be 2.3 discuss whether the changes described in each of the cases below require recognition in the cpa’s audit report as to consistency. (assume that the amounts are material.
Answers
a. The company changed its inventory method to FIFO from weighted average which had been used for prior years - Yes.
b. The company disposed of one of the two subsidiaries that had been included in consolidated statement for prior years. - No.
c. The estimated remaining useful life of plant property was reduced because of obsolescence. - No
How to illustrate the information?A Yes, it must be included in the CPA's report because the change in inventory valuation affects the company's profitability. Different approaches will produce varying returns. Additionally, a change in accounting principles necessitates disclosure.
B) Following the sale of a subsidiary, certain sums in the consolidated financial statements must be included and excluded, and the sale does not require reporting in the CPA's Report.
C. No need to report this as the constant process of analyzing the present state and potential future advantages and obligations associated to assets and liabilities includes changes in estimation as a natural and expected element of the process. As a result, this change in estimations doesn't need to be reported.
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Related Questions
URGENT
In which situation is a country most likely to choose a fixed exchange rate for its currency?
A. A country expects its currency to be more valuable than other countries’ currency.
B. A country is confident that its currency’s market value will remain steady over time.
C. A country that ants to encourage other countries to freely buy and sell its currency.
D. A country wants to make sure that it’s currency is stable in all economic situations.
Answers
Answer:
D. A country wants to make sure that its currency is stable in all economic situations.
Explanation:
In the given options, the situation where a country is most likely to choose a fixed exchange rate for its currency is:
D. A country wants to make sure that its currency is stable in all economic situations.
Choosing a fixed exchange rate allows a country to maintain stability in its currency value and minimize fluctuations. It provides certainty for trade and investment by ensuring that the exchange rate remains constant and predictable. This can be particularly advantageous for countries that want to promote economic stability and attract foreign investment.
List three things that you can do to ensure that you have set healthy boundaries between yourself and others at work.
Answers
Answer:
Limited negativity, Laughs, and non-heated arguments
Explanation: you need some negativity it gets boring when someone just constantly agrees with you, and you need arguments to see the other person field of view however they should be calm and well-thought out and not aggressive.
To calculate the number of montly payments required to pay off a loan or meet an investment goal, use the _______ function.
Answers
To calculate the number of monthly payments required to pay off a loan or meet an investment goal, use the nper function.
In finance, lending is the lending of money by one or more individuals, organizations, or other entities to other individuals and organizations, etc. The beneficiary incurs a debt and usually has to pay interest on that debt until that debt is also repaid. to repay the principal borrowed.
The promissory note will typically state, among other things, the principal amount of the loan, the interest rate charged by the lender, and the date of repayment. A loan involves reallocation of assets in question over a period of time, between the lender and the borrower.
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true or false: acceptance sampling is optimized at the point when an organization maximizes the total cost of inspections and the number of defectives reaching customers.
Answers
The given statement of customer is true.
What do you mean by customer?
A customer is the recipient of a good, service, product, or idea gained from a seller, vendor, or supplier through a financial exchange or transaction for money or some other valuable consideration. "By definition, consumers encompass us all," President John F. Kennedy stated to the United States Congress on March 15, 1962. This speech sparked the establishment of World Consumer Rights Day, which is today celebrated on March 15. A customer in an economy purchases goods or services for personal consumption rather than resale or business objectives.
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Question 6 of 10
Which of the following speeds will produce lowest miles per gallon?
A. 75 mph
B. 45 mph
C. 85 mph
D. 55 mph
Answers
place rock unit events in order.
3. (Note: The surface is not a layer. It is ground-level, complete with happy little trees.) \( \mathrm{A} 3 \) Homework \( - \) Unanswered Place the rock units events in order from oldest on bottom t
Answers
To place the rock unit events in order from oldest to youngest, we need to consider the principle of superposition, which states that in an undisturbed sequence of rock layers.
1. Homework: This event is the most recent one as it is mentioned last in the given list.2. A3: This event is mentioned before Homework, suggesting that it occurred earlier than Homework.3. Unanswered: This event is mentioned before A3, indicating that it happened before A3.Therefore, the correct order from oldest to youngest is: Unanswered → A3 → Homework.we need to consider the principle of superposition, which states that in an undisturbed sequence of rock layers, the youngest rocks are on top, while the oldest rocks are at the bottom.
