Answer:
Explanation:
value oriented
which of the following is true about adjusting entries? multiple choice they can be done at the beginning or end of the accounting period. they are a necessary part of accrual-basis accounting. they are necessary due to the conservatism principle. they zero the balance of all income statement accounts.
The accrual approach of accounting requires them. As a result of the conservative principle, entries are required. Hence option B is correct
What is Adjusting Enteries ?The beginning or the end of the accounting period might be used for entries.
A general ledger entry known as a "adjustment journal entry" is made at the conclusion of an accounting period to report any unrealized income or costs during the time.
An adjusting journal entry is necessary to correctly account for a transaction that began in one accounting period and ended in another.
Adjusting journal entries can also be used to describe financial reporting that fixes an error from a prior accounting period.
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which activity would be a part of the leading function of management?
a. Devising a new strategic plan to enter a new foreign market currently dominated by a competinf firm
b. Recruiting qualified workers to join the organization and assigning them to their proper position
c. Examining a financial report to see whether the firm’s profit are improvingand taking corrective action if they are not
d. Training and coaching workers to help them understand their job and perform it effectively
Those who have had coaching and training to more effectively comprehend and carry out their responsibilities
What is the main function of the management system?Leading needs articulating a vision, energizing personnel, inspiring others, and motivating yourself. It also requires mission, control, charisma, and effective communication skills.
Which activity falls under the planning management function?The management activity of planning includes both choosing a course of action to carry out goals and setting goals. Managers need to anticipate challenges but be aware of external issues affecting their business today. The four widely accepted management roles—developing, organizing, leading, and managing—include these crucial skills. These abilities were initially divided into five components by Henri Fayol.
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on september 1, tsang company began a contract to provide services to wilson company for six months, with the total $21,600 payment to be made at the end of the six-month period. equal services are provided each month. the firm uses the account fees receivable to reflect amounts due but not yet billed. what proper adjusting entry would tsang company make on december 31, the end of the accounting period (no previous adjustment has been made)?
The adjusting entry would tsang company make on december 31, the end of the accounting period would be:
1. Fee Receivable= Debit 14,400
2. Service Fees Earned= 4/6 x 21600
Credit 14,400
Adjusting entries are journal entries that are typically made at the conclusion of an accounting period in order to properly allocate income and expenses to the time periods in which they actually occurred.
Under accrual-basis accounting, the revenue recognition principle serves as the foundation for adjusting entries related to unearned and accrued revenues. Because they are made on balance day, they are occasionally referred to as balance day adjustments.
According to the accrual accounting matching principle, revenues and related costs are recorded during the same accounting period. However, the actual money might be paid or received at a different time.
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during the progressive era, numerous products utilized the image of the statue of liberty as a sales device. question 3 options: true false
The statement during the progressive era, numerous products utilized the image of the statue of liberty as a sales device is true because it was used as a sign of progess.
This type of liberty could be described as "negative," as it only seeks to remove constraints on individual choices. Progressives considered this type of liberty to be too sales limited. One of the main goals of the Progressive Era movement was to eliminate corruption in government.
They made it a point to Progressives family, education, and many other critical aspects that are still enforced today. These reformers advocated for civil service reform, food safety laws, and increased political rights for women and American workers.
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purchasing office supplies on account for $100 is recorded as: transaction account title debit credit a. supplies 100 accounts payable 100 b. cash 100 supplies 100 c. supplies 100 cash 100 d. accounts payable 100 supplies 100
Purchasing office supplies on account for $100 is recorded as transaction account title debit credit to Accounts payable $100 .
What does the term "transaction account" mean?
A transaction account is one that you utilize for regular banking activities including receiving payments from employers and paying bills. Transaction accounts are frequently referred to as "everyday accounts."
When held by a bank, transaction accounts are referred to by a number of names, such as current accounts (British English), chequing accounts or checking accounts, and share draft accounts (in North America) when held by credit unions.
What three sorts of accounts are there?
