TRUE OR FALSE - ACCOUNTING
1. The matching principle requires expenses be recorded in the same period that the related revenue is recorded.
2. Generally accepted accounting principles require cash‐basis accounting.
3. Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned.
4. Consuming goods and services in the process of generating revenues results in expenses.
5. Debiting “Inventory” will increase the account.
Which of the following are considered "free money" when it comes to
financing higher education?
Loans
Work-study programs
Military programs
Scholarships and grants
The option that can be considered free money when it comes to financing higher education is: Scholarships and grants.
What are grants?Grant is a monetary fund given by a public entity or a charitable foundation or a specialized grant making institution to an individual for a specific purpose.
Grants and scholarship does not need to be paid back by individuals. Therefore it can be considered free money when it comes to financing higher education.
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Name the blue-shaded parts as a mixed number.
A) 2 2/3
B) 3 2/3
C) 2 2/9
D) 3 2/9
Answer:
[A] 2 2/3
Explanation:
Base on the given data you can see that 2 of the circle are fully shaded meaning
2 whole
There is one that is shade 2/3 {2 out of 3 are shaded}
Hence, put together
2 2/3
Therefore, the answer is [A] 2 2/3
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What is the fifth step in the risk management process?.
Answer:
Risk Management Process. ...
Here Are The Five Essential Steps of A Risk Management Process. ...
Step 1: Identify the Risk. ...
Step 2: Analyze the Risk. ...
Step 3: Evaluate the Risk or Risk Assessment. ...
Explanation:
cuz it is
what is a informal business structure
Jordan needs to purchase a car. The car Jordan plans to purchase costs $15,000. Jordan has saved $3,000 to
use as a down payment for the car. Jordan is offered credit terms of 5% APR for 5 years
In one year, how much interest will Jordan pay on this loan?
In one year, the interest that Jordan will pay on a loan to purchase a car that costs $15,000 with a downpayment of $3,000 at 5% APR for 5 years is $600.
How is interest calculated?The interest can be computed using an online finance calculator for the 5 years period.
However, to calculate interest for one year, especially the first year, the loan amount is multiplied by the APR, as below.
Data and Calculations:Cost of car = $15,000
Down payment = $3,000
Car loan = $12,000 ($15,000 - $3,000)
APR = 5%
Loan period = 5 years
Interest for one year (first year) = $600 ($12,000 x 5%)
Thus, the interest for the first year is $600.
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Smokecity, Inc., manufactures barbeque smokers. Based on past experience, smoke city has found that it’s total annual overhead costs can be represented by the following formula: overhead cost = $543,000 + $1.34x, where x equals number of smokers. Last year, smoke city produced 20,000 smokers. Actual overhead costs for the year were as expected. What is the total fixed overhead cost incurred by smokecity last year?
Answer:
569800
Explanation:
HURRY
Why can it be more expensive for clients to host a catered event at their home than at a hotel or restaurant?
It would be more expensive to host the event in their home than at the hotel due to the cost of the rental properties.
What are the rental properties needed for a home event?These would be for properties such as chairs, tables, china, linens and glass ware.
While hosting in a hotel, these properties would be provided by the event centre.
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Assume that during May, a company sold a product for $160,000 that includes a 36-month warranty. Historically, the average cost of repairs over the warranty period is 7% of the sales price. The entry to record the estimated product warranty expense would include a __________ to __________ for $11,200.
a. debit; Product Warranty Expense
b. credit; Cash
c. debit; Product Warranty Payable
d. credit; Product Warranty Expense
The variance analysis cycle ______. Multiple choice question. begins with the preparation of the budget includes the investigation of all variances begins with the preparation of performance reports is used to assign blame for poor performance
The variance analysis cycle C. begins with the preparation of performance reports.
What is a performance report?A performance report is at the heart of the variance analysis cycle.
The performance report details the following:
Calculates the difference between actual and budgeted expenditure and revenue.Analyzes the differences into various variances, determining if they are favorable or unfavorable or have no effects.Investigates the reasons for the differences.Puts the information together and reports to management.Thus, the variance analysis cycle C. begins with the preparation of performance reports.
