Accounting provides financial information about a business or organization in order for interested parties to make decisions. True.
What is accounting?Accounting can be described as the process of measuring, processing and communicating a firm's financial and non-financial information to interested parties that might be interested in the information.
Accounting enhances the decision making process of interested parties. Interested parties might include management of the firm, potential investors, customers and the government.
For example, a person is considering investing in a firm. Before making the decision to invest, the person would have to examine the financial statements of the firm to determine if they are profitable and a good match for their portfolio. Without accounting such information would not be available for the potential investor.
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Consumers are said to be least responsive to price changes when the demand curve is:_________
Consumers are said to be least responsive to price changes when the demand curve is vertical.
The demand curve represents the level of demand for a product or service in relation to its price. For normal goods, the demand is curved and connects the vertical axis (representing price) and the horizontal axis (representing demand), showing that price and demand are inversely proportional to one another, such that if price rises, demand falls, and vice versa.
If the demand curve happens to be vertical also, it represents a situation of perfectly inelastic demand. This means that changes in price have no effect on the level of demand.
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In a competitive market, the market demand is qd = 400 - 5p and the market supply is qs = 10p - 80. the full economic price under a price ceiling of $25 is:_________
In a competitive market, the full economic price under a price ceiling of $25 is $170.
Given,
QS = Quantity supplied
QD = Quantity demanded
P = Price
At P = $25
Thus,
QD = 400 - 5P
QD = 400 - 5(25)
QD = 400 - 125
QD = $275
The market supply is QS = 10p - 80
QS = 10 (25) - 80
QS = 250 - 80
QS = $170
Hence, in a competitive market, the full economic price under a price ceiling of $25 is $170.
A price ceiling keeps a price from rising above a certain level. Price ceilings is used by government to protect consumers from conditions that could make commodities prohibitively expensive.
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Has its assembly operations performed by finer inc, a firm that deals exclusively in assembling products for other companies. this scenario indicates that ban corp. engages in the practice of:_________
The scenario indicates that ban corp engages in the practice of outsourcing.
What is outsourcing?
Hiring a third party to do tasks, manage operations, or provide services on the company's behalf is referred to as outsourcing in business.
The building of websites, office and warehouse cleaning, and advertising are the best examples of outsourcing. Most business owners delegate authority to other experts for duties like hiring, maintenance, and bookkeeping. This makes it possible for businesses to focus the majority of their resources on their main business.
With outsourcing, you may do more as a small business without having to considerably increase your full-time personnel by handing off important tasks and processes to professionals.
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Suppose your data contains n = 120 observations. according to the rule-of-thumb for choosing the number of bins, you should use?
Say you have 120 observations in your data. Use the general rule-of-thumb for selecting the number of bins: Aside from that
What is the primary guiding principle?
A rule of thumb is a heuristic recommendation that offers condensed guidance or a fundamental set of rules for a certain topic or course of action. It is a general idea that offers helpful guidelines for completing or tackling a particular task.
For instance, he mostly works by rule of thumb when working with the young group. This phrase makes reference to using one's thumb to make quick measurements.
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Explain ONE possible non-financial aim an entrepreneur may have when starting a
small business
Answer:
Gaining experience
Explanation:
An institution that gives households and corporations access to direct finance is called ________.
An institution that gives households and corporations access to direct finance is called a brokerage
This is further explained below.
What is brokerage?Generally, A brokerage firm's primary function is to play the role of a middleman, connecting potential buyers and sellers in order to make a transaction possible.
The compensation received by full-service brokerage firms might take the form of a set yearly fee or fees per transaction.
Although they provide a certain amount of free stock trading, online brokers charge commissions and fees for additional services.
In conclusion, A brokerage is a kind of financial institution that provides access to direct financing for individuals, businesses, and other organizations.
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Suppose that the gdp of california increases by 14ach year. how long will it take for the gdp of california to double? round your answer to one digit after the decimal.
5 years long will it take for the Gdp of California to double. round your answer to one digit after the decimal.
What is a simple definition of GDP?
GDP calculates the monetary value of the final goods and services—those purchased by the consumer—produced in a nation during a specific time period (say a quarter or a year). It accounts for all the output produced inside a nation's boundaries.How the GDP is calculated?
