Practical ExamplesOutputs can include finished products such as cars, services such as consulting, or deliverables such as a technical report.In conclusion, the conceptualization of an engineering project system involving inputs, processes, and outputs is essential for a successful project. The practical examples provided help to understand how the three components of a project system work together.
In engineering, a project system refers to a set of interrelated and interacting elements that work together to achieve a specific objective. A well-designed project system should possess three primary components, including inputs, processes, and outputs. Below is a conceptualization of an engineering project system involving inputs, processes, and outputs along with practical examples: InputsInputs refer to the resources required to execute a project successfully. Inputs can be divided into two categories, including internal and external resources. Internal resources refer to the resources that are available within the project environment, including the project team, equipment, and facilities.External resources refer to the resources that are available outside the project environment, including materials, supplies, and labor. Practical ExamplesInternal resources can include a team of experienced engineers, equipment such as computer-aided design (CAD) software, and facilities such as a design lab.External resources can include materials such as steel, supplies such as computer hardware, and labor such as electricians and welders.ProcessesEngineering projects usually involve several processes that work together to transform inputs into outputs. These processes may include product design, manufacturing, quality control, and project management. Practical ExamplesProduct design process involves transforming the project specifications into a design that is feasible to manufacture.Manufacturing process involves transforming the raw materials into a finished product.Quality control process involves inspecting and verifying the quality of the finished product.Project management process involves coordinating all the activities involved in the project. OutputsThe outputs of an engineering project system are the final products, services, or deliverables that result from executing the processes using inputs. Practical ExamplesOutputs can include finished products such as cars, services such as consulting, or deliverables such as a technical report.In conclusion, the conceptualization of an engineering project system involving inputs, processes, and outputs is essential for a successful project. The practical examples provided help to understand how the three components of a project system work together.
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Required information Problem 10-6A (Algo) Disposal of plant assets LO C1, P1, P2 [he following information applies to the questions displayed below] Onslow Company purchased a used machine for $288,000 cash on January 2. On January 3, Onslow paid $6,000 to wire electricity to the machine. Onslow paid an additional $1,200 on January 4 to secure the machine for operation. The machine will be used for six years and have a $34,560 salvage value. Straight-line depreciation is used. On December 31. at the end of its fifth year in operations, it is disposed of. Problem 10-6A (Algo) Part 1 Required: 1. Prepare journal entries to record the machine's purchase and the costs to ready it for use. Cash is paid for all costs incurred.
The journal entries to record the machine's purchase and the costs to ready it for use :
Date Account name Debit Credit
Dec. 31 Depreciation expense - Machinery $43,840.00
Accumulated depreciation—Machinery $43,840.00
How to write the journal entry ?You need to find the cost of depreciation for the machine to be:
= (Cost - Salvage value) / Useful life
= ( $ 297, 600 - $ 34, 560 ) / 6
= $ 43 840
This depreciation will be debited to the depreciation expense account and credited to the accumulated depreciation for the year. This is because expenses are debited .
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Consider the following two mutually exclusive projects: Year Cash Flow(A) Cash Flow(B) 0 -$300,000 -$40,000 1 20,000 19,000 2 50,000 12,000 3 50,000 18,000 4 390,000 10,500 Whichever project you choose, if any, you require a 15 percent return on your investment. A. If you apply the payback criterion, which investment will you choose? Why? B. If you apply the discounted payback criterion, which investment will you choose? Why? C. If you apply the NPV criterion, which investment will you choose? Why? D. If you apply the IRR criterion, which investment will you choose? Why? E. If you apply the profitability index criterion, which investment will you choose? Why? F. Based on your answers in (a) through (e), which project will you finally choose?Why?
To evaluate the two mutually exclusive projects, let's analyze each criterion:
A. Payback Criterion:
The payback period is the time required to recover the initial investment. We choose the project with the shorter payback period.
For Project A:
Payback period = 3 years (initial investment recovered in Year 3)
For Project B:
Payback period = 4 years (initial investment recovered in Year 4)
Based on the payback criterion, we choose Project A because it has a shorter payback period.
B. Discounted Payback Criterion:
The discounted payback period considers the time required to recover the initial investment in present value terms. We choose the project with the shorter discounted payback period.
To calculate the discounted payback period, we need to discount the cash flows at the required return rate of 15%.
For Project A:
Discounted payback period = 3 years (initial investment recovered in Year 3)
For Project B:
Discounted payback period = 4 years (initial investment recovered in Year 4)
Based on the discounted payback criterion, we choose Project A because it has a shorter discounted payback period.
C. NPV Criterion:
The net present value (NPV) compares the present value of cash inflows to the initial investment. We choose the project with the higher NPV.
To calculate the NPV, we discount the cash flows at the required return rate of 15% and subtract the initial investment.
For Project A:
NPV = $20,000 / (1 + 0.15)^1 + $50,000 / (1 + 0.15)^2 + $50,000 / (1 + 0.15)^3 + $390,000 / (1 + 0.15)^4 - $300,000 ≈ $97,468
For Project B:
NPV = $19,000 / (1 + 0.15)^1 + $12,000 / (1 + 0.15)^2 + $18,000 / (1 + 0.15)^3 + $10,500 / (1 + 0.15)^4 - $40,000 ≈ $30,099
Based on the NPV criterion, we choose Project A because it has a higher NPV.
D. IRR Criterion:
The internal rate of return (IRR) is the discount rate that makes the NPV of a project equal to zero. We choose the project with the higher IRR.
For Project A:
IRR ≈ 21.4%
For Project B:
IRR ≈ 14.8%
Based on the IRR criterion, we choose Project A because it has a higher IRR.
E. Profitability Index Criterion:
The profitability index (PI) compares the present value of cash inflows to the initial investment. We choose the project with the higher PI.
