The highest level of assurance is provided by the audit process; reviews and compilations are additional typical nonpublic financial statement initiatives. In comparison to compilations, reviews offer only a limited level of assurance that the financial statements are compliant with GAAP.
The year the auditor started working for the business. Critical Audit Matters is most likely to be a portion of the public corporate audit report.
A qualified audit report grants the financial accounts a subjective stamp of approval as giving a genuine and fair view. This is dependent on the subjects that are the subject of the qualified opinion. The financial statements are said to give a genuine and fair view without any limits, according to an unqualified audit report.
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What Imagine that you get to interview a quality control manager who is in charge of examining a product, food, drink, or service that you know really well. Explain what details this person should look for when performing a quality control check. Be as specific as you can.
1 paragraph pleasee
This person should look for high-quality product delivery and continuous quality improvement through the use of external processes when performing a quality control check.
What is mean by quality control?The procedure a business uses to ensure that its products uphold its standards is called quality control. To guarantee that everyone on a production team has consistent, reliable information about a product's quality, a quality control function requires a great attention to detail and excellent communication skills. If you have experience with particular products or industries and can maintain your focus for extended periods of time, you could appreciate working in quality control.The reviewing phase and the testing phase are the two phases of quality control. The reviewing phase involves making a plan for testing and reviewing the product's requirements, design, and code. Units, systems, and their integration, as well as product functionality and user acceptance, are first tested during the testing phase.Learn more about quality control here:
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Product and service profiling is defined as linking key product or service requirements to process capabilities. True or false
Klondike inc. sold goods to customers for $5,000 cash. the cost of the goods was $3,000. the journal entries to record this transaction include (select all that apply.)
Answer: credit to sales $5,000.
Which accounts are closed to retained earnings at the end of an accounting period?
Explanation: Temporary accounts include revenue, expenses, and dividends, and these accounts must be closed at the end of the accounting year.
Income statements include revenue, costs of goods sold, and operating expenses, along with the resulting net income or loss for that period.
the production department incurs costs of $250,000 while working 12,500 direct labor hours. if job 421 requires 25 direct labor hours to assemble, the amount of overhead allocated to the job will be $
Predetermined overhead rate = total overhead, total activity
Total overhead=250000
Total activity = direct labour = 12500
Overhead rate = 250000/12500 = 20 per hour
Job 421 requires 25 direct labor hours to complete, so the amount of overhead allocated to job 421 will be = predetermined overhead rate*number of hours required for the job
25*20 = 500
Overhead allocated to job 421 = 500.
Contractors can use set rates to estimate overhead for each job. For example, job overhead can be calculated to be typically x% of sales or y% of direct labor costs. To allocate overhead, add this amount to the total job cost. Overhead allocation is the allocation of overhead costs to the goods produced. This is required by the rules of various accounting frameworks. In many businesses, the overhead costs assigned are significantly higher than the direct cost of goods.
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If workers in china and india become as productive as u. S. Workers, what adjustments will allow the united states to regain its competitiveness?.
If workers in China and India become as productive as U.S. workers, the arrangements will be made to regain its competitiveness
What adjustments will allow the united states to regain its competitiveness?
It is possible that there will be developments in manufacturing/services that will allow US wages to remain high, but in all likelihood either US nominal wages will rise slowly and foreign nominal wages will rise quickly to catch up, or US exchange rates will fall. balance wages. Some combination of the two is most likely.
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What is the latest stage during which a buyer can terminate the buying decision process?.
Purchase is the latest stage during which a buyer can terminate the buying decision process?
What do you mean by purchase?
A purchase involves the acquisition of goods or services in exchange for payment of some kind. Payment is usually by cash or credit (to be paid later). A purchase may also be part of a barter transaction where various non-monetary assets are exchanged, or it may be in exchange for the assumption of a liability.Purchasing is a key part of the manufacturing process, where raw materials need to be obtained and transformed into finished products.To learn more about purchase, refer to:
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What term is used to describe public/private partnerships, such as the liverpool direct call center, that brings together private sector systems and technology expertise with public sector services and values?.
The term used to describe public or private partnerships is Public-Private Partnership (PPP). Public-Private Partnership (PPP) describe such as Liverpool's direct call center, which brings together private sector systems and technology expertise with public sector services and values
Various forms of cooperation involving many parties have been established in global forums and local. The cooperation is formed based on the objectives, capacities, and context of activities, with ways to mutually benefit from the qualities and competencies of partners. Likewise with development activities aimed at alleviating poverty.