Real, personal, and nominal accounts are the three different types of accounts used in accounting. Following that, real account is divided into two subcategories: intangible real account and tangible real account. Natural, Representative, and Artificial are three further subtypes of Personal accounts.
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if you work for a company that expects you to deceive customers about the quality of your product, you should:
Option C is correct. If you work for a company that expects you to deceive customers (Deception) about the quality of your product, you should: leave the organization.
Deception or deceiving is a demonstration or proclamation that deludes, conceals reality, or advances a conviction, idea, or thought that isn't correct. It is much of the time accomplished for individual increase or benefit. Misdirection can include dissimulation, promulgation and skillful deception along with interruption, disguise or camouflage. There is additionally self-misdirection, as in dishonesty. It can likewise be called, with differing emotional ramifications, beguilement, misleading, feign, perplexity, trick, or deception.
Misdirection is a significant social offence that frequently prompts sensations of double-crossing and doubt between social accomplices. Trickery disregards social guidelines and is viewed as a negative infringement of assumptions. A great many people anticipate companions, social accomplices, and even aliens to be honest more often than not. Assuming individuals anticipated that most discussions should be untruthful, talking and speaking with others would require interruption and confusion to get solid data. A lot of duplicities happens between a few heartfelt and social accomplices.
Misdirection and deceptive nature can likewise frame justification for the common cases in misdeed, or agreement regulation (where it is known as distortion or deceitful deception if conscious), or lead to criminal arraignment for extortion. It likewise frames an essential piece of mental fighting trying to claim ignorance and misdirection
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Complete Question -
If you work for a company that expects you to deceive customers about the quality of your product, you should:
a. go along with the practice because it's in the company's best interests.
b. follow the expected practice unless it's illegal.
c. leave the organization.
d. tell your customers what the company is doing.
gasoline and motel rooms are complements for many consumers. when the price of gasoline declines, consumers take longer vacations and rent more motel rooms. therefore, the cross-price elasticity of demand between gasoline and motel rooms is
Gasoline is a product that is relatively inelastic, which means that price changes have little impact on demand. Price elasticity quantifies how responsively demand responds to price changes.
How flexible is the gasoline supply?The gasoline supply curve is kinked, though. Generally speaking, the supply is inelastic at higher price levels and elastic at lower price levels. This is due to the fact that oil producers reduce their output when prices are low or stockpile the oil if supplies cannot be met.
In the short or long term, is gasoline more elastic?In both the long and short runs, gasoline demand is generally elastic to changes in price and income, with the long run's elasticity being larger.
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in an ad/as model: a.the gdp deflator always slopes upwards. b.the potential gdp always slopes downwards. c.the cpi is shown on the vertical axis. d.real gdp is shown on the horizontal axis.
The correct answer is b .the potential gdp always slopes downwards.The GDP deflator quantifies price inflation or deflation in proportion to a specific base year, with the GDP deflator
The money price of all recently produced, locally sourced final goods and services over the course of a year is measured in relation to their real value using the GDP deflator, also known as the implicit price deflator. It can be used to determine the value of money. The entire monetary value of all finished goods and services produced on a country's territory over a certain time period is known as the gross domestic product, or GDP (quarterly or annually).The GDP deflator quantifies price inflation or deflation in proportion to a specific base year, with the GDP deflator of the base year itself being equal to 100, just as the consumer price index (CPI). Unlike to the CPI, the GDP deflator is not based on.
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approximately how much money per consumer will be spent on the super bowl this year?
The advertising revenue from the 2021 Super Bowl, for example, set a new high of $485 million USD. Meanwhile, a 30-second ad spot during the Super Bowl broadcast is expected to cost 6.5 million US dollars in 2022.
What is the average cost of a Super Bowl party?
This year, 103.5 million people intend to host or attend a party, while another 17.8 million intend to watch the game in a bar or restaurant.
For the day, total spending on food, drinks, clothing, decorations, and other purchases is expected to reach $16.5 billion, or $85.36 per person. According to the National Retail Federation (NRF), total spending on food, drinks, apparel, decorations, and other purchases for Super Bowl
Therefore, Sunday celebrations are expected to reach $16.5 billion, or $85.36 for each of the 192.9 million adults planning to watch the game.