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Which of the following is most likely to be true if prices reflect all information efficiently, including private information?
A) the market is semi-strong form efficient B) one can earn extraordinary returns on a routine basis C) stock investments are positive net present value projects over the long-term D) one can find arbitrage opportunities on a routine basis E) stock price changes are unpredictable by public information
Answers
If prices reflect all information efficiently, including private information, the most likely answer is the market is semi-strong form efficient. In semi-strong form efficiency, stock prices reflect all publicly available information as well as all private information known to market participants. The correct option is A.
This means that all relevant information, whether it is publicly disclosed or privately held, is fully and immediately reflected in the stock prices. As a result, investors cannot consistently earn extraordinary returns on a routine basis (B), as the market efficiently incorporates all available information.
Furthermore, if stock prices reflect all information efficiently, stock investments would not necessarily be positive net present value projects over the long-term (C), as prices already account for all relevant information.
Additionally, if the market is efficient, it would be difficult to find arbitrage opportunities on a routine basis (D), as any mispricings due to information asymmetry would be swiftly corrected.
Lastly, if prices reflect all information efficiently, stock price changes would not be unpredictable by public information (E), as all relevant information is already incorporated into prices.The correct option is A.
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Use Excel to produce an Economic Feasibility Analysis for a 5 years project. Assume the discount rate is 10%. The annual benefit is $50000 (except the establish year). There is one time cost of $100000 and the annual cost is $15000 for the rest of the years. Find the break even point and return on investment.
Answers
The break-even point for the project is at the end of the second year, and the return on investment (ROI) is approximately 29.75%.
How do you calculate the break-even point for the project?To calculate the break-even point, we need to determine the point at which the total cumulative benefits equal the total cumulative costs. In this case, the one-time cost is $100,000, and the annual cost is $15,000 for each of the 5 years. The annual benefit is $50,000 for each year (except the establishment year).
To find the break-even point, we calculate the cumulative benefits and cumulative costs for each year. The cumulative benefits increase by $50,000 each year, and the cumulative costs increase by $15,000 each year after the first year. By comparing the cumulative benefits and cumulative costs, we can identify the year when they become equal.
The calculation can be done using Excel by setting up a table with columns for the years, cumulative benefits, and cumulative costs. We incrementally add the annual benefit and annual cost to their respective cumulative columns and find the year where the cumulative benefits match or exceed the cumulative costs.
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model shouldice hospital as a processing operation with products, attributes, and resources. 2- what are shouldice's competitive priorities? 3- what kind of market have they chosen to focus on? 4- how do their operations strategy support their business strategy?
Answers
Shouldice Hospital can be modeled as a processing operation in the healthcare industry. It provides surgical services for patients with hernias.
Products: The main product of Shouldice Hospital is hernia repair surgery.
Attributes: Shouldice Hospital focuses on providing high-quality, specialized care to its patients. It has a unique approach called the Shouldice Method, which involves a natural tissue repair technique, a supportive environment, and a comprehensive follow-up program.
Resources: The hospital utilizes a combination of skilled surgeons, trained nursing staff, specialized facilities, and medical equipment to carry out its operations effectively.
Shouldice's competitive priorities include:
High-quality care: Shouldice Hospital emphasizes the quality of its surgical services, ensuring that patients receive effective and long-lasting hernia repairs.
Specialization: The hospital focuses solely on hernia surgeries, allowing them to develop expertise and provide specialized care.
Patient experience: Shouldice Hospital creates a supportive and comfortable environment for patients, providing a pleasant experience during their stay.
. Shouldice has chosen to focus on a niche market of patients requiring hernia repair surgeries. By specializing in this specific area, Shouldice has been able to develop a reputation for excellence and attract patients seeking specialized care for hernias.
The operations strategy of Shouldice Hospital supports its business strategy in several ways:
Efficient processes: Shouldice has designed its operations to maximize efficiency and minimize waiting times for patients, allowing them to perform a large number of surgeries each week.
Comprehensive follow-up program: Shouldice Hospital provides a post-surgery follow-up program to ensure the long-term success of the hernia repairs. This aligns with their business strategy of providing high-quality care and achieving positive patient outcomes.
Customer-centric approach: Shouldice Hospital's focus on creating a positive patient experience aligns with their business strategy of attracting and retaining satisfied customers.
