In June, Pohl Company incurred actual overhead costs and used machine-hours to produce units of product.
The company also had a flexible budget for manufacturing overhead costs based on a denominator activity level of 20,000 machine-hours. The variable overhead spending variance for maintenance cost needs to be determined.
To calculate the variable overhead spending variance for maintenance cost, we need to compare the actual cost incurred with the budgeted cost at the denominator activity level.
The budgeted cost for maintenance at the denominator activity level is $16,000. The actual cost incurred for maintenance is $14,620.
To calculate the variable overhead spending variance, we subtract the actual cost from the budgeted cost:
$16,000 - $14,620 = $1,380
Since the actual cost is less than the budgeted cost, the variable overhead spending variance is unfavorable.
The answer options provided are in terms of favorable (F) or unfavorable (U) variances. Therefore, the correct answer is option A) $1,020 F, indicating a favorable variance of $1,020 for the maintenance cost in June.
The variable overhead spending variance represents the difference between the actual cost incurred and the budgeted cost, and it provides insights into the efficiency and control of variable overhead expenses.
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2.4 An automotive company uses a kanban system to support its transmission assembly. The following information is known about the component on the assembly: Annual usage = 45 000 (300 days per year) S
The kanban system contributes to the company's overall productivity and cost-effectiveness in managing their transmission assembly process.
An automotive company uses a kanban system for its transmission assembly, with an annual usage of 45,000 components over 300 working days. The kanban system is a lean manufacturing technique designed to manage work-in-progress inventory and production flow. By utilizing visual signals like cards or bins, it communicates to workers when to produce or restock components based on customer demand.
In this case, the company assembles transmissions, with a specific component being used at a rate of 45,000 units per year. The kanban system helps the company maintain an efficient production flow, avoiding excess inventory or stockouts.
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Explain the concept of virtue ethics, as found in Chapter 3 of the text. How does this theory shape your understanding of what is considered ethical conduct in the business world? In particular, focus on the virtue theory of loyalty. How is this different than the duty of loyalty? Consider the whistle-blower’s actions in the cases "A Whistle-Blower Accepts a Deal" and "A Whistle-Blower's Quandary." In each, was the whistle-blower in compliance with the duty of loyalty? What about the virtue theory of loyalty? Why or why not?
Virtue Ethics is an approach to moral reasoning that concentrates on character development. It emphasizes the significance of moral principles in individuals' daily lives and focuses on the character traits that one must cultivate to become a good human being. It is founded on the notion that moral requirements can be met if a person cultivates the necessary virtues.
This concept shapes the perception of what ethical behavior is in the business world. In the business world, virtue ethics places an emphasis on character over specific duties or consequences. It is concerned with the kind of person one should be, and a good person possesses all the necessary virtues, such as integrity, honesty, and kindness. Virtue ethics has made an impact on organizational behavior by promoting the importance of developing character and virtues such as loyalty in business relationships.The duty of loyalty implies that a person's responsibility is to act in the best interests of their employer or organization. The virtue theory of loyalty, on the other hand, suggests that loyalty is a positive quality that can contribute to ethical conduct and personal growth.In the cases of "A Whistle-Blower Accepts a Deal" and "A Whistle-Blower's Quandary," the whistle-blower may not have been in compliance with the duty of loyalty but was in compliance with the virtue theory of loyalty. The whistle-blower was not in compliance with the duty of loyalty because the act of whistle-blowing implies that the whistle-blower is revealing sensitive information about their employer or organization. Such an act is against the employer's interests and is, therefore, a violation of the duty of loyalty.However, from the perspective of the virtue theory of loyalty, the whistle-blower's actions can be considered ethical. By exposing any illegal, unethical, or immoral behavior that is contrary to the public's interest, the whistle-blower is demonstrating the character trait of loyalty to the broader society. Therefore, the whistle-blower's actions can be viewed as being in compliance with the virtue theory of loyalty, despite being in violation of the duty of loyalty.
