True, GATT stands for General Agreement on Tariffs and Trade, which is the name of an international organization that the US and numerous other nations are members of.
The General Agreement on Tariffs and Trade (GATT) is an international treaty that was created with the aim of promoting trade by lowering or removing trade restrictions like tariffs and quotas. The "substantial reduction of tariffs and other trade barriers and the elimination of privileges, on a reciprocal and mutually beneficial basis" were its stated goals in the preamble.
The GATT is now managed by the Council for Trade in Goods (Goods Council), which is made up of representatives from every WTO member state. Etienne Oudot de Dainville will serve as the Goods Council's chairman as of September 2022.
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The first question requires you to read Case Study 2 on Page 528: The Arbitration Case of Jesse Stansky
Instead of the questions in the book, answer these:
1. In 5 or 6 sentences, write a standard for Professional Conduct as it might be defined in an employee handbook. Provide at least 3 examples of conduct that would be considered unprofessional.
2. Going back to the original facts of the case (ignore the standard for Professional Conduct that you wrote in Q1), if you were the arbitrator, how would you rule in this case? In at least 2 paragraphs (4-5 sentences each), explain your decision. Be sure to be specific as you explain your ruling. Imagine that you have to relay your decision to the two parties, and you want your reasoning to convince them that your ruling is sound.
marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through . group of answer choices sales and revenue creation manufacturing efficiencies innovation and creativity value creation and exchange research and development
Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through Value creation and exchange.
Marketing is the discipline that focuses on management and the analysis of trade relationships. Establishing a relationship with customers through the exchange of value is a commercial practice.
The main elements of business management and commerce are used to draw in clients.
Marketing is the management and social process through which organizations and people as a whole get what they want and need by trading goods and producing value with others.
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your demand for labor Your landscaping company uses labor and shovels. The price of shovels falls, and this because labor and shovels are O raises; substitutes O raises; complements O lowers: complements O lowers; substitutes
Your landscaping company uses labor and shovels. The price of shovels falls, and this raises your demand for labor because labor and shovels are complements.
What is a demand?Demand is an economic concept that refers to a consumer's desire to buy goods and services as well as their willingness to pay a certain price for them. When the price of a good or service rises, the quantity demanded falls. Similarly, lowering the price of a good or service raises the quantity demanded.
When two goods are complementary, which means that a product or service that provides value to another product or service, the demand for those goods is also related to the price of one another. They experience joint demand - the demand of one good is linked to the demand for another good.
Therefore, the fall in price of shovels, increases the demand for labor as labor and shovel are complementary goods.
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during 2022, luling township engaged in the following transactions related to modernizing the bridge over the luling river. the township accounts for long-term construction projects in a capital project fund. on 7/1/22, it issued ten-year, 4% bonds with a face value of $1 million. the bonds were sold for $1,016,510, an amount that provides an annual yield of 3.8%. the city incurred $10,000 in issue costs. the premium was transferred to the appropriate account, net of the issue costs. it transferred $20,000 from the general fund to an appropriate fund to cover the first payment of the bond interest which is due, on december 31. the nonreciprocal transfer-in to its debt service fund is? $16,510 $6,510 $0 $26,510
To pay for the December 31st due first installment of the bond interest. To its debt service fund, a nonreciprocal transfer of $6,510 has been made.
What is a bond?Bonds are a type of capital-raising tool used by both governments and enterprises. You are in fact making a loan to the issuer when you buy a bond. In return, they promise to pay you the bond's interest on a regular basis—typically twice a year—and to repay the loan's face value to you on a specific date.
Bonds: sensible investment or not?A considerable increase in bond yields has given investors the opportunity to earn a respectable income. Inflation is anticipated to be approximately 3.5% by the end of 2023, and 10-year U.S. Treasury bonds will be a good investment. are currently earning more than that. Therefore, their adjusted for inflation, or "real," yield, may become positive.
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evol foods manufacturers a line of frozen meals. since the company strives to be eco-friendly, the bowls that its frozen meals are packaged in are 100% compostable and the company only uses 100% recyclable cardboard for its boxes and containers. this is an example of how reinforces a firm's brand image.
