A company can keep track of all kinds of financial activities with the use of an accounting system, including purchases (expenses), sales (invoices and income), obligations (funding, accounts payable), etc.
Other purposes of the Accounting System: transactions are recorded: the basic function of accounting is to keep a systematic, accurate, and comprehensive record of all financial transactions of an organization.
BUDGETING AND PLANNING.
DECISION MAKING.
BUSINESS PERFORMANCE.
FINANCIAL POSITION.
LIQUIDITY.
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A journal entry that debits work in process and credits manufacturing overhead is recording the ______.
A journal entry that debits work in process and credits manufacturing overhead is recording the application of manufacturing overhead cost.
What do you mean by manufacturing overhead cost?
Manufacturing overhead costs (MOH) are the sum of all indirect costs incurred in the production of a product. It is added to the price of the final product along with direct material costs and direct labor costs. Typically, manufacturing overhead costs include depreciation of equipment, wages and salaries paid to factory personnel, and electricity used to operate the equipment.According to GAAP (Generally Accepted Accounting Principles), manufacturing overhead should be included in the cost of finished goods in inventory and work-in-progress inventory on the manufacturer's balance sheet and on the cost of goods income statement.To learn more about manufacturing overhead cost, refer to:
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a woman is selected by a marketing company to participate in a paid focus group. the company says that the woman was selected because her name is among the first 250 in the phone number listings
A woman is selected by a marketing company to participate in a paid focus group. The company says that the man was selected because his name is among the first 200 in the phone number listings. -- Convenience sampling
What is convenience sampling?
Convenience sampling involves using respondents who are 'convenient' to the researcher. There is no pattern that wins these respondents. For example, you can gather respondents by simply interviewing people on the street, in public buildings, or at work.
What is an example of convenience sampling?
A basic example of a convenience sampling method is when a company distributes promotional brochures and asks questions in a shopping mall or busy street with randomly selected participants. Companies use this convenience sampling method to collect information and address critical issues arising from the market.
Why is convenience sampling used?
Convenience sampling is usually collected in easily accessible populations. The data is readily available, allowing researchers to collect pilot data using convenience sampling or to explore hypotheses that can be tested in future studies.
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If penalties are imposed only on the buyers of illegal drugs, the equilibrium price of illegal drugs will ________ and the equilibrium quantity will ________.
If penalties are imposed only on the buyers of illegal drugs, the equilibrium price of illegal drugs will fall and the equilibrium quantity will decrease.
If the buyers are subjected to punishment and charges, the number of buyers who were frequently purchasing drugs will diminish. This will cause the demand to decline and, as a result, the equilibrium price quantity will as well.
The provider will attempt to sell more of their usual stock or draw in new customers when the demand for the drugs declines by lowering the price of the drugs.
When supply and demand are balanced, the price is at equilibrium. It can be claimed that the forces of supply and demand are comparatively equal and the market is in an equilibrium price when a major index goes through a period of consolidation or sideways momentum.
Researchers have discovered that prices typically oscillate near the equilibrium price. Market forces will encourage sellers to enter the market and produce more if the price increases too much. More purchasers will place higher bids if the price is too low. Over time, these actions maintain the equilibrium price level's relative equilibrium.
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some individuals do not directly consume a product but accrue indirect benefits from others who do consume the product. as a result, there is a(n) .
some individuals do not directly consume a product but accrue indirect benefits from others who do consume the product. as a result, there is a(n) under allocation of resources to the beneficial product.
What is under allocation of resources?When resources are not properly managed, they are either allotted too little or too much. When resources are under-allocated, it signifies that there are more available than are required to finish the task at hand. Lower levels of production and potential are the outcomes of this. Resources are what you employ to complete your project (i.e., people, tools, and capital.) Resources are scarce and will always be needed for projects. A project manager's work is therefore important because of the practice of resource allocation in project management. It is the method of allocating and planning available resources most effectively.To learn more about under allocation, refer:
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The suppliers of denver press offer the firm 30 days credit on all its purchases. Denver press has an average payment period of 84 days as compared to its industry average of 43 days. Which of these statements applies to denver press?.