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John is explaining to his supervisor that the issue of workplace bullying is more prevalent in the service sector due to the fact of OA That work relies significantly on interpersonal relationships and interaction OB Its strong hierarchy of authority OC. Most of the organizations in this sector are decentralized O. It lacks the right of due process QUESTION 31 Monica delivered a webinar for her co-workers where she explained that there is a common term in the workplace called "sweatshops" which describes workplaces that OA Employees are constantly monitored and evaluated by their employers OB Employees lack even the basic protections for health and safety OC. The interests of the employee are protected by their right not to be subjected to utilitarian and financial calculations OD. Employees are treated well by their employers as a means of creating a harmonious workplace
John argues that workplace bullying is more prevalent in the service sector due to its reliance on interpersonal relationships, while Monica explains that "sweatshops" refer to workplaces lacking basic health and safety protections, rather than being treated well by employers.
Explanation: John's explanation regarding workplace bullying in the service sector focuses on two key factors. First, the service sector heavily relies on interpersonal relationships and interactions, which can create opportunities for bullying behaviors to occur. Second, the hierarchical structure in many service sector organizations may contribute to power imbalances and abusive behavior.
Monica's webinar on "sweatshops" provides a different perspective. She highlights that the term refers to workplaces where employees lack basic protections for health and safety. This implies that employees in sweatshops are subjected to harsh working conditions, excessive monitoring, and a disregard for their well-being. Contrary to the notion of being treated well, sweatshops prioritize profit and efficiency over the interests and rights of employees.
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Please select the term that best completes each of the following sentences If you've experienced groups that were close and loyal and groups that weren't, you know how important cohesiveness performance. can be to group Your teacher asks you to complete a team project. The due date is in 5 weeks, but beyond that, you don't have details on the project deliverables. You are experiencing role ambiguity At The Martin Agency, employees dress casually on most days. But if a client or prospective client will be on site, professional dress is expected that is, except for the creative department. They only appear in jeans. This is an example of norm variation Please select the best answer from the choices provided. The programming team at Zynga has a low level of cohesiveness. What reason might explain this?
The programming team at Zynga has a low level of cohesiveness. The reason that might explain this is the lack of team spirit. Why is the lack of team spirit the reason behind the low level of cohesiveness? A cohesive group is one where all members are united in their objectives and have a high level of loyalty to one another.
It is tough to establish trust among team members if there is no team spirit. In a team with low cohesiveness, members may also avoid open and frank discussions of issues because they are afraid of conflict. This leads to increased stress and lower productivity. To increase cohesiveness, team-building activities, open communication, and fostering a sense of unity should be encouraged.
Why is the lack of team spirit the reason behind the low level of cohesiveness? A cohesive group is one where all members are united in their objectives and have a high level of loyalty to one another. It is tough to establish trust among team members if there is no team spirit. In a team with low cohesiveness, members may also avoid open and frank discussions of issues because they are afraid of conflict. This leads to increased stress and lower productivity.
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If the IRR for a project is greater than the MARR, then the
project is _____________
A.) Acceptable
B.) Unacceptable
Option (a), If the IRR for a project is greater than the MARR, then the project is considered Acceptable.
The rate of return of a project or investment is known as the internal rate of return (IRR). The MARR, or minimum acceptable rate of return, is the return that investors require on their investment.
The internal rate of return (IRR) is a method used to evaluate investments or projects, and it compares the present value of future cash flows with the amount invested. It's important to note that the IRR method doesn't take into account the actual amount of money invested in the project, just the percentage rate of return.
The decision rule for the IRR method is that if the internal rate of return (IRR) is greater than the minimum acceptable rate of return (MARR), the project is considered acceptable. Alternatively, if the IRR is less than the MARR, the project is unacceptable.
The formula for calculating IRR is:
NPV = 0 = CF0 + CF1 / (1 + IRR)1 + CF2 / (1 + IRR)2 + ... + CFn / (1 + IRR)n
Where,CF0 = Cash flow at the beginning
CF1 to CFn = Cash flow during the period
IRR = Internal rate of return
The IRR method is similar to the net present value (NPV) method, which is also used to evaluate investments or projects. Both methods take into account the time value of money and provide a measure of the project's or investment's profitability.
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What is a standard deduction? What is the standard deduction based on?
A standard deduction is a: (Select the best answer below.)
a. varies according to your filing status.
b. is affected by the amount of income you earned during the year.
c. varies according to your filing status and your income.
d. does not vary according to your filing status
The correct answer is c. The standard deduction varies according to your filing status and your income.