Shouldice Hospital operates as a specialized processing operation in the healthcare industry, focusing on hernia repair surgeries. Their competitive priorities include high-quality care, specialization, and a positive patient experience. They have chosen to focus on the niche market of hernia patients. The operations strategy of Shouldice Hospital supports their business strategy through efficient processes, a comprehensive follow-up program, and a customer-centric approach.
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What determines the value of an item? (Edg.)
Answers
Answer:
the amount of goods that are produced. -the capital required to build the factory. -the unlimited wants of the consumers. -the resources consumed in production.
The basic urban model we studied assumed a fixed population, agricultural land, and no inter-city migration. According to the model what happens to each of these measures if agricultural land rents were to increase? （Give the answer and explain why）
a. Dwelling size
b. Land price per acre
c. Building height
d. Commuting cost per mile
e. $ per sq ft of floor space
f. Total rent
g. Disposable income
h. Population density
Answers
If the agricultural land rents were to increase, the following measures would be affected in the urban model:
a. Dwelling size: The size of the dwelling decreases
b. Land price per acre: It increases
c. Building height: It increases
d. Commuting cost per mile: It increases
e. $ per sq ft of floor space: It increases
f. Total rent: It increases
g. Disposable income: It decreases
h. Population density: It increases
When the agricultural land rent increases, the price of land also increases. Therefore, the price of land per dwelling unit increases. Thus, the size of the dwelling decreases to keep the cost of land per dwelling unit affordable. When the agricultural land rent increases, the price of land also increases.
So, it can be assumed that there is a positive relationship between land rent and land price per acre. The higher the building, the higher the number of units that can be accommodated. As the price of land increases, the cost of land per dwelling unit also increases. Thus, there is a motivation for builders to build higher buildings to increase the number of dwelling units per land area. Commuting cost per mile increases because there is a larger incentive for people to migrate from the city and this results in increased commuting costs.
The cost per square foot of floor space increases because the land rent increase directly affects the cost of building construction, resulting in an increase in the cost per square foot of floor space. Total rent increases due to the increase in the cost per dwelling unit, due to the increase in the land price per acre. Disposable income decreases due to the increase in the cost of living, due to the increase in the total rent, and the increase in the commuting cost per mile.
Therefore, Population density increases as there is a greater incentive for people to migrate to the city when there is an increase in land rents.
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Outline why it is important for a business owner to respond to technological and global issues when establishing a business?
Answers
Technology enables an increase in the efficiency of systems, products, and services. It helps track and streamline strategies, hold records go with the flow, and control contacts and employee records.
In reality, this expanded efficiency in operation enables lessened costs as well as allows the commercial enterprise to develop swiftly.
Technology has vital consequences on commercial enterprise operations. Irrespective of the scale of your business enterprise, technology has both tangible and intangible advantages that will help you make money and produce the results your customers demand. Technological infrastructure affects the subculture, performance, and relationships of a business.
The use of technology has made commercial enterprises and clients closer in many areas. E-mail and Social Media are getting used for answering queries related to products and services with clients. Giving customers all feasible methods to contact the agency is simple with the latest technology and packages over the internet.
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What is the difference between money and cash under a commodity-based bank money system without central banking.
Answers
Answer:
Money and cash have distinct characteristics in a commodity-based bank money system without central banking.
Explanation:
1. Money: In a commodity-based bank money system, money refers to a broader concept that includes various forms of value exchange. It represents a medium of exchange, a unit of account, and a store of value. Money can take the form of physical commodities such as gold, silver, or other valuable resources that have intrinsic worth.
2. Cash: Cash, on the other hand, specifically refers to physical currency in the form of coins and paper bills. It represents a tangible representation of money that people can use for transactions. Cash is a widely accepted and convenient means of exchange in day-to-day transactions.
Money is a term that covers a broad range of assets that have intrinsic value, whereas cash specifically refers to physical currency. It's important to note that money can take various forms apart from cash, including digital representations and certificates that can be exchanged for goods and services. In a commodity-based banking system, people can use different types of money, including non-physical assets like gold, for transactions and as a way to preserve their wealth.
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Why would the stock exchange insitst that all listed compaines abide by a strict code of rules and procedures
Answers
In order to maintain the integrity of the stock market and protect investors, stock exchanges typically require all listed companies to abide by a strict code of rules and procedures.
The stock exchange is a marketplace where publicly traded companies can raise capital by selling shares of their stock to investors. One key reason for this is to ensure transparency and accountability.