An example of a brand extension that strengthens a company's brand image.
What are the three most important variables to take into account when positioning a brand in the market?Comparative, differentiating, and segmenting are the three fundamental forms of product positioning strategies that brands should take into account. By addressing the appropriate people and crafting the most effective message, marketers may use these tactics to make their product stand out.
What is the best plan of action for marketing a product?Content marketing is the winner when it comes to small company marketing strategies overall effectiveness. Blogs, videos, social media posts, podcasts, webinars, and other forms of information distribution are all included in the content marketing umbrella.
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If an industry is showing a 5 percent rate of return in terms of Economic Profits, then no other
firms will enter into this market because standard microeconomic theory tells us that a minimum
Economic Profit of at least 10 percent should exist before any firm would enter the marketplace.
True – Bubble A
False – Bubble B
Before every company enters the market, there must be an economic profit of at least 10%. resources are divided by sectors. The difference between the proceeds from the sale of a product
the prices of all inputs used, as well as any opportunity costs, is known as an economic profit or loss. Opportunity expenses and explicit costs are subtracted from earned revenues to determine economic profit Opportunity costs are a class of hidden expenses that are decided by management and change depending industry on various events and viewpoints. Revenue is reduced by explicit and opportunity expenses to get at economic profit. Opportunity costs are the profits a company forgoes when deciding between options. Economic gain is analyzed internally.
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What are your employer's responsibilities with regard to keeping you safe at work? (Pick all that
apply)
O
To provide adequate first aid and fire prevention facilities
To make the workplace safe - carry out risk assessments to inform you of
potential hazards
To ensure safe practices and policies are set up, implemented and followed
To ensure equipment is safe to use and training has taken place
Your employer's responsibilities as regards keeping you safe at work include:
To provide adequate first aid and fire prevention facilitiesTo make the workplace safe - carry out risk assessments to inform you of potential hazardsTo ensure safe practices and policies are set up, implemented and followedTo ensure equipment is safe to use and training has taken placeHow are employers to keep employees safe at work ?Employers are accountable for the health and safety of all people who enter their property, including customers, suppliers, and members of the public. In addition to these obligations, there are laws for specific risks and for sectors where risks are particularly significant.
According to health and safety regulations, employers are required to evaluate workplace dangers. This entails identifying workplace activities that may result in disease or injury and taking steps to reduce the risk, or, if this is not possible, eliminate the hazard.
Additionally, they must have sufficient facilities for first aid and fire protection. Conduct risk assessments to alert you to potential hazards in the workplace. ensuring that the tools are secure to use and that training has been completed
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lillian applies for a job as the chief financial officer (cfo) of delco corporation. lillian is excited about the opportunity and feels that she has a pretty good chance of getting the position. just to make sure, lillian decides to explore the backgrounds of the decision-makers at delco. if lillian knows their interests, she thinks that might increase her chances of making a good impression in the final interview. the decision-makers who will decide whether or not lillian gets the cfo position at delco corporation include: a. the shareholders of Delco Corporation.
b. the board of directors.
c. the chief executive officer, secretary, and treasurer of Delco Corporation.
The decision-makers who will decide whether or not lillian gets the cfo position at delco corporation include the board of directors. So, the correct answer is option b.
A board of directors is an executive committee that jointly oversees the operations of an organisation. The board is also referred to simply as the "board."
Government rules, including the corporate law of the applicable jurisdiction, as well as the organization's own by-laws and constitution, control the roles, responsibilities, and powers of a board of directors. The number of board members, the process for selecting them, and the frequency of their meetings may all be specified by these authorities.
In an organisation with voting members, the board is responsible to and may be subordinate to the complete membership of the organisation, who typically elects the board members.
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the rights the founders believed were essential to maintaining a representative democracy included all of the following except .
The rights the founders believed were essential to maintaining a representative democracy included all of the following except: establishment of religion.
Congress shall make no law respecting an establishment of religion, or disallowing the free exercise thereof; or abridging the ability to speak freely, or of the press; or the right individuals peaceably to assemble, and to request of the Public authority for a redress of grievances.
