"NOTE: AUDITING
1. Which of the following is NOT a reason that auditors commonly use experts?
A. value works of art
B. value accounts receivable
C. value jewellery
D. value real estate

Confirmation bias is a type of cognitive bias in which people tend to look for and interpret information that confirms their preconceptions, beliefs, and expectations.

Confirmation bias can lead to a distortion of reality by ignoring or rejecting information that contradicts these beliefs.In the textbook, confirmation bias is defined as the tendency to search for or interpret information in a way that confirms one's preconceptions, leading to statistical errors. An example of confirmation bias mentioned in the textbook is a study where psychologists found that people's beliefs about astrology were not affected by reading their own astrological charts, but rather by reading charts of others who were described as having similar personality traits to their own.

An example from my life that shows where confirmation bias is a challenge for me is when I tend to believe that people who are similar to me in personality traits are more trustworthy and likable than people who are different from me.

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The monopolist should bundle Goods A and B together as the willingness to pay is not negatively correlated.

The monopolist's decision on whether to bundle Goods A and B or price them individually depends on the correlation between consumers' willingness to pay for the two goods. In this case, enthusiasts are willing to pay more for Good A than Good B, while margins are willing to pay more for Good B than Good A. Since the willingness to pay is not negatively correlated, the monopolist should bundle the goods together. By bundling, the monopolist can capture the higher willingness to pay for both goods from both types of consumers, maximizing their profits.

If the willingness to pay were negatively correlated, it would be more beneficial for the monopolist to price the goods individually, targeting each consumer type separately.

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Based on the given information, the market's required rate of return for Samsung's stock would be approximately 4.30%.

To Calculate the expected dividend for the next year:

Future dividend = Current dividend × (1 + Growth rate)

Future dividend = $2.89 × (1 + 3%) = $2.9767

Determine the current market price of the stock:

Current market price = $230

To calculate the required rate of return, apply the DDM formula

Current market price = Future dividend / (Required rate of return - Growth rate)

$230 = $2.9767 / (Required rate of return - 3%)

Rearranging the formula:

Required rate of return - 3% = $2.9767 / $230

Required rate of return - 3% = 0.012953

Required rate of return = 0.012953 + 3%

Required rate of return = 0.042953 or 4.30%

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Amount of the discount on bonds at issuance = $88,000 - $83,676Amount of the discount on bonds at issuance = $4,324Therefore, the amount of discount on these bonds at issuance is $4,324.

The amount of discount on these bonds at issuance is $4,324. Bonds Payable = Face value of the bonds. (Par value of the bonds)Annual market rate = 12%Total amount of cash received from the issuance of bonds = $83,676The annual contract rate of bonds = 10%Par value of bonds = $88,000The difference between the face value of bonds and the proceeds from the sale of bonds is considered as a discount on the issuance of bonds. Therefore, the amount of discount on these bonds at issuance is calculated below: Amount of the discount on bonds at issuance = Face value of bonds - Proceeds from the sale of bonds.

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The bond is a premium bond.

Based on the given information, the bond is a premium bond. A premium bond is a bond that is priced higher than its face value or par value. In this case, the bond offers a coupon rate of 9%, which is higher than the yield to maturity of 8.13%. This indicates that the bond is attractive to investors, resulting in its price being higher than its face value.

Premium bonds typically occur when the coupon rate is higher than the prevailing interest rates, making them desirable investments. Investors are willing to pay a premium to receive the higher coupon payments compared to the yield offered in the market.

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Step 1: The learning rate of the company's employees is approximately 87%.

Step 2: The learning rate can be calculated by dividing the total production time of the first unit by the total production time of the last unit and taking the square root of the result. In this case, the total production time for the first unit is 4 hours, and the total production time for the last unit is 10.5966 hours. Taking the square root of the ratio (4/10.5966), we get a learning rate of approximately 0.869 or 87%.

The learning rate indicates the rate at which the employees are improving their production efficiency over time. A higher learning rate suggests a faster rate of improvement. In this case, the employees of Naomi Ltd. are improving their production efficiency by approximately 87% with each doubling of the cumulative output. This means that as the company produces more units, the total production time per unit decreases by 13% on average.

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5. To determine Gell's predetermined overhead allocation rate, we divide the estimated manufacturing overhead costs by the estimated machine hours:

Predetermined overhead allocation rate = $93,000 / 12,000 = $7.75/machine hour

Therefore, the answer is option A. $7.75/machine hour.