The suppliers of Denver press offer the firm 30 days credit on all its purchases. Denver press has an average payment period of 84 days as compared to its industry average of 43 days. In this case, the Denver press is most likely abusing its credit terms.
What is average payment period?
The term "average payment period" refers to the average number of days it takes a business to pay its supplier the amount due. In contrast, the average collection period measure shows how long it typically takes a business to collect and turn its accounts receivable into cash.
The average payment time helps the main decision-makers in determining how quickly the business can pay off its credit liabilities and purchases. If the results are positive, the business may also benefit from special offers that suppliers make for a limited time.
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When demonstrating 2023 maxima’s parking assistance, which available feature should you point out helps you see how well you are centered in a parking space?.
When demonstrating the 2022 Maxima's parking assistance, the available feature that you must point out to helps you see how well you are centered in a parking space is the Intelligent Around View® Monitor (I-AVM).
What is a parking assistance?This refers to the automated parking aid that helps the drivers park with greater precision, using guidance system technology that rivals ultrasonic, camera-based solutions with superior and advanced technology. The system is a customer-centric in many ways. Besides for getting the parkers to open spaces, it also elevates every phase of the parking experience with automated features that guide drivers with confidence.
The drivers that use the Park Assist systems discover greater performance, better efficiency, increased security and safety, and return on investment. The system reduces the frustration that comes with parallel parking and other instances that present tight spaces.
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Marketers that set unrealistically high consumer expectations of a product through advertising, personal selling, or other types of promotion may generate higher initial sales, but it will eventually result in ________ if the product fails to achieve these expectations.
Marketers that set unrealistically high consumer expectations of a product may generate higher initial sales, but it will eventually result in postpurchase dissatisfaction if the product fails to achieve these expectations.
What does postpurchase dissatisfaction mean?The expression postpurchase dissatisfaction makes reference to the consumer's expectations, which must fit the product's performance in his/ her perception in order to have a good acceptation.
Postpurchase dissatisfaction is fundamental because it may lead to an increase the acceptation and expectations of a given product in the market.
In conclusion, marketers that set unrealistically high consumer expectations of a product through advertising, personal selling, or other types of promotion may generate higher initial sales, but it will eventually result in postpurchase dissatisfaction if the product fails to achieve these expectations.
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Part of the economic problem is that resources are limited. that is, we have a(n) _________ amount of these available at any one time.
Part of the economic problem is that resources are limited. that is, we have a fixed amount of these available at any one time. The monthly amount will also remain constant, albeit the proportions of the payment going toward paying off the interest and the principle will change.
A fixed-rate payment is frequently referred to as a "vanilla wafer" payment, owing to its predictability and lack of surprises. The overall amount owed in a fixed-rate payment remains constant over the life of the loan, however the percentage that goes to interest and principle varies. Mortgage loans are the most common example of fixed-rate payments.
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Holding the prices of goods constant, how does an increase in income affect consumer spending on necessities versus luxuries?.
Spending on pleasures rises slowly as income rises, whereas spending on essentials rises sharply. When a consumer's income rises, they are more likely to purchase more needs and spend more money on luxuries, though more slowly.
What exactly are needs and extras?If a need is something that everyone needs, then a luxury must be something that no one genuinely needs but that many people want. But the word in the dictionary goes a little bit further. The definition of a luxury is "an inessential, desirable product that is expensive or difficult to attain."
An essential can be owned by virtually anybody, while a luxury can only be owned by a small number of individuals, or at the very least, very infrequently. Contrary to necessity, people buy luxuries in addition to their inherent brilliance to reaffirm and demonstrate their social and economic standing.Learn more about Necessities and luxuries here:
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Helena works out at a health club, goes to yoga classes, and reads magazines about women’s health to satisfy her inner desires. Which of maslow’s needs is wendy fulfilling?.
