In the following question, among the given options, the statement is said to be "True." When a company solicits bill and hold orders from its customers and recognizes the sales in its income before delivery of the goods, this represents improper timing of revenue recognition.
Thus, the given statement is True. Bill and hold orders are transactions in which customers are billed for the goods but the delivery is not made until some future date.
Revenue recognition refers to accounting for revenues and expenses in the correct accounting period. This is important for investors, lenders, and management. Companies must comply with certain accounting principles to properly report their revenues, expenses, assets, and liabilities on their financial statements.
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The table describes hypothetical employment statistics for a country in a given year. Full-time workers and Labor force Involuntary part-time workers Discouraged workers voluntary part-time workers 188 milliorn 200 milliorn 6 million 4 million Based on the information, what is the unemployment rate? Enter your answer as percentage rounded to one decimal place.
An employment rate refers to the employment-to-population ratio or, more specifically, the proportion of working-age persons employed in an economy.
The given table describes the hypothetical employment statistics for a country in a given year.
The table shows the following information:
Full-time workers = 188 million
Involuntary part-time workers = 6 million
Discouraged workers = 4 million
Voluntary part-time workers = 200 million
Total Labor Force = Full-time workers + Involuntary part-time workers + Discouraged workers + Voluntary part-time workers= 188 million + 6 million + 4 million + 200 million= 398 million
Total number of unemployed persons = Involuntary part-time workers + Discouraged workers= 6 million + 4 million= 10 million
Therefore, the unemployment rate is calculated by the formula:Unemployment rate = (Number of unemployed persons / Labor force) × 100
Putting the given values in the above formula, we get:
Unemployment rate = (10 million/398 million) 100 = 2.51% (rounded to one decimal place)Therefore, the unemployment rate is 2.51%.
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what denominator amounts does an analyst use to calculate the common size balance sheet and income statement?
The common size balance sheet and income statement use a common denominator amount of 100 to calculate percentages.
This allows the analyst to make comparisons across various periods, companies, and industries.
The common denominator amount used to calculate the common size balance sheet and income statement is 100. This means that every item on the balance sheet and income statement is expressed as a percentage of 100. This allows the analyst to make comparisons across different periods, companies, and industries.
For example, if Company A's cash assets are 30% of its total assets, and Company B's cash assets are 40% of its total assets, then the analyst can see that Company B has a higher percentage of cash assets relative to its total assets.
This comparison could not be done if the items were not expressed as a percentage. Therefore, using a common denominator amount of 100 is essential to the analysis of common size balance sheets and income statements.
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When goods are shipped ________, title passes to the buyer whenA) FOB Shipping Point; the carrier accepts goods from the seller.B) FOB Destination; the carrier accepts goods from the seller.C) FOB Shipping Point; the carrier accepts goods from the buyer.D) FOB Destination; the seller manufactures the goods.
When goods are shipped FOB destination, title passes to the buyer when the carrier accepts goods from the seller. The answer is OPTION B
When the seller ships the product, the buyer acknowledges title to the goods and assumes full risk, which is known as FOB Origin or FOB Shipping Point. If the products are harmed or lost in transportation, the buyer is liable.
Ownership of the products in a FOB shipping point arrangement passes from the seller to the buyer once they are delivered at the point of origin. Once the products arrive at the shipping site, the buyer assumes all responsibility for them throughout transportation. In contrast, if the destination is FOB, the seller is responsible for delivery. The answer is OPTION B
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as cassette tapes became increasingly popular in the 1980s, larger 8-track tapes were no longer being advertised and were available in fewer stores. which stage of the product life cycle were 8-track tapes in when this happened? multiple choice question. growth decline introduction maturity
Answer:
8-track tapes were in the Decline stage of the product life cycle when they became less popular in the 1980s and were no longer being advertised and available in fewer stores.
Explanation:
As cassette tapes became increasingly popular in the 1980s, larger 8-track tapes were no longer being advertised and were available in fewer stores. The stage of the product life cycle that 8-track tapes were in when this happened is "decline."
