being of participants protected, and that the data generated is reliable and accurate. cGCP covers aspects such as trial design, informed consent, investigator qualifications, participant safety monitoring, data collection and analysis, and record keeping.
While all three practices focus on quality and compliance, they differ in their specific applications. cGMP is primarily concerned with the manufacturing process and ensuring the quality of finished pharmaceutical products. cGLP focuses on non-clinical laboratory studies, ensuring the reliability and integrity of data generated during research and development. cGCP is specific to clinical trials, ensuring ethical conduct, participant safety, and reliability of data generated during human studies. Each practice has its own set of guidelines and requirements tailored to the respective area of application, reflecting the unique considerations and risks involved.
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Using the AD/AS framework, EXPLAIN carefully what would happen to the United States economy given what is happening in the Japanese economy. Which curve in the US AD/AS graph is directly impacted and how? b. What specific FISCAL policies could the government could use to help the United States return to both short-run and long-run equilibrium given the situation you described in a? Are these expansionary or contractionary fiscal policies? (1 points) c. Based on the fiscal policy you proposed in (b), explain carefully which curve is directly impacted and what happens to that curve. d. Explain carefully WHY this fiscal policy would most likely create a budget deficit or a budget surplus in the year the fiscal policy in b was implemented. e. Based on your answer to a, would the Federal Open Market Committee (FOMC) order raising or lowering the interest rate in the federal funds market (its operating target)? f. To hit the operating target (raising/lowering the federal funds rate), the Federal Reserve will change its 'administered rates.' List the interest rates the Federal Reserve controls (administers) and whether the Fed would raise or lower each rate to reach the operating target set by the FOMC Using the AD/AS framework, this question asks about how what is happening in a foreign economy might impact the U.S. economy. As a starting point, assume that the U.S. is currently in both short-run and long-run equilibrium. Japan is experiencing a strong economy and strong growth. Japan's GDP and income is rising.
a. In the United States economy, given what is happening in the Japanese economy, the AD/AS framework shows the effects of expansionary monetary policy on both aggregate demand (AD) and aggregate supply (AS). In the short run, the AD curve shifts to the right, resulting in an increase in output and prices.
The AS curve will also shift to the right in the long run. This implies that in the United States, the economy will have higher output and lower unemployment, as well as higher prices, as a result of Japan's strong economy and growth.In the US AD/AS graph, the aggregate demand curve is directly impacted and shifts to the right.
b. Fiscal policies that the government could use to help the United States return to both short-run and long-run equilibrium given the situation described in a are expansionary fiscal policies. The government might reduce taxes or increase its spending on goods and services.
c. The aggregate demand curve is directly impacted, and the curve shifts to the right as a result of expansionary fiscal policy. d. This fiscal policy would most likely create a budget deficit in the year the fiscal policy in b was implemented. This is because when the government lowers taxes or increases its spending on goods and services, it reduces its revenue. As a result, there is a greater chance of budget deficits. e. The Federal Open Market Committee (FOMC) would order lowering the interest rate in the federal funds market (its operating target) in response to the effects of expansionary fiscal policy in the economy. f. To reach the operating target set by the FOMC, the Federal Reserve controls the following interest rates (administers):Discount Rate, Reserve Requirement, and Federal Funds Rate. The Federal Reserve would lower each rate to reach the operating target set by the FOMC.
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Ordinary least squares (OLS) method is applied in order to:
estimate the residuals of the regression model
choose appropriate data for estimating the coefficients of the regression model
estimate the coefficients of the regression model
What kind of decision can be taken if the empirical level of significance (p-value) is lower than Type I (alfa) risk?
To reject the null in favor of the alternative hypothesis
To accept the null hypothesis
There is not enough information for taking a decision
To reject the alternative in favor of the null hypothesis
choose the appropriate functional form of the regression model
The appropriate functional form of the regression model can be chosen based on the empirical level of significance (p-value) being lower than the Type I (alpha) risk.
When conducting hypothesis testing in statistical analysis, the empirical level of significance (p-value) is compared to the predetermined Type I error rate (alpha) to make a decision. If the p-value is lower than the alpha level, it means that the observed data provides strong evidence against the null hypothesis and supports the alternative hypothesis.