Cooperation that involves many parties can result in innovation in dealing with various problems development challenges, including in accessing needed resources, such as technical assistance, human resources, knowledge resources, and finance.
In addition to the term "partnership", in various parts of the world other terms are also known, such as consortia, alliance, and multi-stakeholder forums/platforms/networks. Even though does not use the term partnership, but its purpose, characteristics, and how it works are similar with the process applied to the "partnership".
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Isabella is thinking about buying a one-bedroom residence in a cooperative. a residence in a cooperative, unlike a condominium, is considered ______.
Isabella is thinking about buying a one-bedroom residence in a cooperative. a residence in a cooperative, unlike a condominium, is considered as personal property.
What is cooperative?Housing cooperatives are a type of company in which the owners do not have complete ownership of their apartments. Depending on the relative size of their living unit, each resident is an owner of the corporation.
A condominium is a group of homes or residences with individual owners of each of the individual units.
In this case, Isabella is considering purchasing a one-bedroom apartment in a cooperative which is considered her personal property.
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according to michael porter in his book, competitive advantage, a key concept used in analyzing the competitive position of a firm is creating value for group of answer choices suppliers that exceeds the costs of production (i.e., margin). employees that exceeds the costs of production (i.e., margin). government that exceeds the costs of production (i.e., margin). buyers that exceeds the costs of production (i.e., margin).
Creating value for customers, according to Michael Porter in his book Competitive Advantage, is a crucial notion utilized in examining a firm's competitive position for buyers that exceeds the costs of production (i.e., margin).
Porter's Five Forces Analysis by Michael Porter Porter's Five Forces - book cover The five forces model developed by Michael Porter is used to investigate the environment in which a firm or product functions.
The threat of entrance, the power of buyers, the strength of suppliers, the threat of replacements, and competitive rivalry are the five primary topics that the five forces analysis focuses on.
In his 1980 book "Competitive Strategy: Techniques for Analyzing Industries and Competitors," Michael E. Porter established the paradigm of the Five Competitive Forces. Since then, the "five forces tool" has developed into a critical instrument for assessing the industrial structure of a business throughout strategic processes.
A business strategy should address the opportunities and dangers in the organization's external environment, according to Porter's model. Particularly, competitive strategy must to be founded on knowledge of industry structures and how they evolve.
Porter has identified five market and industry-specific competitive factors. These factors control the level of competition, which in turn affects an industry's profitability and allure. Modifying these competitive advantages should be the goal of company strategy. forces in a way that strengthens the organization's position. The Porters model aids in the examination of an industry's driving factors. Management may choose how to exploit or influence specific aspects of their industry scan based on the data from the Five Forces Analysis.
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How does federal financial aid for a trade school compare to federal financial
aid for a college?
A. Federal financial aid applies only to college attendance.
B. Federal financial aid is available for both trade schools and
colleges.
O C. Federal financial aid is merit based only for colleges.
D. Federal financial aid applies only to trade school attendance.
The correct option would be "Federal financial aid is available for both trade schools and colleges."
Federal Student Aid pays for tuition and fees, lodging and board, books and supplies, and transportation for students enrolled in qualified courses at enrolling postsecondary schools (recognized four-year or two-year public or private academic institutions, career schools, or trade schools).The majority of federal assistance is based on need. Grants, loans, and work-study funding are the three most frequent sources of financial assistance. The primary purpose of Government Student Aid is to ensure that all qualified Americans get federal financial help (grants, loans, and work-study programs) for postsecondary education.Federal Student Help (FSA), an office of the United States Department of Education, is the nation's largest supplier of student financial aid.Thus this is the meaning of Federal Student Aid.
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Answer: Federal financial aid is available for both trade schools and colleges.
Explanation: I took the test and got it right
on december 31, 2019, akron, inc., purchased 5 percent of zip company’s common shares on the open market in exchange for $16,000. on december 31, 2020, akron, inc., acquires an additional 25 percent of zip company’s outstanding common stock for $95,000. during the next two years, the following information is available for zip company: incomedividends declaredcommon stockfair value (12/31)2019 $320,0002020$75,000$7,000380,000202188,00015,000480,000 at december 31, 2020, zip reports a net book value of $290,000. akron attributed any excess of its 30 percent share of zip's fair over book value to its share of zip's franchise agreements. the franchise agreements had a remaining life of 10 years at december 31, 2020. assume akron applies the equity method to its investment in zip account:what amount of equity income should akron report for 2021?on akron's december 31, 2021, balance sheet, what amount is reported for the investment in zip account? assume akron uses fair-value accounting for its investment in zip account:what amount of income from its investment in zip should akron report for 2021?on akron's december 31, 2021, balance sheet, what amount is reported for the investment in zip account?