The Establishment Clause of the First Amendment prohibits the public authority from encouraging or advancing ("establishing") religion in any capacity. That's the reason we don't have an official religion in the United States. This means that the public authority may not give financial support to any religion.
establishment of religion include:
Distinct legal existence.
Perceived belief and type of worship.
Positive and distinct ecclesiastical government.
Formal code of teaching and discipline.
Distinct religious history.
Membership not associated with any other church or denomination.
Organization of ordained ministers.
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Frank owes Jim $1,000. Frank contracts with Ron to pay the $1,000 and notifies Jim of the
contract by e-mail. Jim replies by e-mail that he agrees. After Frank receives Jim's reply, Ron and Frank send Jim an e-mail stating that they have decided to rescind their contract. Jim's rights underthe contract
1. vested when Frank and Ron formed their contract.
2. vested when Jim learned of the contract and demonstrated manifest assent to it.
3. will not vest, because Ron and Frank rescinded their contract.
4. could never vest, because Jim is an incidental beneficiary.
Based on the rule of contract, and the situation described above, Jim's rights under the contract vested when Jim learned of the contract and demonstrated manifest assent to it.
What does it mean for a contract to be vested?In legal terms, a contract is considered to be vested when the parties to the contract now have the absolute right or title to the agreement, which is to be enjoyed either now or in the future.
In legal practices, it is generally considered that a rescission to an enforceable contract can only be valid when both parties agreed to the rescission, otherwise, the contract is still valid and enforceable.
In this case, given that Jim replies the email of Frank by e-mail that he agrees to the proposition, Jim's rights under the contract are considered to be vested when Jim learned of the contract and demonstrated manifest assent to it.
Hence, in this case, it is concluded that the correct answer is option B. "vested when Jim learned of the contract and demonstrated manifest assent to it."
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a company was replacing the single-use plastic bags with cloth bags. however, the selected fabric is on backorder and will not be in stock for three weeks. the vendor suggested using another fabric that is in stock, but it is less sturdy than the original choice. if the company decides to wait until the original fabric is available, this will change the of the project.
A business decided to switch from using disposable plastic bags to reusable cloth ones. But, unfortunately, the preferred fabric is now out of stock and won't be available for another three weeks. The supplier recommended an alternative cloth from their supply, however, it's not as robust as what was originally envisaged. Delaying the project until the original cloth can be procured would affect its schedule.
Managing a project involves directing a group's efforts such that the project's objectives are met within the available time and budget. The documentation for a project is where you'll find details like these. This paperwork is often made at the start of the development process. Scope, time, and money are the main restraints.
Project management aims to accomplish a client-satisfied project. Project management often reshapes the client's brief to meet their goals. The client's goals should guide project managers, designers, contractors, and subcontractors' decisions. Poorly stated or overly restrictive project management objectives hinder decision-making.
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Ecker Company reports $1,875,000 of net income and declares $262,500 of cash dividends on its preferred stock for the year. At year-end, the company had 350,000 weighted average shares of common stock. 1. What amount of net income is available to common stockholders? Net income To preferred stockholders Net income available to common stockholders 2. What is the company's basic EPS? Choose Numerator: Basic Earnings per Share Choose Denominator: Basic Earnings per Share - Basic earnings per share 1
Ecker Company reports $1,875,000 of net income and declares $262,500 of cash dividends on its preferred stock for the year. At year-end, the company had 350,000 weighted average shares of common stock. $1,612,500 in net income available to common shareholders.
ShareholdersA shareholder, often known as a stockholder, is any individual, organization, or institution who owns at least one share of a firm's stock. Each category of shareholder has various rights in how the firm operates. Equity Shareholder: Equity shareholders are people who own the firm. They have voting rights in the corporation based on the amount of shares they possess. They have the right to challenge the work of the company's management. With the percentage of shares they possess, these categories of shareholders become part owners of the company. Assume you own a fabric manufacturing firm called PIGEON ltd. It has locations in a number of cities. It wishes to raise funds for the company's operations or development.
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Brian works for Magnira Labs and is conducting research on a certain topic. For the research, he needs a budget of $50000, but the authorities of the lab are willing to fund him only $30000. In this context, this restraint on the budget is an example of a _____.limitation
For the research, he needs a budget of $50000, but the authorities of the lab are willing to fund him only $30000. In this context, this restraint on the budget is an example of a limitation.