Helena works out at a health club, goes to yoga classes, and reads magazines about women’s health to satisfy her inner desires. Wendy is fulfilling Maslow's esteem.
A motivational theory in psychology that describes the needs that motivate human action is called Maslow's hierarchy of needs. The first two tiers of needs—food, water, security, and safety—are regarded as fundamental need. The need for interpersonal interactions and social ties is the basis of the third level of needs, which is regarded as psychological. Maslow's hierarchy of requirements has four levels, the fourth of which is focused on emotions and the desire for self-respect and self-esteem. Confidence, courage, self-belief, social and personal acceptability, and respect from others are all aspects of self-esteem. One of the crucial phases in reaching satisfaction or self-actualization is the fulfilment of these needs.
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systems is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving.
Management Information System (MIS) is a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving.
A management information system is an information system used for decision-making, coordinating, controlling, analyzing, and visualizing information within an organization. Management information systems research incorporates people, processes, and technology into an organizational context.
Management Information Systems (MIS) is the study of people, technologies, organizations, and the relationships between them. MI experts help organizations maximize investments in people, equipment, and business processes. MIS is a human-centric domain with a focus on technology-driven services.
A Management Information System (MIS) is a computer system consisting of hardware and software that serves as the backbone of an organization's operations. MIS collects data from multiple online systems, analyzes information, and reports data to support business decision-making.
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a distributor is a person or an organization that helps another company sell its goods and services to customers. distributors are considered external stakeholders.
a distributor is a person or an organization that helps another company sell its goods and services to customers. distributors are considered external stakeholders.
This statement is true.
A distributor is an intermediary entity who lies between the producer of any product and the another entity in the distribution channel or it can be the supply chain.
It can be a retailer or a value-added reseller or VAR or a system integrator or SI .
A distributor is known as the only person who distributes different goods in a specific area. He is the only source for the retailers as well as the dealers to purchase that product in the area.
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Project irr. A firm evaluates all of its projects by applying the irr rule. The required rate of return is 14 percent. What is the irr of a project that requires an investment today of $158,500 and has an expected cash flow in one year of $175,000?.
The required rate of return—the opportunity cost offered on equivalent investments—is 14%, the IRR does not compare well with other equivalent investments, so this investment should be rejected.
What is opportunity cost?
The value or advantage forfeited by engaging in a specific activity in comparison to engaging in a different activity is known as the opportunity cost in price determination. Simply put, it means that if you choose one activity, you forfeit the chance to do another.
Therefore,
Project irr. A firm evaluates all of its projects by applying the irr rule. The required rate of return is 14 percent. What is the irr of a project that requires an investment today of $158,500 and has an expected cash flow in one year of $175,000?.
The required rate of return—the opportunity cost offered on equivalent investments—is 14%, the IRR does not compare well with other equivalent investments, so this investment should be rejected.
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item 21 the fact that businesspersons are expected not to harm customers, clients, and competitors knowingly through deception, misrepresentation, coercion, or discrimination is part of the practice of
practice of Fairness and honesty
Since honesty is the antithesis of lying, everything you say would be flawlessly truthful. Fairness would be a treatment or action with which everyone can agree, regardless of who or what they are. Because everyone would agree, it is not contentious. Being honest entails telling the truth to both ourselves and others. It entails having enough compassion for people to refrain from deceiving them for your own gain. It entails accepting responsibility for our errors, even when we must confess them to others or when doing so might put us in danger. Fairness is conducting oneself justly and basing judgments, particularly significant ones, on facts rather than preconceived notions.
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Amc issues a note in exchange for a machine with no stated interest rate. in accounting for the transaction:_____.
AMC issues a note in exchange for a machine with no stated interest rate. in accounting for the transaction: if fair values of the note and machine are unavailable, the note should be recorded at its present value, discounted at the market rate of interest. Option C
This is further explained below.
