In order for the bank reconciliation to balance, you must add $90 to the bank statement balance - True
A bank statement is a document that is delivered by a bank at the end of the month, detailing the balance of our accounts as well as any transactions that have occurred. Usually, the bank automatically withholds and processes the fees from the bank account. Therefore, any costs deducted from the account must be recorded by creating a journal entry when creating a bank reconciliation statement.
In the bank reconciliation statement, Interest earned is another factor that needs to be adjusted. In the example, the bank mistakenly charged $342 as $432, so the balance will be corrected by adding $90 to ensure that the final accounts are accurate.
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if a central bank decides it needs to decrease both the money supply and the aggregate demand, then it will:
If a central bank decides that it needs to reduce both aggregate demand and the money supply, it will implement a tight monetary policy.
What happens if the central bank reduces the money supply?
If the Fed wants to reduce the money supply, it sells bonds from its account, bringing in cash and removing money from the economy. The federal funds rate adjustment is a highly anticipated economic event.
The central bank uses contractionary monetary policy to reduce the supply of money and credit in the economy, which raises interest rates, discourages borrowing for investment and consumption, and shifts aggregate demand to the left.
Therefore, A contractionary monetary policy is implemented when a central bank reduces the money supply while increasing interest rates.
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graff, incorporated, has sales of $44,130, costs of $14,190, depreciation expense of $3,190, and interest expense of $2,330. the tax rate is 21 percent. what is the operating cash flow, or ocf?
Graff, incorporated, has sales of $44,130, costs of $14,190, depreciation expense of $3,190, and interest expense of $2,330. the tax rate is 21 percent. the operating cash flow is 24812.
Operating Cash Flow (OCF) equals EBIT plus depreciation minus taxes, which comes to 26750 + 3190 - 5128.2 = 24812.
a payment, especially from one central bank account to another, is considered a cash flow in its narrowest sense. There are three different kinds of cash flow.
Cash flow from operations.
cash flow investment.
cash flow financing.
Depreciation is a term that covers two distinct but related ideas: the actual decline in an asset's fair value, such as the annual decline in the value of factory equipment The four primary depreciation techniques are described in more detail below.
Straight-Line Method of Depreciation
Method of Double Declining Balance Depreciation
Method for Depreciating Production Units.
Depreciation method using the sum-of-the-years-digits.
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patents on drugs to treat aids were removed in south africa. how would the market for these drugs have been different if there had never been patents on drugs? the drugs would not have been developed. larger quantities of the drugs would have been produced. the drug prices would have been lower from the start. the drug prices would have been even higher.
The market for these drugs has been different if there had never been patents on drugs as the drugs would not have been developed.
A patent is a legal proper to an invention given to someone or entity without interference from others who want to duplicate, use, or sell it. Patents are granted by using governing government and have a time restriction, commonly 20 years.
There are 3 sorts of patents - software, design, and Plant. Utility patents can be granted to all of us who invent or discovers any new and useful manner, system, article of manufacture, or compositions of topics, or any new useful development thereof.
A patent gives you the right to stop others from copying, manufacturing, selling, or importing your invention without your permission. See defensive highbrow property. You get protection for a pre-decided length, permitting you to keep competition at bay. You can then use your invention yourself.
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walton associates obtained an approved contract in writing. the contract specified that walton would deliver consulting services, and services would begin in one month. payment would also begin in one month. the contract describes the services walton will perform, and also specifies payment terms. either the customer or walton can cancel the contract prior to the start service, without penalty. for purposes of revenue recognition, does walton have a contract on the day the contract is received?
An agreement with client will be inside the extent of IFRS 15 in the event that every one of the accompanying circumstances are met:
the agreement hosts been supported by the gatherings to the agreement.each party's freedoms according to the labour and products to be moved can be recognized.the instalment terms for the labour and products to be moved can be distinguished.the agreement has business substance.it is plausible that thought to which the substance is qualified for in return for the labour and products will be gathered.How would you convey a counselling administration?