A product life cycle can be defined as a series of stages a product goes through during its lifetime. Product life cycle stages are introductory, growth, maturity, and decline stages. These stages describe the stages a product goes through from the moment it is launched to the time when it is no longer being produced. The product life cycle is determined by a product's sales volumes and revenues over time, and it is separated into four stages: introduction, growth, maturity, and decline. When a product enters the decline stage of the product life cycle, sales volumes decline as customers become increasingly disinterested in the product, and it is no longer profitable for businesses to produce the product. It is at this stage that the product is no longer being advertised and is available in fewer stores. The correct answer is "decline."
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Since accounting numbers, such as the allowance for doubtful accounts balance, are based on _____, financial statements are susceptible to management manipulation. (Enter one word per blank.)
Since accounting numbers, such as the allowance for doubtful accounts balance, are based on estimates, financial statements are susceptible to management manipulation.
What are accounting numbers?Accounting numbers refer to financial information or numerical data that are derived from an organization's financial statements. Accounting numbers are generated by recording and summarizing an organization's monetary activities. Managers use accounting numbers to determine whether the company is performing effectively and to make sound decisions based on financial evidence.
It is essential for an organization to keep accurate records of its financial activities to generate accurate accounting numbers. These figures will provide a clear picture of the organization's financial position, allowing managers to make informed decisions.
A company's financial statements are susceptible to management manipulation because accounting numbers are based on estimates. The management team can manipulate financial statements to create the illusion of the company's good financial position.
As a result, auditors are needed to review financial statements to ensure they are free of misstatements and to establish the company's actual financial position.
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An insured purchased a noncancellable health insurance policy 1 year ago. Which of the following circumstances would NOT be a reason for the insurance company to cancel the policy?The insured is in an accident and incurs a large claimThe insured does not pay the premium.The insured reaches the maximum age limit specified in the policy.Within two years of the application, the insurer discovers a misrepresentation.
The following circumstance would NOT be a reason for the insurance company to cancel the policy: The insured reaches the maximum age limit specified in the policy. Option (C) is correct answer.
A non-cancellable health insurance policy is an insurance policy that an insurance company can not cancel, adjust or increase premiums except for reasons provided in the policy.
In general, non-cancellable health policies can be purchased for an initial premium that is higher than the premium for cancellable policies. These policies are typically used by people who want to ensure they have access to health insurance at a fixed premium throughout their lifetime.
The non-cancellable feature provides policyholders with peace of mind that their insurance is guaranteed and will not change for the life of the policy. The following reasons may cause an insurance company to cancel or adjust premiums:
Non-payment of premium by the insuredInsured reaches the maximum age limit specified in the policyInsurer discovers a misrepresentation within two years of the applicationThe insured is in an accident and incurs a large claimIn this question, the answer to the question is that the insured reaches the maximum age limit specified in the policy would not be a reason for the insurance company to cancel the policy. Option (C) is correct answer.
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It costs an operation $3.00 to produce a menu item. The operation sells the item for $12.00. As a result, the food cost percentage for this item is 20%. True or false
The statement "As a result, the Food Cost Percentage for this item is 20%" is true when considering the cost of production and selling price of the menu item.
Let's understand what is food cost percentage and how it is calculated. Food cost percentage is a calculation used in the restaurant and food service industry to determine the cost of ingredients used in a menu item compared to the price at which it is sold. It is the percentage of the total cost of food ingredients and labor required to make a dish.
1)The Food Cost Percentage is the cost incurred by the operation to produce the menu item compared to the selling price of the same item.
2) It is calculated by the formula:
Food Cost Percentage = (Cost of Production / Selling Price) * 100,
Cost of Production = $3.00 Selling Price = $12.00Now,
Food Cost Percentage = (3/12)*100
= 25%
Hence, the food cost percentage for this item is 25%. So, the statement "As a result, the food cost percentage for this item is 20%" is false.
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when considering most goods in most markets we would likely observe that
When considering most goods in most markets we would likely observe that they are quasi-public goods.
A public good (also known as a social good or communal good) is a non-excludable and non-rivalrous good in economics. Users cannot be denied access to or use of such items for failing to pay for them. Therefore, usage by one individual neither inhibits nor reduces the availability of others.
As a result, the good can be utilised by more than one person at the same time. This is in contrast to a non-excludable but somewhat rivalrous common good, such as wild fish populations in the ocean.