Investing is an effective way to put your money to work and potentially build wealth. Smart investing may allow your money to outpace inflation and increase in value. The greater growth potential of investing is primarily due to the power of compounding and the risk-return tradeoff.
An investment is an asset or item acquired with the goal of generating income or appreciation. Appreciation refers to an increase in the value of an asset over time. When an individual purchases a good as an investment, the intent is not to consume the good but rather to use it in the future to create wealth.
purchase price of 25%interest
carrying amountof 5%interrest ($380*5%)
The total fair value of As investment of the Z account
Net book value($290.000*30%)
Franchise agreement
The remaining life of the franchise agreement
annual amortization($27000-10mears)
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A key benefit of collaboration is _______________, which focuses on deriving better and more unique ideas for products and services.
A key benefit of collaboration is innovation, which focuses on deriving better and more unique ideas for products and services.
What is collaboration?
Meaning of Collaboration - The best way to define collaboration would be to outline it as the process of two or more people or organizations working together to complete a task or achieve a goal. It is also defined as two or more people working together to achieve shared goals.Consider creating a content marketing strategy. It requires multiple teams to provide input, make requests, or share information. These typically include the content team (team leads, writers, editors), SEO experts, marketing team, product managers, and customer facing teams. Working together allows you to leverage all of these diverse skill sets and knowledge pools to create a comprehensive content strategy that is designed to achieve business goals.To learn more about collaboration, refer to:
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A security pays $100 monthly for the next 10 years and the appropriate nominal interest rate is 12%. What is the present value of this security?.
In the event where a security pays $100 per month for the following ten years and the acceptable nominal interest rate is 12%.The present value of this security $6,970.052203.
It is necessary to apply the time value of money principle when determining the equal present value of a series of projected cash flows..The applicable interest rate has the biggest impact on the calculations.N = 10 * 12 = 120 payments will be made.
The periodic interest rate is I/Y = 12%/12, which equals 1%.
PV = PMT/r*[1-1/ (1+r) n] where PMT = 100 and FV = 0
PV = 100/0.01 *[1-1/(1+0.01)120]
PV = 10,000 * 0.6970052203
PV = 6,970.052203 PV = $6,970.052203.
As a result, his present value is $6,970.052223.
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ace co. settled litigation on february 1, year 2, for an event that occurred during year 1. an estimated liability was determined as of december 31, year 1. this estimate was significantly less than the final settlement. the transaction is considered to be material. the financial statements for year-end year 1 have not been issued. how should the settlement be reported in ace's year-end year 1 financial statements?
The settlement be reported in Ace's Year 1 financial statements is in both disclosure and an accrual.
What a Disclosure is?Disclosure is the process of making data or information known to the public. Proper exposure by pots is the act of making its guests, investors, and judges apprehensive of material information.What happens in Disclosure?Disclosure is the delivery or product of documents by a party to a case to the other parties in the case( rule 210). Disclosure is intended to help surprise at the trial, inform the parties of the issues to be disputed at the trial, and to help the parties to resolve controversies of fact.Learn more about Disclosure here:
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What was the economic purpose that prompted the u. S. To enact the chinese exclusion act as a foreign policy?.
Economic goals for the US to pass the Chinese Exclusion Act as foreign policy: Many West Coast Americans blamed Chinese workers for falling wages and the economic downturn. That was only 0.002%, but Congress passed the China Exclusion Act to alleviate workers' demands and concerns about maintaining "racial purity" for whites.
The Chinese Exclusion Act is a United States federal law signed by President Chester A. Arthur on May 6, 1882, prohibiting the immigration of Chinese workers for ten years. The law excluded merchants, teachers, students, travelers, and diplomats.