In this case, the appropriate decision would be to reject the null hypothesis in favor of the alternative hypothesis. In the context of choosing the appropriate functional form of the regression model, the p-value can be used to assess the significance of different variables or transformations.
If the p-value is lower than the predetermined alpha level, it suggests that the particular functional form being considered is statistically significant and can be chosen for the regression model.
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Open a recommendation message with facts relevant to the position or benefit sought.
TRUE
FALSE
TRUE. In a recommendation message, it is important to include relevant facts related to the position or benefit being sought.
By presenting factual information, you can provide credibility and support to your recommendation. Whether you are recommending a candidate for a job, a product for a customer, or a strategy for a business, including pertinent facts can strengthen your argument and increase the likelihood of a positive outcome.
Facts serve as evidence and help to substantiate the claims or assertions made in the recommendation message. They provide objective information that can be relied upon and verified by the recipient. By presenting facts, you can showcase the qualifications, achievements, or benefits associated with the position or benefit being sought. This allows the recipient to make an informed decision based on concrete information rather than mere opinions or subjective statements. Including relevant facts adds weight to your recommendation and increases its persuasiveness, making it more likely to be considered and acted upon by the recipient.
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.Robert and Donna, two auditors you work with at the Internal Audit Department of ABC Company, have independently assessed the risks associated with the accounts receivable. The appropriate audit risk for both is determined to be .02. Both agree that inherent risk should be set at the maximum (1.0) and that no analytical procedures will be performed. Robert evaluates control risk as moderate (.40) while Donna assesses it as relatively low (.20).
ABC Company processes an average of 400 vouchers payable every month. Each voucher package contains a copy of the cheque disbursed and supporting documents such as vendor invoices, receiving reports, and purchase orders. The Auditor plans to example a sample of vouchers listed in the voucher registry using attribute sampling to evaluate the effectiveness of several controls. The attributes include: I) Agreement of voucher amounts with invoice amounts; II) Voucher cancelled after payment
Based on past experience, the auditor expects a deviation rate of 2% for the first attribute and 1% for the second. The Auditor decides on a tolerable deviation rate of 7% for the first attribute and 6% for the second. The risk of assessing control risk too low is set at 5%. Assume that the auditor’s tests uncovered 2 occurrences of voucher amounts not agreeing with invoice amounts and 2 occurrences of vouchers not being cancelled after payment. Required:
a. What is the risk of incorrect acceptance for Robert and for Donna and which auditor will have to collect the most evidence (explain your reasoning)? Please prepare Robert's assessment & sample selection.
To determine the risk of incorrect acceptance for Robert and Donna, we need to calculate the upper limit rate (ULR) for each attribute and compare it to the tolerable deviation rate (TDR).
For Robert:
Attribute 1: Agreement of voucher amounts with invoice amounts
Expected deviation rate: 2%
Tolerable deviation rate: 7%
Risk of assessing control risk too low: 5%
Using attribute sampling tables or software, the sample size required to achieve the desired level of confidence can be calculated. Let's assume Robert selects a sample size of 100 vouchers.
Number of deviations found: 2
Sample size: 100
Observed deviation rate: 2/100 = 2%
Using the attribute sampling table, the upper limit rate (ULR) corresponding to a sample size of 100, 2 deviations, and a 5% risk of assessing control risk too low is 8.79%.
Since the ULR (8.79%) is higher than the tolerable deviation rate (7%), the risk of incorrect acceptance for Attribute 1 is acceptable for Robert.
Attribute 2: Voucher cancelled after payment
Expected deviation rate: 1%
Tolerable deviation rate: 6%
Risk of assessing control risk too low: 5%
Using the same sample size of 100 vouchers:
Number of deviations found: 2
Sample size: 100
Observed deviation rate: 2/100 = 2%
The ULR corresponding to a sample size of 100, 2 deviations, and a 5% risk of assessing control risk too low is 8.79%.
Since the ULR (8.79%) is higher than the tolerable deviation rate (6%), the risk of incorrect acceptance for Attribute 2 is also acceptable for Robert.
Regarding sample selection, Robert will need to collect a sample size of 100 vouchers.
Note: To calculate the risk of incorrect acceptance for Donna and provide her sample selection, we would need her assessment of control risk for each attribute and the number of deviations found in her sample.