A spending plan based on income and costs is called a budget. In other words, it's a projection of your income and expenses for a specific time frame, like a month or a year.
Resources are limited, and Brian is not an exception. Even the wealthiest individual or organisation in the world has a finite quantity of time, money, experience, working hours, etc. The way we respond to enforced restrictions or constraints has a significant impact on how we carry out our tasks.
Either Brian should tone back the research in its first stages or try to find other supporters for it. If the first stage goes well, he could be able to get a larger budget.
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A machine cost $250,800, has annual depreciation expense of $50,160, and has accumulated depreciation of $125,400 on december 31, 2020. on april 1, 2021, when the machine has a fair value of $102,450, it is exchanged for a similar machine with a fair value of $282,800 and the proper amount of cash is paid. The exchange lacked commercial substance. Prepare all entries that are necessary at April 1, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually)
Depreciation is the process of reallocating, or "writing down," the cost of a tangible item (such as equipment) over the course of that asset's useful life. It also refers to the decline in asset value.
Long-term assets are depreciated by businesses for accounting and tax reasons. A company's or entity's balance sheet is impacted by the asset's decline in value, and the income statement they report is impacted by the process of depreciation from an accounting standpoint. The cost is often divided up as depreciation expense over the asset's anticipated use periods. Within the same business, different asset categories may have different depreciation methods and time periods that are used to calculate depreciation.
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In production and inventory control, it is important to know whether demand is independent or dependent because the distinction:
a. defines the content of products
b. determines the selection of appropriate replenishment methods
c. conveys what materials are unique or common to products
d. determines needed product quantities
Option b is correct. In production and inventory control, it is important to know whether demand is independent or dependent, the distinction determines the selection of appropriate replenishment methods.
What is inventory replenishment ?Maintaining client satisfaction levels high, maintaining adequate inventory levels is essential. However, using manual or antiquated techniques makes it difficult. Inventory accuracy rates for American retailers are generally 63%. Another 34% of businesses dispatch orders after they should have because of stock problems. To do this, firms must put in place guidelines (or procedures) that allow them to determine when a product needs replenishing (before it runs out). These guidelines and procedures are also utilized to decide how much stock to reorder and how much back stock to add to your current inventory. Utilizing demand forecasts, inventory analysis, and additional supply chain variables like in-stock status and product velocity, effective inventory replenishment requires careful planning.
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during 2020, the city of coyote contracts to build a bus stop for schoolchildren costing $13,800 as a special assessments project. the city collects $13,800 from directly affected citizens. the government has no obligation in connection with this project. the city records both a $13,800 revenue and a $13,800 expenditure in the capital projects fund. in preparing government-wide financial statements, the city records an asset and a general revenue for $13,800.
Correct change is a $60,250 increase-According to the information provided, the Capital Projects Fund reported an increase in its fund balance for the year of $60,250. In arriving at that figure, a $13,800 revenue and the related expenditure.
investment is the act of supplying sources to finance a need, program, or challenge. at the same time as this is normally inside the shape of money, it could additionally take the form of effort or time from an enterprise or company. commonly, this phrase is used while a firm uses its inner reserves to fulfill its necessity for cash, even as the time period financing is used when the company acquires capital from external sources.[citation needed] sources of funding consist of credit, undertaking capital, donations, offers, financial savings, subsidies, and taxes. Fundings such as donations, subsidies, and offers that have no direct requirement for go back of investment are described as "soft investment" or "crowdfunding".
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the cash in a cash register equaled $100, but the record of cash receipts/sales equaled $102. determine which of the following entries is correct to record cash sales and the shortage.
The cash in a cash register was $100, but the cash receipts/sales record was $102. Option D is correct. Debit Cash was $100, debit Cash Over and Short was $2, and credit Sales were $102.