For Project A:
PI = ($20,000 / (1 + 0.15)^1 + $50,000 / (1 + 0.15)^2 + $50,000 / (1 + 0.15)^3 + $390,000 / (1 + 0.15)^4) / $300,000 ≈ 1.32
For Project B:
PI = ($19,000 / (1 + 0.15)^1 + $12,000 / (1 + 0.15)^2 + $18,000 / (1 + 0.15)^3 + $10,500 / (1 + 0.15)^4) / $40,000 ≈ 1.08
Based on the profitability index criterion, we choose Project A because it has a higher PI.
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a) A man has $4.55 in change composed entirely of dimes and quarters. What are the maximum and minimum number of coins that he can have? Is it possible for the number of dimes to equal the number of quarters? (b) The neighborhood theater charges $1.80 for adult admissions and $.75 for children. On a particular evening the total receipts were $90. Assuming that more adults than children were present, how many people attended? (c) A certain number of sixes and nines is added to give a sum of 126; if the number of sixes and nines is interchanged, the new sum is 114. How many of each were there originally?
The man has a minimum of 14 coins and a maximum of 50 coins. It is not possible for the number of dimes to equal the number of quarters.
Let's assume the number of adult admissions is x and children's admissions is y. Therefore, the number of adults was greater than the number of children, and the total receipt was $90. Also, the theater charges $1.80 for adult admissions and $.75 for children.
Now, as per the given data, we can form two equations:
x + y = the total number of people (equation 1)$
1.80x + $0.75y = $90 (equation 2)
To solve these equations, we can multiply equation 1 with 1.80 and subtract it from equation 2.
Let's solve the equation:
(1.80x + 1.80y) - (1.80x + 0.75y) = 90 - (1.80 × total number of people)y = 3.6(total number of people - 50)
As the number of adults is greater than children,
the value of x is greater than y.
Also, the number of attendees cannot be a fraction, so we can try different values of y to find a suitable value that satisfies both the above conditions.
By substituting the value of y in equation 1, we can calculate the value of x.
Let's try different values of y:
y = 1, then x = 89y = 2, then x = 88y = 3, then x = 87y = 4, then x = 86
From the above calculations,
it is evident that y = 4, and x = 86 satisfy both conditions.
Hence, 86 adults and 4 children attended the show.
c)There were 45 sixes and 81 nines originally.
The steps to solve this problem are as follows:
Let the number of sixes is x and the number of nines be y.
Therefore, x + y = 126 (equation 1)6x + 9y = 1260 (equation 2)Dividing equation 2 by 3,
we get,2x + 3y = 420 (equation 3)Multiplying equation 1 by 2 and subtracting it from equation 3, we get:
y = 54Substituting the value of y in equation 1,
we get:
x + 54 = 126
Therefore, x = 72
Hence, there were 72 sixes and 54 nines originally.
If the number of sixes and nines is interchanged, the new sum is 114. Therefore, the number of sixes and nines interchanged were 54 and 72, respectively.
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500 words no plagiarism, take your time and make sure you have
the correct answer.
QUESTION 4 (10 marks) Reflect on your experiences as a student in this subject. With reference to relevant organisational behaviour literature, identify and discuss two types of power you exercised during group work and provide an example of each (6 marks). Explain two ways to enhance your power as a student at university (4 marks).
As an AI language model, I don't have personal experiences or the ability to reflect on them. However, I can provide you with a general response based on relevant organizational behavior literature. Please find below a discussion on two types of power that can be exercised during group work and two ways to enhance power as a student at university:
Expert Power:
Expert power is derived from an individual's knowledge, skills, and expertise in a particular area. When a student possesses specialized knowledge or skills, they can exert expert power within a group. For example, in a group project focused on marketing strategies, a student who has previous experience in digital marketing and demonstrates a deep understanding of the subject matter may be perceived as an expert by other group members. They can use their knowledge and expertise to influence the group's decisions and guide the project's direction.
Referent Power:
Referent power is based on interpersonal attraction and the desire to be associated with a particular individual or group. It arises from qualities such as likability, charisma, and the ability to build strong relationships. In a group setting, a student who possesses referent power is influential because others admire and respect them. For instance, a student who is known for their positive attitude, effective communication skills, and ability to build strong connections with peers can exert referent power. Others may look up to them, seek their opinion, and willingly cooperate with their ideas and suggestions.
Ways to enhance power as a student at university:
Build and Expand Knowledge:
One way to enhance power as a student is to continuously acquire knowledge and develop expertise in specific areas. By actively engaging in coursework, conducting independent research, participating in discussions, and seeking opportunities for learning, students can increase their knowledge base. This increased expertise gives them the potential to exert expert power and influence their peers or group members positively.
Develop Effective Communication and Interpersonal Skills:
Enhancing power as a student also involves developing strong communication and interpersonal skills. Effective communication allows students to express their ideas clearly, actively listen to others, and engage in constructive discussions. By building positive relationships and demonstrating strong interpersonal skills, such as empathy, respect, and collaboration, students can gain referent power within their university community. Others will value their opinions, seek their guidance, and be more willing to work collaboratively with them.
In conclusion, within a group work setting, two types of power that can be exercised by a student are expert power, derived from their knowledge and skills in a specific domain, and referent power, based on interpersonal attraction and the admiration of others. To enhance power as a student at university, it is important to continuously build and expand knowledge in relevant areas and develop effective communication and interpersonal skills. By doing so, students can increase their influence and positively impact their academic and social environments.
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Prior to the Great Depression, starting in 1928 is ........A. the Fed conducted an expansionary monetary policy, B. the Fed conducted a contractionary monetary policy: C. Congress cut taxes to stimulate the
The correct option is B. Prior to the Great Depression, starting in 1928, the Federal Reserve conducted a contractionary monetary policy.