6. Gell's actual manufacturing overhead cost is the sum of the actual costs incurred:

Actual manufacturing overhead cost = Indirect labor + Depreciation on plant + Machinery repair + Plant supplies + Plant utilities

Therefore, the answer is option B. $83,000.

7. The amount of manufacturing overhead that Gell would allocate is determined by multiplying the actual machine hours used by the predetermined overhead allocation rate:

Manufacturing overhead allocation = 16,000 × $7.75 = $124,000

Therefore, the answer is option C. $124,000.

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The main answer is: The remaining balance that the borrower has after 15 years is approximately $133,507.15.

To determine the remaining balance after 15 years, we need to calculate the amortization schedule for the loan. The monthly payment of $1,200 and the interest rate of 7% are given.

The formula to calculate the remaining balance of a fully-amortizing loan is as follows:

Remaining Balance = Loan Amount * (1 + r)^n - P * [(1 + r)^n - 1] / r

Where:

Loan Amount = Initial loan amount

r = Monthly interest rate (annual interest rate divided by 12)

n = Total number of payments

P = Monthly payment

In this case, we have a 30-year loan, which corresponds to 360 monthly payments. We can calculate the remaining balance after 15 years by plugging the values into the formula.

Using the formula, we find that the remaining balance after 15 years is approximately $133,507.15.

The explanation above assumes that the loan is a conventional fully-amortizing loan with equal monthly payments over the entire loan term. It does not take into account any additional factors that could affect the loan balance, such as prepayments or changes in the interest rate.

It's important to note that the actual remaining balance may vary depending on the specific terms of the loan and any additional factors or fees involved. Therefore, it's always recommended to consult the loan agreement or contact the lender for an accurate and up-to-date remaining balance.

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The COVID-19 recession has required governments to implement fiscal policy measures of an unprecedented scale and specificity to address the unique challenges posed by the pandemic and the resulting economic downturn.

Limitations of Fiscal Policy During a Recession: a) Time Lags: Implementing fiscal policy measures takes time, and during a recession, quick action is often required. There can be delays in passing legislation, allocating funds, and implementing policies, which can hinder the timely impact of fiscal measures on the economy.

b) Political Constraints: Fiscal policy decisions are subject to political processes and debates, which can result in delays, disagreements, or compromises that may weaken the effectiveness or scope of policy responses during a recession.

c) Effectiveness of Automatic Stabilizers: Automatic stabilizers, such as progressive tax systems and unemployment benefits, can provide some economic stabilization during a recession. However, their effectiveness may be limited in severe recessions when the scale of the economic downturn surpasses the capacity of these automatic stabilizers.

d) Debt and Deficit Concerns: Expansive fiscal policy during a recession often involves increased government spending or tax cuts, which can lead to higher government debt and deficits. Concerns about the sustainability of debt levels can limit the extent to which fiscal policy measures are pursued, especially in economies with already high levels of debt.

e) Crowding Out: Increased government borrowing to finance fiscal measures during a recession can lead to higher interest rates and crowding out private investment, potentially limiting the positive impact of fiscal policy on economic activity.

Fiscal Policy During Previous Recessions:

During previous recessionary periods, governments have implemented various fiscal policy measures to stimulate the economy. These measures include:

a) Increased Government Spending: Governments increase spending on infrastructure projects, public works programs, and social welfare programs to boost aggregate demand.

b) Tax Cuts: Governments may reduce taxes to stimulate consumer spending and business investment.

c) Expansionary Monetary Policy Coordination: Fiscal policy measures are often implemented in conjunction with expansionary monetary policy, such as reducing interest rates and increasing money supply, to further stimulate economic activity.

Differences in Fiscal Policy During the COVID-19 Recession:

a) Unprecedented Scale of Fiscal Measures: The fiscal policy response to the COVID-19 recession has been on an unprecedented scale, with governments implementing massive stimulus packages to address the widespread economic impact of the pandemic. The fiscal measures have involved significant increases in government spending, direct cash transfers, and wage subsidy programs.

b) Targeted Support for Specific Sectors: Due to the unique nature of the COVID-19 recession, fiscal policy has included targeted support for sectors most affected by lockdown measures, such as tourism, hospitality, and aviation. Specific grants, loans, and industry-specific programs have been implemented to address the challenges faced by these sectors.

c) Enhanced Unemployment Benefits: In response to the large-scale job losses during the COVID-19 recession, many countries have enhanced unemployment benefit programs to provide income support to affected individuals. The expansion of eligibility criteria and increased benefit amounts have been notable features of fiscal policy responses to the pandemic.