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in calculating gdp, which component of spending must be subtracted from total spending to account for the fact that not all private or public spending by u.s. households is directed to u.s. businesses?
Utilizing expenditures, production, or incomes, GDP can be estimated in three different ways and can be further customized by include population and inflation adjustments.
From what should we deduct while calculating GDP?Spending on both imports and exports is taken into consideration when calculating GDP. The sum of consumer spending (C) plus business investment (I) and government spending (G), plus net exports (i.e., total exports minus total imports), is a country's GDP (X – M).
What percentage of public spending is not included in GDP?Federal, state, and municipal governments make government acquisitions when they need products and services. A significant component in calculating a country's gross domestic product is the sum of this spending, minus transfer payments and interest on the debt.
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the following data refer to ward company's ending inventory: item code quantity unit cost unit market small 45 $128 $152 medium 60 184 176 large 65 200 168 extra-large 35 216 212 how much is ending inventory if the lower of cost or market rule is applied to the total inventory?
The total ending inventory value under the LCM rule was $34,660.
The ending inventory value for Ward Company was calculated using the lower of cost or market rule. The inventory included small, medium, large, and extra-large items with quantities of 45, 60, 65, and 35, respectively. The unit costs and unit market values for each item were $128 and $152 for small, $184 and $176 for medium, $200 and $168 for large, and $216 and $212 for extra-large. The cost and market values were compared for each item, and the lower value was chosen for each to determine the ending inventory value. The total ending inventory value under the LCM rule was $34,660.
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the strategic-management process occurs once a year. applies mostly to companies with sales greater than $100 million. is a semiannual process. applies mostly to small businesses. is a continuous process.
However, generally, the strategic-management process is a continuous process that involves ongoing analysis, planning, implementation, and evaluation.
It's not exactly accurate to say that the strategic-management process happens once a year. An organization's strategy is continually assessed, analysed, and modified as part of the strategic-management process to make sure it is still applicable and efficient. The strategic-management process is continual and never actually ends, even while certain companies could have set times when they perform more in-depth strategic planning and assessment, such as an annual planning retreat or budgeting process. Furthermore, the frequency or intensity of a company's strategic-management process is not always influenced by its size or sales income.
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if nicolai earns an 12 percent after-tax rate of return, $8,000 today would be worth how much to nicolai in five years? use future value of $1.
Future Value of $8,000 today would be worth $14,098.40 to Nicolai in five years if he earns a 12 per cent after-tax rate of return.
To calculate the future value of $1, we use the formula:
FV = PV x (1 + r)^n
where FV is the future value, PV is the present value, r is the rate of return, and n is the number of periods.
In this case, Nicolai earns a 12 per cent after-tax rate of return, which we can assume is the annual rate of return. The future value of $1 in five years with a 12% annual rate of return can be found using the following formula:
FV = $1 x (1 + 0.12)^5
FV = $1.7623 (rounded to four decimal places)
To find the future value of $8,000, we multiply the present value by the future value factor:
FV = $8,000 x 1.7623
FV = $14,098.40
Therefore, $8,000 today would be worth $14,098.40 to Nicolai in five years if he earns a 12 per cent after-tax rate of return.
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The budget for a project on voting trends includes $3200 for hiring undergraduate students, graduate students, and faculty members to conduct interviews on the day before an election. Each undergraduate student will conduct 30 interviews for $100. Each graduate student will conduct 32 interviews for $150. Each faculty member will conduct 33 interviews for $200. No more than 20 interviewers can be hired. How many of each type of interviewer should be hired in order to maximize the number of interviews? What is the maximum number of interviews?
A)___undergraduate students, __ graduate students, and___ faculty members should be hired to maximize the number of interviews
A) 4 undergraduate students, 16 graduate students, and 0 faculty members should be hired to maximize the number of interviews.