How did the Federal Reserve's monetary policy contribute to the Great Depression?Prior to the Great Depression, starting in 1928, the Federal Reserve (the Fed) implemented a contractionary monetary policy. This policy refers to the central bank's actions to reduce the money supply and tighten credit conditions in the economy.
The contractionary monetary policy during this period involved various measures. The Federal Reserve increased interest rates, making borrowing more expensive and limiting access to credit. It also implemented policies to restrict the availability of funds in the banking system, aiming to curb excessive lending and speculative activities.
The intention behind the contractionary monetary policy was to address perceived economic imbalances, such as stock market speculation and excessive credit expansion. The Fed aimed to cool down the economy and prevent potential inflationary pressures.
However, the contractionary monetary policy, coupled with other factors, had unintended consequences and contributed to the onset and severity of the Great Depression. The tightening of credit and reduction in the money supply worsened the economic downturn, leading to decreased investment, business failures, and a sharp decline in consumer spending.
The Federal Reserve's contractionary monetary policy during this period is often cited as a contributing factor to the economic crisis of the Great Depression, highlighting the importance of appropriate monetary policy in maintaining economic stability.Therefore, correct option is B. Prior to the Great Depression, starting in 1928, the Federal Reserve conducted a contractionary monetary policy.
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The following data was prepared by the Cullumber Company. Total Sales price $20/unit Direct materials used $95.850 Direct labor $95,000 Manufacturing overhead $133.600 Selling and administrative expense $22,900 Units manufactured 31.500 units Beginning Finished Goods Inventory 20.500 units Ending Finished Goods Inventory 8.000 units Variable $13.900 $13.500 Fixed $119.700 $9.400 (e) Under absorption costing, what is the operating income? (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to C decimal place, e.g. 2,152.) Operating income $
Under the absorption costing, the operating income will be $209,000.
Absorption costing is a method of calculating the total cost of a product, including direct and indirect expenses. Under absorption costing, all of the production expenses are included in the cost of goods sold, including the fixed expenses that are allocated based on the number of units produced. The operating income under the absorption costing method is calculated by subtracting the total cost of goods sold (COGS) from the total sales revenue.The Cullumber Company has provided the following data:Total Sales price $20/unitDirect materials used $95.850Direct labor $95,000Manufacturing overhead $133.600Selling and administrative expense $22,900Units manufactured 31.500 unitsBeginning Finished Goods Inventory 20.500 unitsEnding Finished Goods Inventory 8.000 unitsVariable $13.900 $13.500Fixed $119.700 $9.400The calculation for the operating income under absorption costing is:Total Sales Revenue = Total Units Manufactured × Sales Price per UnitTotal Sales Revenue = 31,500 × $20Total Sales Revenue = $630,000COGS = Direct Materials Used + Direct Labor + Manufacturing OverheadCOGS = $95,850 + $95,000 + $133,600COGS = $324,450Fixed Overhead per Unit = Total Fixed Overhead ÷ Total Units ManufacturedFixed Overhead per Unit = ($119,700 + $9,400) ÷ 31,500Fixed Overhead per Unit = $4.30COGS = COGS + (Fixed Overhead per Unit × Units Produced - Units Sold)COGS = $324,450 + ($4.30 × (31,500 - 8,000))COGS = $355,450Operating Income = Total Sales Revenue - COGS - Selling and Administrative ExpenseOperating Income = $630,000 - $355,450 - $22,900Operating Income = $251,650
The operating income under the absorption costing method is $209,000.
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which one is:angle Capitalist and venture Capitalist Wealthy individuals, usually experienced entrepreneurs,who invest in business startups in exchange for equity in the new ventures Wealthy individuals or entrepreneurs,who invest in business startups often for no equality or ownership(sometimes a small amount of equality)
Venture capitalists are wealthy individuals, typically experienced entrepreneurs, who invest in business startups in exchange for equity or ownership in the new ventures. Angel capitalists, on the other hand, are wealthy individuals or entrepreneurs who invest in business startups, often without seeking equity or ownership, or with only a small amount of equity.
Venture capitalists are investors who provide funding to early-stage or growth-stage companies in exchange for a percentage of ownership in the form of equity. They typically have significant experience in entrepreneurship and provide not only capital but also expertise, mentorship, and networking opportunities to help the startups succeed.
Angel capitalists, also known as angel investors, are wealthy individuals or entrepreneurs who invest their personal funds in startups. Unlike venture capitalists, angel capitalists may invest without seeking equity or ownership in the company. They may provide financial support, guidance, and expertise to the entrepreneurs without expecting a significant return on investment or control over the business. In some cases, angel capitalists may negotiate a small amount of equity or ownership, but it is not a primary objective.
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Problem 33-7 (IAA) High Company purchased for cash at P50 per share all 150,000 ordinary shares outstanding of another entity. The statement of financial position of the acquiree on the date of acquisition showed net assets with a carrying amount of P6,000,000. The fair value of property, plant, and equipment on same date was P800,000 in excess of carrying amount. What amount should be recorded as goodwill on the date o purchase? a. 1,500,000 b. 800,000 C. 700,000 d. 0
Goodwill should be recorded at P700,000 on the date of purchase. Goodwill is the excess of the purchase price over the fair value of the net identifiable assets acquired.
In this case, High Company purchased all 150,000 ordinary shares of the acquiree for cash at P50 per share, resulting in a total purchase price of P7,500,000 (150,000 shares x P50 per share). The statement of financial position of the acquiree on the date of acquisition showed net assets with a carrying amount of P6,000,000. Additionally, the fair value of property, plant, and equipment was P800,000 in excess of the carrying amount.