Companies that are listed on a stock exchange are required to disclose certain financial information and adhere to strict accounting standards, which helps to provide investors with a clear picture of the company's financial health and performance.
Another reason for these rules and procedures is to prevent insider trading and other forms of market manipulation. By requiring all listed companies to follow the same set of rules and procedures, the stock exchange can help to ensure a level playing field for all investors.
Finally, these rules and procedures help to maintain investor confidence in the stock market. By ensuring that all listed companies are held to the same high standards, the stock exchange can help to prevent fraudulent activity and other forms of misconduct that could undermine investor confidence and lead to a loss of trust in the market.
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TRUE OR FALSE when the u.s. dollar appreciates in value, the united states will export fewer goods, ceteris startstrue or false
Answers
True. When the U.S. dollar appreciates in value, the United States will typically export fewer goods, ceteris paribus.
The value of a country's currency, such as the U.S. dollar, in relation to other currencies is determined by various factors including supply and demand dynamics, interest rates, inflation rates, and market expectations. When the U.S. dollar strengthens or appreciates, it means that it can buy more of other currencies. This appreciation can have several implications for the export sector:
Price Competitiveness: A stronger U.S. dollar makes U.S. goods relatively more expensive for foreign buyers. As the price of U.S. exports increases in foreign currency terms, it can make them less competitive compared to goods produced in countries with weaker currencies. This can lead to a decline in demand for U.S. exports.
Profit Margins: Exporters' profit margins can be negatively impacted by a stronger dollar. If the costs of production and domestic expenses are denominated in the local currency, but the revenue from exports is received in foreign currency, a stronger dollar can reduce the profitability of exports.
Exchange Rate Pass-through: Changes in exchange rates can take time to fully pass through to export volumes. Contracts and pricing arrangements often have a lag, meaning that the full impact of a stronger dollar may not be immediately reflected in reduced export quantities. However, over time, exporters may adjust their pricing and production decisions to align with the new exchange rate reality.
Substitution Effects: A stronger dollar can incentivize consumers and businesses in the United States to purchase more imported goods as they become relatively cheaper. This increased domestic demand for imports can further contribute to a decrease in export volumes.
It is important to note that other factors also influence export volumes, such as global economic conditions, trade policies, competitiveness of industries, and the demand for specific products. Additionally, while a stronger dollar generally leads to a decline in export quantities, there are instances where certain industries or sectors may be less affected or even benefit from exchange rate movements.
In summary, when the U.S. dollar appreciates in value, the United States will typically export fewer goods, ceteris paribus, due to reduced price competitiveness and other related factors. However, it is essential to consider the broader economic context and specific industry dynamics to fully understand the impact on export volumes.
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Benny surveyed a group of individuals from diverse backgrounds regarding his company's latest advertisement. He found that the part that most of the individuals remembered about the advertisement was the joke. Which feature of advertisements have the individuals in bennys survey group depicted ?
Answers
Answer:
B). Ad recall
Explanation:
The 'ad recall' feature of the advertisement is being displayed in Benny's survey group as it aims to evaluate the number of people who remembered the latest advertisement of his company within the two days of the display. The survey primarily aims to check how memorable was their advertisement to the people to check if the advertisement was effective enough and able to create desired impact or not. Thus, option B is the correct answer.
Answer:
B. ad recall
Explanation:
For all Plato users
Grace Viera has the following cost schedule for her, ahem, "new business" venture:
October: 1,000 units produced at a cost of $101,600
Cost Detail
Material, $42,000-variable cost
Direct Labor, $15,000-variable cost
Depreciation, $8,000-fixed
Phone, $200-fixed
Other utilities, $4,000-20% fixed
Supervisory Salaries, $20,000-80% fixed
Equipment Repair, $6,000-10% fixed
Indirect Materials, $400-Variable
Factory Maintenance, $6,000-90 fixed
Estimated fixed cost per month and variable costs per unit produced.
Based on your answers to #1, what is your estimated of the incremental cost of producing 200 units?
Answers
The incremental cost of producing 200 more units is $17,600.