GDP is calculated as private consumption plus gross domestic product plus government investment plus (exports – imports). The country's national statistical office often uses the international standard to compute GDP.Number of years to double = 70/annual growth rate
Number of years to double = 70/14%
Number of years to double = 5 years
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3) mario's home systems has sales of $2840, costs of goods sold of $2180, inventory of $508, and accounts receivable of $432. how many days, on average, does it take mario's to sell its inventory?
84.84 days take Mario's to sell its inventory.
What is meant by Inventory?All the goods, merchandise, and supplies that a company keeps on hand in anticipation of selling them for a profit are referred to as inventory.
The products and materials that a company keeps on hand with the intention of reselling, producing, or using them are referred to as inventory or stock. The main focus of inventory management is determining the location and shape of stocked commodities.
Data given in the question:
Sales = $2,880
costs of goods sold = $2,220
Inventory = $51
Accounts receivable = $436
Now,
Time taken to sell inventory = 365 ÷ ( Inventory Turnover Ratio )
also,
Inventory Turnover Ratio = [ Cost of goods sold ] ÷ [ Average inventory ]
= $2,220 ÷ $516
= 4.3023
Therefore,
Time taken to sell inventory = 365 ÷ 4.3023
= 84.84 days
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On june 15 blooming landscape inc. provides $50,000 of services, but is not paid until august 30. on august 30, the assets of blooming landscape inc. are:_________
On june 15 blooming landscape inc. provides $50,000 of services, but is not paid until august 30. on august 30, the assets of blooming landscape inc. are Unearned revenue.
What is Unearned revenue?
Money received by a person or company for an item or service that has not yet provided or given is known as unearned income. It may be thought of as a "prepayment" for goods or services that a person or organization anticipates giving the customer in the future.
Therefore,
On june 15 blooming landscape inc. provides $50,000 of services, but is not paid until august 30. on august 30, the assets of blooming landscape inc. are Unearned revenue.
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Staffing fluctuations associated with project completion and initiation are most likely to occur in organizations that are?
Staffing fluctuations associated with project completion and initiation are most likely to occur in organizations that are functionally structured.
Some businesses choose a functional organizational structure to better coordinate teams. Decisions and operations are handled by functional departments with specific areas of expertise.
Functional structure is a sort of business structure that arranges a corporation into separate departments depending on areas of expertise. Functional managers or department heads are responsible for managing these departments, which act as functional units. Team members in each department communicate the state of their functional areas to department leaders, who in turn communicate it to the company's senior management.
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The portion of a change in quantity demanded caused by a change in price that makes other products more or less costly.
The portion of a change in quantity demanded caused by a change in price that makes other products more or less costly is substitution effect.
A shift along a demand curve is used to illustrate a change in quantity demanded. The elasticity of demand, which is correlated with the slope of the demand curve, is the ratio of the change in quantity required to a change in price.
The substitution effect is the decline in sales of a product that results from customers switching to less expensive substitutes when the price of the product increases. Although there are numerous possible reasons why a product loses market share, the substitution impact is only a reflection of thriftiness. A brand’s price increase may cause some customers to choose a less expensive substitute.
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If an adjusting entry for unearned revenue is not recorded, what is the effect on the financial statements?
If an adjusting entry for unearned revenue is not recorded the effect of financial statement would be understatement of revenue and overstatement of liabilities.
An adjusting entry is the entry that is posted after the posting of journal entries, the entry is recorded to post or adjust the balances for current transactions.
Unearned revenue is the amount that is received as a prepayment but is not yet earned means the services or goods are not yet delivered. Prepayments are debited and unearned revenue is credited as a liability. The adjusting entry of unearned revenue appears when the goods or services are delivered to the customer. It may be partial or complete.
Therefore the adjusting entry is debit unearned revenue and credit revenue.
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The law requiring that toys and infant products be tested before sale is called the?
Consumer Product Safety Improvement Act is a law requiring that toys and infant products be tested before sale. President George W. Bush signed the Consumer Product Safety Improvement Act (CPSIA) of 2008 into law on August 14, 2008.
This law establishes new standards for testing and documentation as well as new thresholds for a number of drugs. It imposes new restrictions on producers of clothing, footwear, personal care items, jewelry, accessories, home decor, bedding, toys, electronics, video games, books, school supplies, and scientific kits. The Act also provides higher penalties and longer jail terms for some infractions. Because of how many different types of businesses were impacted by this act, it was viewed as controversial in part.
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Obtaining evidence to determine that all inventory, accounts payable, notes payable and expenses are included on the financial statements relates to the ______ assertion.