To calculate the amount of goodwill, we need to determine the fair value of the net identifiable assets acquired. The fair value of the net identifiable assets can be calculated as follows:
Net assets carrying amount + Fair value adjustment = Fair value of net identifiable assets
P6,000,000 + P800,000 = P6,800,000
Next, we subtract the fair value of net identifiable assets from the purchase price:
Purchase price - Fair value of net identifiable assets = Goodwill
P7,500,000 - P6,800,000 = P700,000
Therefore, the amount recorded as goodwill on the date of purchase is P700,000.
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With the advent of e-commerce, customers are buying in ways they have never done before. The ubiquity of mobile devices also makes it possible for mobile commerce to be carried out from anywhere and a
The rise of e-commerce and the widespread use of mobile devices have revolutionized the way customers engage in buying and selling activities.
The advent of e-commerce has fundamentally changed the shopping habits of consumers. With the click of a button, customers can browse and purchase products from the comfort of their own homes, eliminating the need to visit physical stores.
The ubiquity of mobile devices has also facilitated the integration of online and offline experiences through features like mobile payment options, personalized recommendations, and real-time notifications. This seamless integration has created a more convenient and efficient shopping experience for customers.
Furthermore, the global reach of e-commerce and mobile commerce has expanded market opportunities for businesses. Companies can now reach a wider customer base beyond their local markets and tap into the global marketplace.
Overall, the advent of e-commerce and mobile commerce has transformed the retail industry, empowering customers with unprecedented convenience and opening up new avenues for businesses to engage with their target audience.
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Sage Company, a machinery dealer, leased manufacturing equipment to Mays Corporation on January 1, 2017. The lease is for a 7- year period and requires equal annual payments of $31,535 at the beginnin
Sage Company leased manufacturing equipment to Mays Corporation for 7 years with equal annual payments of $31,535 at the beginning.
On January 1, 2017, Sage Company entered into a lease agreement with Mays Corporation, a machinery dealer, for a period of 7 years. The terms of the lease require Mays Corporation to make equal annual payments of $31,535 at the beginning of each year. This means that Mays Corporation will pay $31,535 at the start of each year for a total of 7 years. The lease agreement allows Mays Corporation to use the manufacturing equipment for the duration of the lease term.
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The Congress of the United States is responsible for making decisions regarding taxing and spending at the national level. The decision to run a federal deficit or to run a budget surplus is an example of Congress ........
Monetary policy Fiscal policy Social policy Egalitarian policy
The Congress of the United States is responsible for making decisions regarding taxing and spending at the national level. The decision to run a federal deficit or to run a budget surplus is an example of Congress's Fiscal policy. Option 2.
What is fiscal policy?Fiscal policy is the use of government revenue collection and expenditure to influence the economy. The fiscal policy is implemented by the government of a country. It includes taxation and spending which helps in maintaining the country's economy.
However, It affects the aggregate demand and employment levels through the government's actions on taxation, public spending, and borrowing.
Hence, the correct answer is option 2. Fiscal policy.
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Discuss how law is relevant to business using your text and the Internet to:
Identify and discuss at least two fundamental concepts and principles of the American legal system, particularly those pertaining to today’s business environment.
Define ethics and evaluate how the law you have read in the first 2 chapters is based on ethical principles.
Do you feel that corporate ethics, by and large, have worsened in recent years, or is it that these "bad guys" are made more visible by the media. Or is it the magnitude of the ethics violations. Thoughts class as it applies to what you think of ethics and business?
The American legal system is founded on the principles of the rule of law and contract law, which are fundamental concepts in today's business environment.
The rule of law ensures that businesses and individuals are subject to and must comply with the law, promoting fairness and accountability.
Contract law governs the formation and enforcement of business contracts, establishing the rights and obligations of parties involved. Ethics, defined as a set of moral principles, underlies the law by promoting honesty, fairness, and respect for individual rights. While there may be instances of unethical behavior in business, it is essential for companies to prioritize corporate ethics, implement robust ethics programs, and foster a culture of integrity to uphold ethical principles and contribute to a responsible business environment.
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Given realistic estimates of the probability and cost of bankruptcy, the future costs of a possible bankruptcy are borne by: A. all investors in the firm. B. debtholders only because if default occurs interest and principal payments are not made. C. shareholders because debtholders will pay less for the debt providing less cash for the shareholders. D. management because if the firm defaults they will lose their jobs. E. None of these.
The future costs of a possible bankruptcy are typically borne by debtholders, as they are at a higher risk of not receiving interest and principal payments in the event of default.
Shareholders may also be affected indirectly, as the decreased value of the firm's debt could lead to a lower cash flow for shareholders. Management may face consequences such as job losses, but they are not the primary bearers of the costs. Therefore, option B, "debtholders only because if default occurs interest and principal payments are not made," is the most accurate choice.
In the event of bankruptcy, debtholders are the primary parties who bear the future costs. If a firm defaults, it may not be able to make interest and principal payments to its debtholders, leading to potential financial losses for them. Shareholders may indirectly be affected as well since a default could decrease the value of the firm's debt, resulting in reduced cash flow available for shareholders.
While management may face negative consequences such as job losses if the firm defaults and goes through bankruptcy, they are not the primary bearers of the costs. The primary financial burden falls on the debtholders who may experience losses due to non-payment of their debts. Therefore, option B is the most accurate choice in terms of the future costs of a possible bankruptcy.
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Blossom Company has the following two notes receivable at May 31, 2021, its fiscal year end: 1. $30,000 six-month, 4% note issued January 1, 2021 2. $9,600 three-month, 4% note issued April 30, 2021 I
Accrual basis accounting is a method that records revenue and expenses when they are incurred, regardless of whether cash has been received or paid. Blossom Company should record interest revenue for both notes. The interest for the first note is $600, while for the second note, it is $128.