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If your purchases of shoes decrease from 11 pairs per year to 9 pairs per year when your income increases from $19,000 to $21,000 a year, then, for you, shoes are considered a(n):
A) normal good.
B) inferior good.
C) complementary good.
D) substitute good.
If your purchases of shoes decrease from 11 pairs per year to 9 pairs per year when your income increases from $19,000 to $21,000 a year, then, for you, shoes are considered an (B) inferior good.
Inferior goods are products whose consumption is reduced when people's income rises, either because they can no longer afford them or because they prefer higher-quality alternatives.
Inferior goods are products whose consumption decreases as people's incomes rise, as opposed to normal goods.
When the price of an inferior good rises, people may start buying more of it rather than less of it, because it becomes more cost-effective than higher-quality substitutes.
Inferior goods, on the other hand, are those goods that are demanded less when the customer's income rises, indicating a negative connection between the customer's income and the inferior good's price.
As a result, option B is the right choice. Shoes are considered an inferior good, as the customer's income increases from $19,000 to $21,000 per year, the pair of shoes decreases from 11 pairs per year to 9 pairs per year.
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television advertising is: multiple select question. desirable but relatively inexpensive seen only by a targeted market desirable but expensive to buy time desirable but costly to produce the ads
Television advertising is: Desirable but relatively inexpensive; Desirable but expensive to buy time; and Desirable but costly to produce the ads. The correct selections would be A, C and D.
Television advertising typically involves the creation and broadcasting of short advertisements or commercials during commercial breaks within TV programs. These commercials are designed to capture the attention of viewers and persuade them to take a specific action, such as purchasing a product, visiting a website, or supporting a cause.
Thus, the ideal selection is option A, C and D.
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Which of the following transactions would be reported within the investing activities section of the cash flow statement?
a. The acquisition of treasury stock in exchange for cash.
b. The cash sale of a building at a loss.
c. The sale of a building in exchange for a parcel of land.
d. The exchange of a stock investment in order to retire a long-term debt.
C.) the sale of a building in exchange for a parcel of land. The sale of a building in exchange for a parcel of land would be reported within the investing activities section of the cash flow statement.
What are the two key components of cash flow? The two key components of cash flow are cash inflows and cash outflows. These components indicate the amount of cash that is coming into and leaving the business, respectively.
Cash inflows are derived from the sale of goods or services, returns on investments, and other income sources.
Cash outflows are the expenses that a company must pay, such as wages, raw materials, and rent. There are three sections in the cash flow statement. These sections include operating activities, investing activities, and financing activities. The investing activities section includes transactions that involve the acquisition or sale of long-term assets, such as land, buildings, equipment, and securities.
The following transactions would be reported in the investing activities section of the cash flow statement:-
Purchases of property, plant, and equipment- Acquisitions of other businesses or subsidiaries- Sales of property, plant, and equipment- Purchases of investments- Sales of investments- Lending money and collecting principal repayments- Collecting payments from the issuance of loans- Purchase and sale of derivatives and hedging activities
Therefore, the sale of a building in exchange for a parcel of land would be reported within the investing activities section of the cash flow statement.
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which of the statements about the efficient frontier is not correct? multiple choice question. A. the optimal risky portfolio lies on the efficient frontier B. individual assets forming a portfolio may lie above the graph of the efficient frontier, as well as below it C. various constraints may preclude a particular investor from choosing portfolios on the efficient frontier \
D. the efficient frontier is the graph representing a set of portfolios that maximizes expected return at each level of portfolio risk
One of the statements that is not correct about the efficient frontier is option B which states that individual assets forming a portfolio may lie above the graph of the efficient frontier as well as below it.
What is the efficient frontier?
Efficient Frontier is the line that determines the highest possible return for a specific level of risk or the lowest risk for a given level of return in a portfolio. The efficient frontier comprises a set of portfolios that provide the highest possible returns for the lowest possible risk.The optimal risky portfolio is situated on the efficient frontier. Various constraints can prohibit a particular investor from selecting portfolios on the efficient frontier, as stated in option C. For example, some investors may be unwilling to take on more risk, while others may have limits on the types of assets they can invest in or their allocation percentages.Investment in individual securities, which can lie above or below the efficient frontier, is not optimal. D is the correct answer, as it describes the efficient frontier graphically, as a set of portfolios that maximize the expected return at each level of portfolio risk.Hence, statement B is not correct. The efficient frontier identifies the ideal mix of securities for an investor, whereas the optimal risky portfolio is the one that offers the highest return for the amount of risk the investor is willing to accept.