What does the term "budget" mean?In a budget, planned expenses are expressed together with suggestions for how to fund them. A budget might show a surplus of resources for later use or a deficit if expenses are greater than income and other resources.
The budget of a government is a summary or plan of the anticipated resources (often but not always from taxes) and expenditures of that government. There are three types of government budget: the operating or current budget, the capital or investment budget, and the cash or cash flow budget.
Let xi stand in for the professor, graduate, and undergraduate students.
a lengthy interview
[tex]\mathrm{P = 18x_1+25x_2+30x_3}[/tex]
Subject to
[tex]\mathrm{x_1 +x_2 +x_3\le 20}[/tex]
[tex]\mathrm{100x_1+150x_2+200x_3 \le 3200}[/tex]
[tex]\mathrm{x_1 ,x_2 ,x_3\ge 0}[/tex]
[tex]\mathrm{P_{max} = 520 , x_1 = 0 , x_2 = 16 , x_3 = 4}[/tex]
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nonnegativity constraints ensure that question 6 options: 1) the problem modeling includes only nonnegative values in the constraints. 2) there are no inequalities in the constraints. 3) the objective function of the problem always returns maximum quantities. 4) the solution to the problem will contain only nonnegative values for the decision variables.
The problem's solution will only include nonnegative values for the choice variables thanks to nonnegativeness restrictions.
So, these choice variables will never turn negative thanks to the non-negative non-negativity restrictions. Therefore, the non-negative constraints guarantee that the issue solution will only include non-negative values for the choice variables. Function values for a non-negative function must be larger than or equal to zero. The outputs of the function must be zero or larger for it to be considered non-negative, even if the function's domain is negative. Positive numbers and zero are considered non-negative integers. Negative and zero numbers are considered non-positive integers. Zero is the number that falls under the category of non-negative and non-positive integers.
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suppose the big mac index between the u.s. and spain is 24%. what does this imply about relative prices?
The Big Mac PPP survey's premise is that a Big Mac is the same around the world. Because it uses the same inputs and distribution system, the relative cost should be the same from country to country.
How do you read the Big Mac Index?The Big Mac Index is simple to calculate. The price of a Big Mac in one country is divided by the price of a Big Mac in another. When you use each one's local currency, you get an exchange rate. Then, compare this exchange rate to the two currencies' official exchange rates.
The Big Mac index, published by The Economist, is a novel way of determining whether market exchange rates for different countries currencies are over or undervalued. It accomplishes this by comparing each currency to a common standard - the Big Mac hamburger sold in McDonald's restaurants worldwide.
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n economy produces only two goods. following table are data for two different years. 2020 2021 good quantity price quantity price hot dogs 200 $2 250 $4 hamburgers 200 $3 500 $4 a. using 2020 as the base year, compute the following statistics for each year: nominal gdp, real gdp, the gdp deflator, and the cpi (the basket is given by the base year quantities). b. by what percentage did prices rise between 2020 and 2021? give the answer for each good and also for the two measures of the overall price level. which measure is a laspeyres index, and which one is a paasche index? explain why the percentages of price changes calculated using these indices are different. be as specific and detailed as possible
The calculation reveals that computation of inflation using the deflator shows less inflation than the CPI because consumers substituted hamburgers for hot dogs, It is because the price of hamburgers increased less than the price of hot dogs. This consideration have been taken by the deflator whereas the CPI ignored it
What is Paasche index?Paasche Price Index is a methodology to calculate inflation by measuring the price change in a commodity compared to the base year.
Nominal GDP Year 2010 = 200 * $2 + 200 * $3 = $1,000
Nominal GDP Year 2015 = 250 * $4 + 500 * $4 = $3,000
Real GDP Year 2010 = $1,000
Real GDP Year 2015 = 250 * $2 + 500 * $3 = $2,000
GDP Deflator Year 2010 = ($1,000/$1,000) * 100 = 100
GDP Deflator Year 2015 = ($3,000/$2,000) * 100 = 150
CPI Year 2010 = ((200 * $2 + 200 * $3) / (200 * $2 + 200 * $3)) * 100 = 100
CPI Year 2015 = ((200 * $4 + 200 * $4) / (200 * $2 + 200 * $3)) * 100 = 160
Computation of Inflation using CPI = ((160 - 100)/(100)) * 100 = 60%
Computation of Inflation using Deflator = ((150 - 100)/(100)) * 100 = 50%
Therefore, This consideration have been taken by the deflator whereas the CPI ignored it.