Blossom Company should record interest revenue for both notes. The interest for the first note is $600, calculated as follows:($30,000 x 4% x 6/12) = $600The second note has an interest of $128, calculated as follows:($9,600 x 4% x 3/12) = $128The revenue should be recognized at the end of the month or the year, depending on the company's accounting cycle. Blossom Company uses the accrual basis accounting method, which records revenue and expenses when they are incurred, regardless of whether cash has been received or paid. For the first note, Blossom Company should recognize $600 of interest revenue on June 30, 2021 (six months from the issuance date). For the second note, it should recognize $128 of interest revenue on July 31, 2021 (three months from the issuance date).
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Why is Intellectual Property a knowledge area of interest for
Program Managers?
Intellectual property (IP) is an area of interest for program managers because IP helps to secure program benefits, build capability, and limit dangers and vulnerabilities.
Intellectual property (IP) is an area of interest for program managers because IP helps to secure program benefits, build capability, and limit dangers and vulnerabilities. Program managers should consider IP early and throughout the program life cycle, from program initiation through sustainment and termination, to ensure the necessary IP is recognized, handled, secured, and leveraged.Program managers must manage IP as an essential component of program management and ensure that all stakeholders are familiar with IP policies and procedures. Program managers must also collaborate with other stakeholders to provide insight on intellectual property (IP) topics. Program managers must take the following measures to ensure that IP is managed correctly and that stakeholders' interests are respected:IP must be recognized early and continually throughout the program lifecycle, from initiation to conclusion. To ensure that IP is handled, secured, and utilized appropriately, programs must recognize the IP they require. Program managers must ensure that all stakeholders are familiar with IP regulations and procedures. Program managers must provide information and insight to other stakeholders about IP issues. Programs must make sure that stakeholders' IP rights are respected and that they are compensated for their work.
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CONFIDENTIAL AC/DEC2021/ACC116 PART A IDENTIFY THE FOLLOWING AS TRUE OR FALSE. STATE ONLY ONE ANSWER FOR EACH QUESTION. 1. Work in progress or semi-finished goods include those basic ingredients that
False.
Work in progress or semi-finished goods generally refer to products that have undergone some level of processing but are not yet completed or ready for sale.
These products are still in the production process and typically require further processing or assembly before they can be considered finished goods.
Basic ingredients, on the other hand, are raw materials that are used to create finished goods. They may not have undergone any level of processing and are not considered work in progress or semi-finished goods.
Examples of basic ingredients include flour, sugar, and oil in the case of a bakery, or steel and aluminum in the case of a manufacturing plant. Therefore, the statement that basic ingredients are included in work in progress or semi-finished goods is false.
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In-Class Exercise Audit & Bank Loan Busch Corporation has an existing loan in the amount of $4.5 million with an annual interest rate of 5.5%. The company provides an internal company-prepared financial statement to the bank under the loan agreement. Two competing banks have offered to replace Busch Corporation's existing loan agreement with a new one. BMO has offered to loan Busch $4.5 million at a rate of 4.5% but requires Busch to provide financial statements that have been reviewed by a public accounting firm. Desjardins has offered to loan Busch $4.5 million at a rate of 3.5% but requires Busch to provide financial statements that have been audited. Busch Corporation's controller approached a public accounting firm and was given an estimated cost of $20,000 to perform a review and $45,000 to perform an audit. 1. Explain why the interest rate for the loan that requires a review report is lower than that for the loan that did not require a review. Explain why the interest rate for the loan that requires an audit report is lower than the interest rate for the other two loans. 2. Calculate Busch Corporation's annual costs under each loan agreement, including interest and costs for the accounting/ auditing firm's services. Indicate whether Busch should keep its existing loan, accept the offer from BMO, or accept the offer from Desjardins.
The interest rate for the loan that requires a review report is lower than the loan that does not require a review because a review provides a moderate level of assurance regarding the financial statements. \
The review process involves analytical procedures and inquiries, but it does not include the extensive testing and verification conducted in an audit. Therefore, the bank may consider the reviewed financial statements as providing reasonable confidence, resulting in a slightly lower interest rate compared to loans without a review.
The interest rate for the loan that requires an audit report is lower than the other two loans because an audit provides the highest level of assurance regarding the financial statements. An audit involves thorough testing, verification, and examination of the financial records and internal controls by an independent auditor. The bank perceives audited financial statements as having the highest reliability, reducing the risk associated with the loan. As a result, the bank offers a lower interest rate to incentivize Busch Corporation to provide audited financial statements.
Under each loan agreement:
Existing loan: Annual interest cost = $4.5 million × 5.5% = $247,500
BMO loan (requires a review): Annual interest cost = $4.5 million × 4.5% = $202,500
Accounting firm's cost (review) = $20,000
Total annual cost = $202,500 + $20,000 = $222,500
Desjardins loan (requires an audit): Annual interest cost = $4.5 million * 3.5% = $157,500
Accounting firm's cost (audit) = $45,000
Total annual cost = $157,500 + $45,000 = $202,500
Based on the calculations, Busch Corporation should accept the offer from Desjardins as it offers the lowest total annual cost, including the interest rate and the cost for the audit services.
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The probability density of a random variable X is uniform between 0 and 2, as given in the figure below.
From this density, the probability that X is between 0.5 and 1.5 is:
The probability that X is between 0.5 and 1.5 is 0.5. Since probability is represented by area under the density curve, the probability that X is between 0.5 and 1.5 is 0.5 (or 50%).
The probability density of a uniform distribution is constant between its minimum and maximum values. In this case, the minimum value is 0 and the maximum value is 2. Therefore, the density is constant at 1/2 between 0 and 2.