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City University, Bangladesh started its operations in 2003 under the private University Act, 1992 (amended in 1998). It is one of the best quality higher education providers in Bangladesh. City University has a State of Art campus in Uttara. Additionally, it has one of the best e-learning platforms in Bangladesh. City University has around 6000 students and 250 employees. It faces competition from the top 10 private universities in Bangladesh. Usually, students consider the cost while they take admission to private universities, but education quality and student satisfaction are also considered.
Question:
a) Briefly describe the steps in the risk management process that should be followed by the risk manager of City University.
b) Identify the major loss exposures faced by City University.
c) For each of the loss exposures identified in (b), identify a risk management technique or combination of techniques that could be used to handle the exposure.
d) Describe several sources of funds for paying losses if retention is used in the risk management program.
e) Identify other departments in City University that would also be involved in the risk management program.
a) The risk management process for City University involves steps such as risk identification, assessment, mitigation, financing, and monitoring and review.
b) Major loss exposures faced by City University include property loss, liability risk, and reputation risk.
c) Risk management techniques for each exposure include implementing preventive measures, obtaining insurance coverage, and developing crisis management plans.
d) Sources of funds for paying losses if retention is used can include the operating budget, reserve funds, endowment or investment income, and grants or donations.
e) Other departments involved in the risk management program at City University include finance, legal, human resources, operations, and public relations/communications.
a) The risk management process that should be followed by the risk manager of City University typically involves the following steps:
1. Risk Identification: Identify and assess potential risks and loss exposures faced by the university, considering various aspects such as operations, finance, legal, and reputation.
2. Risk Assessment: Evaluate the likelihood and potential impact of each identified risk. Prioritize risks based on their severity and potential consequences.
3. Risk Mitigation: Develop strategies and implement measures to mitigate identified risks. This may involve implementing preventive controls, safety measures, and security protocols to reduce the likelihood and impact of risks.
4. Risk Financing: Determine the most appropriate risk financing techniques, such as insurance coverage or self-insurance, to transfer or retain the financial impact of certain risks.
5. Risk Monitoring and Review: Continuously monitor and review the effectiveness of risk management strategies and make necessary adjustments as new risks emerge or existing risks change.
b) The major loss exposures faced by City University may include:
1. Property Loss: Damage or loss to buildings, infrastructure, or assets due to natural disasters, accidents, or other incidents.
2. Liability Risk: Potential legal claims or lawsuits arising from accidents, injuries, or other liabilities related to the university's operations.
3. Reputation Risk: Damage to the university's reputation due to negative publicity, scandals, or other incidents that may impact its brand image and enrollment.
c) To handle the identified loss exposures, City University can consider the following risk management techniques:
1. Property Loss: Implementing risk mitigation measures like fire safety systems, regular inspections, and property insurance coverage to transfer the financial impact of property damage.
2. Liability Risk: Adopting risk prevention measures, such as implementing safety protocols and training programs, as well as obtaining liability insurance coverage to mitigate potential legal liabilities.
3. Reputation Risk: Developing a crisis management plan, establishing effective communication strategies, and investing in public relations efforts to address and mitigate reputational risks.
d) Several sources of funds for paying losses if retention is used in City University's risk management program can include:
1. Operating Budget: Allocating funds from the university's regular operating budget to cover potential losses or claims.
2. Reserve Funds: Establishing reserve funds specifically designated for addressing unexpected losses or risks.
3. Endowment or Investment Income: Utilizing income generated from endowments or investments to fund losses, if permitted by the university's financial policies.
4. Grants and Donations: Seeking external grants or donations specifically earmarked for risk management purposes.
e) Other departments in City University that would be involved in the risk management program may include:
1. Finance Department: Responsible for budgeting, allocating funds for risk management purposes, and assessing the financial implications of potential risks.
2. Legal Department: Provides guidance on legal matters, reviews contracts and agreements, and advises on compliance and risk mitigation strategies.
3. Human Resources Department: Involved in developing and implementing safety training programs, addressing employee-related risks, and ensuring compliance with employment laws and regulations.
4. Operations Department: Collaborates in identifying and mitigating operational risks, implementing safety measures, and maintaining business continuity plans.
5. Public Relations/Communications Department: Works closely with the risk management team to manage reputational risks and develop crisis communication strategies.
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