The standard deduction is a set dollar amount that reduces the amount of income on which you're taxed. It is determined by the IRS and is adjusted annually for inflation. The standard deduction is based on various factors such as your filing status, age, and whether you are blind or disabled.
For example, in the United States tax system for the tax year 2022, the standard deduction for single filers is $12,950, for married filing jointly is $25,900, for head of household is $18,350, and for married filing separately is $12,950. However, if your deductions exceed the standard deduction, it may be more beneficial for you to itemize your deductions instead.
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the portion of inventory or production not committed to customer orders is called:
Available inventory refers to the portion of inventory not committed to customer orders, ready for sale. Effective management is essential to balance costs and meet customer demand.
The portion of inventory or production not committed to customer orders is called available inventory. It is the stock of goods available for sale and that are not currently reserved for future or current orders. It is the quantity of products that can be sold by a company or entity at any given moment. Available inventory can be used to fulfill new orders from clients that may come in unexpectedly.The management of available inventory is crucial for a company's financial success. A company should always try to optimize its available inventory so that it is neither too high nor too low. A high available inventory can result in excessive carrying costs, while a low available inventory can cause stockouts and customer dissatisfaction.
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a firm that chooses strategy a, as portrayed in chapter 29, should plan to
Chapter 29 of the book, "Principles of Marketing" by Philip Kotler, presents different strategic options that a firm can choose to achieve its objectives. Specifically, the chapter provides a detailed description of the marketing mix and its different components. Among other things, it discusses how product, price, promotion, and distribution decisions can be used to create a competitive advantage for the company.
A firm that chooses strategy A, as portrayed in chapter 29, should plan to implement a strategy that focuses on achieving a competitive advantage through differentiation. The differentiation strategy is based on creating a unique product or service that offers customers a superior value proposition. By providing a differentiated product, the firm can attract customers who are willing to pay a premium price for the extra features or benefits that are not available from competitors.
Moreover, this strategy also allows firms to reduce price sensitivity and increase customer loyalty, which can lead to higher profits and market share over time.
However, differentiation strategy requires significant investment in research and development, marketing, and branding, which can be expensive and risky for small or new firms.
Therefore, firms that choose strategy A should be prepared to commit the necessary resources and capabilities to execute the strategy effectively.
In conclusion, a firm that chooses strategy A, as portrayed in chapter 29, should focus on differentiation by providing a unique product or service that offers customers superior value. While this strategy can be lucrative, it requires significant investment and commitment to execute effectively.
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Joe Birra needs to purchase malt for his micro-brew production. His supplier charges $25 per delivery (no matter how much is delivered) and $1.15 per gallon. Joe's annual holding cost is 35% of the price per gallon. Joe uses 200 gallons of malt per week. a. Suppose Joe orders 125 gallons each time. What is his average inventory? gallons (Round your answer to 2 decimal places.) b. Suppose Joe orders 1250 gallons each time. How many orders does he place with his supplier each year? orders c. How many gallons should Joe order from his supplier with each order to minimize the sum of ordering and holding costs? gallons (Round your answer to 3 decimal places. d. Suppose Joe orders 3000 gallons each time he places an order with the suster. What is the sum of ordering and holding costs per gallon? per gallon (Round your answer to 2 decimal places.) e. Suppose Joe orders the quantity from part (c) that minimizes the sum of the ordering and holding costs each time he places an order with the supplier. What is the annual cost of the EOQ expressed as a percentage of the annual purchase cost? %
f. If Joe's supplier only accepts orders that are an integer multiple of 1,000 gallons, how much should Joe order to minimize ordering and holding costs per gallon? gallons g. Joe's supplier offers a 3.00% discount f Jon is willing to purchase 8000 gallons or 9. more. What would Joe's total annual cost (purchasing, ordering and holding) be if he were to take advantage of the discount?