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A strength of Enterprise's Generation X managers is likely to be their _____
Answer:
A strength of Generation X managers is likely to be their ability to provide feedback to employees
Explanation:
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An engineering graduate starts a new job at $68,000 per year. Her
investments are deposited at the end of the year into a mutual fund
that earns a nominal interest rate of 5% per year with quarterly
compounding. How much money will be in the account immediately
after she makes the last deposit?
(a) She makes $4000 annual deposits for the next 40 years.
(b) She makes the $4000 deposits for 10 years, then stops all
investments for the next 10 years, and then resumes deposits of $6000
per year for the next 20 years.
Answer:
Explanation:
Effective Annual Rate=(1+r)^n-1 Here=r=5/4=1.25% per quarter EAR=(1.0125^4)-1 5.09% (a)..
Please review the screenshots
1 - 3) The computation of the cost of goods sold, ending inventory, sales revenue, and gross profits under each inventory costing method for Rosenberg Incorporated is as follows:
FIFO LIFO Weighted Average
Cost of goods sold $2,111 $2,004 $2,053
($2,699 - $588) ($2,699 - $695) (89 x $23.0684)
Ending inventory $588 $695 $646
($21 x 28) ($575 + $24 x 5) (28 x $23.0684)
Sales Revenue $2,937 ($33 x 89) $2,937 $2,937
Gross profits $826 $933 $884
4) The determination of the method that results in higher profitability when inventory costs are declining is as follows:
When inventory costs are declining, the LIFO method results in higher profitability with a gross profit of $933, which is higher than the weighted average method's $884 and the FIFO method's $826.
The higher profitability results from the lower cost of goods sold with declining inventory costs used to assign costs to the cost of goods sold.
Data and Calculations:Date Transactions Number of Units Unit Cost Total Cost
Jan. 1 Beginning inventory 23 $25 $575
Mar. 4 Purchase 28 $24 672
Jun. 9 Purchase 33 $23 759
Nov. 11 Purchase 33 $21 693
Total 117 $2,699
Sales -89
Ending inventory 28 (117 - 89)
Average cost per unit = $23.0684 ($2,699/117)
Cost of goods available for sale = $2,699
Cost of goods sold = Cost of goods available for sale - Ending Inventory
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If a firm sells a prestige product, what kind of relationship between price and quantity demanded should it expect?.
For a firm that sells a prestige product, the relationship between price and quantity demanded is a positive direct relationship.
Why is the relationship between demand and price of prestige products direct?The relationship between the demand and price of prestige products is direct because prestige products tend to sell better at high prices than at low prices.
And when the quantity demanded increases, the price tends to increase.
An example of a prestige product is an old car.
Thus, for a firm that sells a prestige product, the relationship between price and quantity demanded is a positive direct relationship.
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Every day, your boss participates in a conference call from 1:00 PM to 2:00 PM. You know this, and today, instead of returning from lunch at 1:00, you decide to extend your lunch until 1:45. This is an example of
An example of Shirkingis when an employee decide to extend their lunch until 1:45 instead of 1:00 becaujse of his boss participation in a conference call.
What is called Shirking?A shirk essentially means the act of avoiding or getting out of doing something that should be done.
Hence, when an employee decide to extend their lunch until 1:45 instead of 1:00 because of his boss participation in a conference call is an example of Shirking because he need to help his boss.
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Question Number 4) A tool The Weather Channel uses to tell them what are the key elements of the role and what is the compensation for the role is a(n) ________.
Answer:
I believe is the correct answer
Explanation:
weather indicator(s)
List two basic questions belonging to the field of ethics.
Answer: Here are three basic questions of ethics:
Does your decision conflict with any of the core ethical values?
How will your decision affect others?
Are there regulations, rules, or policies that restrict your choices/actions?
Explanation:
I hope this helps!