The Chinese Exclusion Act Purpose: To curb the influx of Chinese immigrants to the United States, particularly in California, the Chinese Exclusion Act of 1882 halted Chinese immigration for 10 years and naturalized Chinese immigrants. Chester A declared ineligible for president
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In the context of the management skills of a successful supervisor, ________ involve the ability to see the relationship of the parts to the whole and to one another
Conceptual skills are the capacity to understand how the various components fit together to form the total.
These competencies reflect a manager's capacity to compile and evaluate data in order to enhance organisational performance. They comprise the capacity to view the business as a complete and comprehend how diverse components match together to function as a cohesive whole.
The process of planning, organising, directing, and controlling staff actions in conjunction with other resources in order to achieve organisational goals is known as management.
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if tactics don't matter and a game is all about pure physical skill, it can become rather boring. the tactical dynamic, especially between players, can lead to unexpected outcomes as a result of player innovation. furthermore, giving players an opportunity to contribute to creating solutions to problems that are tactical in net/wall games can contribute to enhancing player engagement.
The principles offer a framework of tactical solutions that range in complexity from simple to complex (i.e., tactical complexity), and they foster understanding of these solutions by encouraging the development of games that exaggerate their significance and applicability in game environments.
What is tactical dynamic?The basic ideas that guide how a team can use space are known as tactical dynamics.
Space, or the regions on and above the football field, is central to tactical theory in football. Dimensions of space include aerial space, horizontal space (between the two touchlines), and vertical space (between the two goal-lines) (above the pitch).
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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 was performing the 'Organizing' function of management.
Marketing managers are in charge of creating, planning, and carrying out strategic marketing strategies for the entire company (or for individual business units and brands within a company) in order to get more new customer and retain the old one.
The second essential management role, after planning, is organizing. It involves coordinating human activities, allocating resources, and combining the two in a way that aids in the fulfillment of objectives.
In order to maintain efficiency and effectiveness in operations, organizing establishes roles and working relationships, assigns various tasks related to the plans, arranges and distributes resources, designs a framework that separates duties, responsibilities, and authority, and schedules activities.
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The complete question is given below
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?.
a. Organizing
b. Controlling
c. Planning
d. Leading
In the video case the world of micro-loans, what product was being produced by a loan recipient in lima, peru that legend says represents financial prosperity?.
Bull statue was being produced by a loan recipient in lima, Peru that legend says represents financial prosperity.
The famous sculpture of a charging bull by artist Arturo Di Modica, which is called The Charging Bull, is situated in Bowling Green, close to Wall Street in Downtown Manhattan. The de facto emblem of Wall Street and the Financial District as well as a much-liked tourist destination in New York City is the 7,100 lb. charging bull, a strong metaphor of "bullish" market confidence.
The bravery and determination of Americans in general, and New Yorkers in particular, are symbolized by the charging bull. Arturo Di Modica erected the bull as a countermeasure to the excess, greed, and privilege that contributed to the 1987 Wall Street meltdown in this mixing pot of cultures and experiences.
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If buyers and sellers both expect future prices to increase, what will happen to the current equilibrium price?.
Expected future price increases of goods by consumers, other things being equal, will increase the current price and increase the current quantity exchanged.
An increase in demand leads to an increase in the equilibrium price, all other things being equal. You will have more to deliver. A decrease in demand leads to a decrease in the equilibrium price. supply will decrease.
Equilibrium price. In the event of a product exchange, the agreed price is known as the equilibrium price or market liquidation price. This price arises from the intersection of supply and demand, as shown in Figure 1. In Figure 1, both buyer and seller are willing to exchange quantity Q at price P.
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an effective income shifting strategy for a corporation and an employee-owner involves generating a tax for one party while generating taxable for the other party.
An effective income shifting strategy for a corporation and an employee-owner involves a tax for one party deduction and for the other party income.
What is effective income ?The link or ratio between the sale price of a property's worth and its effective gross lease payments is known as effective gross income. The estimated income from all real estate businesses after allowing for vacancy and collection losses.
How do you calculate effective gross income?The effective gross revenue of a rental property is computed by adding the prospective gross rental income to other income and removing the vacancy and credit charges. EGI is critical in establishing the value of a rental property as well as the genuine positive cash flow it can provide.
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the store where you bought new home furnishings offers you two alternative payment plans. the first plan requires a $4,000 immediate up-front payment. the second plan requires you to make monthly payments of $137.41, payable at the end of each month for 3 years. what nominal annual interest rate is built into the monthly payment plan? (hint: find the periodic interest rate first, i.e. monthly interest rate, then find the nominal interest rate.)