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after completing chapter practice - step 21, after you change the format to accounting and zero decimal places, what does the format name change to?
After completing chapter practice - step 21, when you change the format of a cell or a range of cells to Accounting with zero decimal places, the format name changes to "Accounting".
The Accounting format is one of the built-in number formats in Microsoft Excel, and it is commonly used to display financial data such as sales, revenue, expenses, and profits.
This format adds a currency symbol to the left of the number, which can be customized to match the currency of your choice, such as the dollar sign ($), euro symbol (€), or pound sign (£). It also adds commas to separate the thousands, making it easier to read and compare large numbers.
The zero decimal places option removes any decimal places from the numbers in the selected cells, which is useful when you don't need to display any fractions of a number, such as in a financial report where all the values are in whole numbers. By using this format, you can make your data more presentable and easier to read, while also conveying a professional look to your reports.
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what is the expected dollar rate of return on euro deposits if today's exchange rate is $1.20 per euro, next year's expected exchange rate is $1.23 per euro, the dollar interest rate is 10%, and the euro interest rate is 5%
7.75% is the anticipated dollar rate of return on euro deposits. This indicates that, if the anticipated exchange rate holds true, an investor who converts dollars to euros and invests in euro.
We can use the formula below to determine the anticipated dollar rate of return on euro deposits: The expected return in dollars is calculated as [(1 + euro interest rate) x (expected future spot rate / spot rate)]. - 1 Euro Interest Rate: The current interest rate on deposits made in euros is 5%.
The predicted exchange rate for euros ($1.23 per euro in this situation) is known as the expected future spot rate.
Spot Rate: The current price of one euro ($1.20 in this example).
When we enter the values, we obtain: The expected dollar rate of return is calculated as [(1 + 0.05) x (1.23 / 1.20)]. - The expected return on a dollar equals 0.0775 percent.
As a result, 7.75% is the anticipated dollar rate of return on euro deposits.
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in its first year of business, laker corporation had sales of $2,170,000 and cost of goods sold of $1,285,000. laker expects returns in the following year to equal 6% of sales and 6% of cost of goods sold. the adjusting entry or entries to record the expected sales returns is (are):
The Sales Returns and Allowances account is a contra-revenue account and is reported as a deduction from sales revenue on the income statement.
The adjusting entry or entries to record the expected sales returns for Laker Corporation can be calculated as follows:
Sales returns = 6% of $2,170,000 = $130,200
Cost of goods sold returns = 6% of $1,285,000 = $77,100
Since the returns are expected, an adjusting entry is needed to reduce both the Sales and Cost of Goods Sold accounts by the estimated amounts of returns. This entry will record an allowance for sales returns:
Debit: Sales Returns and Allowances $130,200
Credit: Allowance for Sales Returns $130,200
Debit: Cost of Goods Sold $77,100
Credit: Allowance for Sales Returns $77,100
The Allowance for Sales Returns is a contra-asset account that is reported as a deduction from accounts receivable on the balance sheet. The adjusting entry reduces both revenue and the asset account, reflecting the reduction in sales that is expected to result from the returns.
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A company's january 1, 2022 balance sheet reported total assets of $155,000 and total liabilities of $62,500. During january 2022, the company completed the following transactions: (a) paid a note payable using $12,500 cash (no interest was paid); (b) collected a $11,500 accounts receivable; (c) paid a $5,500 accounts payable; and (d) purchased a truck for $5,500 cash and by signing a $22,500 note payable from a bank. The company's january 31, 2022 balance sheet would report which of the following?
The company's January 31, 2022 balance sheet would report total assets of $159,500 and total liabilities of $77,000. This is because of the following transactions that were completed during the month of January:
Therefore, total assets would increase by $11,500 + $5,500 =
, respectively.
