10). FIFO does not usually give a lower taxable income in a period of rising purchase costs. 11). The market value is used in the lower of cost or market method. 12). Adjustments must be made after preparing a bank reconciliation. 13). Deposits in transit are deposits made but not yet recorded on the bank statement. 14). The matching principle does not specifically require the use of the allowance method for bad debts. 15). The interest to be paid at maturity is calculated based on the principal amount, interest rate, and time period.
10.) The given statement " In a period of rising purchase costs,FIFO usually gives a lower taxable income and 2 therefore,yields a tax advantage" is false because FIFO assumes that the oldest inventory is sold first, resulting in lower cost of goods sold and higher ending inventory value, which leads to higher taxable income.
11.) The given statement " In applying the lower of cost or market method to inventory valuation,market is defined as the current replacement cost " is true because When applying the lower of cost or market (LCM) method to inventory valuation, "market" is defined as the current replacement cost.
12.) The given statement "After preparing a bank reconciliation, adjustments must be made for items reconciling the bank balance and items reconciling the book balance." is true because this ensures that the bank and book balances are in agreement and any differences are properly accounted for.
13.) The given statement "Deposits in transit are deposits made and recorded by the depositor but not yet recorded on the bank statement" is true because Deposits in transit are deposits made and recorded by the depositor but not yet recorded on the bank statement.
14.) The given statement " The expense recognition (matching principle requires use of the allowance method of accounting for bad debts. " is false because the matching principle states that expenses should be recognized in the same period as the revenues they help generate, but the specific method for recognizing bad debt expense may vary depending on the company's accounting policies.
15.) The given statement " A company borrowed $10,000 by signing a six-month promissory note at 5% interest.The amount of interest to be paid at maturity is S25 is False because The amount of interest to be paid at maturity would not be $25. To calculate the interest, you would multiply the principal amount of $10,000 by the interest rate of 5% and the time period of six months. The interest to be paid at maturity would be $250, not $25.
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Read the statements below. If the statement describes an appropriate use of e-mail select A. If the statement describes an inappropriate use of e-mail, select I.
A—Appropriate
I—Inappropriate
__ Courtney sent her expense report to her supervisor in an attachment.
__ George forwarded a chain letter asking for support for a local charity.
__ Fin sent a brief message to his friend about tonight's plans.
__ Sheila denied receiving an e-mail asking her to write a report.
__ Tori scheduled a meeting with her co-worker.
Answer:
I and A
Explanation:
Courtney sent her expense report to her supervisor in an attachment -- A,George forwarded a chain letter asking for support for a local charity. -- I.Fin sent a brief message to his friend about tonight's plans. -- I.Sheila denied receiving an e-mail asking her to write a report. -- I.Tori scheduled a meeting with her co-worker. -- AHow often must a time-share project submit the performance report of an exchange program to the division?
A) semi-annually
B) quarterly
C) annually
D) biannually
A time-share project is required to submit the performance report of an exchange program to the division C) annually.
The division overseeing time-share projects requires an annual submission of the performance report for the exchange program. This report provides information about the performance and effectiveness of the exchange program within the time-share project. By requiring an annual submission, the division can monitor the program's compliance with regulations and ensure that consumers are receiving the benefits promised by the exchange program.
It also allows the division to assess the program's overall performance and make any necessary adjustments or improvements. The annual submission requirement helps maintain transparency and accountability within the time-share industry.
Option C is answer.
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"Emergency contact must be someone other than the primary parent/guardian.", who should an emergency contact be?
Answer:
Emergency contacts must be someone other than a parent/guardian. If you submit a change in ParentVUE to add yourself or the child’s other parent/guardian as an emergency contact, it will be denied by school staff. Schools will always attempt to contact the parents/guardians first and will call emergency contacts only when parents/guardians are not available
Answer:
Emergency contact has to be someone other than your parents/guardians. You/your guardians should choose someone as emergency contact whom you can trust and is responsible. When your guardians will not be available, then the school stuff will contact the emergency contact. Emergency contact can't be you.
what two tasks are included in developing findings as part of the marketing research approach? multiple select question. evaluating decisions presenting findings implementing recommended actions analyzing data
Developing findings as part of the marketing research approach includes two tasks: analyzing data and presenting findings.