Obtaining evidence to determine that all inventory, accounts payable, notes payable and expenses are included on the financial statements relates to the completeness assertion.
What is Financial Statement ?
The income statement, balance sheet, and statement of cash flows are the three main sections of the financial statements. These statements are intended to be read collectively in order to provide a thorough view of a company's financial situation and performance. There is a case can be made for each financial statement being the most significant, but the answer ultimately comes down to the user's requirements.
The income statement, which shows a company's potential to make a profit, is likely to be the most crucial financial statement for the majority of users. Additionally, the data on the income statement is largely expressed in current dollars, indicating a respectable level of accuracy.
Since the balance statement does not provide the results of operations and some of the statistics listed there may be dependent on prior costs, the report is likely to be ranked third by many consumers.
The statement of cash flows may be a contender for most crucial financial statement because it only considers changes in cash inflows and outflows.
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Alana, the children's department manager at shoe mart, has eight employees in her department, and all of them report directly to her. the eight employees who report directly to alana are her _____.
Alana, the children's department manager at shoe mart, has eight employees in her department, and all of them report directly to her. the eight employees who report directly to Alana are her span of control.
What is the Span of control?Human resource management and commercial management both frequently employ the phrase "Span of Control." The total number of subordinates that a manager or supervisor can supervise is what this term refers to because it has to do with managing and supervising personnel. The collecting and management of operational data were one of several middle managers' jobs that was made easier by technology. As a result, a manager may now oversee more employees concurrently. The scope of a manager's authority is influenced by a number of variables, including the nature of the work, the manager's skills, the skills of the personnel under management, and the manager's duties. It comes in two flavors, such as a narrow and a wide control span. When a manager is in charge of between two and four employees, it is deemed to be narrow.
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Suppose market demand and supply are given by qd = 100 - 2p and qs = 5 3p. the equilibrium price is:_________
Suppose market demand and supply are given by QD = 100 - 2p and qs = 5 3p. the equilibrium price is $19.
Demand Equation for equilibriumThe demand Equation for equilibrium says that
Quantity Required = Quantity Delivered. Thus,
100- 2P=5 + 3P
95 = 5P
P= 19
How is the equilibrium price determined?The equilibrium price is the cost at which the quantity ordered equals the quantity provided. It is defined by the intersection of the order and supply curves. A surplus lives if the quantity of a good or service supplied surpasses the quantity required at the current price; it causes a downward force on price.
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What is an enterprise system application suite? describe the capabilities of the individual components of the application suite.
An application suite is a group of intra-company ERP systems and associated inter-company solutions. Suite providers, like SAP and Oracle, offer comparatively thorough sets of apps with a tonne of functionality that cover the majority of common business activities.
What is Enterprise system application suite?
Computer software used to meet the needs of an organisation rather than specific consumers is referred to as enterprise software, sometimes known as enterprise application software (EAS). Businesses, schools, interest-based user groups, clubs, charities, and governments are a few examples of these organizations. Enterprise systems, supply chain management systems, customer relationship management systems, and knowledge management systems are the four main enterprise applications.
An application suite is a group of intra-company ERP systems and associated inter-company solutions. Suite providers, like SAP and Oracle, offer comparatively thorough sets of apps with a tonne of functionality that cover the majority of common business activities. Supply chain management links a business to other businesses that provide the raw ingredients used in product manufacturing.
Systems for managing supply relationships typically oversee all interactions with suppliers. Systems for managing client relationships give businesses the ability to handle marketing, sales, and customer support. Systems for managing the product lifecycle assist businesses in managing the activities of product management, design, and research.
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An enterprise system application suite is a comprehensive software system that provides a wide range of capabilities to an organization. These capabilities are typically designed to support various business functions such as finance, human resources, procurement, and supply chain management. The individual components of an enterprise system application suite are designed to work together seamlessly, providing a comprehensive set of tools that can help an organization to manage its business operations more effectively.
The individual components of an enterprise system application suite typically include:
1. Financial Management: This component is designed to help organizations manage their financial transactions, including accounts payable, accounts receivable, general ledger, and financial reporting.
2. Human Resources Management: This component is designed to help organizations manage their employee data, including payroll, benefits, and performance management.
3. Procurement Management: This component is designed to help organizations manage their purchasing activities, including requisitions, purchase orders, and supplier management.
4. Supply Chain Management: This component is designed to help organizations manage their supply chain activities, including inventory management, order fulfillment, and logistics.