The fixed cost and variable cost per unit of producing October's 1,000 units of product are as follows:
October's Fixed Costs Material: $42,000
Direct labor: $15,000
Depreciation: $8,000
Phone: $200
Other utilities: $4,000 * 0.20 = $800
Supervisory Salaries: $20,000 * 0.80 = $16,000
Equipment Repair: $6,000 * 0.10 = $600
Indirect Materials: $400
Factory Maintenance: $6,000 * 0.90 = $5,400
Total fixed costs = $88,000
October's Variable Costs Material: 1000 * $42 = $42,000
Direct labor: 1000 * $15 = $15,000
Total variable costs = $57,000
The total cost to produce 1,000 units of product in October would be $88,000 + $57,000 = $145,000.To determine the incremental cost of producing 200 more units,
we need to calculate the total fixed cost and variable cost for the 200 units and then add it to the total cost of the 1,000 units.200 units' variable cost: $42 + $15 = $57 per unit 200 units' fixed cost: $800 + $5,400 = $6,200
Total variable cost for 200 units: 200 * $57 = $11,400 Total fixed cost for 200 units: $6,200 Total incremental cost for 200 units: $11,400 + $6,200 = $17,600.
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Kevin has entered data into seven columns in an Excel spreadsheet, but realizes he cannot read all the information in the third column. Kevin wants his columns to have a uniform appearance. What should he do?
a
Click on the right boundary line of the third column and drag it to a set size.
b
Double click on the right boundary of the third column.
c
Select all the columns, click on the third column boundary and drag to the desired width.
d
CLick on the Format tab and set the column width.
Answers
Answer:
You're working in a table that has three columns and five rows. Since the first row will be a header row, you want it to span all three columns. What formatting feature should you use?
How do premium, copay, coinsurance, deductible, and out-of-pocket maximum all work together in the world of health insurance?
Answers
You pay any remaining deductible plus the coinsurance payment percentage. For example, let's say your coinsurance is 20 percent, meaning you're responsible for paying 20 percent of any doctor's bill. ... Once your out-of-pocket maximum has been met the plan pays 100 percent for covered in-network services
1. Give the three (3)
business resources
Answers
Answer:
Financial Resources
Human Resources
Educational Resources
Explanation:
Which of the following statements is true?
Answers
Answer:
True
Explanation:
Zach is taking a survey that contains questions about his future plans. Which question would most likely be on the survey?
A. What educational, career, and financial goals will you have accomplished?
B. What values, beliefs, or principles are most important to you?
C. What issues or causes do you care about?
D. What activities have you never done before but want to try?
Answers
The correct answer is "What educational, career, and financial goals will you have accomplished?"
Option A would probably be asked on the survey because it directly relates to Zach's future objectives for his profession, finances, and schooling. Zach's long-term goals and ambitions must be understood in order to find chances for both personal and professional development.
Although options B, C, and D are equally significant, Zach's values, interests, and hobbies are more the focus of these choices. These inquiries might appear in a different kind of survey, like a personality test or a market research questionnaire, but they are unrelated to future planning.
For a survey designed to learn more about Zach's future plans, hopes, and goals, Option A is a pertinent and fitting question.
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Gilmore Golf, Inc is considering producing and selling a new line of golf clubs. The clubs will sell for $690 per set and have a variable cost of $255 per set. The company has spent $250,000 for a marketing study that determined the company will sell 5,000 sets per year for 20 years. The marketing study also determined that the company will lose sales of 2,000 sets per year of its high-priced clubs, which currently sell for $1000 per set and have variable costs of $475. The fixed costs each year will be $150,000. The project will require a net working capital balance equal to 12% of sales of the new clubs, to be fully recouped at the end of the project. This must be put into the project NWC before the project begins. The plant and equipment required will cost $3,500,000 and will be depreciated on a straight-line basis to zero over the lifetime of the project. The company estimates it will be able to sell the plant and equipment in twenty years for 4% of its purchase price. The tax rate is 40% and the required return on the project is 14%. Find the NPV.
$838,150.51
$460,385.85
$424,150.51
-$524,125.55
Answers
After performing these calculations, the NPV is approximately $460,385.85. Therefore, the correct answer is $460,385.85.
To calculate the Net Present Value (NPV) of the project, we need to calculate the present value of all cash flows associated with the project and subtract the initial investment.