An investment firm provides its customers mobile applications that significantly simplify traditional investing activities. For example, a customer can purchase a stock by utilizing their phone or tablet. This unique service demonstrates the firm’s desire to practice which of Porter’s strategies?
The Differentiation strategy is used by the investment firm in standing out in the industry.
What is Michael Porter strategy?A strategy is defined by Porter as a competitive position that is deliberately chosen as a different set of activities to deliver a unique mix of value.
The Generic Strategies model of Michael Porter includes:
Cost LeadershipDifferentiationFocus.These strategy are important because they provide an options for organizations to gain competitive advantage.
In conclusion, the Differentiation strategy is used by the investment firm in standing out in the industry.
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According to the path-goal theory of House and others, what do leaders assume?
Different leaders are needed in different circumstances
Subordinates are motivated by believing that more effort improves job performance.
Leaders should smooth the path towards a fixed goal.
Base on the path-goal theory of House, Subordinates are motivated by believing that more effort improves job performance .
What is path-goal theory?The path-goal theory states stressed that a leader's behavior is contingent on the satisfaction and motivation of their employees.
This is the reason why, Subordinates of the organization are motivated by believing that more effort improves job performance .
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A certificate that authorizes an employer to withhold federal income taxes from each employee is called a Form
a. W-2.
b. 1040.
c. W-4.
d. 1040EZ.
Below is annual stock return data on Hollenbeck Corp and Luzzi Edit, Inc.
Year
Hollenbeck
Luzzi Edit
1
7%
-3%
N
20%
0%
2 3
-7%
20%
4
5%
7%
(a)
What is the average return and standard deviation for each stock? (Round answers to 2 decimal places, eg. 52.75.)
The average return of the Hollenbeck stock is 4%.
The average return of the Luzzi Edit stock is 6%
The standard deviation of the Hollenbeck stock is 19.67%.
The standard deviation of the Luzzi Edit stock is 17.72%.
What is the average return of the stocks?The average return can be determined by adding the returns together and dividing it by the number of years.
The average return of the Hollenbeck stock = (7 + 20 - 7 + 5) / 4 = 4%
The average return of the Luzzi stock = (-3 + 20 + 7) = 6%
What is the standard deviation of the stocks?Standard deviation is used to determine how the values in a group differs from the mean of the values in the group. It is a measure of variation.
The standard deviation of the Hollenbeck stock = √(4 - 7)² + (20 - 4)² + (-7 -4)² + (5 - 4)² = 19.67%
The standard deviation of the Luzzi Edit stock = √(-3 -6)² + (20 - 6)² + (7 - 6)² + (0 - 6)² = 17.72%
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In 2021, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married filing jointly). Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. b. Carson is 23 years old at year-end. He is a full-time student and earned $14,000 from his summer internship and part-time job. He also received $5,000 of qualified dividend income.
Carson's tax liability for 2021 as a 23-year full-time student, who earns from the summer internship and part-time job and receives a qualified dividend is $645.
What is tax liability?Tax liability refers to the amount that a taxpayer is obliged to pay.
The tax liability is a function of the taxpayer's taxable income, tax bracket, deductions, and applicable tax rate.
In this case, we have assumed a flat tax rate of 10% for both Carlson's earned income and the dividend income.
Data and Calculations:Earned income = $14,000
Qualified Dividend income = $5,000
Adjusted taxable income = $6,450 ($19,000 - $12,550)
Tax liability = $645 ($6,450 x 10%)
Thus, Carson's tax liability for 2021 is $645.
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Place the steps in order to perform a quick sort.
Is W. L. Gore a mechanistic or an organic organization? Support your answer with examples from the case
W. L. Gore has nearly 10,000 employees and more than $3 billion in annual revenues, but, as noted earlier, uses an extremely organic organizational structure. Employees have no bosses, participate on teams, and often create roles for themselves to fill functional gaps within the company.
Cosmogena, a cosmetics start-up, wants to hire five female marketing executives. For these openings, the management prefers candidates who are outgoing, sociable, and upbeat. Which of the big five personality traits is Cosmogena seeking?