Overall, an enterprise system application suite provides a comprehensive set of tools that can help arenizations to streamline their business operations and improve their overall efficiency.
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The incompatible interests, needs, and desires of diverse groups of people in society can lead to _______________.
The incompatible interests, needs, and desires of diverse groups of people in society can lead to Social conflict.
What is social conflict?The fight for control or authority in society is known as social conflict. Social conflict or group conflict arises when two or more actors oppose one another in social interaction, reciprocally using social power to pursue limited or incompatible goals while obstructing the opponent's progress toward achieving their own.
In this type of social interaction, the action is purposefully directed toward enforcing the actor's own desires in the face of opposition from one or more other parties.
Karl Marx is credited with creating conflict theory, which holds that competition for few resources causes society to be perpetually at war.
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Cumulative preferred stock carries the right to be paid both current and all prior periods' unpaid dividends before any dividends are paid to common shareholders. True or false
Cumulative preferred stock carries the right to be paid both current and all prior periods' unpaid dividends before any dividends are paid to common shareholders. -----True
How do preferred stocks work?
Preferred are issued with a fixed value and pay dividends based on a percentage of that par, at a fixed rate. As same as bonds, which also make fixed payments, the market value of preferred shares is very common to changes in interest rates. If interest rates increases, the value of the preferred shares decreases.
What are the advantages of preferred stock?
The advantages of preferred stock normally has greater and more regular dividends, it is less volatile in compare to common stock and carries low risk. A preferred stock with a guaranteed dividend is considered a fixed-income investment same to a bond.
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Starting at long run equilibrium, ceteris paribus, a decrease in the costs of widely used factors of production would most likely:_____.
Starting at long-run equilibrium, ceteris paribus, a decrease in the costs of widely used factors of production would most likely increase short-run aggregate supply.
What Is Equilibrium?Prices must be stable due to a balance between market supply and demand. This is the state of equilibrium. As opposed to a shortage or undersupply, which raises prices and lowers demand, a surplus of goods or services typically results in lower pricing, which increases demand.
The equilibrium price is the one where supply and demand are balanced. The forces of supply and demand are essentially equal, and the market is in equilibrium when a major index experiences a period of consolidation or sideways movement. According to economists, price changes are typically close to the equilibrium values. Market dynamics will encourage sellers to enter if the price increases excessively.
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When pizza company sells three $100 gift cards at the beginning of the month, it should record a $300 debit to ______ and a $300 credit to _____
Explanation:
one and three
is the answer
True or false? friction can be used to describe challenges that hold back your internal teams as well as challenges that hold back your customers
'The Statement is True.
Friction can be used to describe challenges that can hold back your internal teams as well as challenges that hold back your important customers.
The concept of business friction is not come to be new since it is anything that can prevent and dissuades each and every customer from buying your desired products as well as services. On behalf of the customers, friction can be considered as very long wait times for the activity of holding and those particular products that are in a number of out of stock or having any kind of bad experience with a website of a specific company.
In order to remove friction internally, you need a clear evaluation of how teams gonna work together, processes their work, and how accessed data flows. It can remove all kinds of obstacles that can prevent us from getting any critical stuff to be done. We should have a look both at how a business runs well and the one who is running any business.
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George corporation recognized $1,000 of accrued property taxes on its manufacturing facility. the journal entry to record this debits ______.
In a case whereby George corporation recognized $1,000 of accrued property taxes on its manufacturing facility. the journal entry to record this debits as Manufacturing overhead $1,000 and credits Property taxes payable $1,000.
What is journal entry?A journal entry can be described as an act of keeping which involves the making records of any transactions .
It should be noted that Transactions are listed in an accounting journal so that the company's debit as well as the credit balances of the company can be shown.
In the case, above , we will record this debits as Manufacturing overhead $1,000 and credits Property taxes payable $1,000, hence journal entry can encompass several recordings, in a debit or a credit.
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3. how would you classify the risks embedded in the financial crisis of fall 2008 within each of cross-classification?
The risks of the fall 2008 financial crisis include credit risk, bankruptcy risk and interest rate risk. Now classify these risks as pure or speculative. Non-diversifiable and diversifiable.
A financial crisis is one of many situations in which some financial assets suddenly lose a large portion of their face value. In the 19th and early 20th centuries, many financial crises were associated with bank panics, and many recessions coincided with those panics.