Cash is cash in the substantial type of money, like banknotes and coins, as characterized by financial matters. Cash is a kind of current resource in accounting and monetary bookkeeping that comprises of money or cash reciprocals that can be gotten right away or almost right away (as on account of currency market accounts). Cash is seen as either an installment save in case of an underlying or coincidental negative income, or for the purpose of keeping away from a monetary market breakdown. The English word "cash" signifies "money box," yet it at last came to mean "cash" also. In the eighteenth hundred years, this optional importance was the sole significance.
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Complete Question is -
The cash in a cash register equaled $100, but the record of cash receipts/sales equaled $102. Determine which of the following entries is correct to record cash sales and the shortage.
a. Debit Cash $102; credit Cash Over and Short $2; and credit Sales $100.
b. Debit Cash $102 and credit Sales $102.
c. Debit Cash $100; credit Cash Over and Short $2; and credit Sales $102.
d. Debit Cash $100; debit debit Cash Over and Short $2; and credit Sales $102.
best buy's geek squad assists in the sales process by answering customers' technical questions. this is an example of ____
The best buy Geek team assists in the sales process by responding to technical consumer questions. This is an example of direct marketing.
What is direct marketing?Direct marketing is a marketing technique by communicating directly with consumers, both new and potential customers, without going through third-party intermediaries, such as the media or advertisements. Direct communication here means introducing or selling a product or service.
The purpose of direct marketing is to market products (goods and services) to consumers directly to obtain and increase purchases from consumers.
Types of direct marketing, namely:
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according to expectancy theory, which of the following statements concerning motivational force is true?
a) motivation increases as unsuccessful performance is linked to more and more attractive outcomes
b) motivation increases as successful performance is linked to fewer and fewer attractive outcomes
c) motivation decreases as successful performance is linked to more and more attractive outcomes
d) motivation increases as successful performance is linked to more and more attractive outcomes
The true statement regarding expectancy theory is B) Motivation increases as successful performance is linked to more and more attractive outcomes.
Expectancy theory is a motivation theory that explains the relationship between an individual's effort, ability, and motivation. According to this theory, an individual's motivation to perform a task is influenced by their expectation that their efforts will lead to a successful outcome and the attractiveness of that outcome.
The theory also suggests that as the perceived link between successful performance and attractive outcomes becomes stronger, an individual's motivation to perform the task will increase. This is because the individual will expect that putting in more effort will lead to a greater likelihood of achieving the desired outcome. Further, they also have the mindset that their extra efforts will be recognized and rewarded
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income statement and balance sheet data for great adventures, inc., are provided below. great adventures, inc. income statement for the year ended december 31, 2022 net sales revenues $ 180,870 interest revenue 280 expenses: cost of goods sold $ 39,300 operating expenses 61,160 depreciation expense 18,050 interest expense 8,780 income tax expense 15,300 total expenses 142,590 net income $ 38,560
The income statement for the year ended December 31, 2022, is
1. Gross margin ratio :
= (Gross margin / Net sales) 100
Gross margin = Sales - Cost of goods sold
= $180,870 - $39300 = $141,570
Net sales = $180,870
Gross margin = ($141,570 / $180,870) 100 = 78.2%
2. Return on Assets :
= Operating income / Average of Total Assets
Operating income = Sales - Operating expenses
= $180,870 - ($39,300 + $61160 + $18050)
= $62,360
Average of Total Assets :
= (beginning of Assets + Ending of assets) / 2
= ($109400 + $1859,266) / 2 = $984,333
Return on Assets :
=( $62,360 / $984,333) 100 = 6.33 %
3. Profit margin :
= (Net income / Net sales) 100
= ($38,560 / $180870) 100 = 21.3 %
4. Assets Turnover ratio :
Net sales / Average of Total Assets
= $180,870 / $984,333 = 0.18 Times
5. Return on equity :
Net income / Average of Total Equity
Net income = $38,560
Average of Total equity :
= (beginning of equity + Ending of equity) / 2
= ($59,690 + $1107090) / 2 = 583,390
Return in equity :
= ($38,560 / $583,390) 100 = 6.60%
Beginning of equity = $25,440 + $34,250 = $59,690
Ending of equity = $136,000 + $1049,600 + $59490 - $138,000 = $1107090
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2. Incremental costs - Initial and terminal cash flow Consider the case of Acme Manufacturing: Acme Manufacturing is considering a project that requires an investment in new equipment of $3,360,000. Under the new tax law, the equipment is eligible for 100% bonus depreciation at t = 0 so the equipment will be fully depreciated at the time of purchase. Acme estimates that its accounts receivable and inventories need to increase by $640,000 to support the new project, some of which is financed by a $256,000 increase in spontaneous liabilities (accounts payable and accruals). The company's tax rate is 25%.The after-tax cost of Acme's new equipment is Acme's initial net investment outlay is Suppose Acme's new equipment is expected to sell for $200,000 at the end of its four-year useful life, and at the same time, the firm expects to recover all of its net operating working capital (NOWC) investment. Remember, that under the new tax law, this equipment was fully depreciated at t = 0. If the firm's tax rate is 25%, what is the project's total termination cash flow?O $150,000 O $534,000 O $434,000 O $200,000
The project's total termination cash flow for the company is $434,000.
