Bad Debt Expense for the year ending December 31, 2021:To determine the bad debt expense for the year ending December 31, 2021, we will have to calculate the uncollectible amount of accounts receivable for each age group.
We can use the given aging schedule of accounts receivable to calculate the uncollectible amount of accounts receivable as follows:Age Amount % Uncollectible Uncollectible amount0-30 days $15,000 2% $30030-60 days $18,000 7% $1,260Over 60 days $14,000 13% $1,820The total uncollectible amount of accounts receivable will be:Total uncollectible amount of accounts receivable = $300 + $1,260 + $1,820 = $3,380Therefore, the bad debt expense for the year ending December 31, 2021, will be equal to $3,380.b) Allowance for Doubtful Accounts balance (after adjustment) on December 31, 2021:To calculate the ending balance of the allowance for doubtful accounts, we will add the uncollectible amount of accounts receivable calculated in part (a) to the balance of the allowance for doubtful accounts.Accounts Receivable $47,000Allowance for Doubtful Accounts $ 420 + $3,380 = $3,800.
Therefore, the ending balance of the allowance for doubtful accounts on December 31, 2021, will be $3,800.c) Carrying Amount (Net Realizable Value) of Accounts Receivable on the December 31, 2021 balance sheet:The net realizable value of accounts receivable on the December 31, 2021 balance sheet will be equal to the difference between the total accounts receivable and the ending balance of the allowance for doubtful accounts. Therefore, the net realizable value of accounts receivable on the December 31, 2021 balance sheet will be calculated as follows:Net realizable value of accounts receivable = Accounts Receivable - Allowance for Doubtful AccountsNet realizable value of accounts receivable = $47,000 - $3,800Net realizable value of accounts receivable = $43,200Therefore, the net realizable value of accounts receivable on the December 31, 2021 balance sheet will be $43,200.
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Comprehensive medical plans are characterized by
A. a limited range of coverage
B. a number of deductibles
C. low maximum benefits
D. coninsurance clause
Comprehensive medical plans are characterized by their expansive coverage and comprehensive benefits. Therefore, options A, B, and C are not correct as they suggest limitations or restrictions.
The correct answer is D) coinsurance clause. A coinsurance clause is a key feature of comprehensive medical plans. It refers to the cost-sharing arrangement between the insurance provider and the insured individual. Under this clause, the insured individual is responsible for a percentage of the medical expenses, while the insurance company covers the remaining portion.
Comprehensive medical plans typically offer a broad range of coverage, including hospitalization, doctor visits, prescription medications, preventive care, and specialized treatments. They provide financial protection against a wide array of medical expenses, ensuring that individuals have access to necessary healthcare services without facing significant out-of-pocket costs.
Compared to limited or basic plans, comprehensive medical plans often have higher premium costs but offer greater coverage and higher maximum benefits. They aim to provide comprehensive protection and peace of mind to individuals and families by covering a wide range of medical needs.
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Reflective Assignment 1 focuses you to think about concepts of identity and ideology as they relate to your values and worldviews. This assignment is completed and marked individually. You must complete Reflective Assignment 1 in order to participate in the group project. Reflective Assignment 2, the first component of the group project requires that you use material from Reflective Assignment 1 and work collaboratively with your assigned group members to identify a compelling topic to study for the final course project. Read the assignment instructions for Reflective Assignment 1 below. Instructions for Reflective Assignment 1 - Individual (15%) : Write a reflection on your identity. Write one paragraph for each of the following questions: 1. How has your sense of who you are been shaped by your environment (social institutions) and various ideological beliefs? Remember, ideological beliefs can include both the ways that you see and understand the world and the dominant narratives about the world that still influence you whether you agree or not. Refer to the ideology chart to be specific about the ideologies that influence you. Finally, consider the next set of questions in your answer: 2. How is your identity connected to characteristics of global citizenship as defined in the text? Identify a social issue that personally concerns you. State why this particular issue is important to you. Why do you see this as a social and not an individual issue? Your answers to these questions need to draw on concepts and ideas from Weeks 1-4 lesson modules and corresponding chapters in the OER textbook. Your submission should not exceed 500 words or one page.