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consider the capm. the risk-free rate is 2%, and the expected return on the market is 12%. what is the beta on a stock with an expected return of 14%? a. 1.7 b. 1.5 c. 0.9 d. 1.2
The beta on a stock with an expected return of 14% is 1.2. The Capital Asset Pricing Model (CAPM) equation is used to calculate the expected return on an asset. The correct answer is option d)1.2.
The CAPM equation is as follows: r(i) = rf + beta(i)(rm - rf)where r(i) is the expected return on the asset, rf is the risk-free rate, rm is the expected return on the market, and beta(i) is the asset's beta. The given information is as follows: Risk-free rate = 2%, Expected return on the market = 12%, Expected return on the stock = 14%
Now, we have to calculate the stock's beta. The CAPM equation can be modified to calculate beta as follows: beta(i) = (r(i) - rf) / (rm - rf). We can substitute the given information into this equation as follows: beta(i) = (0.14 - 0.02) / (0.12 - 0.02) beta(i) = 1.2. Hence, option d) is the right answer.
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Equity investors in a private company usually plan to realize a return on their investment by selling their stock when that company is acquired by another firm or sold in the public in a public offering....TRUE OR FALSE??????
This statement is TRUE.
The statement "Equity investors in a private company usually plan to realize a return on their investment by selling their stock when that company is acquired by another firm or sold in the public in a public offering" is TRUE.
What is a Private Company? A privately held company, or simply a private company, is a corporation owned by a relatively small number of shareholders and is not publicly traded on stock exchanges. Private businesses can either be owned by family members or individuals, venture capitalists, or angel investors.
What is an Equity Investor? A person or corporation that invests money in exchange for ownership of a share of the company's equity capital or ownership is known as an equity investor. They have a stake in the company's future earnings and may also have a say in its management choices.
What do Equity Investors in Private Companies Usually Do? Equity investors in private companies typically aim to realize a return on their investment by selling their shares when the company is sold or goes public in an initial public offering (IPO).
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an electric toothbrush costs $72, including a 20% price markup. what was the cost for the store to purchase the electric toothbrush?
An electric toothbrush costs $72, including a 20% price markup. The cost for the store to purchase the electric toothbrush is $60.
Let's suppose the cost for the store to purchase the electric toothbrush is x dollars.
Therefore, 20% of the cost price of the toothbrush is 0.20x dollars.
Cost price + Mark up = Selling price
The electric toothbrush costs $72, which is the selling price.
Therefore, 72 = x + 0.20x
Simplify : 72 = 1.20xDivide both sides by 1.20x = 60
Thus, the cost for the store to purchase the electric toothbrush is $60.
Answer: 60
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the third party who checks annual financial statements to ensure that they are prepared according to gaap and verifies that the information reported is reliable is the:
The third party who checks annual financial statements to ensure that they are prepared according to GAAP and verifies that the information reported is reliable is the auditor.
What is GAAP?
GAAP is an abbreviation for "generally accepted accounting principles." It is a collection of commonly followed accounting rules and procedures. The purpose of GAAP is to ensure that financial reporting is accurate and consistent across businesses. It is intended to make financial statements useful to a broad range of users who rely on them to make decisions.
Who is an auditor?An auditor is a specialist who examines the financial records of a company. They may work for the company, or they may be employed by an outside accounting firm. They assess financial records to guarantee that they are precise and follow the GAAP.
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When a sales associate is showing property he should not give the impression that he is a building inspector; however, he is obligated to draw their attention to which of the following?
A. Broken gutters
B. Drafty doors
C. Bulges in walls
D. Peeling paintwork
A. Broken gutters - Sales associates should draw attention to any broken gutters since they could indicate a potential issue with water damage or drainage.