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The paragraph expresses the view that the government structure established by the framers of the United States Constitution, with its system of checks and balances, is necessary and beneficial.

The author believes that the framers' goal was to create a government different from the tyrannical structure of the English monarchy. The introduction of the Great Compromise and the bicameral legislature (House and Senate) was seen as a response to the failures of the Articles of Confederation. The author argues that the system of checks and balances ensures that no single branch or individual has ultimate power, and decisions require compromise and collaboration between branches for the greater good of the American people.

The validity of this viewpoint depends on individual perspectives. Supporters of the checks and balances system often argue that it helps prevent the concentration of power, promotes accountability, and encourages a broader representation of interests in decision-making. Critics, on the other hand, may argue that it can lead to gridlock, slow decision-making processes, and an inability to address urgent issues.

It's important to note that the interpretation of the Constitution and the effectiveness of its design are ongoing topics of debate, and various viewpoints exist on the matter.

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The annual operating cash flow for the worst-case scenario is approximately $80,435 (Option B).

To calculate the annual operating cash flow for the worst-case scenario, we need to consider the lowest possible sales and the highest possible costs based on the given accuracy range of +/-10 percent.

Tales for the worst-case scenario can be calculated as 90% of the expected annual sales:

Sales (Worst-case) = $217,000 * 0.9 = $195,300

Costs for the worst-case scenario can be calculated as 110% of the expected annual costs:

Costs (Worst-case) = $97,000 * 1.1 = $106,700

Next, we need to calculate the annual depreciation expense. Since the equipment necessary for the project costs $355,000 and has a 7-year life, the annual depreciation expense would be:

Depreciation Expense = $355,000 / 7 = $50,714.29

To calculate the taxable income, we subtract the depreciation expense from the difference between sales and costs:

Taxable Income = (Sales - Costs) - Depreciation Expense

Taxable Income = ($195,300 - $106,700) - $50,714.29

Taxable Income = $38,885.71

The annual tax payment can be calculated by multiplying the taxable income by the tax rate of 21%:

Tax Payment = Taxable Income * Tax Rate

Tax Payment = $38,885.71 * 0.21 = $8,165.20

Finally, the annual operating cash flow for the worst-case scenario can be calculated by subtracting the tax payment from the difference between sales and costs:

Annual Operating Cash Flow (Worst-case) = (Sales - Costs) - Tax Payment

Annual Operating Cash Flow (Worst-case) = ($195,300 - $106,700) - $8,165.20

Annual Operating Cash Flow (Worst-case) = $80,434.80

Therefore, the annual operating cash flow for the worst-case scenario is approximately **$80,435** (Option B).

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The global financial crisis had severe consequences for both the world economy and India. A significant number of banks, companies, and financial institutions went bankrupt, and many people lost their jobs, homes, and savings.The global financial crisis had an enormous impact on the world's stock markets.

Credit default swaps - Banks bought and sold credit default swaps, which are a type of insurance against default. However, when the crisis hit, many banks could not pay up on their credit default swaps, causing significant losses for investors and financial institutions.

Leverage - Financial institutions and banks used high leverage, which amplified the effects of the crisis. Many banks and financial institutions were forced to write off large losses, causing many to go bankrupt.

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If the borrower is unable to repay the debt, and outside collateral in the form of a limited corporate guarantee from an associate company is taken, the lender has the right to pursue recourse from the guarantor company within a specific dollar amount.

The guarantor will be responsible for covering the liabilities up to the agreed amount, but not necessarily for the entire debt. The company owner may also be pursued to fulfill the debt obligation and can be personally responsible for completing the loan obligations if specified in the guarantee agreement.

In the case of default by the borrower, the lender has the option to seek recourse from both the guarantor company and the company owner to fulfill the debt obligation. The extent of the guarantor's liability is limited to the agreed dollar amount specified in the guarantee agreement. It is important for all parties involved to clearly understand the terms and limitations of the guarantee arrangement.