The first task involved in developing findings is analyzing data. This involves collecting and organizing data obtained from the research process. The data is then analyzed using various statistical methods to identify patterns, trends, and relationships. By doing so, the researcher can gain insight into the research problem and formulate conclusions.
The second task is presenting findings. This involves communicating the results of the analysis to the relevant stakeholders in a clear and concise manner. The presentation should be tailored to the audience and may include visual aids such as charts or graphs.
The purpose of presenting findings is to convey the information obtained from the analysis to those who will make decisions based on the research.
It is worth noting that developing findings is only one part of the marketing research process. Once findings have been presented, decisions must be evaluated, recommended actions implemented, and the impact of these actions must be monitored. However, analyzing data and presenting findings are crucial steps in the process of conducting effective marketing research.
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Employees who are paid a set annual wage regardless of the number of hours worked or the amount of work completed are paid on a(n) _____ basis
Answer:
Employees who are paid a set annual wage regardless of the number of hours worked or the amount of work completed are paid on a SALARY basis. Salary system of compensation is often based on qualifications, seniority, experience and the degree of difficulty of the job that the staff is executing.
according to the latest data, about 5% of smartphones are lost each year. true or false
The most recent statistics show that 5% of smartphones are lost annually. This statement is false.
According to the latest data, the statement that about 5% of smartphones are lost each year is not accurate. The actual percentage of smartphones lost each year varies depending on the source and methodology used to collect the data. However, the figure of 5% is higher than what is typically reported.
Several studies and surveys conducted in recent years have provided insights into smartphone loss rates. For example, a study conducted by Lookout Mobile Security in 2018 found that the loss rate for smartphones was around 4% globally. Another survey conducted by Pew Research Center in 2019 reported that 7% of respondents had lost their smartphones within the previous year.
It's important to note that smartphone loss rates can vary based on factors such as geographic location, individual behavior, and user demographics. Additionally, advancements in smartphone security features, such as biometric authentication and remote tracking, have contributed to a decrease in the overall loss rate over time.
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According to the Kano model, which of the following features in a refrigerator is most likely to fall under the category of a delighter?a.Temperature controlsb.A defrost option to clear icec.A unique anti-freeze feature that prevents the freezing of food inside the refrigeratord.A separate section for vegetables inside the refrigerator
A refrigerator's separate section for vegetables inside the refrigerator, per the Kano model, is most likely to be classified as a delighter.
A method for prioritizing features on a product roadmap based on how much they are likely to satisfy customers is called the Kano Model (pronounced "Kah-no"). Product teams can assess whether or not adding a highly-rated product to the roadmap is a wise strategic move by refrigerator comparing it to the costs associated with implementing it.
One of the various models for prioritizing activities that are available to assist product teams is the Kano Model. For instance, Kano can assist refrigerator teams in deciding which features will please and even excite customers. By categorizing prospective new features, product managers frequently Kano model utilize the Kano Model to prioritize them. These feature categories can range from those that might leave customers unsatisfied to those that are more likely to do so or even thrill them.
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Suppose that your organization is deciding which of four projects to bid on, as summarized in the table below. Assume that all up-front investments are not recovered, so they are shown as negative profits. Calculate the EMV for each project. Select a risk preference (risk-averse, risk-neutral, or risk-seeking) and use it (along with the EMV) to explain which projects you would bid on and why.
The Expected Monetary Value (EMV) is a way to calculate the potential profitability of a project by considering the probabilities of different outcomes and their corresponding monetary values.
To calculate the EMV for each project, you need to multiply the probability of each outcome by its respective monetary value and then sum them up.
Let's consider the four projects mentioned in the table. For each project, we need to calculate the EMV using the provided probabilities and monetary values.
Project A:
- Probability of success: 0.3
- Monetary value of success: $100,000
- Probability of failure: 0.7
- Monetary value of failure: -$10,000
EMV for Project A = (0.3 * $100,000) + (0.7 * -$10,000) = $30,000 - $7,000 = $23,000
Similarly, calculate the EMV for Projects B, C, and D using the given information.