Reflective Assignment 1 requires students to write a reflection on their identity and its connection to their environment and ideological beliefs.
Students are asked to consider how their sense of self has been shaped by social institutions and dominant narratives, and how their identity relates to characteristics of global citizenship. They are also required to identify a social issue that personally concerns them and explain why it is important and why it should be viewed as a social issue. The response should be concise and draw on concepts and ideas from the course material.
Reflective Assignment 1 is an individual task that prompts students to reflect on their identity and its relationship with their environment and ideological beliefs. They are expected to write a paragraph for each of the following questions:
1. How has your sense of who you are been shaped by your environment (social institutions) and various ideological beliefs?
Students are encouraged to explore how their identity has been influenced by the social institutions they are a part of, as well as the ideologies that shape their understanding of the world. They are asked to consider dominant narratives and reflect on the ways in which these narratives have influenced them, regardless of whether they agree with them or not.
2. How is your identity connected to characteristics of global citizenship as defined in the text?
Students need to identify how their identity aligns with the characteristics of global citizenship discussed in the course material. They should draw connections between their personal identity and concepts such as cultural diversity, social justice, human rights, and environmental sustainability.
Furthermore, students are required to identify a social issue that holds personal importance to them and explain why it is significant. They must articulate why this issue should be viewed as a social problem rather than an individual concern.
The response should be concise, not exceeding 500 words or one page, and should draw on concepts and ideas from the course modules and corresponding chapters in the OER textbook.
By completing Reflective Assignment 1, students lay the foundation for the subsequent group project, where they will collaborate with their assigned group members to identify a compelling topic for the final course project. The individual reflection allows students to explore their own identities, consider the influence of their environment and ideologies, and connect their personal concerns to broader issues of global citizenship.
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INSTRUCTIONS: TIME: 2 HOURS CASE (20 Marks) Growing Government Regulations in IRs in Nepall Since 2046 BS (1990) the Nepalese Government has increased its regulation of the way employers treat employees. The Trade Union Act 2074 permits workers to join unions, the Minimum Wages Regulations, guarantees a minimum wage, the Industrial Enterprise Act ensures a safe and healthy environment, the Labour Act 2074 offers compensation to injured workers, the Payment of Wages Clause; checks fraudulent practices in the payment of wages to workers. The regulatory framework covering factories, union-management relations, compensation issues, dispute settlement, etc., is quite rigorous and elaborate. There are laws that prohibit discrimination and restrict the freedom of employers to make HR decisions in other areas as well. As the guardian of the economy and as a regulator of employment relations, the Nepal Government does not seem to loosen its grip in the near future. Experts believe that the trend toward increased governmental intervention will continue. They base their arguments on the current trends in developed countries in this area in the form of employer-sponsored health insurance schemes, greater job security, improved treatment, etc. Others, (especially private entrepreneurs), are not very optimistic about governments trying to regulate the employer-employee relations closely. Competitive pressures, deregulation of industry, rising wage bills, increasing number of older employees needing social security protection, inflationary pressures, heavy taxes and a host of other factors having a significant bearing on the profitability of a firm do not seem to support government's active intervention in industry. These experts contend that if Nepalese firms have to remain competitive in international markets, they should be freed from all types of control, especially those imposed by the government. Question 1 (5 Marks) Which trend do you think will occur in Nepalese IRS scenario and why? Question 2 (5 Marks) If government regulation continues to increase, how will IR/HR departments be affected? Question 3 (5 Marks) What is your opinion regarding increased government regulations? Will it benefit employers? • Will it benefit employees? • OR will it benefit both of them? HRMT 5310/FEB2022 Page 2 of 5 Question 4 (5 Marks) Why government of Nepal is more positive towards employees than employers? Justify your answer.
Question 1: Which trend do you think will occur in Nepalese IRS scenario and In Nepalese IRS scenario, the trend towards increased governmental intervention will continue.