The monthly payment schedule includes a nominal yearly interest rate of 14.4%.
E is equal to P*r* (1 + r)/(1 + r)(n - 1).
where:
E stands for equated monthly installment (EMI).
The Principal is p.
The nominal rate is r.
n represents number of periods.
$137.41 = $4,000*r* (1 + r)36/(1 + r)^36 -1)
Hence, r = 14.4% P.A
Consequently, the monthly payment plan's nominal annual interest rate is 14.4% p.a.
The interest rate prior to accounting for inflation is referred to as the nominal interest rate. The term "nominal" can also apply to the advertised or quoted interest rate on a transaction, which excludes any fees or interest compounding.
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International businesses frequently have to address ethical issues that develop because.
International businesses frequently have to address ethical issues that develop because countries have different business laws, practices and regulations.
What are ethical issues?
Ethical issues can be described as the term that is been used in an organization to refer to a situation whereby a particular decision, scenario or activity in that organization or the particular society brings about the conflict with a society's or the organization moral principles.
It should be noted that the individuals as well as the businesses can found themselves in these conflicts, this is because some of the activities could spring up some kind of question from an ethical standpoint.
We can conclude that International businesses frequently have to address ethical issues that develop because countries have different business laws, practices and regulations.
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on january 1, 2019, the balance in tabor co.’s allowance for bad debts account was $26,800. during the first 11 months of the year, bad debts expense of $42,924 was recognized. the balance in the allowance for bad debts account at november 30, 2019, was $19,526.
A. The bad debt account write-offs from January through November can be determined by subtracting the November 30 balance from the total of the beginning balance and the bad debts expense recognized for the first 11 months.
Bad debt account write-offs = $13,049+ 21,427-9,897 =$24,579.
Particular Amount
1/1/19 balance
B. The adjustment required on December 31, 2019, can be determined by comparing the November 30 balance in the allowance debit account to the desired ending balance.
Bad debt expense adjustment =$9,897-$9,347 =$550
Dr. Allowance for Bad Debts $550
Cr. Bad Debts Expense $550
To adjust the allowance account to the appropriate balance, and to correct the overstatement of expenses recorded in the January through November period.
C. No Effect
The write-off will not have any effect on 2019 net income, because the write-off decreases both the accounts receivable asset and the allowance account contra-asset for equal debt account. Net income was affected when the expense was recognized.
Disclaimer:- your question is incomplete, please see below for the complete question.
a. What was the total of accounts written off during the first 11 months? (Hint: Make a T-account for the
Allowance for Bad Debts account.)
b. As the result of a comprehensive analysis, it is determined that the December 31, 2019, balance of the
Allowance for Bad Debts account should be $19,000. Show the adjustment required in the horizontal
model or in journal entry format.
c. During a conversation with the credit manager, one of Tabor’s sales representatives learns that a $2,460 receivable from a bankrupt customer has not been written off but was considered in the determination of the appropriate year-end balance of the Allowance for Bad Debts accounts balance. Write a brief explanation to the sales representative explaining the effect that the write-off of this account receivable would have had on 2019 net income.
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problems created by differences between countries' antitrust rules, labor laws, patents, copyrights, taxes, product liability, and child labor laws relate to which forces in the global business environment? multiple choice question.
troubles created with the aid of variations between countries' antitrust regulations forces in the world business environment.
The world business environment can be defined as the environment in exclusive sovereign countries, with elements exogenous to the domestic environment of the organization, influencing choice making on resource use and capabilities.
What is an example of world enterprise environment?An example of a global commercial enterprise environment is the United States. The United States is one of the most powerful countries in the world, with a sturdy and secure financial system that has been developing for decades. This makes it one of the exceptional locations to do business in phrases of steadiness and growth.
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https://brainly.com/question/12249460#SPJ4you run a company that supplies bed sheets to on campus housing for universities in the bay area. an important client needs 1250 sets of sheets. you can procure sheets from several suppliers. the characteristics of the suppliers are as follows:
A supplier is a person, company, or organization that sells or supplies something such as goods or equipment to customers.
Cost per set of | Delivery time in days | Set Available
sheets in dollars
Supplier A 3.25 7 250
Supplier B 2.50 8 550)
‘Supplier C 6.25 14 650
Supplier D 4.50 3 250
Supplier E 5.00 7 200
A client requires 1500 sets of sheets.