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The loan payments at the beginning of the second year is $2,895.54. So, none of the given answers are right.are

The payment of a loan depends on the loan amount, interest rate, and loan term. In the given scenario, we have a PLAM for $450,000 mortgage with a 30-year term and monthly payments. The "real" loan rate is 3%, with inflation rates of 3%, 4%, and 5% for years 1, 2, 3, respectively. We need to calculate the loan payments at the beginning of the second year.  The loan rate is real, i.e., the loan rate is adjusted to account for inflation. Therefore, we need to calculate the nominal interest rate.

The nominal interest rate for year 1 is: Nominal interest rate for year 1 = Real interest rate + Inflation rate for year 1= 3% + 3%= 6%

The nominal interest rate for year 2 is:Nominal interest rate for year 2 = Real interest rate + Inflation rate for year 2= 3% + 4%= 7%

The nominal interest rate for year 3 is:Nominal interest rate for year 3 = Real interest rate + Inflation rate for year 3= 3% + 5%= 8%

Hence, the nominal interest rates for years 1, 2, 3, respectively, are 6%, 7%, and 8%.The number of payments over the loan term is 30 years × 12 months/year = 360 monthly payments.The loan payments at the beginning of the second year is calculated using the PMT function. The formula for the loan payment (PMT) is:PMT = (P × r) / (1 - (1 + r) -n)Here,P = principal or the loan amountr = interest rate per periodn = number of paymentsWe need to find the loan payments at the beginning of the second year.

Therefore, the number of payments is 29 years × 12 months/year + 1 month = 349 monthly payments.The nominal interest rate for year 2 is 7%. The monthly interest rate is r = 7% / 12 = 0.00583.The loan amount is $450,000.The loan payments at the beginning of the second year is:PMT = (P × r) / (1 - (1 + r) -n)PMT = ($450,000 × 0.00583) / (1 - (1 + 0.00583) -349)PMT = $2,895.54Therefore, the loan payments at the beginning of the second year is $2,895.54. Answer: None of the given answers.

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The correct statement is:

a. They do not affect cash and are excluded from the cash flow statement.

Gains and losses from foreign currency translations are not considered cash flows and do not impact the cash flow statement. These gains and losses result from the fluctuations in exchange rates when translating financial statements from one currency to another.

They are classified as non-cash items and are typically reported as a separate line item within comprehensive income or equity on the financial statements. Since they do not involve actual inflows or outflows of cash, they are not included in any specific section of the cash flow statement, such as operating activities, investing activities, or financing activities.

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The balance of the common stock account at the end of the first year is given as $19,000.

The balance of the common stock account at the end of the first year can be calculated by subtracting the total liabilities and retained earnings from the total assets.

Total assets = Cash + Accounts Receivable + Prepaid Insurance + Other Assets

Total liabilities = Accounts Payable + Notes Payable

Total equity = Common Stock + Retained Earnings

Given:

Accounts Payable = $3,000

Cash = $19,000

Common Stock (not given dividends) = $19,000

Expenses = $1,000

Notes Payable = $14,000

Prepaid Insurance = $4,000

Revenues = $23,000

Total assets = $19,000 + $4,000 + Other Assets (not provided)

Total liabilities = $3,000 + $14,000 = $17,000

Total equity = Total assets - Total liabilities

Total equity = ($19,000 + $4,000 + Other Assets) - $17,000

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The cost of Quality report consists of the expenses incurred by the hotel on prevention, appraisal, internal failure and external failure costs of quality. The details of the cost of the quality report with the given terms are given below:

Prevention Cost: It is the cost incurred to prevent errors, defects and non-conformities from occurring. It is a proactive cost. Verifying credit card information $40,000 Customer service training 20,000 Total Prevention Cost $60,000

Appraisal Cost: It is the cost incurred to determine the level of conformance to the requirements of quality. It is a proactive cost. Verifying credit card information $0 Customer service training $0 Discounting room rates due to poor customer service $16,000 Correcting charges to customer invoices $8,000 Total Appraisal Cost $24,000

Internal Failure Cost: It is the cost incurred due to failure to meet the requirements of quality prior to delivery. It is a reactive cost. Verifying credit card information $0 Customer service training $0 Discounting room rates due to poor customer service $0 Correcting charges to customer invoices $0 Total Internal Failure Cost $0

External Failure Cost: It is the cost incurred due to failure to meet the requirements of quality after delivery. Verifying credit card information $0 Customer service training $0 Discounting room rates due to poor customer service $0Correcting charges to customer invoices $0 Total External Failure Cost $0.