What is a cash flow?Cash flow is the difference between an entity's net cash inflow and outflow over the course of a specific time period. Positive cash flows are crucial for a company to remain operational and to create value for investors. Cash inflows from operations are payments received from customers for the products or services the business offers. It encompasses the primary revenue streams of an organization, including sales of goods and services, royalties from the use of the company's intellectual property, commissions from sales made on behalf of other companies, and payments paid to suppliers. The majority of cash flows are presumably listed under this category.
Total termination cash flow=640.000-206,000=$434,000
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Secor Educational Services had budgeted its training service charge at $120 per hour. The company planned to provide 30, 000 hours of training services during 2019. By lowering the service charge to $114 per hour, the company was able to increase the actual number of hours to 31, 500. Required a. Determine the sales volume variance and indicate whether it is favorable (F) or unfavorable (U). Select "None" if there is no effect (i.e., zero variance).) b. Determine the flexible budget variance and indicate whether it is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) c. Did lowering the price of training services increase revenue?
The sales volume variance is $180,000 and the sales volume variance is favorable.
What is sales volume variance?The sales volume variance is the discrepancy between the quantity of a specific product you sold and the quantity you anticipated selling. To monitor your sales performance, you must use this metric. A key performance indicator is determined by whether the final result is positive or negative after deducting budgeted sales from actual sales. A good figure indicates that you sold more than you anticipated. The outcome will be unfavorable if your budget exceeds your sales. Given that you'll probably have to change the selling price and sell those extra units at a loss, that makes sense in terms of sales revenue.
Sales Volume Variance = (Actual hours - Budgeted hours) × Budgeted Revenue per hour
Sales Volume Variance = (31,500 - 30,000) × $120
= 1,500 × $120
= $180,000 Favorable
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The procedures to express an opinion on supplementary information are based on which of the following?
A. The materiality level used for the audit of the financial statements.
B. The number of material misstatements found in the financial statements.
C. The amount of information provided in the supplementary information sections to the financial statements.
D. The subject matter of the supplementary information provided.
The procedures to express an opinion on supplementary information are based on the materiality level used for the audit of the financial statements. So option a. is correct.
Supplementary information is any information presented in addition to the financial statements that is not necessary to fairly present the financial statements. This information may be presented with the financials or in a separate document. It should be derived from, and directly related to, the underlying records used to prepare the financials. The supplementary information should also relate to the same period covered by the financials.
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[The following information applies to the questions displayed below.) Westerville Company reported the following results from last year's operations: Sales Variable expenses Contribution margin Fixed expenses Net operating income Average operating assets $ 1,200,000 420,000 780,000 600,000 $ 180,000 $ 600,000 At the beginning of this year, the company has a $137,500 investment opportunity with the following cost and revenue characteristics: Sales Contribution margin ratio Fixed expenses $ 220,000 60% of sales $ 99,000 The company's minimum required rate of return is 20%. f the company pursues the investment opportunity and otherwise performs the same as last year, what margin will it earn this year? (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)
The company's margin this year would be 18.9%.
To calculate the margin, we need to calculate the operating income from the proposed investment opportunity. The sales for the proposed investment opportunity is $220,000 and the contribution margin ratio is 60%, so the contribution margin is $132,000. The fixed expenses are $99,000, so the operating income is $33,000.