Project B:
- Probability of success: 0.4
- Monetary value of success: $150,000
- Probability of failure: 0.6
- Monetary value of failure: -$20,000
EMV for Project B = (0.4 * $150,000) + (0.6 * -$20,000) = $60,000 - $12,000 = $48,000
Project C:
- Probability of success: 0.6
- Monetary value of success: $50,000
- Probability of failure: 0.4
- Monetary value of failure: -$5,000
EMV for Project C = (0.6 * $50,000) + (0.4 * -$5,000) = $30,000 - $2,000 = $28,000
Project D:
- Probability of success: 0.5
- Monetary value of success: $75,000
- Probability of failure: 0.5
- Monetary value of failure: -$15,000
EMV for Project D = (0.5 * $75,000) + (0.5 * -$15,000) = $37,500 - $7,500 = $30,000
Now that we have calculated the EMV for each project, let's consider the risk preferences - risk-averse, risk-neutral, and risk-seeking - and determine which projects to bid on and why.
1. Risk-averse: A risk-averse decision-maker prefers to minimize risk and is more concerned about potential losses than gains. In this case, they would choose the project with the highest EMV, as it represents the most favorable outcome.
2. Risk-neutral: A risk-neutral decision-maker is indifferent to risk and only considers the expected monetary value. They are not concerned about potential gains or losses and simply choose the project with the highest EMV.
3. Risk-seeking: A risk-seeking decision-maker is willing to take on higher risks to potentially gain higher rewards. They would choose a project with a higher probability of a favorable outcome, even if the EMV is lower.
Based on the EMV calculations, the projects with the highest EMV are Project B ($48,000) and Project D ($30,000).
If the decision-maker is risk-averse, they would bid on Project B as it has the highest EMV.
If the decision-maker is risk-neutral, they would also bid on Project B as it has the highest EMV.
If the decision-maker is risk-seeking, they would bid on Project A because it has a higher probability of success (0.3) compared to Project D (0.5), even though the EMV of Project A is lower than Project B.
It's important to note that the decision ultimately depends on the decision-maker's risk preference and their evaluation of the projects' probabilities and monetary values.
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Assessment Methods for the Job of Human Resources Director
to balancing their cost, reliability/validity evidence, applicant reactions, projected utility,and potential disparate impact.
Nairduwel, Inoalot, and Imslo (NII) is a law firm specializing in business law. Among other areas, it deals in equal employment opportunity law, business litiga-tion, and workplace torts. The firm has more than 50 partners and approximately 120 employees. It does business in three states and has law offices in two major metropolitan areas. The firm has no federal contracts.NII plans to expand into two additional states, opening offices in two major metropolitan areas. One of the primary challenges accompanying this ambitious expansion plan is how to staff the new offices. Accordingly, the firm wishes to hire an HR director to oversee employee recruitment, selection, training, performance appraisal, and compensation activities accompanying the business expansion, as well as supervise the HR activities in the existing NII offices. The newly created job description for the HR director is listed in the accompanying exhibit.The firm wishes to design and then use a selection system for assessing candidates that will achieve two objectives: (1) create a valid and useful system that will do a good job of matching candidate KSAOs to job requirements, and (2) be in compliance with all relevant federal and state employment laws.The firm is considering numerous se lection techniques for possible use. For each method listed below, decide whether you would or would not use it in the se lection process and state why.
1. A job knowledge test specifically designed for HR professionals that focuses on a candidate’s general knowledge of HR management
2. A medical examination and drug test at the beginning of the selection process
in order to determine whether candidates can cope with the high level of stress
and frequent travel requirements of the job and to ensure they are drug- free
3. An overt integrity test
4. An online management simulation
5. A structured behavioral interview that would be specially designed for use in
filling only this job
6. An emotional intelligence situational judgment test
7. A general cognitive ability test
8. A vocational interest inventory
9. A personality test
10. A set of interview questions that the firm typically uses for filling any position:
a. Tell me about a problem you solved on a previous job.
b. Do you have any physical impairments that would make it difficult for you
to travel on business.
c. Have you ever been tested for AIDS?
d. Are you currently unemployed, and if so, why?
e. This position requires fresh ideas and energy. Do you think you have those qualities?
f. What is your definition of success?
g. What kind of sports do you like?
h. How well do you work under pressure? Give me some examples.