To solve the given questions, we'll apply relevant inventory management concepts and calculations. Let's go through each question step by step:
a. To find the average inventory, we need to calculate the economic order quantity (EOQ) and divide it by 2. The EOQ formula is given by:
EOQ = √((2DS) / H)
Where:
D = Demand per year = 200 gallons/week * 52 weeks/year = 10,400 gallons/year
S = Cost per order = $25
H = Holding cost per gallon = 35% * $1.15 = $0.4025
Plugging in the values:
EOQ = √((2 * 10,400 * 25) / 0.4025) ≈ 1027.65 gallons
Average Inventory = EOQ / 2 = 1027.65 / 2 ≈ 513.82 gallons
Therefore, Joe's average inventory is approximately 513.82 gallons.
b. To find the number of orders placed each year when ordering 1250 gallons each time, divide the total demand per year by the order quantity:
Number of orders = Demand per year / Order quantity = 10,400 gallons / 1250 gallons ≈ 8.32 orders
Since the number of orders must be a whole number, Joe would place 8 orders with his supplier each year.
c. To minimize the sum of ordering and holding costs, we need to calculate the optimal order quantity using the EOQ formula:
EOQ = √((2DS) / H)
Using the same values as before:
EOQ = √((2 * 10,400 * 25) / 0.4025) ≈ 1027.65 gallons
Therefore, Joe should order approximately 1027.65 gallons to minimize the sum of ordering and holding costs.
d. To calculate the sum of ordering and holding costs per gallon when ordering 3000 gallons, we need to compute the total ordering cost and total holding cost, and then divide it by the total gallons ordered:
Ordering cost = (Demand per year / Order quantity) * Cost per order = (10,400 gallons / 3000 gallons) * $25 = $86.67
Holding cost = (Holding cost per gallon / 2) * Order quantity = ($0.4025 / 2) * 3000 gallons = $603.75
Sum of ordering and holding costs per gallon = (Ordering cost + Holding cost) / Total gallons ordered = ($86.67 + $603.75) / 3000 gallons ≈ $0.23 per gallon
Therefore, the sum of ordering and holding costs per gallon when ordering 3000 gallons is approximately $0.23.
e. To find the annual cost of the EOQ as a percentage of the annual purchase cost, we need to calculate the total ordering cost, total holding cost, and the annual purchase cost:
Ordering cost = (Demand per year / EOQ) * Cost per order = (10,400 gallons / 1027.65 gallons) * $25 = $252.70
Holding cost = (Holding cost per gallon / 2) * EOQ = ($0.4025 / 2) * 1027.65 gallons ≈ $206.85
Annual purchase cost = Demand per year * Cost per gallon = 10,400 gallons * $1.15 = $11,960
Annual cost of the EOQ = Ordering cost + Holding cost + Annual purchase cost = $252.70 + $206.85 + $11,960 = $12,419.55
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Hau Lee Furniture, Inc., spends 45% of its sales dollars in the supply chain and finds its current profit of $25,000 inadequate. The bank is insisting on an improved profit picture prior to approval of a loan for some new equipment. Hau would like to improve the profit line to $30,000 so he can obtain the bank's approval for the loan. Current Situation Sales $100,000 $45,000 (45%) $20,000 (20%) $10,000 (10%) $25,000 (25%) Cost of material Production costs Fixed cost Profit a) What percentage improvement is needed in the supply chain strategy for profit to improve to $30,000? What is the cost of material with a $30,000 profit? A decrease of % in material (supply-chain) costs is required to yield a profit of $30,000, for a new material cost of $ for the percentage decrease to one decimal place and enter your response for the new material cost as a whole number.) (Enter your response b) What percentage improvement is needed in the sales strategy for profit to improve to $30,000? What must sales be for profit to improve to $30,000? % in sales is required to yield a profit of $30,000, for a new new level of sales of $. (Enter your response for the percentage An increase of increase to one decimal place and enter your response for the new sales as a whole number.)
an increase of 20% in sales is required to achieve a profit of $30,000. The new level of sales should be $120,000.