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an account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is a
The correct option is B. An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a Contra account.
In accounting, a contra account is a type of account that is used to reduce the balance of another account. Contra accounts are used to track transactions that offset the balance of another account, such as returns, allowances, or discounts. A common example of a contra account is the allowance for doubtful accounts, which is used to reduce the balance of accounts receivable to reflect the amount that is unlikely to be collected.
Contra accounts are used to provide a more accurate representation of the financial position of a company. By reducing the balance of an account with a contra account, the company can better reflect the true value of the account. Contra accounts are also used to provide more detail on the nature of the transaction that is being recorded. They allow accountants to separate different types of transactions and provide more information about the financial position of a company.
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Complete Question:
An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n):
A) Accrued account.
B) Contra account.
C) Temporary Account.
D) Clearing account.
E) Permanent Account.
the auto insurance industry estimates that it costs three times the original purchase price (in parts and labor) to reconstruct a wrecked automobile. why is there such a large discrepancy?
The high cost of reconstructing a wrecked automobile is due to the complexity and specialized nature of the work, as well as the cost of materials and labour.
The cost of reconstructing a wrecked automobile is often much higher than the original purchase price due to a number of factors. One of the main reasons is the complexity of the work involved, which often requires specialized skills and equipment. Additionally, the cost of replacement parts, especially for newer vehicles, can be significantly higher than the original cost of the parts. Another factor that contributes to the high cost of reconstructing a wrecked automobile is the cost of labour. Auto repair shops charge a premium for their services, as the work involved in reconstructing a vehicle is often time-consuming and requires a high level of expertise. Furthermore, there are also hidden costs associated with reconstructing a vehicle, such as storage fees, rental cars for the owner, and other expenses that can add up quickly. All of these factors combined contribute to the high cost of reconstructing a wrecked automobile, which can be three times or more than the original purchase price in parts and labour.
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which of the following is not true? a) an american put option is always worth less than the present value of the strike price b) a european put option is always worth less than the present value of the strike price c) a european call option is always worth less than the stock price d) an american call option is always worth less than the stock price
Option A is not True. An American put option is always worth less than the present value of the strike price
Present value (PV) is the ongoing worth of a future amount of cash or stream of income given a predefined pace of return. Future incomes are limited at the rebate rate, and the higher the markdown rate, the lower the current worth representing things to come incomes. Deciding the fitting markdown rate is the way to appropriately esteem future incomes, whether they be profit or obligation commitments. Present worth is the idea that expresses a measure of cash today is worth more than that equivalent sum from now on. All in all, cash got in what's to come isn't worth however much an equivalent sum got today.
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which type of unemployment is described by the scenario below? a literary editor leaves her job in new york to look for a new job in atlanta.
The type of unemployment described in the scenario is frictional unemployment.
Frictional unemployment occurs when workers are in between jobs, either because they are searching for a new job or they have left their previous job and are looking for a new one. It is a type of temporary unemployment that is often voluntary, and can occur even in a healthy and growing economy.
In the scenario, the literary editor voluntarily left her job in New York and is now searching for a new job in Atlanta, which is an example of frictional unemployment. This type of unemployment is a natural part of the job search process and is often a sign of a dynamic and flexible labor market.
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which of the statements below summarize why a buyer would desire a purchase allowance? (check all that apply.) multiple select question. purchased merchandise was defective or unacceptable. the seller could not pay within the discount period. in order to keep defective, but still marketable merchandise, the buyer would need a reduction in the purchase price.
The statements below summarize why a buyer would desire a purchase allowance are :
Purchased merchandise was defective or unacceptable. In order to keep defective, but still marketable merchandise, the buyer would need a reduction in the purchase price.Why would a merchant offer a discount?
In the event that the buyer's order has a problem, the seller may decide to reduce the price as a sales allowance. In addition to many other situations that a seller decides, this could imply that the customer received a damaged product, didn't receive all of their order, or paid the wrong price for an item.