What is the market rate?Generally, The price that consumers typically pay for an item or service in a competitive market is considered to be the market rate for that good or service.
The tendency of manufacturers and workers to react to an increase in demand by raising the price they require will, as a result, lead to an increase in the market rate.
When there is less demand, prices on the market often go down as well.
A finalized agreement between a buyer and a seller to trade products, services, or financial assets in exchange for monetary consideration is a transaction.
Additionally, the phrase is often used in the field of corporate accounting. When it comes to the accounting of a firm, even this simple term may become difficult.
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CQ
AMC issues a note in exchange for a machine with no stated interest rate. In accounting for the transaction,
A. both the note and machine are recorded at the face amount of the note or the fair value of the machine, whichever is more clearly determinable.
B. the machine should be depreciated over the note's term to maturity
C. if fair values of the note and machine are unavailable, the note should be recorded at its present value, discounted at the market rate of interest.
D. the note is recorded at its face amount unless the fair value of the machine is readily available.
Suppose oranges and clementines are considered to be substitutes. holding everything else constant, if the price of oranges increases, then the:__________
Suppose oranges and clementines are considered to be substitutes. holding everything else constant, if the price of oranges increases, then the demand for clementines would increase.
What are substitute goods?
Substitute goods are goods that can be used in place of another good due to their similar features or taste. Substitute goods are goods that can be used to serve the same purpose for consumers. An example of substitute goods is blue pen and black pen.
If the price of a good increases, the demand for the substitute increases and if the price of the good reduces, the demand for the substitute increases.
When the price of oranges increases, the quantity demanded of oranges decreases. This is due to the negative relationship between the price of a good and the quantity demanded.
When the price of oranges increases, clementine become cheaper when compared to oranges. Thus, the demand for clementine would increase. This would lead to a shift to the right of the demand curve for clementine to the right.
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If the financial statements cannot be relied upon because they contain one or more material departures from gaap, which type of audit opinion will be issued by the auditor?.
The type of audit opinion that will be issued by the auditor is an adverse opinion.
A company or a business will usually issue financial statements in a certain period. This financial report is useful for knowing the transactions carried out within the company.
Of course, financial statements do not only dwell on financial records. There are many things you should know about financial statements. Such as understanding, benefits, examples, functions, to the income statement. Moreover, if you have a business, having financial statements is mandatory. Broadly speaking, financial statements are records of a company's transactions, both in-business transactions such as sales, or outside business transactions such as stock purchases, investments, and taxes.
This financial report is also very important to be arranged neatly so that investors or stakeholders can see that the business finances you are living are stable, well planned, and growing. Not only does it have an important role to get investors, but financial reports can also have other benefits in the business you are in.
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Strategic ______ is a process that involves managers from all levels of the organization in the formulation and the implementation of strategies and strategic goals.
Strategic management is a process that engages managers at all organizational levels in the creation and execution of strategies and strategic objectives.
What Exactly Is an Investment Strategy?A set of guidelines created to aid an individual investor in achieving their financial and investing objectives is referred to as an investment strategy.This strategy directs an investor's choices in accordance with goals, risk tolerance, and anticipated capital requirements.They can range from cautious (following a low-risk approach with the goal of protecting money) to extremely aggressive (seeking rapid growth by focusing on capital appreciation).Investors can create their own portfolios using their techniques or work with a financial advisor to do so.Strategies must be frequently reassessed as conditions change since they are not static.To know more about Strategy, refer to the following link:
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If buyers and sellers both expect future prices to increase, what will happen to the current equilibrium price?.
If buyers and sellers both expect future prices to increase, the current equilibrium will increase.
How does market condition affect equilibrium price?When the price ceiling is less than the equilibrium price, then the quantity demanded will eventually exceed the quantity supplied and the higher demand will lead to shortages.
In this case the equilibrium price is less than the price ceiling which is the reversal of the above where in the demand will be less and therefore the products will be available for all the consumers.