If you could choose up to three substantive assessments for this position, which
three assessments would you choose and why? Describe in detail issues pertaining
1. Job knowledge test specifically designed for HR professionals: I would use this assessment method in the selection process. As an HR director, having a strong knowledge of HR management is essential for effectively overseeing employee recruitment, selection, training, performance
appraisal, and compensation activities. A job knowledge test can evaluate candidates' understanding of HR principles and their ability to apply them in practical situations. It provides reliable and valid evidence of their competence in the field, ensuring that the selected candidate possesses the necessary KSAOs to meet job requirements.
2. Medical examination and drug test: I would not use this assessment method at the beginning of the selection process. While it is important to ensure candidates can cope with the high level of stress and travel requirements of the job, conducting a medical examination and drug test may raise concerns regarding potential disparate impact and violate employment laws. These tests should be reserved for situations where they are directly related to the job's essential functions and requirements.
3. Overt integrity test: I would not use this assessment method. Overt integrity tests tend to measure attitudes and opinions rather than actual behaviors. They may raise concerns about invading privacy and have potential disparate impact. Alternative methods, such as reference checks and background investigations, can be more reliable and legally defensible in assessing integrity.
4. Online management simulation: I would use this assessment method. A management simulation can provide a realistic and controlled environment to evaluate candidates' decision-making skills, problem-solving abilities, and leadership qualities. It offers a reliable and valid assessment of their competencies in managing various HR-related situations and can predict their performance in similar real-world scenarios.
5. Structured behavioral interview: I would use this assessment method. A structured behavioral interview, specifically designed for this job, can effectively assess candidates' past experiences, behaviors, and competencies relevant to the HR director role. It provides valuable insight into their ability to handle specific situations and demonstrates their fit for the job requirements. By using a standardized set of questions, reliability and validity can be enhanced.
6. Emotional intelligence situational judgment test: I would use this assessment method. Emotional intelligence is crucial for HR professionals, as they need to navigate complex interpersonal dynamics. A situational judgment test that assesses candidates' emotional intelligence can provide valuable information about their ability to understand and manage emotions, communicate effectively, and build relationships. It offers a reliable and valid measure of their potential to succeed in the HR director role.
Among the three chosen assessments, the job knowledge test, online management simulation, and structured behavioral interview provide a comprehensive evaluation of candidates' knowledge, skills, and abilities relevant to the HR director position. These assessments demonstrate reliability and validity evidence, align with the job requirements, and have the potential to minimize disparate impact concerns.
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an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
companies benefit most when the size of the sales force directly reflect the size of the company. a smaller company should have a smaller sales force while a larger company should have a larger sales force. group of answer choices true
The company's revenues almost always improve as the size of the sales team is raised. The given statement is true.
What are revenues?
Revenue is the cash that a business generates via its operations. Depending on the accounting technique used, there are various ways to compute revenue. Sales made on credit will be counted as revenue for products or services delivered to the customer in accrual accounting. Revenue may be recognized in accordance with certain standards even though payment has not yet been made.
The cash flow statement must be examined in order to determine how effectively a business collects debts. Contrarily, cash accounting only counts sales as revenue when money has been exchanged. A "receipt" is a record of money given to a business. Even without income, receipts are conceivable.
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______ is when a group is unified to the extent that members prefer unanimity over conflicting ideas or different perspectives.
a. Groupthink
b. Welcoming climate
c. Production
d. Norming
Groupthink is when a group is unified to the extent that members prefer unanimity over conflicting ideas or different perspectives. The correct alternative is option a.
Groupthink often happens in groups that are highly cohesive and have a strong leader or authority figure who sets the tone for the group.
The pressure to conform and the fear of speaking out against the group can be so strong that individuals in the group may not even be aware of their own biases and assumptions.