What is potential?Potential is the ability to do something, either now or in the future. It is the capacity of a person, thing, or situation to become something greater or achieve a higher level of success. Potential is often seen as a latent power that can be activated and released with the right set of circumstances. Potential is also seen as the ability to achieve a certain level of success, which can be determined by a number of factors such as knowledge, experience, and effort. Potential is an important factor in a person's overall success and can be harnessed and maximized with the right mindset and approach.
B. Drafty doors - Sales associates should draw attention to any drafty doors since they could indicate a potential issue with insulation or ventilation.
C. Bulges in walls - Sales associates should draw attention to any bulges in walls since they could indicate a potential issue with structural integrity.
D. Peeling paintwork - Sales associates should draw attention to any peeling paintwork since it could indicate a potential issue with the condition of the building.
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A. Broken gutters - Sales associates should draw attention to any broken gutters since they could indicate a potential issue with water damage or drainage.
What is potential?Potential is the ability to do something, either now or in the future. It is the capacity of a person, thing, or situation to become something greater or achieve a higher level of success. Potential is often seen as a latent power that can be activated and released with the right set of circumstances. Potential is also seen as the ability to achieve a certain level of success, which can be determined by a number of factors such as knowledge, experience, and effort. Potential is an important factor in a person's overall success and can be harnessed and maximized with the right mindset and approach.
B. Drafty doors - Sales associates should draw attention to any drafty doors since they could indicate a potential issue with insulation or ventilation.
C. Bulges in walls - Sales associates should draw attention to any bulges in walls since they could indicate a potential issue with structural integrity.
D. Peeling paintwork - Sales associates should draw attention to any peeling paintwork since it could indicate a potential issue with the condition of the building.
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how long does a speeding ticket stay on your record for insurance
A speeding ticket will typically stay on your insurance record for three years.
During this time, your insurance rates may be higher than usual due to the ticket. To avoid getting a speeding ticket in the first place, be sure to always obey the speed limit and drive carefully. Additionally, if you do get a speeding ticket, you can attend defensive driving classes to have it removed from your record. This will help you keep your insurance rates low. In conclusion, a speeding ticket will stay on your insurance record for three years and may lead to higher insurance rates. To avoid getting a speeding ticket and its repercussions, be sure to drive safely and take any defensive driving classes that may be offered.
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Reviewing payroll records indicates that employee salaries that are due to be paid on January 3 include $3,575 in wages for the last week of December. There was no previous balance in the Salaries Payable account at that time. Based on the information provided:
As of December 31, what is the amount of salary expense that needs to be accrued?
What account is debited in the adjusting entry?
What account is credited in the adjusting entry?
As of December 31, the amount of salary expense that needs to be accrued is $3,575. The account that is debited in the adjusting entry is Salary Expense account. The account that is credited in the adjusting entry is Salaries Payable account.
An adjusting entry is a journal entry made at the end of an accounting period to allocate income and expenditure to the period in which it occurred. These entries are created to modify the account balances so that the financial statements reflect accurate amounts. Adjusting entries are used to track revenues and expenses over the accounting period that they are incurred. They are also used to report on financial activities in the future.
In the given scenario, the total amount of salary expenses that need to be accrued as of December 31 is $3,575. The Salaries Payable account had no previous balance before this. Therefore, the Salary Expense account needs to be debited in the adjusting entry. Salaries Payable account needs to be credited in the adjusting entry.
Hence, based on the information provided, $3,575 needs to be accrued as of December 31 as salary expense. The account to be debited in the adjusting entry is Salaries Expense and the account to be credited in the adjusting entry is Salaries Payable.
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Select the correct answer. the government of a country increased the minimum wage from $21 to $30. a factory owner had to lay off some of his workers because he could not afford to pay all of them. how many people lost their jobs? a. 8 b. 10 c. 16 d. 24
We can say that an increase in the minimum wage can have both positive and negative effects on the economy. It is not possible to determine the exact number of workers who lost their jobs due to the increase in the minimum wage. Here option E is the correct answer.
If the factory owner was previously paying all workers $21 per hour and is now required to pay them $30 per hour, it is likely that the cost of labor has increased significantly for the factory owner. Depending on the profitability of the business and the elasticity of demand for the products produced, the owner may be forced to lay off some workers to maintain profitability.