The total operating income for the year would be $213,000, which is the sum of the operating income from the proposed investment opportunity ($33,000) and the net operating income from last year ($180,000).
The total operating assets for the year would be $820,000, which is the sum of the operating assets from the proposed investment opportunity ($220,000) and the average operating assets from last year ($600,000).
The margin for the year would be 18.9%, which is calculated by dividing the operating income ($213,000) by the total operating assets ($820,000).
The margin is also higher than the company's minimum required rate of return (20%) so the company should pursue the investment opportunity.
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Legal Reminder W: Remember that contracts require that there be an offer, acceptance, and consideration. Contracts for illegal purposes are void (and, therefore, unenforceable.) Additionally, contracts entered into where one of the parties lacks capacity can also mean that the contract is unenforceable (minority, mental incapacity or insanity, intoxication are all examples of potential problems with capactiy; remember that generally capacity problems will make the contract voidable at the option of the person who lacks capacity - note that contracts with people for whom a guardian has been appointed are void, not voidable.) There are other circumstances that interfere with Genuiness of Assent (fraud, innocent misrepresentation, mutual mistake of material fact, duress, undue influence are all examples of problems with genuineness of assent)(which can also make a contract unenforceable.) It should also be noted that some contracts must be in writing to be enforceable. If there is a valid contract and it is enforceable, then the next question is whether there are any reasons why performance of the contract would be excused (frustration of purpose, impossibility of performance, and commercial impracticability are examples.) Next, we must look at whether the contract has been performed (substantial performance and the doctrine of cure-along with limitations to the remedy of cure-must be considered.) Lastly, if there has been a breach of the contract, then the damages should put the person in the position they should have been in had the contract been honored. Pay attention to the doctrine of specific performance, along with the importance of mitigation of damages and the limitations on consequential damages. Also, note the presence of third party rights (although remember that privity of contract ususally restricts rights and responsibilities of contract to the parties to the contract.)
Refer to Legal Reminder W: Question W1:
Assume that Red Riding Hood is now 18 years old. She promises to sell a basket of goodies to Mr. Woodsman for $40.00 to be delievered on Sunday on her way to Grandma's house. If Red Riding Hood does not deliver the basket as promised and Mr. Woodsman has to pay Goldilocks $50.00 for a comparable basket of goodies to eat for his Sunday dinner, then he can bring a civil action against Red Riding Hood for $10.00.
True
False
It is true that Mr. Woodsman has to pay Goldilocks $50.00 for a comparable basket of goodies to eat for his Sunday dinner, then he can bring a civil action against Red Riding Hood for $10.00
Promise to sell and not delivering on the promised date is Breach of contract and Mr. Woodsman can sue red riding hood for damages.
A breach of a binding contract is when one of the stipulated terms and conditions is broken. Anything from a late payment to a more significant infraction, like failing to deliver a promised asset, could constitute a breach.
A plaintiff, who files an action in court alleging a violation of contract, must first prove the existence of a written agreement between the parties. Additionally, the plaintiff must show how the defendant—the party that is the target of a claim or legal accusation—failed to uphold the terms of the contract.
Punitive damages are rarely granted for failing to fulfil stated commitments, with settlements limited to the amounts specified in the contract. A breach of contract is not regarded as a crime or even a tort.
For instance, if a contract indicated that you would be paid $50,000 for a project that you finished but only received $20,000, you could be granted $30,000 in damages.
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The background on a company, its industry, and its economic setting is usually included in which of the following sections of a financial statement analysis report? Multiple Choice O Executive summary. O Analysis overview. O Evidential conclusions O Factor analysis O Inferences
The background on company, its industry, and its economic setting is usually included in the analysis overview sections of financial statement analysis report.
What is a financial statement?Financial statements serve as formal records of a company's, an individual's, or another entity's financial activity and position. The organization and presentation of the necessary financial data are clear and comprehensible. These statements, in addition to the lengthy footnotes of the financial statements, may be complex for large corporations and contain a significant number of management discussion and analysis notes. Typically, the notes include further details for each line item on the cash flow statement, income statement, and balance sheet. The notes that go with financial statements are generally seen as being necessary. Financial statements for the individual may be required of those asking for financial aid or a personal loan. Which form must be filled out depends on who is giving you the loan or other assistance.