The objective is to formulate a linear optimization model for the procurement of sheets at the
the lowest cost for the given conditions.
Consider the number of sheets to be procured from suppliers A, B, C, D, and E are A, B, C,
D, and E respectively.
For each of the conditions, the respective expressions are as follows:
(a) The important client requires that at least 500 of the 1500 sets of sheets be delivered in
next 7 days,
For the delivery to be made in the next 7 days, the sets of sheets must be procured from the supplier
A, D, and E.
This implies 4+D+ > 500
(b) In order to maintain good relations with supplier C, you must order at least 120 sets of
sheets from them.
At least 120 sets of sheets must be from supplier C
Thus, the respective expression is C >120.
(c) The order from supplier D must have at least as many sets of sheets from supplier B.
This implies that D> B
(4) Each supplier has a limited number of sets of sheets as per last column of the table.
The respective expressions are
054 250,05 B <550,120<C <650,0 < D< 250.05 E <200.
The total sets of sheets required is 1500.
Therefore, 4+B+C+D+E=1500
The second column of the table gives the cost per set of sheets for each supplier.
Thus, the total cost of the 1500 sets of sheets is represented by a function,
C(x)=3.254+2.50B+6.25C+4.50D +5E
Hence, the required formulation of the optimization problem is as follows:
Minimize the cost function C (x) =3.254+2.50B+6.25C +4.50D+5E
Subjected to constraints
A+B+C+D+E=1500.
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Ceteris paribus means:______.
a. other things constant.
b. let the buyer beware.
c. making all the necessary changes.
d. for certain parameters.
Ceteris paribus means a. other things constant.
What does ceteris paribus mean?
Ceteris paribus is a Latin expression that normally means "all other things being equal." In economics, it serves as a shorthand expression of the effect one financial variable has on another, delivered all other variables remain the same.
In economics, the belief of ceteris paribus, a Latin phrase indicating "with other things the same" or "other things being equal or held steady," is important in deciding causation.
The assumption in economics is that nobody else changes in a given situation but for the stated change.
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Keesha's employees rarely, if ever, disagree with her because they worry about her negative reactions and tantrums. this is an example of which of the factors in the corruption cycle?
If Keesha's employees rarely, if ever, disagree with her because they worry about her negative reactions and tantrums. this scenario is an example of compliance factors in the corruption cycle: compliance.
What is compliance?Compliance can be defined as the process in which a person comply or adhere to something or adhere to the rules and regulation that are imposed on them.
The scenario is an example of compliance factors in corruption cycle based on the fact that her employee comply with her behavior by rarely disagreeing with her or having any form of disagreement with her because they worry about the negative reactions and tantrums or anger she may likely display whenever they disagree with her.
Therefore If Keesha's employees rarely, if ever, disagree with her because they worry about her negative reactions and tantrums. this scenario is an example of what is called compliance factors in the corruption cycle: compliance.
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19.) the management section of the ethics rule states, in part, "an appraiser must a fee or commission, or gave a thing of value in connection with the procurement of an assignment."
By adhering to the highest standards of professional ethics, an appraiser must promote and protect the public trust inherent in appraisal practice.
The three elements of this ETHICS RULE—Conduct, Management, and Confidentiality—apply to all forms of evaluation.
CONDUCT: An appraiser is required to carry out tasks objectively, impartially, and independently, without accommodating personal interests.
MANAGEMENT: The payment of a fee, commission, or gift of something of value in connection with the acquisition of an assignment must be disclosed by the appraiser.
CONFIDENTIALITY: An appraiser is required to uphold the relationship's confidentiality.
When using confidential information and communicating the outcomes of an assignment, an appraiser must behave in the client's best interests.
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alice is an employee of valley company. alice properly completed her form 1040 tax return and received a refund from the irs of $1,244. alice had income tax withholdings during the year of $4,782. alice's tax liability for the year was:
alice is an employee of valley company. alice properly completed her form 1040 tax return and received a refund from the irs of $1,244. alice had income tax withholdings during the year of $4,782. alice's tax liability for the year was $3538.
Tax liability of alice is calculated as:
Total liability- refund initiated
= 4782-1244
= $3538
Tax liability is the total amount of tax which is owed in a given period by the individuals and the organizations to federal or state as well as local governments. For businesses the tax liabilities are short-term liabilities which are recorded on a balance sheet and paid within a year.
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