The number of workers laid off will depend on various factors such as the size of the factory, the number of workers employed, the wages of other workers, and the demand for the products produced. Therefore, it is not possible to determine the exact number of workers who lost their jobs based solely on the information provided.
While it can increase the income of low-wage workers, it can also lead to job losses if employers cannot afford to pay the increased wages. Policymakers must carefully consider the potential impacts before implementing such policies.
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Complete question:
The government of a country increased the minimum wage from $21 to $30. a factory owner had to lay off some of his workers because he could not afford to pay all of them. how many people lost their jobs?
a. 8
b. 10
c. 16
d. 24
e. Can't be determined
Names that become synonymous with product categories like Kleenex, Kitty Litter, Jell-O, and Xerox, need to ensure they retain their brand names remain ________ so they can retain their trademark rights and avoid becoming generic.
A) meaningful
B) likable
C) protectable
D) transferable
E) adaptable
Names that become synonymous with product categories like Kleenex, Kitty Litter, Jell-O, and Xerox, need to ensure they retain their brand names remain protectable (option C) so they can retain their trademark rights and avoid becoming generic.
A trademark is a form of intellectual property that protects a product or service's brand name, logo, slogan, or other identifiers from unauthorized use. Companies and businesses use trademarks to protect their brand names and logos to prevent other businesses from using them to advertise their products or services. They also help consumers to differentiate between the products and services of different brands.
Trademark rights are a set of legal rights granted to the owner of a trademark. Trademark rights grant the owner the exclusive right to use their trademark
in connection with the products and services for which it was registered. Trademark rights allow the trademark owner to control how their trademark is used and who uses it. These rights can be used to prevent others from using a similar mark or from using a mark that is confusingly similar to the registered trademark.
In conclusion, brand names that become synonymous with product categories need to ensure they retain their brand names remain protect-able so they can retain their trademark rights and avoid becoming generic.
Therefore. the correct option is C) protect-able.
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all of the following standards are used to determine whether a person is defined as an investment adviser, except:
An investment adviser is someone who provides advice or services to clients concerning securities, such as stocks, bonds, and other investment products. To be considered an investment adviser, a person must meet certain standards, including:
Registration with the Securities and Exchange Commission (SEC)Membership in a self-regulatory organizationBeing subject to the jurisdiction of a state securities regulatorHaving at least a certain amount of assets under managementHowever, the criteria listed above are not the only standards used to determine if a person is an investment adviser. Other factors, such as a person’s professional credentials, experience in the field, and qualifications to provide investment advice, may also be considered. For example, a person may be able to provide investment advice without having any assets under management, but they may still be considered an investment adviser if they have the necessary qualifications.
Therefore, the answer to the question is: "Having at least a certain amount of assets under management" is not an essential criterion used to determine whether a person is an investment adviser.
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threatening your employer with a gun in order to get a raise would not be considered a white-collar crime because this conduct involves: blank . multiple choice question.
Threatening your employer with a gun in order to get a raise would not be considered a white-collar crime because this conduct involves desperation.
What is white-collar crime?White-collar crime refers to non-violent crime that is committed for financial gain. The term "white-collar crime" was coined in 1939 by sociologist Edwin Sutherland, who defined it as "a crime committed by a person of respectability and high social status in the course of their occupation."
Threatening your employer with a gun in order to get a raise would not be considered a white-collar crime because this conduct involves physical force. It is not a financial crime committed by an employee, but rather a violent crime against an employer, which is not related to the employee's job. This act may lead to criminal charges and imprisonment, regardless of the individual's occupation or social status.
Your question is incomplete but most probably your full question was:
Threatening your employer with a gun in order to get a raise would not be considered a white collar crime because this conduct involves__________
Multiple choice question.
desperationa raiseyour employer violenceLearn more about white collar crime at https://brainly.com/question/1573032.
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There will be an upward movement along the short-run aggregate supply curve to a higher real output level. An increase in taxes on businesses in the United States will likely have what impact on the short-run aggregate supply SRAS curve in the United States?
An increase in taxes on businesses in the United States will likely shift the short-run aggregate supply (SRAS) curve to the left side (decrease) in the United States.
The SRAS (short-run aggregate supply) curve represents the supply curve of goods and services at various price levels over the short term, typically a year or less. It represents the total output that businesses in the United States are willing and able to supply at various price levels in the short term.