To avoid groupthink, it is important to encourage open communication and dissenting opinions. Group members should be encouraged to question assumptions, challenge each other's ideas, and consider a variety of perspectives.
It is also helpful to have a diverse group of people with different backgrounds and experiences to bring different ideas and viewpoints to the table.
Therefore the correct option is Groupthink (option a).
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What are some of the advantages of incorporating?
A. All businesses are required by law to incorporate.
B. Business owners are protected from liability and lawsuits.
C. Incorporation is the least expensive business structure.
D. Incorporation makes a business more likely to succeed.
Question 6 (2 points)
There should be a specific plan in place for reaching a(n)
company goal.
a
strategy
established
Ob
ос
Od
specific
new
Answer:
титльишмш дядя оо влево потива
how did the industrial revolution affect economic relationships among nations?
The Industrial Revolution had a profound effect on the economic relations between nations. Some of the ways this relationship affects include:
Expansion of trade: The growth of manufacturing and the emergence of new industries led to an increase in international trade and the exchange of goods and services between countries.Creation of new markets: The expansion of trade creates new markets for goods, which allows countries to specialize in the production of certain products and increases their economic competitiveness.Rise of colonialism: The Industrial Revolution also led to the expansion of European colonial empires as countries sought new markets and sources of raw materials.Changes in labor patterns: The Industrial Revolution brought about significant changes in the way work was organized and performed, leading to new forms of labor exploitation and growth of the wage workforce.Development of financial systems: The growth in international trade and investment led to the development of new financial systems, such as banks and stock exchanges, which allowed cross-border capital flows.Overall, the Industrial Revolution changed economic relations between countries, leading to increased globalization and the establishment of new economic systems and patterns of trade and investment.
The Industrial Revolution was a period of rapid economic and social change that occurred between the late 18th and early 19th centuries. It is characterized by a shift from manual labour-intensive production methods to machine-based manufacturing processes and the widespread use of new technologies and innovations.
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Gary Sirota sees the proposed Bajagua Project as a win-win scenario for the public due to the larger treatment capacity of the proposed plant and the lower cost per gallon. How might Serge Dedina respond
Answer:
the private sector should never build a plant, regardless of benefits, because water is a public resource that needs public oversight
Explanation:
The win-win situation refers to the situation in which each one is happy as a result that arrives is best and beneficial for the company
Since in the question, it is mentioned that there is a win-win scenario as there is a larger treatment for the public at a lower cost per gallon
Therefore by this, the private sector should never develop that plant i.e water as it is a resource that is consumed by the public irrespective of their benefits
Which phrase best describes an income investment strategy? A. Building a diversified portfolio to generate income B. Focusing on cash investments C. Eliminating long-term retirement planning D. Keeping money in liquid, low-risk assets
Answer:
Building a diversified portfolio to generate income (A)
Answer:
A si your answer!!
Explanation:
Jed deposited $400 into a bank that offers 8.9% interest rate, compounded daily. In how many years will his balance be $800?
A. 24.1 years
B. 12.1 years
C. 17.7 years
D. 18.5 years
The answer is C. I have to type at least 20 characters so I typed this sentence.
Most licensed architects are members of which association? A. ACSA B. AIA C. NAAB D. NCARB E. NVOB
Answer: It is B. AlA
Explanation:ALA is open to all architects and professions related to architecture. Our members hold individual memberships and specialize in all types of architecture.
buy now pay later catalogs for people with bad credit
According to credit facilities providers, the buy now pays later catalogs for people with bad credit include Ashro, Boscovs, Country Door, Fingerhut, etc.
What is Buy now Pays later?Buy now Pays later is another name for credit facilities. It is an agreement between borrowers and lenders to get goods or services now in exchange for a commitment to pay at an agreed later time.
There are various Buy now Pays later providers. Some of them include:
FlexshopperBradford ExchangeLeasevilleHSN, etc.Hence, in this case, it is concluded that various Buy now Pays later providers are out there.