Nepal's government regulations are already quite rigorous and elaborate, and there are laws that prohibit discrimination and restrict the freedom of employers to make HR decisions in other areas as well. Experts base their arguments on the current trends in developed countries in this area in the form of employer-sponsored health insurance schemes, greater job security, improved treatment, etc. Furthermore, the government of Nepal appears to be more positive toward employees than employers. As a result, it is believed that the trend toward increased government intervention will continue in Nepal's IRS scenario.Question 2:If government regulations continue to rise, IR/HR departments will be significantly impacted. HR professionals must be updated with the latest policies and regulations. They must have the necessary expertise to deal with regulatory authorities and assist with the interpretation of new rules, which can be complex. They must continuously evaluate their policies and procedures, as well as train their employees to ensure that they remain compliant with all applicable regulations. In addition, HR professionals must work with other departments within the organization to ensure that the company remains compliant.Question 3: Increased government regulations may benefit both employers and employees. Employers must comply with a variety of regulations, which can be time-consuming and expensive. However, these regulations aim to ensure a safe and healthy work environment for employees, which can result in higher employee morale, reduced employee turnover, and improved employee productivity. Employers will be required to pay higher wages, which will reduce the burden on employees, ensuring a better quality of life. Employees will be provided with various benefits, which can be advantageous to them. For example, health insurance schemes and job security will be introduced, resulting in better working conditions and a sense of security. As a result, both employers and employees will benefit from increased government regulation .Question 4: Justify your answer.Nepal's government regulations are designed to ensure that employers treat employees in a fair and equitable manner. The government of Nepal appears to be more positive toward employees than employers, as it has implemented a variety of laws to protect the interests of employees. The Trade Union Act 2074 permits workers to join unions, the Minimum Wages Regulations, guarantees a minimum wage, the Industrial Enterprise Act ensures a safe and healthy environment, the Labour Act 2074 offers compensation to injured workers, the Payment of Wages Clause; checks fraudulent practices in the payment of wages to workers, and there are laws that prohibit discrimination and restrict the freedom of employers to make HR decisions in other areas as well. The government of Nepal recognizes the significance of employees and aims to provide them with a safe and healthy work environment. As a result, Nepal's government regulations are more favourable toward employees than employers.
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Rational decision making is a multi-step process for making choices between alternatives. The process of rational decision-making follows logic, objectivity, and analysis over subjectivity and insight. Demonstrate your decision-making process by using an example from your personal situation. You need to follow six steps of Rational decision-making model and use at least three (3) criteria and three (3) alternatives in the example.
Rational decision-making process was guided by the six steps of the rational decision-making model. By using criteria to evaluate alternatives and taking a logical approach, I was able to make a well-informed choice that was based on objective analysis rather than subjective factors.
Rational decision-making is a structured approach to making choices between alternatives. A rational decision-making process prioritizes logic, objectivity, and analysis over subjectivity and insight. This type of decision-making follows a set of six steps that guide individuals and businesses through a process of identifying, analyzing, and choosing between different options.
I was once tasked with deciding on which university to attend. I followed a rational decision-making process to make my final choice. The following is an overview of the six steps of the rational decision-making model and how I applied them in my situation.
1. Identifying the Problem
The problem was which university to attend.
2. Defining the Criteria
The criteria I used to evaluate universities included tuition fees, distance from home, academic programs, and extracurricular activities.
3. Gathering Information
I gathered information on universities by conducting online research, visiting university websites, and attending open days.
4. Evaluating Alternatives
I identified three potential universities based on my criteria. These were University of British Columbia, University of Toronto, and McGill University.
5. Choosing among Alternatives
After evaluating the alternatives, I chose the University of British Columbia. This decision was based on its affordability, its proximity to my home, its range of academic programs, and its vibrant extracurricular activities.
6. Taking Action
Once I made my choice, I applied to the University of British Columbia and received an acceptance letter.
In conclusion, my decision-making process was guided by the six steps of the rational decision-making model. By using criteria to evaluate alternatives and taking a logical approach, I was able to make a well-informed choice that was based on objective analysis rather than subjective factors.
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Explain four (4) emerging issues in the auditing profession and the work of an auditor in general.
The auditing profession is continually evolving, and auditors face several emerging issues that impact their work.