Instructions to Bundle Counselling Administrations:
Frame all of your counselling administrations.Assess your crowd and the market.Decide the counselling administration to bundle.Map out your cycle.Assess your expenses and time.Decide valuing for your counselling bundle.Compose your deals duplicate.Plan your bundle presentation page.What are counselling expectations?
A deliverable is the eventual outcome of a counseling stage or undertaking. It comes in many structures: succeed model, showcasing plan, ace offices plan, studio, client exploration, or show
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christine thinks her job's strict lateness policy is an indication of her boss's overly controlling personality, rather than a necessity dictated by the company's high sales goal (her boss has to report how many shoes were sold each day to the corporate headquarters). her judgment best illustrates .
The fundamental attribution fallacy describes a person's propensity to attribute another person's behavior to their personality or character while attributing their own behavior to outside, uncontrollable situational conditions.
What does "fundamental attribution" mean?The fundamental attribution fallacy refers to a person's predisposition to explain their own behavior by external, uncontrollable situational factors while attributing the actions of others to their nature or character. Maria's car breaks down while on a highway. She is internalizing the mistake if she blames her ignorance of autos for the breakdown. If she believes the breakdown was caused by her car's aging, she is utilizing an external attribution. Fundamental attribution error happens when we view other people's behaviors and our own behavior differently. We essentially see people moving while their surroundings stay the same when we watch them behave. They consequently become the
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The fundamental attribution fallacy describes a person's propensity to attribute another person's behavior to their personality or character while attributing their own behavior to outside, uncontrollable situational conditions.
What does "fundamental attribution" mean?The fundamental attribution fallacy refers to a person's predisposition to explain their own behavior by external, uncontrollable situational factors while attributing the actions of others to their nature or character. Maria's car breaks down while on a highway. She is internalizing the mistake if she blames her ignorance of autos for the breakdown. If she believes the breakdown was caused by her car's aging, she is utilizing an external attribution. Fundamental attribution error happens when we view other people's behaviors and our own behavior differently. We essentially see people moving while their surroundings stay the same when we watch them behave. They consequently become theTo learn more about fundamental attribution refer to
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the term capital budgeting is used to describe how managers plan significant investments in projects that have blank implications.
The term capital budgeting is used to describe how managers plan significant investments in projects that have long-term implications. Capital budgeting also used to evaluate potential project and investment in the company or also government project.
In business and economics, capital budgeting generally can be defined as the process a business undertakes to evaluate potential major investments or also projects. The examples of projects that would require capital budgeting before they are rejected or also approved are construction of a big investment or a new plant in an outside venture. There are several methods of capital budgeting, such as payback period (PB), net present value (NPV), and also internal rate of return (IRR).
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the commodity chain concept allows us to see how consumption is the final step in a series of activities a. retailing b. value-adding c. manufacturing d. none of the above
The commodity chain concept allows us to see how consumption is the final step in a series of Retailing, Value-adding, manufacturing activities.
What is commodity chain concept?A commodity chain is a procedure used by businesses to collect resources, turn them into products or commodities, and then distribute them to customers. A commodity is created as a result of a network of connections between various production and distribution locations and is then traded on the global market.
Value chains, also referred to as commodity chains, are a progression of steps that are influenced by the location and accessibility of raw materials, the cost of production, and the location of the primary markets for consumption. This process makes it possible to supply goods to markets.
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under which approach to financing with receivables does the borrower act like it borrowed money from the lender, with the receivables remaining on the borrowers balance sheet and serving as collateral?
With a secured borrowing, the borrower pretends to have borrowed money from the lender while still keeping the receivables as collateral on their balance sheet.
Give a brief account on secured borrowing.A secured loan is cash you borrow that is guaranteed by a property you own, typically your house. Although secured loans can be a considerably riskier option, they often have lower interest rates than unsecured loans. It's crucial to understand how secured loans operate and what can happen if you can't keep up with your payments because your asset might be repossessed if you fall behind on payments.