A financial crisis occurs when the value of a financial instrument or asset drops significantly. As a result, businesses are struggling to meet their financial obligations and financial institutions lack sufficient cash or convertible assets to fund projects and meet immediate needs.
The financial crisis of 2007-2009 started a few years ago when looser monetary policy and lax credit standards fueled a housing bubble.
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Soft skills are ________; they are more or less relevant in every job, at every level, and throughout your career.
Soft skills are portable because they are somewhat applicable in every position, at every level, and over the course of your career.
What do soft talents entail?
People require soft skills, or interpersonal abilities, in order to succeed at work. This could entail the capacity to multitask, manage time effectively, and work well in teams. Soft skills are essential for success in any job, but they are crucial in social work in particular.
Numerous stakeholders, each of whom may have diverse interests, are involved in a significant amount of the work that is done in the social sector. In situations like this, having the proper interpersonal skills is essential to coming to a successful conclusion.
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To understand how much improvement potential there is one must first measure what percentage of a machine's or a worker's?
To understand how much improvement potential there is one must first measure what percentage of a machine's or a worker's capacity is used productively.
More about machine's or worker's capacity:
It is possible to study patterns in salary growth, wage levels, and technical advancement by further segmenting labour productivity. Productivity increase is directly related to corporate earnings and shareholder returns.
Knowing and acknowledging areas for development is a sign of modesty and is a strength in and of itself. Utilizing strengths and using it productively is essential to the value we provide to our business, our team, and other employees. Yet, even with our strengths, we can be cognizant of how we may better even these gifts.
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Current market prices reflect all relevant information, whether it is known publicly or privately. True or false?.
True. Current market prices reflect all relevant information, whether it is known publicly or privately.
What does strong-form efficiency mean?Strong form efficiency is the strictest interpretation of the efficient market hypothesis (EMH) investment theory, which claims that a stock's price takes into account all available information, whether it is public or private. Strong form efficiency advocates contend that even access to insider information cannot benefit an investment.
No matter how much study or information investors have access to, this level of market efficiency indicates that profits above typical returns cannot be realized. The majority of instances of strong form efficiency involve insider knowledge. This is due to the fact that the EMH's strong form efficiency is the sole component that incorporates confidential information.
Contrary to popular opinion, the idea contends, that possessing inside information won't help an investor achieve large market returns.
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Capital needed for company activities cannot be acquired through: ______
a) stocks and bonds
b) current debt profits
c) arbitrarily firing employees
Correct option is C. Capital needed for company activities cannot be acquired through arbitrarily firing employees.
What is meant by at-will employment?
At-will employment is defined by US labor law as the right of an employer to fire an employee without cause (i.e., without having to provide "just cause" for termination) and without prior notice, so long as the reason is legal (e.g., not firing an employee due to their race, religion, or sexual orientation).
Courts reject any claims for damages resulting from a dismissal where an employee is recognized as having been hired "at will." The practice is viewed as unjust by people who believe that the work relationship is marked by an imbalance of bargaining power because an employee may also be entitled to quit their job without cause or notice.
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What is the advantage to a scientist in using a line drawing rather than a ball-and-stick?
The advantage to a scientist in using a line drawing rather than a ball-and-stick is that it reduces the time needed to design additional details for intricate structures.
What is ball-and-stick model?The ball-and-stick model is a molecular representation of a chemical compound used in chemistry to show both the atoms' three-dimensional positions and the bonds that connect them. Typically, spheres are used to represent the atoms, while rods are used to depict the bonds.Different colors are used to symbolize specific atoms; for instance, black is typically used to represent carbon and white to represent hydrogen.Accuracy of the ball and stick model depends on accurate bond angle representation. To comprehend the geometry of a molecule, a "open" model, as opposed to a space-filling model, allows the atoms and bonds to be seen clearly.Learn more about ball-and-stick model here:
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Which insurance company department determines the probability of loss and sets the premium rates?
a. sales
b. claims
c. actuarial
d. underwri
Actuarial department of Life insurance determines the probability of loss and sets the premium rates.
What is the actuarial department in insurance?
An insurance actuary deducts financial risk. They use mathematical, statistical, and financial modeling to analyse the chances that something may occur. Their analysis helps insurance companies frame insurance policies and programmes.
Why do insurance companies use actuaries?
“The use of the Actuary role is to ensure that the board has access to expert and impartial actuarial advice and revise , to assist with the sound and adequate management of an insurer and that the insurer gives accurate consideration to the protection of policyholder interests.
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