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Sampson's company recently was listed on the prestigious "World's Most Ethical Companies" list thanks to scoring very high in one of the top five criteria that Ethisphere ranks businesses by, the "Culture of Ethics." Based on this description, what does Sampson's company MOST likely excel at?
(1 point)
Making business deals with other businesses
Doing things within the company that have been developed through shared values and beliefs
Promoting unqualified employees to middle management roles
Giving back to the community through donations
Sampson's company most likely excel at doing things within the company that have been developed through shared values and beliefs.
Business ethics refers to the implementation of appropriate business policies and practice's in relation to potentially contentious issues. A discussion of ethics may include topics such as corporate governance, insider trading, bribery, discrimination, social responsibility, and fiduciary responsibilities.
Ethical businesses strive to minimize their negative impact on society or the environment. They may also attempt to have a positive impact on a specific cause - a business model known as a social enterprise.
According to Forbes, employees care about the ethics of the companies for which they work. If their company harmed the environment, 65% of employees would seriously consider leaving, and 83% would consider leaving if their employer used child labor in sweatshops. Working ethically can also provide a competitive advantage. According to a recent study, 87% of consumers would buy a product if the company advocated for an issue they cared about, while more than 75% would refuse to buy a product if the company supported an issue that contradicted their beliefs.
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what factors discussed above are relevant for a going concern assessment for making new friends
The question asks about factors that are discussed above that are relevant for a going concern assessment for the site Making New Friends.
Some issues include:
their decrease in revenue (negative trends)their lack of financing looking forward (financial difficulties)loss of client base (external matter)The auditor should evaluate whether there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time in the following manner:
The auditor takes into account whether conditions and events that, when taken into account collectively, indicate there may be significant doubt about the entity's ability to continue as a going concern for a reasonable period of time are revealed by the results of his procedures performed in planning, gathering evidence relevant to the various audit objectives, and concluding the audit.If the auditor has a good faith belief that there is substantial doubt regarding the entity's ability to continue as a going concern for a reasonable period of time, he or she should (1) learn about management's plans to lessen the impact of such circumstances or events, and (2) evaluate the likelihood that such plans can be successfully implemented.Learn more about an auditor here brainly.com/question/28457117
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suppose that a violent earthquake causes the uninhabited hawaiian island of mokuauia (also called goat island) to fall into the pacific ocean. no people are killed or injured, and since the island is undeveloped, no buildings are destroyed. the island was a source of tourist income for hawaiian landowners. which of the following statements correctly describes the rents earned by the people who own land on the surrounding islands?
As the stock of vacation land declines, the marginal product of labor of the remaining land rises, causing rents to rise.
What exactly do rents mean?
A fixed regular intervals return made to the owner by a renter or inmate of property for possession and use. A fixed sum paid by a renter to the landlord at regular intervals.
What is the significance of renting?
Renters, unlike homeowners, have no maintenance or repair costs, and they do not have to pay taxes. Homeowners must pay for the installation and upkeep of amenities that really are pretty much free for renters. Rising demand for housing, combined with dwindling supply, has resulted in higher prices.
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Which of the following examples is a positive Safety and Health Program reward?
A. Giving prizes to employees who make safety suggestions that are put into place
B. Creating production goals that are financially profitable
C. Highlighting employees with safety incidents during safety meetings
D. Holding team members responsible for each other's participation in safety
An example is a positive Safety and Health Program reward is Giving prizes to employees who make safety suggestions that are put into place. Thus the correct option is A.
What is the reward?The reward is a term used to describe something that is offered or given in exchange for a random act of kindness or ill suffered, or for a service or accomplishment. This compensation might be seen as recognition for the effort done.
Employee participation in the safety and health management system is recognized, acknowledged, and encouraged by positive incentive programs that promote or compensate people for submitting injuries.
Employers can use safety incentives like time off bonuses, extended break times, certificates of recognition, and more to entice staff to go above and beyond the minimum requirements.
Therefore, option A is appropriate.
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