Typically, one can obtain a larger loan than one might with an unsecured loan.Typically, one has pay an interest rate that is lower than that of an unsecured loan.If, for instance, a person don't have a solid credit history or is self-employed, it could be simpler to get authorized for a secured loan than an unsecured loan.To know more about, secured borrowing, visit :
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companies that are created by congress to provide a public good or service to citizens because a private enterprise cannot provide that good or service profitably are known as .
Profitably are known as make them independent of political pressure, particularly from the president. Income and expenses are used to determine profitability. Income is money that the firm makes through its operations.
For instance, money is made when livestock and crops are raised and sold. Nevertheless, money that enters the company through actions like borrowing money does not generate profitability. A business's capacity to generate a return on an investment based on its resources in comparison to an alternative investment Income is another definition of profitability. The proportion of a company's income to its expenses is known as its profitability.
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omar hires petra, a real estate broker, to act as his agent to sell his land for $150,000. oil is discovered beneath the land, causing its market value to increase considerably. the agency agreement is likely
Omar hires Petra, a real estate broker, as an agent to sell his land for $150,000. Oil was discovered underground, greatly increasing its market value. The agency contract may be automatically terminated.
A tacit agency terminates certain circumstances where there is good reason to believe that one or both parties do not wish to continue the relationship. An agency shall terminate rights when either party dies or becomes incompetent, or if the purpose of the agency becomes unlawful.
If the law changes before the offer is accepted, the law will terminate the offer as it will become a void contract. In case the object of the offer is destroyed before it is accepted, this also means the termination of the offer.
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big watches co. manufactures and sells a single product. the company uses units as the measure of activity in its budgets and performance reports. during october, the company budgeted for 5000 units, but its actual level of activity was 4700 units. the company has provided the following data concerning the formulas used in its budgeting and its actual results for october: fixed element per month variable element per month actual results revenue - 48.50 245,060 direct labor - 7.50 39,480 direct materials - 20.10 104,205 manufacturing overhead 31,000 4.15 52,870 what is moh in the planning budget for october? round your answer to the nearest whole number.
Activity variance is $780 {Decrease in expenses from flexible budget to Planning budget = Favorable).
Activity variance is the difference between planned S & A expenses & the flexible budget of S & A expenses.
Flexible budget for S & A expenses = Fixed expenses + (Actual activity * Variable cost per unit)
= $18,000 + (4,700 * $2.60)
= $18,000 + $12,220
= $30,220
Planning budget for S & A expenses = Fixed expenses + (Budgeted activity * Variable cost per unit)
= $18,000 + (5,000 * $2.60)
= $18,000 + $13,000
= $31,000
Activity variance = Planning - Flexible
= $31,000 - $30,220
= $780
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Expenditures that add to the utility of fixed assets for more than one accounting period are.
Expenditures that add to the utility of fixed assets for more than one accounting period are capital expenditure.
What is capital expenditure?A capital expenditure can e described as the type of expenditure that is been used in funding a particular asset which is been expected by the owner of the business to provide utility to a business .
And this can be used for as many as reporting period which is a way to make the business to grow better, it should be noted that the capital expenditure is very important in the business sytem.
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the owner of a chain of supermarkets notices that there was a positive correlation between the sales of beer and the sales of ice cream over the course of the previous year. during seasons when sales of beer were above average, sales of ice cream also tended to be above average. likewise, during seasons when sales of beer were below average, sales of ice cream also tended to be below average. the owner is curious whether the observed association is due to a cause-and-effect relationship between eating ice cream and desiring beer. to investigate this, the owner should use:
Another factor, such as the weather, may have an impact on the sales of both ice cream and beer.
What does a business sale entail?Any transaction where money or substance is transferred for the right to own a good or access to a service is referred to as a sale in regular commercial operations . When used in the sense of accounting, the term "sales" describes the revenue that a company generates from the sale of goods and services (net sales).
Why are sales so crucial?Sales have a big effect on how customers become loyal and how much faith they have now in businesses .The key factors that influence a customer's decision to refer your business to a family member or friend or to leave a positive online review of your goods or services are trust and loyalty.