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Click this link to view O*NET’s Tasks section for General and Operations Managers. Note that common tasks are listed toward the top, and less common tasks are listed toward the bottom. According to O*NET, what are some common tasks performed by General and Operations Managers? Check all that apply.
filing paperwork and entering data into computers
researching, purchasing, installing, and maintaining computers and office technology
reviewing financial statements, sales and activities reports, and other data
overseeing activities related to making products or providing services
managing staff, preparing work schedules, and assigning duties
directing and coordinating activities of businesses or departments
Answer:
C). Reviewing financial statements, sales, and activities reports, and other data
D). Overseeing activities related to making products or providing services .
E). Managing staff, preparing work schedules, and assigning duties
F). Directing and coordinating activities of businesses or departments.
Explanation:
The general and operations managers are responsible for managing the use of resources in the organization and supervising the budget and finances. He/she assesses the financial statements associated with sales, activity reports, and other data related to the projects going on. He/she also looks after the activities associated with making products or dispensing services, preparation of work schedules, managing the staff, assigning responsibilities to them, and directing the staff appropriately to ensure coordination among various activities that are going on at different levels and departments which helps in collectively bringing out the desired output for the organization. Thus, options C, D, E, and F are the correct answers.
Answer:
3,4,5 and 6
Explanation:
3. reviewing financial statements, sales and activities reports, and other data
4. overseeing activities related to making products or providing services
5. managing staff, preparing work schedules, and assigning duties
6. directing and coordinating activities of businesses or departments
Done on Edg Jan.2021
2. The owner of a franchise benefits from brand name recognition, access to professional
and nationwide advertising.
Answer:
True
Explanation:
It is TRUE that the owner of a franchise benefits from brand name recognition, access to professional and nationwide advertising.
This is because the owner of a franchise has various advantages. The advantages include enhanced reputation which covers all the places there is a franchise.
Then there is an increase in management techniques and work practices, including access to national advertising to cover many places and continuous support.
PLZ HELP: FIND THE PROFIT
Fixed costs are £26,000 per year, and variable costs include wages at £10 per
unit, raw materials at £12 per unit and delivery/packaging at £3 per unit. It is expected that a business will make and sell 750 units during the year, with
a selling price of £26.
Answer:
Net loss -£25,250
Explanation:
The computation of the profit is shown below:
Sales (750 units × £26) £19,500
Less: Variable cost (750 units × £25) £18,750
Contribution margin £750
Less: Fixed cost £26,000
Net loss -£25,250
The £25 could be calculated below:
= £10 + £12 + £3
= £25
Basically applied the above format
What do you mean by market development ? Expalin.
Answer:
Market development is a growth strategy that identifies and develops new market segments for current products. A market development strategy targets non-buying customers in currently targeted segments. It also targets new customers in new segments.
suppose that in year 1, real gdp was $60 billion and in year 2, real gdp rose to $69 billion. the growth rate of real gdp was %. (enter just the number; % sign has been provided for you.)
The growth rate of real GDP for the country is 15%.
What is the growth rate?GDP is an abbreviation for gross domestic product. The gross domestic product of a country is the sum of all the final goods and services that are produced in a country in a given period, usually a year.
Gross domestic product is usually an indicator of the standard of living of the population. The higher gross domestic product is, the higher the standard of living of the populace of the country.
Real GDP is the gross domestic product of a country that has been adjusted for inflation. It reflects the changes in the production of goods and services of the country only.
Growth rate of Real GDP = (real GDP in year 2 / real GDP in year 1) - 1
($69 billion / $60 billion) - 1 = 0.15 = 15%
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Use the drop-down menu to complete each statement. based on the information in the passage, it is most likely that joe lives in a economy. the building that joe is interested in purchasing would be considered .
Based on the given information, Joe lives in the mixed economy, and he is interested in purchasing the private building.
What is mixed economy?A mixed economy is the system that combines the system of both the economy, means the combination of capitalism and socialism, is called the mixed economy.
This system defends private property and allows a degree of freedom in economy in the use of capital.
But it also permits for governments to interpose in economic activities in order to accomplish social intents.
Therefore, in the above case, Joe lives in the mixed economy, and purchasing the private property.