Step 1: Calculate the cash inflows:
- Sales of new clubs: 5,000 sets per year * $690 per set = $3,450,000 per year
- Cost savings from lost sales of high-priced clubs: 2,000 sets per year * ($1,000 - $475) = $1,050,000 per year
- Salvage value of plant and equipment: $3,500,000 * 4% = $140,000 in year 20
Step 2: Calculate the cash outflows:
- Variable costs: 5,000 sets per year * $255 per set = $1,275,000 per year
- Fixed costs: $150,000 per year
Step 3: Calculate the depreciation expense:
- Depreciation expense = Plant and equipment cost / Project lifetime
- Depreciation expense = $3,500,000 / 20 years = $175,000 per year
Step 4: Calculate the net cash flows for each year:
Year 0: Initial investment = Plant and equipment cost + Marketing study cost + NWC
Year 0: -$3,500,000 - $250,000 + (0.12 * $3,450,000) = -$504,000
Years 1-19: Net cash flow = Cash inflows - Variable costs - Fixed costs - Depreciation expense - Tax on salvage value
Years 1-19: $3,450,000 - $1,275,000 - $150,000 - $175,000 - ($140,000 * 0.4) = $1,485,000
Year 20: Net cash flow = Cash inflows - Variable costs - Fixed costs - Depreciation expense + Salvage value - Tax on salvage value
Year 20: $3,450,000 - $1,275,000 - $150,000 - $175,000 + $140,000 - ($140,000 * 0.4) = $1,245,000
Step 5: Calculate the present value of each net cash flow:
Using a required return of 14%, we discount each cash flow to its present value.
Step 6: Calculate the NPV by summing all the present values of net cash flows and subtracting the initial investment:
NPV = Present value of net cash flows - Initial investment
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The world of global logistics can be rather complex. As a result, companies sometimes need assistance in moving their products around the world. Suppose ford, an american company, manufactured cars in the usa but was going to send them to italy. What type of logistics intermediary is instrumental in helping ford create a logistics plan to get their cars out of the united states?.
Answers
The type of logistics intermediary that will be instrumental in helping Ford to create a logistics plan to get their cars out of the United States into Italy is E. Freight Forwarder.
Who is a Freight Forwarder?A freight forwarder is a company that acts on behalf of importers, exporters, or other companies to ensure the safe, efficient, and cost-effective movement of goods, especially outside the exporter's country.
The logistics intermediary that will create a logistics plan for Ford is not a Longshoreman, Dispatcher, Customs house broker, FTZ, Customs agent, or Incoterm.
Answer Options:A. Longshoreman
B. Dispatcher
C. Customs house broker
D. FTZ
E. Freight Forwarder
F. Customs agent
G. Incoterm
Thus, the type of logistics intermediary that will be instrumental in helping Ford to create a logistics plan to get their cars out of the United States into Italy is E. Freight Forwarder.
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What does a computer forensic specialist do?
Design home security systems
Design large security systems for businesses
Work in network and computer security
Hack into computer systems
Answers
Answer:
a computer forensics specialist is an information technology professional who collects and analyzes data from computers and electronic media to be used as legal evidence in criminal investigations.
Explanation:
3rd sentence
A type of investment that gives a person a share of ownership in a company
is a
A. savings account
O B. bond
O c. stock
O D. hedge fund
Answers
A type of investment that gives a person a share of ownership in a company is a stock. Thus, option (c) is correct.
What is a stock?A stock is a type of investment that gives a person a share of ownership in a company. When a person buys a stock, they become a partial owner of the company and are entitled to a portion of the company's profits.
Stocks are traded on the stock market, and their prices can fluctuate depending on a variety of factors, such as the company's performance, investor sentiment, and overall market conditions. Stocks are important because they provide investors with the potential to earn returns on their investments, and they provide companies with capital to fund their operations and growth.
Therefore, it can be concluded that a type of investment that gives a person a share of ownership in a company is a stock. Hence, option (c) is correct.
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If the internal transfer price charged by global-a is changed from cost plus 20 percent to cost plus 40 percent, what will be the implications for subsidiary global-b?
Answers
The specific context and circumstances surrounding the change in internal transfer price, among other things, will determine the repercussions for subsidiary Global-B.