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which of the following would further the goal of sustainability? a. eliminates the use of nonrenewable resources b. curtails the use of nonrenewable resources and controls the use of renewable resources to ensure availability in the future c. encourages wholesale dependence on wood products d. demands the complete elimination of fossil fuel use
Curtails the use of nonrenewable resources and controlling the use of renewable resources to ensure availability in the future is the of further goal of sustainability.
A natural resource is considered nonrenewable resources if it cannot be easily replenished by natural means at a rate fast enough to keep up with use. Carbon-based fossil fuels are one illustration. Heat and pressure enable the original biological material to transform into a fuel like gas or oil. Nonrenewable resources are those that, once used up, cannot be instantly replenished.
Sustainability is a societal objective that, in general, aspires for long-term, secure human coexistence on Earth. Since there is no universally accepted definition of sustainability, there are many different ones in the literature and over time. Environmental, economic, and social elements are frequently used to describe sustainability.
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stormer company reports the following amounts on its statement of cash flow: net cash provided by operating activities of $33,000; net cash used in investing activities of $12,000 and net cash used in financing activities of $15,000. if the beginning cash balance is $6,000, what is the ending cash balance?
The ending cash balance is $12,000.
Net cash provided by operating activities 33000
Add: net cash from investing activities (12000)
Add: net cash from financing activities (15000)
Net change in cash $6000
Add: beginning cash balance $6000
Ending cash balance $12000
What is cash balance?The sum of net cash that a business has on hand is known as its cash balance. To cover any unforeseen net cash outflows, this money is maintained on hand. Businesses can find themselves unable to pay their expenses without this safety net.Normally, cash balances are put toward debt repayment or given back to investors in the form of a dividend. A cash balance is especially important for companies with large variations in the timing and volume of their net cash inflows and outflows.Contrarily, businesses with a lack of cash may be pushed to engage in unwanted activities in order to enhance their financial statements and acquire operating capital, which could result in their missing out on significant possibilities.Businesses that have a large cash balance suffer from a financial drag and frequently miss out on investment possibilities.To learn more about cash balance from the given link
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zinc, inc. allows its customers a 2% discount if they pay cash and otherwise allows 30 days credit. 15% of their customers take the discount and pay in the month of purchase. the remainder pay in the month following purchase. sales in october are $25,000 and sales for november are projected to be $30,000. calculate cash inflows for november:
Zinc, inc. allows its customers a 2% discount if they pay cash and otherwise allows 30 days credit. Cash Inflows for November = $25,660.
Cash Inflows for November = Cash Sales less discounts from November Sales + Credit Sales from October Sales
November's cash inflows are calculated as follows: 15% * $30,000 * (1 - 0.02) + 85% * $25,000.
November's inflows of money equal $4,410 plus $21,250.
Inflows of cash for November equal $25,660
Chemically speaking, zinc is an element with the symbol Zn and atomic number 30. At room temperature, zinc is a slightly brittle metal that, when the oxidation is removed, appears shiny-grey. The body only requires trace amounts of zinc, but despite this, nearly 100 enzymes rely on it to carry out essential chemical reactions. It plays a significant role in the production of DNA, cell growth, protein synthesis, tissue repair, and maintenance of a strong immune system.
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asset retirement obligations: multiple choice are liabilities associated with the restoration of a long-term asset. increase the balance in the related asset account. are measured at fair value in the balance sheet. all of these answer choices are correct.
All of these answer choices are correct.
Asset retirement obligations (AROs) are contractual requirements for the eventual removal of machinery or the cleanup of hazardous materials from a leased location when tangible, long-lived assets are retired.
Asset Retirement Obligations (ARO) are frequently linked to sectors like mining, nuclear energy, oil and gas, and waste management. Examples specific to the oil and gas sector include plugging and abandoning oil wells and removing underground storage tanks.
Obligations related to asset retirement are initially recorded at fair value in the period in which they are incurred, provided that it is reasonably possible to estimate the size of the liability.