To find the probability that X is between 0.5 and 1.5, we need to find the area under the density curve between those values. This is represented by the shaded region in the figure below.
The width of this region is 1 (1.5 - 0.5), and the height is 1/2 (the constant density value). Therefore, the area is 1/2.
The probability density function (PDF) of a continuous random variable X gives the relative likelihood of the variable taking on any particular value within its range. For a uniform distribution between a and b, the PDF is given by:
f(x) = 1 / (b - a) for a ≤ x ≤ b
f(x) = 0 otherwise
In this case, a = 0 and b = 2, so the PDF is:
f(x) = 1 / 2 for 0 ≤ x ≤ 2
f(x) = 0 otherwise
The area under the PDF curve between any two values of x gives the probability that X falls within that range. So to find the probability that X is between 0.5 and 1.5, we need to find the area under the PDF curve between those values.
This is represented by the shaded region in the figure below:
The width of this region is 1 (1.5 - 0.5), and the height is 1/2 (the constant density value). Therefore, the area is:
area = base x height = 1 x 1/2 = 1/2
Since probability is represented by area under the PDF curve, the probability that X is between 0.5 and 1.5 is 0.5 (or 50%).
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How would you show the impact of higher gas prices on the market for electric cars?
The market for electric cars is one that is sensitive to higher gas prices. As gas prices continue to rise, people are turning to electric cars as a means of reducing the amount of money they spend on fuel.
Additionally, higher gas prices have a direct impact on the market for electric cars because they make it more difficult for people to afford traditional gas-powered vehicles, thereby making electric cars more attractive.
How would you show the impact of higher gas prices on the market for electric cars? The demand for electric cars would likely increase as a result of higher gas prices. This is because people who are looking to save money on fuel costs will be more likely to purchase an electric car, which is generally cheaper to operate than a traditional gas-powered car. In addition to this, higher gas prices would likely cause people to trade in their gas-powered cars for electric cars, which would also increase the demand for these vehicles. A second way to show the impact of higher gas prices on the market for electric cars would be to look at the sales figures for these vehicles. As gas prices rise, the number of electric cars sold would likely increase, as people look to save money on fuel costs. This would lead to an increase in the overall market share of electric cars.
Finally, you could look at the growth rate of the market for electric cars over time. As gas prices continue to rise, it is likely that the market for electric cars will continue to grow at an accelerated rate, as more and more people turn to these vehicles as a means of saving money on fuel costs.
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The following matrix shows the pricing strategy and payoff of Firm X and Firm Y in a duopoly. Firm X-Normal Price Firm X-Offer Discount Firm Y- Normal Price Payoff of Firm X - 5 Payoff of Firm X 4 Payoff of Firm Y-6 Payoff of Firm Y = 12 Firm Y-Offer Discount Payoff of Firm X - 11 Payoff of Firm X-9 Payoff of Firm Y-3 Payoff of Firm Y = 10 Identify the Nash equilibrium and best total outcome in the matrix. Explain why best total outcome is unlikely to be achieved.
Nash equilibrium: It is a concept in game theory where the two players are in a state where neither player wants to change their strategy without causing their payoff to decrease. The Nash equilibrium is one of the central solution concepts in game theory.
In game theory, the Nash equilibrium is reached when two or more players have no incentive to change their behavior, given the behavior of the other player(s). Best total outcome: It occurs when both firms set discount prices as follows: Firm X Offer Discount Firm Y Offer Discount In this situation, the payoff of both firms will be 7, which is the best outcome that can be achieved. Explanation: The Nash equilibrium is reached when both firms set discount prices. The Nash equilibrium is a situation where neither player can improve their payoff by changing their strategy. In this case, the Nash equilibrium is reached when Firm X offers a discount and Firm Y charges a normal price. The best total outcome, which occurs when both firms set discount prices, is unlikely to be achieved because neither firm has an incentive to offer a discount. If Firm X offers a discount and Firm Y charges a normal price, Firm X will get a higher payoff, but Firm Y will get a lower payoff. If Firm Y offers a discount and Firm X charges a normal price, Firm Y will get a higher payoff, but Firm X will get a lower payoff. Therefore, the best total outcome is unlikely to be achieved because both firms have an incentive to charge a normal price, which results in a lower payoff for both firms compared to when both firms set discount prices.
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the poverty line: a. separates those on welfare from those not on welfare. b. equals three times an economy food budget. c. equals the median income level. d. all of these.
The poverty line can be defined as a threshold below which a person is considered to be living in poverty. Among the given options the correct answer is option d.
The poverty line is a threshold that is used to determine the minimum level of income or resources necessary to meet basic needs and avoid poverty. It can vary depending on the country and context. The poverty line is used to identify individuals or households who are considered to be living below the poverty line and may be eligible for welfare programs or assistance. It is a way to measure poverty and is often used by governments and organizations to determine eligibility for social welfare programs. Additionally, the poverty line can also be expressed as a percentage of the median income level. It serves as a benchmark to assess the relative economic well-being of individuals or households in comparison to the overall population.
The poverty line is not an absolute number, as it can vary depending on factors such as family size, geographic location, and the cost of living. Therefore, the correct answer to the question is option d) all of these.
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Stony Electronics Corporation manufactures a portable radio designed for mounting on the wall of the bathroom. The following list represents some of the different types of costs incurred in the manufacture of these radios:
1. The plant manager's salary.
2. The cost of heating the plant.
3. The cost of heating executive offices.
4. The cost of printed circuit boards used in the radios.
5. Salaries and commissions of company salespersons.
6. Depreciation on office equipment used in the executive offices.
Product costs (inventoriable) and period costs (non-inventoriable) are two different types of costs incurred in business operations. Based on this, the costs are classified as follows:Period costs: 1, 3, 5, and 6.Product costs: 2 and 4.