An increase in taxes on businesses in the United States will likely increase the cost of production for firms, reducing their willingness and ability to supply goods and services in the short run. As a result, this shift to the left of the SRAS curve would cause a decrease in output and an increase in prices. In other words, there will be an upward movement along the short-run aggregate supply curve to a higher real output level.
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Case Inc. Is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. Contains the following data.
Raw Materials Inventory $4,400 Manufacturing Overhead Applied $33,100
Work in Process Inventory $5,750 Manufacturing Overhead Incurred $32,200
Subsidiary data for Work in Process Inventory on June 1 are as follows.
Job Cost Sheets
Customer Job
Cost Element Rodgers Stevens Linton
Direct materials $700 $900 $1,000
Direct labor 300 500 600
Manufacturing overhead 375 625 750
$1,375 $2,025 $2,350
During June, raw materials purchased on account were $4,900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $800 and miscellaneous costs of $500 incurred on account.
A summary of materials requisition slips and time tickets for June shows the following.
Customer Job Materials Requisition Slips Time Tickets
Rodgers $800 $800
Koss 1,900 800
Stevens 600 300
Linton 1,200 1,000
Rodgers 400 300
4,900 3,200
General use 1,600 1,300
$6,500 $4,500
Overhead was charged to jobs at the same rate of $1. 25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $ 20,600. Each customer paid in full
The journal entry, Work in Process Inventory Account, Schedule of Cost of goods manufactured are as follows:
General Journal:
Debit Raw Materials $4,900
Credit Accounts Payable $4,900
To record the purchase of raw materials on account.
Debit Manufacturing Overhead Incurred $1,300
Credit Accounts Payable $500
Credit Accumulated Depreciation $800
To record depreciation and miscellaneous costs incurred on account.
Debit WIP $11,000
Credit Raw materials $6,500
Credit Direct labor $4,500
To record costs incurred.
Debit WIP $6,000
Credit Manufacturing overhead $6,000
To record costs incurred.
Debit Finished Goods $ (22,750)
Credit WIP $ (22,750)
To record the transfer of WIP.
2. Work in Process Inventory Account
Beginning balance $5,750
Debit raw materials 6,500
Debit Direct labor 4,500
Debit manufacturing overhead 6,000
Credit: Finished goods (22,750)
Ending Balance $5,450
4. Schedule of Cost of goods manufactured:
Beginning WIP balance $5,750
Raw materials 6,500
Direct labor 4,500
Manufacturing overhead 6,000
Ending Balance (5,450)
Finished goods (22,750)
a) Raw Materials Inventory
Beginning balance $4,400
Debit: Accounts Payable 4,900
Credit: WIP (6,500)
Ending balance $3,200
b) Manufacturing Overhead Applied
Beginning balance $33,100
Credit WIP (6,000)
Ending balance $27,100
c) Manufacturing Overhead Incurred
Beginning balance $32,200
Debit: Accounts Payable 500
Debit: Depreciation 800
Ending balance $33,500
d) Journal entries were used/utilized to post the transactions for June to/into the ledger accounts, where the transactions were summarized, and then ending balances extracted.
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Complete question:
nstructions1. Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead cost incurred; (2) assignment of direct materials, labor, and overhead to production; and (3) completion of jobs and sale of goods.2. Post the entries to Work in Process Inventory.3. Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs.4. Prepare a cost of goods manufactured schedule for June.
when students use the comprehended association to generate a new or novel product, they are engaging in?
When students use the comprehended association to generate a new or novel product, they are engaging in creativity.
Creativity is the process of generating new and useful ideas, concepts, or solutions that are relevant to a particular problem or situation. It is the ability to think outside the box, to see things from a different perspective, and to come up with innovative solutions to complex problems.
There are several techniques that individuals can use to stimulate creativity, one of which is comprehended association. Comprehended association involves generating novel or original ideas by combining or synthesizing existing ideas, concepts, or knowledge. By making new connections between existing ideas, comprehended association enables individuals to generate new and innovative solutions to complex problems or challenges.
Thus, when students use the comprehended association to generate a new or novel product, they are engaging in creativity, which is the process of generating new and useful ideas, concepts, or solutions that are relevant to a particular problem or situation.