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do you think it is possible for government to outlaw everything that businesses could do wrong? if so, why does government not do that? if not, how can regulation stay ahead of rogue businesses that push the limits of the system until it breaks?
No, the government cannot outlaw everything that businesses might do wrong. A market-oriented economy encourages and benefits from competition.
An economy is a network of interconnected production and consumption activities that ultimately determine resource allocation within a group. The overall production and consumption of goods and services meet the needs of those who live and work within it.
The economy is a social institution that organizes the production, distribution, and consumption of goods and services in a society. It is divided into three sections: the primary, secondary, and tertiary sectors.
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according to the wealth effect, aggregate demand slopes downward (negatively) because a. lower prices increase the value of money holdings and consumer spending increases. b. lower prices decrease the value of money holdings and consumer spending decreases. c. lower prices increase money holdings, decrease lending, interest rates rise, and investment spending falls. d. lower prices reduce money holdings, increase lending, interest rates fall, and investment spending increases.
The wealth effect states that because decreasing prices improves the value of money holdings and boosts consumer spending, aggregate demand slopes downward (negatively). The right response in this case is option A.
As people's wealth grows, they will spend more money. Thus, at lower price levels compared to higher price levels, the consumption component of aggregate demand will be stronger.
According to the "wealth effect," when household wealth increases due to an increase in asset values, such as housing or corporate stock prices, they increase their spending and boost the whole economy.
With rising prosperity, certain products see a decline in demand. Think about eating steak as opposed to inexpensive fast food. A person's desire for inexpensive fast food is likely to decline as their income rises, while their desire for more expensive steak may increase.
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insurance that covers valuable items, such as an expensive harp, is called a. buildings and other structures coverage b. homeowners insurance c. personal property floater d. household inventory insurance e. personal property insurance
The correct answer is C) personal property floater.
Insurance that covers valuable items, such as an expensive harp, is called personal property floater.
The majority of home insurance policies provide protection from fire, theft, and other dangers for your house, other structures, and personal property. Insurance also provides supplemental coverage for minor property damage calamities, personal responsibility, additional living expenditures, and medical payments.
A risk management tool is insurance. When you buy insurance, you get protection against unanticipated financial losses. In the event that something awful occurs to you, the insurance provider pays you or a different person of your choosing. If an accident occurs and you don't have insurance, you can be responsible for paying all costs.
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All of the following are examples of the importance of a students grade point avergage point:
All of the following are examples of the importance of a student's grade point average except it enhances your ability to make the varsity swim team. Option A
What is a student's grade?Generally, The average grade is a quantitative and objective method that may be used to evaluate a student's performance throughout the course of an academic year, semester, or exam.
Many students stress over their academic performance in the hopes of improving their grade point average. This is because your GPA is one of the primary factors that determine whether or not you will be admitted to college and whether or not you will be eligible to receive financial aid in the form of a scholarship.
In conclusion, In addition, it decides whether or not you are able to participate in advanced placement (AP) or college programs since, if you do not achieve a specific level, you will not be admitted to such institutions.
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CQ
All of the following are examples of the importance of a student's grade point average except:
A. it enhances your ability to make the varsity swim team.
B. It enhances your ability to take AP or college classes.
C. it enhances your ability to get a scholarship.
D. It enhances your ability to go to the college of your choise.
the optimistic regional sales manager wondered what the selling price of the soda would need to be in order to achieve a 20% increase in the contribution per unit?
The selling price of a good or service is the final cost to the seller, or what the buyer actually pays. A commodity or service in a specific amount, weight, or measurement can be exchanged. It is one of the most crucial things for a business to decide.
The price a buyer pays to purchase a good or service is known as the selling price. A portion of the profit is also included in the price, which is higher than the cost price.
($0.28 * 1.2) + $0.48 = $0.82
Variable cost plus (Contribution margin * 1.2) Equals new selling price
It is significant since it determines whether or not it will survive. Sales of a product are directly impacted by its price. Because it heavily influences how many units of a product are sold, determining the selling price is a very delicate subject. The selling price can be determined using a variety of methods and formulas.