Hence, the cost of the quality report for the given scenario is as follows: Particulars  Amount Prevention Cost  $60,000 Appraisal Cost  $24,000 Internal Failure Cost  $0 External Failure Cost  $0 Total  $84,00 Sales  $750,000 Cost of Quality  1.12% ($84,000/$750,000)

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a. Lot For Lot (LFL) Method: The total cost of procurement using the Lot For Lot method would be Rp. 15,850,000.

b. Economic Order Quantity (EOQ) Method: The total cost of procurement using the Economic Order Quantity method would be Rp. 13,720,000.

In my opinion as an operations manager at the shoe factory, I would choose the Economic Order Quantity (EOQ) method for procurement. The EOQ method considers the trade-off between ordering costs and carrying costs to determine the optimal order quantity. By minimizing both the one-time order cost and the storage fee per unit per week, the EOQ method helps to achieve the most cost-effective procurement strategy. This ensures that the factory maintains an efficient balance between the cost of placing orders and the cost of holding inventory over the 8-week period.

c. Period Order Quantity (POQ) Method: The total cost of procurement using the Period Order Quantity method would be Rp. 14,600,000.

d. In my opinion as an operations manager, I would choose the Economic Order Quantity (EOQ) method. The EOQ method aims to minimize the total cost of procurement by finding the optimal order quantity that balances ordering costs and carrying costs. It takes into account both the one-time order cost and the storage fee per unit per week. By calculating and ordering the optimal EOQ, we can minimize both the ordering cost and the carrying cost, resulting in the most cost-effective procurement strategy.

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Lauren plans to deposit $9000 at the beginning of next month and $250/month for the next 5 years into a bank account. With a 4% annual interest rate compounded monthly, she will have approximately $16,643.91 in her account at the end of the 5-year period.

To calculate how much Lauren will have in her account at the end of 5 years, we can use the formula for the future value of an ordinary annuity:

FV = P * [(1 + r)^n - 1] / r

Where:

FV = Future value

P = Monthly deposit amount

r = Monthly interest rate

n = Number of months

Given:

P = $250

r = 4% / 12 = 0.3333% (monthly interest rate)

n = 5 years * 12 months/year = 60 months

Plugging in these values into the formula, we get:

FV = $250 * [(1 + 0.003333)^60 - 1] / 0.003333

Calculating this expression, we find:

FV ≈ $16,643.91

Therefore, at the end of 5 years, Lauren will have approximately $16,643.91 in her account.

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Equipment Limitations: The accuracy and reliability of the calibration process heavily rely on the quality and capability of the calibration equipment used.

If the equipment is not properly maintained, calibrated, or has limitations in terms of accuracy or range, it can introduce errors and uncertainties into the calibration process.

Measurement Uncertainty: Every measurement has some degree of uncertainty associated with it. During calibration, it is important to assess and account for the sources of uncertainty in the measurement process. Factors such as environmental conditions, instrumental drift, or operator errors can contribute to measurement uncertainty and affect the accuracy of the calibration.

Traceability: Calibration should ideally be performed using measurement standards that are traceable to national or international standards. Lack of proper traceability can lead to calibration results that are not reliable or comparable, especially when dealing with critical measurements or regulatory requirements.

Calibration Procedures and Techniques: Following incorrect or outdated calibration procedures, using inappropriate calibration methods, or not adhering to standard operating procedures can result in inaccurate calibration. It is essential to ensure that the calibration procedures are well-documented, up-to-date, and performed correctly to obtain reliable calibration results.

Calibration Intervals: Determining the appropriate calibration intervals is crucial to maintaining measurement accuracy over time. Setting calibration intervals that are too long may result in measurements being performed with inaccurate instruments, while overly frequent calibrations can be costly and time-consuming. Finding the right balance and ensuring proper scheduling of calibration activities is important.

Human Error: Even with advanced equipment and well-defined procedures, human error can still occur during calibration. Mistakes in recording measurements, incorrect adjustments, or misinterpretation of calibration data can all introduce errors into the calibration process. Adequate training, competency assessment, and quality control measures can help mitigate human error.

These are just a few examples of the problems that can arise during calibration. It is crucial to have a robust quality management system in place, adherence to best practices, and regular review and validation of calibration processes to address and minimize such issues.

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Instead of paying dividends, the firm may use the cash to repurchase shares of its own stock. Angelina Corporation should choose to repurchase its own stock overpayment of dividends due to the following reasons:It increases the ownership of shares in the company, which in turn enhances the control of the company: When Angelina Corporation purchases its own stock, it is effectively buying back its shares.