Product costs are those that are directly linked to the production of goods and services and can be allocated to products, whereas period costs are not involved in the production of goods and services and cannot be allocated to products.
The two types of costs incurred in business operations are as follows:
1. Product Costs or Inventoriable Costs: These are the costs that are directly related to the production of goods and services and are also known as inventoriable costs because they are a part of the cost of inventory.
The cost of goods sold includes the cost of product costs. The direct materials, direct labor, and manufacturing overhead are the three types of product costs.
2. Period Costs or Non-Inventoriable Costs: These are costs that are not related to the production of goods and services and are also known as non-inventoriable costs. They are expenses related to the operating activities of the company and are typically expensed on the income statement in the period incurred. Examples of period costs include administrative expenses and selling expenses.
Now, let's classify the cost items listed in the problem as product costs or period costs for the purpose of preparing external financial statements.
Classification of the cost items as Product Cost (Inventoriable) or Period Cost (Non-Inventoriable):
1. The plant manager's salary - Period Cost (Non-Inventoriable)
2. The cost of heating the plant - Product Cost (Inventoriable)
3. The cost of heating executive offices - Period Cost (Non-Inventoriable)
4. The cost of printed circuit boards used in the radios - Product Cost (Inventoriable)
5. Salaries and commissions of company salespersons - Period Cost (Non-Inventoriable)
6. Depreciation on office equipment used in the executive offices - Period Cost (Non-Inventoriable)
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Which would cause both an increase in the price of tuna
and a decrease in the amount of tuna sold?
A. An increase in the supply of tuna
B. An increase in the price of the labor used to produce
canned
An increase in the price of the labor used to produce canned tuna would cause both an increase in the price of tuna and a decrease in the amount of tuna sold.
When the price of labor used in the production of canned tuna rises, it increases the production costs for tuna canneries. As a result, the cost of producing canned tuna increases, leading to higher prices for the end consumers. This increase in price can deter some buyers from purchasing tuna, thereby decreasing the quantity of tuna sold.
The relationship between the price of labor and the price of goods produced is influenced by the concept of supply and demand. In this scenario, an increase in labor costs affects the supply side of the tuna market, leading to a decrease in supply and an increase in price. The decrease in quantity sold occurs as a result of the higher price, which affects consumer demand.
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If I were to receive cash from my sister and I deposited it into my checking account, which of the following changes would occur? a. Both M1 and M2 would decrease. b. Both M1 and M2 would increase. c. M1 would increase; M2 would decrease. d. M1 would decrease; M2 would increase. e. M1 and M2 would remain unchanged.
If you were to receive cash from your sister and deposited it into your checking account, both M1 and M2 would increase.
M1 includes physical currency in circulation, demand deposits, traveler's checks, and other checkable deposits, which would all increase with the deposit of cash. M2 includes M1 plus savings deposits, money market securities, and other time deposits, which would also increase as the cash deposit is recorded in the banking system. Therefore, the correct answer would be option b: Both M1 and M2 would increase. It's important to note that the increase in M1 and M2 may be temporary if you decide to use the money for a purchase or transfer it to another account, as that would affect the levels of money supply.
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Explain the Fisher equation. Why is it important, or how is it
used? How does an increase in the growth rate of the supply of
money affect the nominal interest rate in the long run?
The Fisher equation relates the nominal interest rate, inflation rate, and real interest rate.
How does the Fisher equation explain the relationship between these variables and why is it important in economics?
The Fisher equation is an essential concept in economics as it helps explain the relationship between nominal interest rates, inflation rates, and real interest rates. It states that the nominal interest rate is equal to the sum of the real interest rate and the expected inflation rate. Mathematically, it is expressed as:
Nominal Interest Rate = Real Interest Rate + Inflation Rate
The Fisher equation is crucial because it highlights the distinction between nominal and real interest rates. The nominal interest rate represents the absolute return on an investment or the cost of borrowing, while the real interest rate adjusts for inflation and reflects the actual purchasing power of money. By accounting for inflation, it allows economists and policymakers to make more accurate assessments of interest rates and their impact on the economy.
An increase in the growth rate of the money supply can affect the nominal interest rate in the long run. According to the Fisher equation, if the money supply grows at a faster rate than the increase in real economic output (GDP), it can lead to higher inflation expectations. In response, lenders will demand a higher nominal interest rate to compensate for the expected loss in purchasing power of the money lent. Therefore, an increase in the growth rate of the money supply can potentially result in higher nominal interest rates to offset the anticipated inflation.
However, it is important to note that the relationship between money supply growth and nominal interest rates is complex and influenced by various factors. In the short run, other factors such as monetary policy actions, economic conditions, and market expectations can also affect nominal interest rates. Additionally, central banks play a critical role in managing the money supply and implementing monetary policies to control inflation and stabilize interest rates.
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I NEED A NEW ONE. DO NOT COPY AND PASTE FROM OTHER CHEGG POST OR WILL GIVE DOWN VOTE
COMPANY STARBUCKS:
1. How would you use a decision matrix to identify the leading alternative? Explain how you determined the values used to distinguish between each option. What about the matrix, if anything, may be limiting in its use value to an analyst or decision maker? (150 words)
2. What factors might inhibit the success of the optimal strategic alternative identified? How can the issues you identified be addressed and corrected? (150words).
alternatives: strong brand image, extensive global supply, staff treatment, and acquisitions of other organizations, diversification of business, increasing the existing markets, and developing a strong bond with its partnership firms
1. Using a decision matrix to identify the leading alternative:
To use a decision matrix for evaluating alternatives for Starbucks, we would list the different options (e.g., strong brand image, global supply, staff treatment, acquisitions, diversification, market expansion, partnership bonds) as rows and the relevant criteria (e.g., profitability, market share, customer satisfaction, sustainability) as columns. We would assign values to each option for each criterion based on their importance and performance. The values could be numerical ratings or qualitative assessments. By calculating the total scores for each alternative, we can identify the leading alternative that performs the best across the criteria.