The reasons listed below succinctly state why a buyer might want a buying allowance:
Purchased goods were flawed or undesirable.The buyer would require a decrease in the purchase cost if they wanted to keep damaged goods that were still usable.Therefore, A consumer may also be given this amount in exchange for keeping any defective or inaccurate items.
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procter & gamble recently lost $550 million on its operations in russia due to devaluation of the russian ruble, which is a risk associated with fluctuations in
Procter & Gamble recently experienced a $550 million loss on its operations in Russia as a result of the Russian ruble's depreciation. Changes in the currency exchange rate pose a danger.
Currency Exchange Rate: What is it?Value of one currency expressed in terms of another, such as the cost of a US dollar in Swiss francs, euros, or Japanese yen. When pricing products for global markets, exchange rates should be a key consideration. Mattel had to learn this lesson the hard way. The company recently struggled to sell its popular Holiday Barbie doll and accessories in numerous foreign countries because of high rates. Why? Barbie's prices, expressed in U.S. dollars, were set without taking into account how they would convert to foreign currencies and were therefore too high for many customers.
Exchange rate fluctuations have an impact on the sales and profits made by international firms. For instance, when foreign currencies can buy more U.S. dollars, U.S. items are less expensive for international customers. Short-term fluctuations, however, have a considerable impact on the profitability of multinational firms. 20 Currency rate fluctuations allowed Hewlett-Packard to generate an additional profit of more than $500,000 over the past year. The weakening of the Russian currency in 2001, on the other hand, cost Procter & Gamble $550 million in losses from its business in Russia.
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harrod company paid $6,700 for a 4-month insurance premium in advance on november 1, with coverage beginning on that date. the balance in the prepaid insurance account before adjustment at the end of the year is $6,700, and no adjustments had been made previously. the adjusting entry required on december 31 is:
Debit Prepaid Insurance, $3350; credit Insurance Cost, $3350; $6,700 * 2/4 = $3350.
What is an insurance debit expense?An entry in a journal for insurance is Debit: Bank credit for insurance payments made to an insurance provider for business insurance. Not all insurance payments (premiums) qualify as business costs for deduction. Some insurance payments can be included in the profit and loss report, while others need to be included on the balance sheet.
Is paying for insurance a debit or credit?Because cash is deducted when you pay for the insurance coverage, you credit cash. You may automatically produce a journal entry that allocates the insurance cost to each month as time passes (dividing an annual policy cost by twelve months). The higher insurance expense is the account debit.
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Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success.a. rigidityb. innovationc. blindersd. competition
By highlighting the value of innovation in attaining long-term success, strategic planning can help foster new ideas.
By highlighting the significance of innovation for long-term success, strategic planning can foster the development of new ideas. To keep ahead of the competition, enhance procedures and goods, and open up new markets, innovation is essential. In a constantly changing corporate environment, encouraging an innovative mentality enables an organisation to accept change and be flexible. Organizations can promote a culture of creativity and inspire people to think creatively by integrating innovation into the strategic planning process. As a result, the organisation as a whole may develop new and improved methods of doing things. Organizations may maintain their competitiveness and achieve long-term success by welcoming innovation and fostering fresh ideas.
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which gainsharing plan bases incentives on the ratio between labor costs and sales value of production (svop)? question 5 options: improshare rucker plan referral plan scanlon plan
The Scanlon Plan, the Rucker Plan, Improshare, and bespoke plans are the four different categories of gainsharing schemes.
The only differences between the programmes are how the bonus is determined and how much staff engagement is needed to support the scheme. The Scanlon Plan is the most traditional and often utilised kind of gainsharing plan.Gainsharing, also known as Gain sharing, Gainshare, and Gain share, is a method of management in which a company strives to achieve greater levels of performance by involving and involving its employees. Employees benefit financially when performance rises. Straight commissions, bonuses, prizes, "spiffs," rewards, and recognition are a few examples of different incentive structures. Plans for incentive compensation must be in line with business objectives, but maintaining this alignment can be challenging.
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