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one remedy to consumers who sign lease agreements is to receive attorney fees if the court decides that the lessor has subjected the consumer to a(n): blank .
Attorney's fees are restricted in cases involving leases or consumer contracts.
What serves as the fundamental foundation for calculating attorney fees?In the absence of an express agreement, the legal term "quantum meruit," which literally means "as much as he deserves," is used to determine an attorney's professional fees. A contingency fee compensates the lawyer for their legal services based on a percentage of the settlement or verdict. Although it can be utilized for other types of cases as well, this kind of arrangement is commonly employed for personal injury cases (negligence incidents like car or slip-and-fall accidents). The level of difficulty of a certain legal activity, the time commitment, the attorney's experience and expertise in that field of law, as well as the cost of doing business, are all taken into account when determining how much to charge a client.
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Attorney's fees are restricted in cases involving leases or consumer contracts.
What serves as the fundamental foundation for calculating attorney fees?In the absence of an express agreement, the legal term "quantum meruit," which literally means "as much as he deserves," is used to determine an attorney's professional fees. A contingency fee compensates the lawyer for their legal services based on a percentage of the settlement or verdict. Although it can be utilized for other types of cases as well, this kind of arrangement is commonly employed for personal injury cases (negligence incidents like car or slip-and-fall accidents). The level of difficulty of a certain legal activity, the time commitment, the attorney's experience and expertise in that field of law, as well as the cost of doing business, are all taken into account when determining how much to charge a client.To learn more about attorney's refer to
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which statement is true about determining the quality of products or services? multiple choice question. consumers do not use prices to make quality judgments about services. nondiagnostic cues of the service provider cannot be used to make a determination of the quality of products or services. it is hard for consumers to assess the quality of services, due to their intangibility. prices can never be used as a quality indicator in high-risk purchases.
The statement "It is hard for consumers to assess the quality of services, due to their intangibility" is true about determining the quality of products or services.
A product's quality is determined by how well it satisfies consumer needs, accomplishes its purpose, and complies with industry standards. Businesses take into account a number of important factors when assessing a product's quality, such as whether it provides a solution to a problem, functions effectively, or serves the needs of customers.
The success of the business and the development of its reputation in target markets are both impacted by product quality, which is crucial. It can result in lower production costs, higher investment returns, and higher revenue when businesses are able to produce high-quality products that continue to satisfy customer demands.
Customers who depend on a company's meticulousness and commitment to meeting their needs value product quality as well. Consumers anticipate that products will satisfy their needs as advertised by the company when companies create products to fill needs in the market. They want items that aid in building a relationship with a brand so they can trust the services it provides. Customers can solve their problems safely and effectively with the help of high-quality products.
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godiva chocolatier invites consumers to stop by one of its stores for an unforgettable experience, including delectable chocolates, decorative gift collections, and unrivaled customer care. what type of retail service is godiva offering?
Godiva is offering full retail service.
Full-service retail makes an effort to manage almost every step of the purchase, from assisting the customer with product selection through payment alternatives. Full service retail stores offer a vast selection of desired goods at incredibly affordable retail pricing together with a qualified, customer-friendly and knowledgeable sales crew.
For example, Apple makes sure that all of its retail store staff members are appropriately trained to answer client inquiries. It is regarded as a pioneer in many facets of customer service since it offers consumers a wealth of information about the product, enabling them to make educated decisions. Customers receive assistance from store staff at every stage of the purchasing process.
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you are hired as a consultant to advise a small firm on forecasting methodology. based on your research, you find the company has a mad of 3. it wants to have a 99.7 percent control limits on its forecasting system. its most recent tracking signal value is 15. what should be your report to the company? multiple choice the forecasting model is operating acceptably. the forecasting model is out of control and needs to be corrected. the company is using an inappropriate forecasting methodology. the upper control value is less than 20. the mad value is incorrect.