When the price is too low than the quantity demanded increases than the supplied quantity. this leads to shortage and consumers who can afford the goods are happy as not all can get the product due to a a higher price.
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if a consumer knows the exceptional experience a brand assures its consumers, and they count on the brand from year to year, then the consumer knows what about the brand?
If a consumer knows the exceptional experience a brand assures its consumers, and they count on the brand from year to year, then the consumer knows the brand's promise.
What Is a Brand?A brand is an intangible marketing or business concept that helps people identify a company, product, or individual.People often confuse brands with things like logos, slogans, or other recognizable marks, which are marketing tools that help promote goods and services.Brands are considered to be among a company's most important and valuable assets.Companies can protect their brands by registering trademarks. Types of brands include corporate, personal, product, and service brands.
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In california, proposition ______ restricted increases on real estate taxes, making it difficult for localities to raise money.
In California, Prop. 13 limits Real estate tax increases, making it difficult for communities to raise funds.
Real estate or real estate is real estate such as land and buildings. The term can also refer to the business of buying, selling, or investing in houses, land, or another real estate.
Real estate is the engine of the economy and generates most of the wealth of American households. Examples of real estate are everywhere around us: homes, offices, shopping malls, hospitals, farms, etc. Unexplored land at a certain distance from our city is real estate, and so is the road that leads us there. A lot of people like to work and invest. Because these assets are tangible in nature. Realis is a Latin term meaning being and fact. According to Etymonline.com, real is used in a Middle English legal context to refer to real estate (eg, a house, building, or structure) that is not personal property such as clothing or furniture.
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In the context of employee separation, _____ is a personal reason for leaving a job.
In the context of employee separation, change in career aspirations is a personal reason for leaving a job.
There are only two reasons for employees to leave a job, first, they are asked to leave, second, they leave voluntarily for a change in career aspirations. Thus, there are very different ways to handle voluntary and involuntary termination.
So there are many people who leave jobs as they are getting a better job opportunity available elsewhere. When this happens, the employees may offer their managers the opportunity in order to top the better job offer.
Hence, employees tend to leave a job because they are unhappy in their work and believe they can be happier elsewhere.
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Zero corp's total common equity at the end of last year was $510,000 and its net income was $70,000. What was its roe?
Return on equity (ROE) is 17.28%.
Given,
ROE = NI/Equity
ROE= 70,000 * / 405,000=17.28
ROE = 17.28%
The return on equity (ROE) is the degree of the profitability of a business in terms of equity.
Due to the fact shareholder's fairness may be calculated through taking all assets and subtracting all liabilities, ROE can also be the notion of as a go-back on belongings minus liabilities.
ROE measures what number of bucks of profit are generated for every dollar of shareholders' equity. ROE is a metric of the way well the company utilizes its fairness to generate earnings.
ROE is especially used for comparing the overall performance of agencies in the equal industry. As with return on capital, an ROE is a measure of the control's capability to generate profits from the equity to be had to it. ROEs of 15–20% are generally taken into consideration accurately.
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For a certain process, δg is large and negative. Does this mean that the process necessarily has a low activation barrier?.
For some processes, δg is large and negative. This does not mean that the process necessarily has low activation energy.
In chemistry and physics, activation energy is the minimum amount of energy required for a compound to cause a chemical reaction. The activation energy of a reaction is measured in joules per mole, kilojoules per mole, or kilocalories per mole.
Activation energy is defined as the minimum amount of additional energy required by a reacting molecule to convert to a product. It can also be described as the minimum amount of energy required to activate or energize molecules or atoms so that they can undergo a chemical reaction or transformation.
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What law projects network bandwidth will grow at least three times faster than computer power, whcih means that if bandwidth doubles every 12 months, every 10 years, the network bandwith will have 1000 times greater capacity?.