Instead of paying dividends, the firm may use the cash to repurchase shares of its own stock. Angelina Corporation should choose to repurchase its own stock overpayment of dividends due to the following reasons:It increases the ownership of shares in the company, which in turn enhances the control of the company: When Angelina Corporation purchases its own stock, it is effectively buying back its shares. It reduces the number of shares available in the open market, making each share more valuable. It helps to increase the ownership of the company, making it a valuable investment for its investors. Thus, it is a more effective way of retaining earnings within the company rather than distributing them to the shareholders in the form of dividends.It increases the earnings per share (EPS) of the company: When a company repurchases its own shares, the number of outstanding shares reduces, thereby boosting the earnings per share of the company. This is an attractive proposition for investors as they are looking for companies with higher EPS, and the higher the EPS, the more valuable the company is perceived to be by the investors.It increases the market price of the stock: Repurchasing shares also sends out a positive signal to the market that the company is confident about its future prospects. This, in turn, attracts more investors, leading to a surge in the demand for the stock. This demand for the stock leads to an increase in the market price of the stock. This rise in the market price is an attractive proposition for the company's investors. The firm has $500 million cash and is considering other alternatives of using the cash rather than using it to pay dividends due to the unfavorable tax treatment of dividends. Here are the four alternatives that the company may consider:Investing in long-term growth opportunitiesPaying off debtsAcquiring other companies (horizontal integration, vertical integration, and conglomerate merger)Buying back its shares based on the theory of clientele effect, James Robertson is likely to prefer the company pay a dividend because he falls under the high tax bracket. Alicia Walters, on the other hand, is expected to prefer a share repurchase because she falls under the low tax bracket, and a share repurchase would help in increasing the earnings per share. The institutional investor is likely to prefer a combination of dividends and share repurchases.

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The role of the Vendor Business Partner that has integration with the Reconciliation Account in Financial Accounting is the FI Vendor Role.

In SAP Financial Accounting (FI), the FI Vendor Role is responsible for managing vendor-related transactions and integrating with the Reconciliation Account. The Reconciliation Account is a general ledger account used to track and reconcile vendor transactions. The FI Vendor Role allows users to perform vendor-related activities such as creating and maintaining vendor master data, processing vendor invoices, managing payments, and generating financial reports. This role ensures that vendor transactions are accurately recorded and reconciled in the financial statements.

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The fixed overhead spending variance is $2,425 unfavorable and the volume variance is $375 unfavorable. If production was lower, the fixed overhead spending variance would remain the same but the volume variance would increase to $1,075 unfavorable.

1. To calculate the fixed overhead spending variance, we can use the formula approach:

Fixed Overhead Spending Variance = Actual Fixed Overhead Costs - (Standard Fixed Overhead Rate × Actual Hours Worked)

Fixed Overhead Spending Variance = $68,300 - ($2.50 × 26,350) = $68,300 - $65,875 = $2,425 (Unfavorable)

2. To calculate the volume variance, we can use the formula approach:

Volume Variance = (Standard Fixed Overhead Rate × Standard Hours Allowed) - (Standard Fixed Overhead Rate × Actual Hours Worked)

Standard Hours Allowed = Units Produced × Standard Direct Labor Hours per Unit = 131,000 × 0.20 = 26,200

Volume Variance = ($2.50 × 26,200) - ($2.50 × 26,350) = $65,500 - $65,875 = $375 (Unfavorable)

3. If 129,600 units had actually been produced in February instead of 131,000, the impact on the variances would be as follows:

Fixed Overhead Spending Variance:

Fixed Overhead Spending Variance = Actual Fixed Overhead Costs - (Standard Fixed Overhead Rate × Actual Hours Worked)

Fixed Overhead Spending Variance = $68,300 - ($2.50 × 26,350) = $68,300 - $65,875 = $2,425 (Unfavorable) (No change)

Volume Variance:

Standard Hours Allowed = Units Produced × Standard Direct Labor Hours per Unit = 129,600 × 0.20 = 25,920

Volume Variance = ($2.50 × 25,920) - ($2.50 × 26,350) = $64,800 - $65,875 = $1,075 (Unfavorable)

In conclusion, based on the given data, the fixed overhead spending variance is $2,425 unfavorable, indicating that the actual fixed overhead costs exceeded the expected amount. The volume variance is $375 unfavorable, suggesting that the actual hours worked deviated slightly from the standard hours allowed.