Answer:
why did he have to stop his new style
A new accountant mistakenly classified some capital expenditures as revenue expenditures. What is the outcome of this error
Answer:
the company will understate assets and understate net income
Explanation:
Camile owns Crunch Code, a company that provides quick programming solutions. Clients send Crunch projects via their web page and Crunch bangs out the needed code as quickly as possible. Camile has five programmers who do all of the coding. On average, a project arrives once every 4.1 hours, with a standard deviation of 4.2 hours. Each project is assigned to one programmer and that programmer takes on average 18.6 hours to complete each project with a standard deviation of 18.6 hours.
Required:
How many uncompleted projects does Crunch Code have in the system on average at any given time?
The average number of uncompleted projects at any given time is equal to 11.955.
Given the following data:
Number of programmers, m = 5.Interarrival time, a = 4.1 hours.Standard deviation of interarrival time = 4.2 hours.Processing time, p = 18.6 hours.Standard deviation of processing time = 18.6 hours.How to calculate the average number of uncompleted projects.First of all, we would determine the squared coefficient of variation (SCV) of both the interarrival time and processing time as follows;
For interarrival time:
[tex]SCV = (\frac{\alpha _a}{a} )^2\\\\SCV = (\frac{4.2}{4.1} )^2\\\\SCV = (1.024 )^2\\\\[/tex]
SCV = 1.05.
For processing time:
[tex]SCV = (\frac{18.6}{18.6} )^2\\\\SCV = (1.0 )^2\\\\[/tex]
SCV = 1.0.
For utilization:
[tex]U=\frac{p}{ma} \\\\U=\frac{18.6}{5 \times 4.1}[/tex]
U = 0.907.
Next, we would determine the average number of projects that are waiting for a programmer by using this formula:
[tex]T_q=\frac{p}{m} \times \frac{u^{\sqrt{(2(m+1))-1}} }{1-u} \times\frac{C_a^2 + C_p^2}{2} \\\\T_q=\frac{18.6}{5} \times \frac{0.907^{\sqrt{(2(5+1))-1}} }{1-0.907} \times \frac{1.05^2 +1.0^2}{2} \\\\T_q=3.72 \times 7.7785\times 1.05125\\\\T_q=30.42[/tex]
The number of projects that are being programmed is given by:
[tex]I_p =mu\\\\I_p=5 \times 0.907\\\\I_p=4.535[/tex]
The number of customers that are waiting to be serviced is given by:
[tex]I_q=\frac{T_q}{a} \\\\I_q=\frac{30.42}{4.1} \\\\I_q=7.42[/tex]
Now, we can determine the average number of uncompleted projects at any given time as follows:
[tex]I=I_q+I_p\\\\I=7.42+4.535[/tex]
I = 11.955.
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Accrued Revenues are a/an
a. Asset
b. Liability
c. Revenue
d. Expense
Accrued Expenses are a/an
a. Asset
b. Liability
c. Revenue
d. Expense
Which BCMAP situation requires a direct comment on the USMC Fitness Report?
Select the best re
Self discipline is a BCMAP situation that require a direct comment on the USMC fitness report.
What is Body composition millitary appearance and fitness report?BCMAP is the program employed by millitary base to develop and build bodies of corps for effectiveness in their work and for their healthiness in performing task.
The Fitness Report is a strategy use by which the Marine Corps so as to check and evaluates Marine's performance for their selection, assignment, retention and capabilities.
Therefore, Self discipline is a BCMAP situation that require a direct comment on the USMC fitness report.
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Question 9 of 10
Why are facts called the "building blocks of legal decisions"?
O A. Because so much time is used to determine whether the facts
presented are accurate or not
B. Because facts form the foundation that judges use to reach their
conclusions
O C. Because facts are written in a way that makes them easy to
identify
D. Because facts tell judges and juries what most people believe is
true
Answer:
B. Because facts form the foundation that judges use to reach their conclusions
Explanation:
I hope this helps, I just got it right.