From the illustration, Emit should pay for the television with the use of a store credit card. The reason for the use of the credit card for the payment of the television over 6 months period is that Emit should be paying $59.29 in interest and total pay of $598.29 within the 6 months.
How should emit pay for television?These figures in use are calculated as follows:
cost of television: $539.00
Rate 22% pa= $539 × (0.22 ÷ 12)
= $539 × (0.22 ÷ 12)
= $9.88/month
= $9.88 × 6
= $59.29
Total for 6 months
6 months= $539 + $59.29
= $598.29
On the other hand, should Emit use his credit card and pay the television off in 12 months (1 yr), he would pay an additional $118.58 in interest, therefore making a total of $657.58
This can be calculated as follows:
= $539 × 0.22
= $118.58
Total interest in 1 year
= $539 + $118.5
= $657.58
Conclusively, Emit should use the store card to pay the cost as there is no personal gain.
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Question 7
The case studies you will be tested on for Competency 3 deal with many uncertainties. Would these be classified as:
Routine Category I decisions
Programmed decisions
Category II non-routine decisions
Computational strategy
The case studies that the student will be dealing with can be classified as:
Category II non-routine decisionsWhat are nonroutine decisions?Nonroutine decisions refer to the decisions that simply spring forth and are not well programmed. Nonroutine decisions could even be making new business decisions that are not quite like the decisions made on a regular basis.
These sorts of decisions are often made by top managers and they also involve matters that are not repetitive. Once they come up, something ought to be done about them fast and they must be handled well. So, the third option is right.
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Which of the following elements ultimately determines the amount of audit work that is necessary in the circumstances to afford a reasonable basis for an opinion? (Points : 1)
Auditor judgment.
Materiality.
Relative risk.
Reasonable assurance.
The elements that determines the amount of audit work that is necessary in the circumstances to afford a reasonable basis for an opinion is an auditor judgement. The Option A is correct.
What is an auditor judgement?In accounting, an audit judgments are very unique to each individual audit and comparing these audit judgment across audits presents significant challenges that should be addressed carefully to avoid unintended consequences.
In recent times, the changes in accounting principles have increased the inherent variability of financial statement amounts and have increased the importance of disclosures. Even though the primary focus of good auditor judgments and audit quality is at the engagement level, the current regulatory environment and the structure and business model of audit firms are of increased importance in influencing those judgments.
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"Which of the following statements about negotiation is true?
1) Once you have gotten what you want, try pushing to see what else you can get.
2) You should never walk away from a negotiation.
3) Audiences are more likely to negotiate if they think that all of the outcomes will benefit you.
4) If a negotiation does not look financially advantageous, your audience may lose interest 5) When negotiating, you should keep your focus solely on how the negotiation can benefit you."
Which of the following statements about negotiation is true?
1) Once you have gotten what you want, try pushing to see what else you can get.
2) You should never walk away from a negotiation.
3) Audiences are more likely to negotiate if they think that all of the outcomes will benefit you.
4) If a negotiation does not look financially advantageous, your audience may lose interest
5) When negotiating, you should keep your focus solely on how the negotiation can benefit you.
The statement which is true about negotiation is- If a negotiation does not look financially advantageous, your audience may lose interest. Thus, the correct answer is option 4.
What is negotiation ?Negotiation is a conversation between two or more parties to resolve disagreements, gain an advantage for an individual or group, or construct outcomes that satisfy multiple interests. The sides want to reach an agreement on issues of mutual interest. The arrangement may be advantageous to all or some of the parties concerned.
Buyers and sellers, employers and potential employees, two or more governments, and other stakeholders can all negotiate. Compromises on the side of one or more parties are frequently required for a successful negotiation. The process is repeated until either party agrees to a resolution or the negotiations end without one.
Therefore, option 4 is correct.
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