Limitations of a decision matrix include its potential subjectivity in assigning values, as different decision makers may prioritize criteria differently. Additionally, it may not capture all relevant factors or consider the dynamic nature of the business environment. The matrix also assumes that criteria are independent and do not interact with each other, which may oversimplify complex decision-making processes.
2. Factors inhibiting the success of the optimal strategic alternative:
Potential inhibitors to the success of Starbucks' optimal strategic alternative could include competition, changes in consumer preferences, market saturation, supply chain disruptions, and economic downturns. These issues can be addressed by implementing effective marketing strategies to differentiate Starbucks from competitors, conducting market research to understand evolving consumer preferences, diversifying product offerings to adapt to changing trends, establishing resilient supply chain networks, and implementing contingency plans for economic uncertainties.
Addressing and correcting these issues requires ongoing monitoring of the external environment, proactive strategic planning, continuous innovation, strong partnerships, and responsive decision-making. Starbucks should also prioritize customer engagement, employee training, and effective communication to ensure that the optimal strategic alternative is effectively executed and aligned with the evolving business landscape.
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b) A process costing system is used as cost accumulation procedure that required for inventory valuation and profit measurement in those production industries. REQUIRED: i) Discuss when process costing system are appropriate and give examples; ii) Explain the term "equivalent units" and how to calculate; and iii) Compare the two methods used in computing the value of work in progress.
Process costing system is the method used to accumulate cost by unit. This method is applicable to industries where similar products are produced in large quantities and for long periods.
The objective of this system is to determine the cost of each unit produced by dividing the total cost of production by the total number of units produced. This method is useful in industries where products are produced in a continuous flow, and it is difficult to identify the costs of individual units. Some examples of industries where process costing system is applicable include the production of chemicals, food, cement, textiles, and paper products. Equivalent units are used in the process costing system to convert partially completed units into the equivalent number of completed units. The calculation of equivalent units considers the degree of completion of the unit. To calculate the equivalent units of a process, you multiply the actual number of partially completed units by the degree of completion of each unit. For example, if 1,000 units are 70% complete, then the equivalent units are 700 units (1,000 x 0.7). The computation of equivalent units is necessary to ensure that partially completed units are accounted for in the calculation of cost per unit.
There are two methods used in computing the value of work in progress, which includes the weighted average method and the FIFO method. The weighted average method considers the cost of all units produced in a given period and calculates the average cost per unit. On the other hand, the FIFO method considers the cost of the units produced first before considering the cost of units produced later. The choice of method to use depends on the nature of the industry and the method that is most accurate in reflecting the cost of production.
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Jabari is planning for his retirement in 5 years’ time. He plans to deposit $200,000 immediately into an investment plan that promises 11% annually. He will deposit $30,000 and the end of each of the next five years. i. What will be the value of the investment when Jabari retires in 5 years?.
To calculate the value of the investment when Jabari retires in 5 years, we need to consider the initial deposit and the subsequent annual deposits, along with the annual interest rate.
Initial deposit = $200,000
Annual deposit = $30,000
Number of years = 5
Annual interest rate = 11%
To calculate the future value of the investment, we can use the future value of an ordinary annuity formula:
Future value = Initial deposit * (1 + interest rate)^n + Annual deposit * [(1 + interest rate)^n - 1] / interest rate
Where:
n = Number of years
Substituting the values into the formula:
Future value = $200,000 * (1 + 0.11)^5 + $30,000 * [(1 + 0.11)^5 - 1] / 0.11
Calculating the expression:
Future value = $200,000 * 1.73205 + $30,000 * (1.73205 - 1) / 0.11
Future value = $346,410 + $90,909.09
Future value = $437,319.09
Therefore, the value of the investment when Jabari retires in 5 years will be approximately $437,319.09.
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What is the second certification level?
The term "second certification level" is quite broad and can apply to various fields and industries. Without specific context, it is challenging to provide a precise answer. However, in many professional certification programs, there are typically multiple levels or tiers of certification.
In general, the second certification level often represents an intermediate or advanced stage of expertise and knowledge within a particular domain. It typically builds upon the foundational concepts covered in the first level and delves deeper into the subject matter.
The second level may involve more complex theories, practical applications, and specialized skills within the field.
For instance, in the IT industry, certifications like Cisco Certified Network Professional (CCNP) or Microsoft Certified Solutions Associate (MCSA) are considered second-level certifications, requiring a solid understanding of the fundamentals demonstrated in their respective first-level certifications.
Ultimately, the specific designation of the second certification level varies across industries and organizations, but it generally signifies a higher level of proficiency and expertise beyond the introductory stage.
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what is the wholesaler’s selling price? what is the manufacturer’s selling price?
The price that manufacturers charge to customers, is referred to as the manufacturers' selling price while wholesale price is the cost of a product as it is sold in bulk to trade or distributors.
In contrast to the price charged to consumers, the wholesale price is the cost of a good when sold in bulk to significant trade or distributor groups. The cost price of a certain product is added to the manufacturer's profit margin to determine the wholesale price. Using wholesale pricing, products are sold for more money than it costs to produce them in order to generate a profit.
The price that manufacturers charge to their clients, which may be wholesalers, retailers, or end users, is referred to as the manufacturers' selling price. It is the cost that a product's manufacturer suggests consumers pay for it at customer-facing retail establishments. Commonly, a manufacturer's selling price is 2.5 to 3 times the wholesale cost.
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