Cost increases: Global-B will be required to pay a higher price for the goods or services provided by Global-A if the internal transfer price charged by Global-A to Global-B is raised from cost plus 20% to cost plus 40%, which could have an effect on Global-B's profitability.Benefit Effect: Global-B's profitability may suffer as a result of higher costs brought on by the increased internal transfer price. Unless it is able to pass on the increased costs to its customers by raising prices, it may experience lower profit margins on the goods or services it sells.Disadvantage in the marketplace: If Global-B operates in a competitive market, the higher internal transfer price may disadvantage it in comparison to rivals with lower internal transfer prices or lower production costs within their own organization. Global-B's ability to compete effectively in the market may suffer as a result of this.Decision-Making: The evaluation of the profitability of various product lines, investments, or projects within Global-B may be affected by the change in internal transfer price, which could result in a shift in resource allocation or strategic decisions.Aspects of Taxation and Regulation: Global-B may have to pay taxes if the internal transfer price is changed, especially if it operates in different countries with different tax laws. Charge specialists might examine the exchange valuing game plans to guarantee they line up with a careful distance standards and forestall potential duty evasion.Learn more about transfer price:
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Test your understanding 1. Whabi & Company's financial year ends on 31 December. They act as agent for another business and receive a commission on goods sold. The following information is provided: 20-6 Jan 1 Commission, $94, was owing to Whabi & Company Dec 31 Commission, $1350, was received Commission, $76, was owing to Whabi & Company 20-7 Dec 31 Commission, $1480, was received For each of the years ended 31 December 20-6 and 31 December 20-7 state: (a) the amount shown for commission received in the income statement (b) the amount (if any) shown for commission received in the balance sheet, indicating whether it is a current asset or a current liability
Answers
(a) For the year ended December 31, 20-6, the amount shown for commission received in the income statement is $94.
For the year ended December 31, 20-7, the amount shown for commission received in the income statement is $1480.
(b) For the year ended December 31, 20-6, the amount shown for commission received in the balance sheet is $76, which is a current liability.
For the year ended December 31, 20-7, the amount shown for commission received in the balance sheet is $0, as the commission received of $1480 would have been recorded in the income statement for that year.
How did we get the values?The amounts in the income statement and balance sheet are recorded based on the accrual accounting method. This means that revenue is recognized in the income statement when it is earned, regardless of when it is received, and liabilities are recognized when they are incurred, regardless of when they are paid.
In this case, the commission of $94 that was owing to Whabi & Company as of January 1, 20-6, was earned and recognized as revenue in the income statement for that year. The commission of $1350 received on December 31, 20-6, would have been recorded as a cash inflow in the cash flow statement, but not in the income statement as it was received after the end of the financial year.
For the year ended December 31, 20-7, the commission of $1480 received was recognized as revenue in the income statement for that year, and the commission of $76 that was owing to Whabi & Company was recorded as a current liability in the balance sheet, as it was incurred but not yet paid.
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The Hickory Company manufactures wooden desks. Management schedules overtime every weekend to reduce the backlog on the most popular models. The automatic routing machine is used to cut certain types of edges on the desktops. The following orders need to be scheduled for the routing machine:
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InIn order to schedule the orders for the routing machine, it is necessary to identify the types of edges that need to be cut on the desktops. The problem does not specify the types of edges required for each order, so this information cannot be provided without additional data.What is a routing machine?A routing machine is a tool that cuts wood using a rotating cutting tool. This type of machine is used for cutting decorative shapes into wooden furniture and other items. The Hickory Company utilizes an automatic routing machine to cut certain types of edges on the desktops.How to schedule orders for a routing machine?To schedule orders for a routing machine, follow these steps:Step 1: Identify the types of edges that need to be cut for each order.Step 2: Determine the total time required for the routing machine to cut the edges for each order.Step 3: Prioritize the orders based on the total time required and the due date for each order.Step 4: Assign the orders to available time slots on the routing machine based on their priority.This will help the company to maximize the efficiency of the routing machine and reduce the backlog of orders on the most popular models.
Calculate the appropriate base stock level if kabs is to meet their stockout probability requirement
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By considering demand and lead time variability, as well as service level requirements, KABS can determine an appropriate base stock level.
The appropriate base stock level for KABS can be calculated using the formula: Base Stock Level = Safety Stock + (Lead Time Demand x Service Level).
To determine the safety stock, KABS should consider factors such as demand variability, lead time variability, and service level. A common approach is to use the square root of the lead time demand variance multiplied by a Z-score that corresponds to the desired service level.
For example, if KABS wants a service level of 95% and the lead time demand variance is 100 units, the Z-score would be 1.64 (obtained from a standard normal distribution table). If the lead time demand is 50 units, the safety stock would be 82 units (square root of 100 x 1.64).
Adding the safety stock to the lead time demand gives the base stock level. So, if KABS has a lead time demand of 50 units and a safety stock of 82 units, the base stock level would be 132 units.
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