If 129,600 units had been produced instead of 131,000, the fixed overhead spending variance would remain the same at $2,425 unfavorable, while the volume variance would increase to $1,075 unfavorable.

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A recent insider trading case involves the prominent pharmaceutical company, XYZ Pharmaceuticals. In this case, an executive of XYZ Pharmaceuticals received confidential information about the successful completion of a clinical trial for a groundbreaking new drug.

The executive, knowing the positive outcome, traded company stock based on this non-public information before the trial results were announced to the public. This action is considered illegal because insider trading involves the exploitation of privileged information to gain an unfair advantage in the securities market, undermining the principles of fairness, transparency, and equal access to information for all investors.

Insider trading is deemed illegal because it undermines the integrity of the financial markets and violates regulations put in place to ensure fairness and equal treatment of all participants. In the example of XYZ Pharmaceuticals, the executive who traded based on confidential information had access to material information that was not available to the general public.

By trading on this information, the executive gained an unfair advantage over other investors who did not possess the same information, resulting in an unequal playing field. Insider trading erodes investor confidence, distorts market efficiency, and can lead to significant financial losses for unsuspecting investors. To maintain the integrity of the securities market, laws, and regulations prohibit individuals from trading based on non-public material information.

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Closing Entries reset the revenue and expense accounts to zero for the following accounting period and transfer the revenue and expense amounts to the relevant net assets accounts.

a. Recording the acquisitions of supplies, furniture, and office equipment:

1. Supplies Acquisition:

Date: 20X2

Account Title Debit Credit

Inventory of Supplies $96,000

Cash or Accounts Payable $96,000

2. Furniture Acquisition:

Date: 20X2

Account Title Debit Credit

Furniture & Equipment $1,500

Cash or Accounts Payable $1,500

3. Office Equipment Acquisition (Copier):

Date: 20X2

Account Title Debit Credit

Furniture & Equipment $3,200

Cash or Accounts Payable $3,200

b. Recording the billings for jobs completed:

Date: 20X2

Account Title Debit Credit

Due from Other Funds $292,000

Printing Revenue $292,000

c. Recording the collections on billings:

Date: 20X2

Account Title Debit Credit

Cash $287,300

Due from Other Funds $287,300

d. Recording the costs of printing jobs:

Date: 20X2

Account Title Debit Credit

Printing Expense $204,000

Inventory of Supplies $84,000

Cash or Accounts Payable $120,000

Note: The cost of printing jobs includes $84,000 of supplies used for the printing.

Closing Entries:

To close the revenue and expense accounts at the end of 20X2, we transfer their balances to the Net Assets accounts.

Closing Entry for Printing Revenue:

Date: December 31, 20X2

Account Title Debit Credit

Printing Revenue $292,000

Unrestricted Net Assets $292,000

Closing Entry for Printing Expense:

Date: December 31, 20X2

Account Title Debit Credit

Unrestricted Net Assets $204,000

Printing Expense $204,000

Closing Entry for Supplies Expense:

Date: December 31, 20X2

Account Title Debit Credit

Unrestricted Net Assets $84,000

Supplies Expense $84,000

Closing Entry for Operating Expense:

Date: December 31, 20X2

Account Title Debit Credit

Unrestricted Net Assets $38,000

Operating Expense $38,000

Closing Entry for Depreciation Expense:

Date: December 31, 20X2

Account Title Debit Credit

Unrestricted Net Assets $23,000

Accumulated Depreciation $23,000

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To hedge a £150,000 receivable, the French firm needs to protect against the potential depreciation of the pound. Since the exchange rate is €1.25 = £1.00, the firm should buy put options on the pound with a strike in euros.

Given the strike prices mentioned, the suitable option would be:

B. Buy 15 put options on the pound with a strike in euros.

By purchasing put options on the pound with a strike in euros, the French firm can mitigate the risk of the pound depreciating against the euro. If the pound does depreciate, the firm can exercise the put options and sell the pounds at the higher strike price, thereby minimizing their losses.

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Based solely on the exchange rates provided, accepting the tourist's offer of 1,200 HKD for the 5,000 TWD appears to be a slightly better deal.

To determine whether to accept the tourist's offer or exchange the 5,000 TWD at the airport, we need to compare the value of the offer with the value we would get through the airport foreign exchange desk.