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mortgage-backed securities are assigned ratings by: a. the mortgage originator. b. the u.s. treasury. c. rating agencies. d. the federal reserve.
Mortgage-backed securities are assigned ratings by Rating Agencies. The correct option is c.
What are mortgage-backed securities?Mortgage-backed securities are a kind of asset-backed security that is backed by a pool of mortgages. They're issued by the government-sponsored enterprises Fannie Mae and Freddie Mac, as well as other financial institutions. The objective of mortgage-backed securities is to provide investors with a means to participate in the real estate market without having to own properties themselves. The cash flow from the mortgages in the pool is distributed to the securities owners as payments of interest and principal on a monthly or quarterly basis.
Mortgage-backed securities are assigned ratings by rating agencies. Moody's, Standard & Poor's, and Fitch are examples of such businesses. These rating agencies examine the likelihood of the securities' payments and provide investors with information about the degree of risk involved. Therefore, the correct option is c.
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If you were operating a fast-food restaurant, which of the following would represent a fixed cost of production in the short run? a. an annual business license fee paid to the local government b. wages paid to workers c. the cost of electricity to light the restaurant d. the cost of paper supplies (napkins, bags, etc.)
If you were operating a fast-food restaurant, an annual business license fee paid to the local government would represent a fixed cost of production in the short run. Hence, option A. is correct.
What are fixed costs?Fixed costs are expenses that remain the same regardless of how much of a product is manufactured. They include everything from rent to salaries and insurance to property taxes. Fixed costs are essential for establishing a company and keeping it operating smoothly in the long run.
In the short run, fixed costs are expenses that cannot be changed to boost or decrease the production of a product. In the short term, fixed costs cannot be modified; therefore, they are constant. Rent, insurance, and salaries are all examples of fixed costs that businesses must pay on a regular basis to keep their doors open.
In the case of a fast-food restaurant, an annual business license fee paid to the local government is an example of a fixed cost of production in the short run, as it is an expense that cannot be changed to increase or decrease the production of a product.
Hence, option A. an annual business license fee paid to the local government is correct.
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market basket analysis is a useful and entertaining way to explain data mining to a technologically less savvy audience, but it has little business significance.A. True B. False
The given statement, "Market basket analysis is a useful and entertaining way to explain data mining to a technologically less savvy audience, but it has little business significance," is false (F) because market basket analysis has great business significance.
Market basket analysis is a data mining technique that examines shopping baskets to uncover relationships between the items customers purchase together, and it has great business significance. Market basket analysis is a useful and entertaining way to explain data mining to a technologically less savvy audience, but it has business significance.
What is market basket analysis?Market Basket Analysis (MBA) is a data mining method that helps you find relationships between the items that people buy together. The procedure looks at customer transactions to discover patterns. Knowing what items people purchase together can assist stores in developing intelligent cross-selling techniques. This will aid in the maximization of profits.
MBA can assist a firm in identifying relationships among items that customers purchase. This provides additional product insights, which may lead to new product ideas or development. It aids in the design of new store layouts and the adjustment of existing ones. MBA may aid in the analysis of the effectiveness of specific marketing and promotional campaigns.
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Based on the findings of the study conducted by Elizabeth Hirschman, which of the following individuals is most likely to be risk averse and prefer commercials that focus on the product rather than creative impact?
A. Product and brand managers
B. Art directors
C. Copywriters
D. Creative directors
E. Product consumers
The individual who is most likely to be risk averse and prefer commercials that focus on the product rather than creative impact is: Product and brand managers (option A).
Hirschman's study found that individuals in management roles, such as product and brand managers, tend to be more risk averse and prefer advertisements that focus on the product rather than creative impact.
These individuals are responsible for ensuring that the product is marketed effectively and that the company's reputation is maintained, and therefore may be more cautious when it comes to advertising.
In contrast, individuals in creative roles such as art directors, copywriters, and creative directors are more likely to be risk takers and may prefer advertisements that are more creative and innovative.
Product consumers, on the other hand, may have a range of preferences when it comes to advertising, depending on their individual tastes and preferences.
Therefore, the correct answer is A). Product and brand managers.
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