The company's current profit is $25,000, which is insufficient to obtain a loan from the bank. To obtain approval for the loan, Hau wishes to increase the profit to $30,000. Here's the calculation:Profit needed = $30,000Current profit = $25,000Increase in profit = $30,000 - $25,000 = $5,000The current supply chain cost is 45% of sales. So, we have to find out how much percentage decrease in the supply chain cost is required to achieve a $5,000 increase in profit.A $1 decrease in supply chain cost will result in a $1 increase in profit. The supply chain cost that would result in a profit of $30,000 is $45,000 - $5,000 = $40,000.Required percentage decrease = ((45,000 - 40,000) / 45,000) × 100% = 11.11%So, a decrease of 11.11% in material (supply-chain) costs is required to yield a profit of $30,000.b) What percentage improvement is needed in the sales strategy for profit to improve to $30,000? The other way for Hau Lee Furniture, Inc. to achieve its goal of increasing its profit to $30,000 is by increasing its sales.
We can calculate the required percentage increase in sales as follows
:Profit needed = $30,000Current profit = $25,000Increase in profit = $30,000 - $25,000 = $5,000The current contribution of sales to the profit is 25%. That is, 25% of the sales go to profit. Let's assume that the cost of material and production costs remains constant. So, to achieve the desired profit, we need to find out how much the sales revenue should be increased.Required sales revenue = Increase in profit / Contribution to profit percentageRequired sales revenue = $5,000 / 25% = $20,000The current sales revenue is $100,000. Therefore, the required percentage increase in sales revenue can be calculated as follows:Required percentage increase in sales = (Increase in sales revenue / Current sales revenue) × 100%Required percentage increase in sales = ($20,000 / $100,000) × 100% = 20%
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Port Automotive Supply enters into a contract to supply Crane
Electrocar Company with 310 automotive tires at a price of $39 per
tire on August 4, 2021. The tires were delivered to Crane on
September
Based on the information provided, let's analyze the revenue recognition criteria for the earnings approach in relation to the transaction between Port Automotive Supply and Sunland Electrocar Company:
Identify the Contract: The contract between Port Automotive Supply and Sunland Electrocar Company is established when they agree to supply 280 automotive tires at a price of $39 per tire.
Identify the Performance Obligations: The performance obligation in this contract is the delivery of 280 automotive tires to Sunland.
Determine the Transaction Price: The transaction price is determined as $39 per tire, resulting in a total transaction price of $10,920 (280 tires * $39 per tire).
Allocate the Transaction Price: Since there is only one performance obligation, the transaction price is allocated to the delivery of the 280 automotive tires.
Recognize Revenue When the Performance Obligation is Satisfied: Revenue can be recognized when the performance obligation is satisfied. In this case, the tires were delivered to Sunland on September 18, 2021, FOB destination, which means the ownership and risks associated with the tires transferred to Sunland at that point. Therefore, revenue should be recognized on September 18, 2021.
Measure and Recognize Revenue: The revenue can be measured at the transaction price, which is $10,920. As Sunland does not offer a warranty on the tires, revenue can be recognized in full upon delivery.
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Port Automotive Supply enters into a contract to supply Sunland Electrocar Company with 280 automotive tires at a price of $39 per tire on August 4, 2021. The tires were delivered to Sunland on September 18, 2021, FOB destination, and terms are n/30. No returns are expected and Sunland does not offer a warranty on the tires because one is provided by the manufacturer. The cost of the tires to Port is $15 per tire. Port is unable to determine the collectibility of the amount from Sunland because it is a new company, but Sunland pays the amount in full on
November 4, 2021.
Using the revenue recognition criteria for the earnings approach, answer the following questions:
6. A and B are partners sharing profits in the ratio of 2:3. They admit C for 1/4th share in the business. The sacrificing ratio of A and B is: (A) 3:1 (B) 1:4 (C) 2:3 (D) 1:1
In the given scenario, the sacrificing ratio of partners A and B can be determined by comparing their respective loss in the sharing of profits due to the admission of partner C. Based on the given information, the sacrificing ratio of A and B is option (B) 1:4.
The sacrificing ratio determines the ratio in which the existing partners are willing to give up their share of profits in order to admit a new partner into the business. In this case, partners A and B are sharing profits in the ratio of 2:3, which means A receives 2 parts and B receives 3 parts of the profits.
When partner C is admitted for a 1/4th share in the business, it means that C will receive 1 part out of the total 4 parts of profits. To accommodate C, the existing partners A and B must sacrifice a portion of their share in the profits.