A small business The forecasting model needs to be fixed because it is out of control.
What would you say is a tiny business?It uses firm income (from $1 million to over $40 million) and employment to define small businesses (from 100 to over 1,500 employees). For instance, a roofing contractor is considered a small business by the SBA if its yearly sales is $16.5 million or less. Selling artwork, taking photos, making independent movies, running dancing studios, and many more small companies are examples. The more lucrative ones include hand-made arts and crafts, virtual art workshops, and photography and videography. Small businesses are at the forefront of innovation — they produce more than 16 times more patents per employees than large companies. All of those new, emerging technologies benefit our quality of life by introducing transformative new products and services
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manufacturers start work on their new lines anywhere between 3 to 12 months before presentation to retail buyers. group of answer choices
It is true that manufacturers begin developing their extra lines anywhere from three to twelve months before they show them to retail customers.
What do you mean by retail business?Customers of retail enterprises purchased merchandise for their own use, enjoyment, or consumption. However, some products may indeed be sold via the internet or by telephone and then sent to the consumer. They typically sell goods and services in-person.
What does the retail do?Retail sales are typically small-scale and are made directly to end (the consumer) for private use. Most retailers don't make their own products. Retailers purchase items in bulk from exporters and sell the products individually.
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service companies can differentiate their service delivery by having more able and reliable customer-contact people. true or false?
It is true that service companies can differentiate their service delivery by having more able and reliable customer-contact people.
Service providers can differentiate their service delivery by hiring more competent and trustworthy customer-contact staff, creating a better physical location in which to provide the service product, or creating a better delivery method. By using symbols and logos, service providers can try to differentiate their images.
More difficult to define and evaluate than product quality is service quality. Depending on how customers and workers interact, service quality will always fluctuate.
A good customer service recovery can win over disgruntled clients. There is a lot of demand on service businesses to boost productivity. They can hire new workers who will work harder or more skillfully or they can train the current ones more effectively.
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you have to run the foreign currency valuation for both us gaap and ifrs, which leads to different values for the two different accounting principles. how can you set this up in the system?
There are a few ways to set up the system in order to run the foreign currency valuation for both US GAAP and IFRS. One way would be to create two separate accounting entries, one for each accounting principle. Another way would be to create a single entry that includes both the US GAAP and IFRS values.
If you are using a software program to manage your accounting, you may be able to set up the system to automatically generate the correct valuation for each accounting principle. For example, you could create a rule that says if the accounting principle is US GAAP, then the valuation should be calculated using the US GAAP rules. Similarly, you could create a rule that says if the accounting principle is IFRS, then the valuation should be calculated using the IFRS rules.
If you are not using a software program, you will need to manually calculate the valuation for each accounting principle. For US GAAP, you will need to use the exchange rate at the time of the transaction. For IFRS, you will need to use the exchange rate at the end of the reporting period.
There are a few ways to set up foreign currency valuation in a system:
1. Run the valuation for both US GAAP and IFRS separately. This will lead to different values for the two different accounting principles.
2. Set up a separate valuation for each accounting principle. This will ensure that the correct value is used for each principle.
3. Use a currency conversion factor to convert the values from one accounting principle to the other. This will ensure that the correct value is used for each principle.
4. Use a combination of the above methods to ensure that the correct value is used for each principle.
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how will you know if the letter regarding a buyer's loan capacity is a prequalification letter or a preapproval letter?
If the letter states that the loan approval is subject to "verification of the buyers' income and credit information" it is a prequalification letter.
Preapproval, as opposed to prequalification, is a more precise estimate of how much you could borrow from your lender and calls for records like your W2, most recent pay stubs, bank statements, and tax returns. The lender will then use these records to calculate the precise amount for which you can receive preapproval.
A prequalification or preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount. This document is based on certain assumptions, and it is not a guaranteed loan offer.
A pre-approval offer implies that you have advanced past the initial screening stage. But keep in mind that until you apply, you can't actually be approved for the card. Although you might be a strong candidate, the lender will probably need more details to process your application.
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