Value at the airport foreign exchange desk:

The airport foreign exchange desk buys TWD for $0.03. Therefore, if we exchange the 5,000 TWD, we would receive:

Value = 5,000 TWD * $0.03/TWD

Value = $150

Value of the tourist's offer:

The tourist is offering 1,200 HKD in exchange for the 5,000 TWD. To determine the value of the offer in USD, we need to convert the HKD to USD at the airport exchange rate of $0.13/HKD:

Value = 1,200 HKD * $0.13/HKD

Value = $156

Comparing the two values, we find that the tourist's offer of 1,200 HKD is equivalent to $156, while exchanging the 5,000 TWD at the airport would give us $150. Therefore, accepting the tourist's offer would result in a slightly higher value.

However, before making a decision, it's essential to consider any additional fees or commissions involved in the exchange. If there are fees or unfavorable exchange rates, they could reduce the overall value of the offer. Additionally, if you will need Hong Kong dollars for your upcoming trip, accepting the offer could be more convenient than exchanging the currency at the airport.

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Complete Question : You’ve just come back from Taiwan. You still have 5,000 Taiwan New Dollar (TWD) from your trip and can exchange them for USD at the airport. The airport foreign exchange desk buys TWD for $0.03

You will go to Hongkong tomorrow and need to buy Hongkong dollars (HKD) right now. The airport foreign exchange desk offers to sell HKD for $0.13.

Then you meet a tourist at the airport who is from Hongkong and is on his way to Taiwan. He is willing to buy your 5,000 TWD for 1,200 HKD. Will you accept the offer of the tourist at the airport? Why or why not?

The assignment is to be submitted as one file in the thread below, before the next class. It should include a comparison of both companies in a table and highlighting similarities and differences.

This weekly assignment of BUSI 601. ETHICS, CSR and BUSINESS ENVIRONMENTAL ANALYSIS, requires conducting a SWOT analysis of two companies in the same industry. One company has to be from India and the other company has to be from Canada. The assignment is to be submitted as one file in the thread below, before the next class. It should include a comparison of both companies in a table and highlighting similarities and differences.

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in terms of barrels of oil, the contractor's share is 4,950 barrels per day, and the government's share is 6,050 barrels per day.

To calculate the profit split between the contractor and the government in terms of barrels of oil, we need to consider the various components of the agreement: royalty, recovery cost, and tax.

Royalty:

The royalty is typically calculated as a percentage of the total oil produced. In this case, the royalty is 10% of the daily oil production, which is 11,000 barrels per day.

Royalty = 10% of 11,000 = 1,100 barrels per day

Recovery Cost:

The recovery cost represents the expenses incurred by the contractor to recover the oil. It is usually calculated as a percentage of the total oil produced. In this case, the recovery cost is 30% of the daily oil production.

Recovery Cost = 30% of 11,000 = 3,300 barrels per day

Tax:

The tax is typically calculated as a percentage of the profit after deducting the royalty and recovery cost. In this case, the tax is 25% of the remaining profit.

Profit after Royalty and Recovery Cost = Total Oil Production - Royalty - Recovery Cost

Profit after Royalty and Recovery Cost = 11,000 - 1,100 - 3,300 = 6,600 barrels per day

Tax = 25% of 6,600 = 1,650 barrels per day

Contractor's Share:

To calculate the contractor's share, we subtract the royalty, recovery cost, and tax from the total oil production.

Contractor's Share = Total Oil Production - Royalty - Recovery Cost - Tax

Contractor's Share = 11,000 - 1,100 - 3,300 - 1,650 = 4,950 barrels per day

Government's Share:

The government's share is equal to the sum of the royalty, recovery cost, and tax.

Government's Share = Royalty + Recovery Cost + Tax

Government's Share = 1,100 + 3,300 + 1,650 = 6,050 barrels per day

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Your friend is ignoring the 2.  principle of substitution in this case. The principle of substitution states that a buyer will not pay more for a property if they can purchase a similar property for less money.

In this scenario, your friend is disregarding the sale prices of condominiums, which are similar to the duplex in question.

By not considering the sale prices of similar properties, your friend is not taking into account the principle of substitution.
Regarding the type of fee timesharing, 1.  interval ownership is a type of fee timesharing.
Lastly, a combination of fee simple of a defined space and tenancy in common of shared areas is known as a 3. condominium.

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