Moore's law projects network bandwidth will grow at least three times faster than computer power, which means that if bandwidth doubles every 12 months, every 10 years, the network bandwidth will have 1000 times greater capacity
The term Moore's Law alludes to Gordon Moore's belief that, despite a halving in the price of computers, the number of pixels on a processor doubles every two years. According to Moore's Law, we can anticipate a rise in computer speed and power every few years together with a decrease in price. This expansion is exponential, according to another principle of Moore's Law.
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A company uses accrual-basis accounting. On december 20, the company received $1,000 from a customer for services expected to be completed within 30 days. On december 20, the company recorded $1,000 of cash and unearned service revenue. The company does provide the services before the end of the current year, but it omits the year-end adjusting entry. This omission would cause the company’s current year.
The fact that the company omits the year-end adjusting entry of received amount from the customer for services to be completed in 30 days, means the omission would cause the current year c) liabilities to be overstated.
What will happen to the liabilities?When a service cannot be provided by a company in a period, the company is to record any cash received as unearned revenue which is a liability to the company.
If the company is able to provide the service after recording the cash as unearned revenue like the company above did, they are to move the cash from the unearned revenue to the revenue.
If the company omits this adjusting entry, then it would mean that liabilities are overstated because the unearned revenue of $1,000 should have been treated as revenue and not a liability.
Options for this question include:
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Taylor started a small business a little less than 10 years ago. The business employed several social workers and nurses that visited and cared for persons who had left hospital care, but were not quite ready to be on their own at home. As the ceo of the firm, taylor decided it was time to hire a business operations manager and a marketing manager to handle the details of the business. Which function of management was taylor primarily performing?.
Taylor, the company's CEO, thought it was time to appoint a marketing manager and a manager of business operations to handle the operational aspects of the company. While performing this she was primarily performing the organizing function of management.
Management function is the process of organizing, directing, planning, and overseeing the work of organizational members as well as the management of organizational resources in order to achieve certain goals.
Organizing (management), is the process of matching task objectives and actions to available resources. Communities get together to work in their common self-interest through community organization. It is a sector of the economy centered on developing systems of organization for both individuals and corporations.
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an approach to visualizing and managing capacity that recognizes that nearly all products and services are created through a series of linked process, and in every case, there is at least one process step that limits throughput for the entire chain is the formal definition of.
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Theory of Constraints (TOC)
Blissful breeze manufactures and sells ceiling fans. Each fan has a unit product cost of $112 and a unit selling price of $190. If blissful breeze produces 900 fans and sells 842 fans this month, the total cost of goods sold will be $_________-.
Ceiling fans are manufactured and marketed by blissful breeze. The unit product cost per fan is $112, while the unit selling price is $190. The total cost of products sold will be $94,304 if blissful breeze makes 900 fans and sells 842 fans this month.
Cost of goods sold = number of fan sale × cost per unit
product cost X amount sold
$112 X 842 = $94,304.
Manufacturing is the process of creating items through the use of systems, manpower, equipment, tools, and biological or chemical processing or components. It embodies the primary characteristics of the secondary economic zone.
A producer is a person or company that turns raw materials into finished goods using a variety of tools, techniques, and equipment before selling the goods to consumers, wholesalers, distributors, shops, or other producers who can use them to make more complex goods. Manufacturing is defined as the process of introducing new goods made either from raw materials or components.
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as a result of negative externalities that are imposed by producers, costs are transferred to society and therefore firms incur production costs and have supply curves that are the full cost associated with producing their goods.
Costs are transmitted to society as a result of producers' negative externalities, which causes enterprises to have reduced production costs and supply curves that are below the entire cost of providing their commodities.
What do commodities mean?A basic good that is interchangeable with other items of the same type in trade is referred to as a commodity. The most frequent use of commodities is as raw materials for the creation of other products or services. Consequently, a commodity typically refers to a raw material utilized to create finished items.
The final good that is sold to customers is referred to as a product, though. A particular commodity's quality may vary slightly amongst producers, but it is essentially constant. Commodities must also satisfy a basis grade, or a set of minimal requirements, in order to be traded on an exchange.
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