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Answer:
Mixed economy and Private Property
Explanation:
I just got it right on the assignment :)
How do you define success?
Answer:
if ur happy then ig I could say ur successful
if made it to the top I could say ur successful
if u reached the destination if ur dream I would say ur successful
QUESTION 3 (4 marks)
Melbourne Property Management Pty Ltd had several major business transactions and events during the year ended 30 June 2022.
An extract is given below:
Transaction 1:
Joanne Whiteman, the owner of Melbourne Property Management Pty Ltd, in an attempt to make the profit of her business looks better for the year ended 30th June 2022, did not record an interest payment of $14,500 incurred that was not due to be paid until 31 July 2022.
Transaction 2:
In December 2021, Joanne Whiteman, the owner of Melbourne Property Management Pty Ltd paid $6,500 for a family holiday using the business cheques account. This transaction was treated as a business expense, with Joanne arguing, "It is my business and my money’. Joanne recorded it as a decrease in cash and an increase in other expenses.
REQUIRED:
For each of the above situation:
Identify if any accounting concept or principle has been violated. If so, briefly explain the relevant concept or principle. (Word limit: 50 words for less)
Record the correct journal entry that Melbourne Property Management Pty Ltd Pty Ltd should have done if you believe they have violated any accounting concept or principle. (Narrations not required).
(4 marks)
In the given situations, Melbourne Property Management Pty Ltd violated accounting principles and concepts.
For Transaction 1, the accounting concept violated is the Matching Principle. The Matching Principle states that expenses should be recognized in the same accounting period as the related revenues.
By not recording the interest payment incurred in the current year, Joanne Whiteman is misrepresenting the expenses and distorting the accuracy of the financial statements. The correct journal entry should have been:
Interest Expense (or Interest Payable) 14,500
Cash (or Interest Payable) 14,500
For Transaction 2, the accounting concept violated is the Business Entity Concept. The Business Entity Concept states that the business's financial transactions should be separate from the personal transactions of the owner.
By treating the family holiday expense as a business expense and using the business cheques account, Joanne Whiteman is commingling personal and business funds, which goes against the concept of separate entity. The correct journal entry should have been:
Drawing (or Owner's Equity) 6,500
Cash 6,500
By recording these correct journal entries, Melbourne Property Management Pty Ltd would ensure compliance with accounting principles and accurately represent their financial transactions in the financial statements.
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In the market for wireless earbuds (a normal good), indicate whether the following events would cause an "increase or a decrease in demand" or an "increase or a decrease in the quantity demanded." a. There is an increase in the price of carry cases for wireless earbuds. A. increase in demand. B. decrease in demand. C. increase in quantity demanded. D. decrease in quantity demanded.
Answer:
The correct option is;
D. Decrease in the quantity demanded
b.)
Explanation:
a. There is an increase in the price of carry on cases for wireless earbuds;
Where the increase in the price of carry on cases for wireless earbuds results in an increase in price, there will be a decrease in the quantity demanded
A decrease in the quantity demanded is when there is negative movement along the demand curve due to an increase in price only and the quantity demanded also increases when there is a decrease in price. Which shows that the item is still in demand and the demand can be controlled by the pricing.
What are three factors that influence a person decision to rent versus buy a home?
Three factors that can influence a person's decision to rent versus buy a home are: Financial Situation, Lifestyle and Flexibility, Market Conditions.
What factors cause influencing a person's?Financial Situation: The financial situation of an individual or a family plays a significant role in the decision to rent or buy a home. Factors such as income, savings, credit score, and debt level are crucial in determining affordability.
Lifestyle and Flexibility: Lifestyle and flexibility needs can also impact the decision to rent or buy a home. Renting provides more flexibility in terms of mobility, as it is easier to move out of a rental property compared to selling a home.
Market Conditions: Market conditions, including the real estate market and interest rates, can also impact the decision to rent or buy a home. In a seller's market with high home prices and low inventory, buying a home may be more challenging and less affordable.
Therefore, Three factors that can influence a person's decision to rent versus buy a home are: Financial Situation, Lifestyle and Flexibility, Market Conditions.
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