Here are four key emerging issues in the auditing profession:
1. Technological Advancements: Rapid technological advancements, such as artificial intelligence, machine learning, and data analytics, are reshaping the auditing landscape. Auditors now have access to vast amounts of data, requiring them to develop new skills and techniques to effectively analyze and interpret data. The use of advanced technologies also raises concerns regarding data security, privacy, and the ethical use of technology in auditing.
2. Cybersecurity and Data Privacy: With the increasing frequency and sophistication of cyber threats, auditors must consider the risks associated with cybersecurity and data privacy. They need to assess the effectiveness of an organization's internal controls related to data security, identify vulnerabilities, and evaluate the adequacy of measures to protect sensitive information. Auditors may also need to address compliance with evolving regulations, such as the General Data Protection Regulation (GDPR) or other data privacy laws.
3. Sustainability and Environmental, Social, and Governance (ESG) Reporting: There is a growing demand for organizations to disclose their environmental and social impacts, as well as their governance practices. Auditors are increasingly being called upon to provide assurance on sustainability and ESG reporting. This requires auditors to understand and assess non-financial information, such as greenhouse gas emissions, social impact initiatives, and diversity policies, to provide stakeholders with reliable and credible information.
4. Audit Quality and Ethics: Maintaining high audit quality and upholding ethical standards are ongoing challenges for the auditing profession. Regulators and stakeholders expect auditors to demonstrate independence, objectivity, and professional skepticism. The profession is continuously exploring ways to enhance audit quality through robust methodologies, increased transparency, and adherence to professional standards. Additionally, the detection and prevention of financial statement fraud and misconduct remain critical areas of focus for auditors.
Overall, auditors must adapt to these emerging issues and stay abreast of the latest developments, technologies, and regulations to effectively fulfill their responsibilities and maintain public trust in the auditing profession.
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Which of the following statement is INCORRECT about the foundational assumption used in CVP analysis.
A) The time value of money is ignored.
B) Relative sales proportions of multiple products are known and constant.
C) Behavior of revenue and costs can be graphed as a straight line.
D) Only selling price and variable cost per unit are known and constant.
B) Relative sales proportions of multiple products are known and constant.The statement that relative sales proportions of multiple products are known and constant is incorrect regarding the foundational assumption used in CVP (Cost-Volume-Profit) analysis. In CVP analysis, it is assumed that the sales mix, or the proportion of different products or services sold, remains constant. However, it is not assumed that these relative sales proportions are known and constant.
In reality, the sales mix can vary over time due to changes in customer preferences, market conditions, or other factors.
CVP analysis focuses on understanding the relationship between sales volume, costs, and profits. It assumes that only selling price and variable cost per unit are known and constant, as stated in option D.
It also assumes that the behavior of revenue and costs can be graphed as a straight line, as stated in option C.
Additionally, option A states that the time value of money is ignored in CVP analysis, which is a valid assumption in many cases.
Therefore, the incorrect statement is B) Relative sales proportions of multiple products are known and constant.
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Marketing
In the case of Consumer Behavior what knowledge, resources and the information have been gained by applying the five-step market research approach to your new product. Detail what characteristics came to light by using the five-step market research approach. What about who your target market consumer is and why they would buy your product?
Explain how you came to this conclusion.
do you think having an anthropologist on your marketing team would better increase the success of your new product? What if you were an established company would your answer change?
Why or why not?
The five-step marketing research approach is a method of analyzing and understanding consumer behavior, determining target markets and developing effective marketing campaigns for a product. The characteristics that came to light by using this approach include consumer needs, preferences, buying habits, and perceptions of the product. The target market consumers are those individuals who are most likely to consume the product based on their demographic, geographic, and psychographic profile.
The market research approach can help in identifying the customer's needs, demands and behaviours that can be helpful in understanding the target market. This approach assists in identifying the target market and provides an insight into the buyer's decision-making process. After the identification of the target market, it is important to understand what would make them buy the product. The characteristics that came to light by using this approach include consumer needs, preferences, buying habits, and perceptions of the product. Having an anthropologist on the marketing team would better increase the success of the new product because they can help in understanding the social and cultural aspects of the target market. If the company is established, then having an anthropologist on the marketing team can add value to the company and provide a competitive advantage.
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