Since the total profit-sharing ratio after admission becomes 2:3:1 (A:B:C), the difference between the old ratio and the new ratio indicates the sacrificing ratio. In this case, partner A sacrifices 1 part (2 - 1) and partner B sacrifices 2 parts (3 - 1), resulting in a sacrificing ratio of 1:4 (A:B).
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In order to make ends meet, which determinants of EBDAT
are your priorities, and explain why?
In order to make ends meet, the determinants of EBDAT (Earnings Before Depreciation, Amortization, and Taxes) that are typically prioritized depend on the specific circumstances and goals of a business.
Revenue Growth: Increasing revenue is a crucial determinant for generating higher EBDAT.Cost Control: Managing and reducing costs is essential for maximizing EBDAT. By closely monitoring expenses, identifying areas of inefficiency, and implementing cost-saving measures, businesses can enhance their bottom line and improve profitability.Gross Margin: Gross margin, which is calculated as the difference between revenue and the cost of goods sold (COGS), is a key determinant of EBDAT.Operational Efficiency: Enhancing operational efficiency can positively impact EBDAT. By streamlining processes, optimizing resource allocation, and improving productivity, businesses can lower operating costs and increase their profitability.Pricing Strategy: Setting appropriate prices for products or services is crucial for generating positive EBDAT.Market Expansion: Exploring new markets and expanding the customer base can provide opportunities for generating additional revenue and improving EBDAT.Financial Management: Effective financial management practices, including budgeting, cash flow management, and prudent financial decision-making, are essential for achieving positive EBDAT.Learn more about tax here : brainly.com/question/12611692
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Equipment with a cost of $83,647, an estimated residual value of $5,994, and an estimated life of
10 years was depreciated by the straight-line method for 6 years. Due to obsolescence, it was
determined that the remaining useful life should be shortened by 3 years and the residual value
changed to zero. The depreciation expense for the current and future years is
Oa. $3,705.52
Ob. $4,117.24
Oc. $37,055.20
Od. $46,591.80
The depreciation expense for the current and future years is **$46,591.80**.
To calculate the depreciation expense, we need to determine the depreciable base, which is the initial cost of the equipment minus the estimated residual value. In this case, the depreciable base is $83,647 - $5,994 = $77,653.
For the first 6 years, the straight-line depreciation method was used, so the annual depreciation expense during this period was $77,653 / 10 = $7,765.30.
After 6 years, due to obsolescence, the remaining useful life is shortened by 3 years. So the remaining useful life becomes 10 - 6 - 3 = 1 year.
Since the residual value has changed to zero, the depreciable base for the remaining 1 year is $77,653.
Therefore, the depreciation expense for the current and future years is $77,653 / 1 = $77,653.
However, we need to consider that the depreciation expense for the current year has already been accounted for during the first 6 years. So, to calculate the depreciation expense for the future years, we subtract the depreciation expense for the current year, which is $7,765.30.
Therefore, the depreciation expense for the future years is $77,653 - $7,765.30 = $69,887.70.
Adding the depreciation expense for the current year and the future years, we get $7,765.30 + $69,887.70 = $77,653.
Hence, the depreciation expense for the current and future years is $46,591.80 ($7,765.30 for the current year + $69,887.70 for the future years).
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3. Which of the following applications do you think should be part of this subject's (ACC1AIS- Accounting and information system) curriculum or should be covered in more depth? Explain why (1 mark). H
Enterprise Resource Planning (ERP) systems are one application that ought to be addressed in more detail or included in the ACC1AIS (Accounting and Information System) curriculum.
Accounting, finance, human resources, inventory management, and other functional aspects of an organisation are all integrated by ERP systems.The importance of ERP systems in contemporary accounting and information systems makes it essential to comprehend them. They offer a central database that makes it easier to handle data effectively, promotes communication between various departments, and speeds up decision-making.
Students might understand the functionality, implementation, and use of ERP systems in accounting processes if ERP systems were thoroughly covered in the curriculum.
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Question 26
Fredrick is most focused on gaining the respect of his
work colleagues and being seen as an expert in his field. Which of
Maslow’s hierarchy of needs is Frederick most focused
on?
Therefore, in the given scenario, Frederick is focused on gaining the respect of his work colleagues and being seen as an expert in his field that falls under esteem needs. The answer is esteem needs.
According to Maslow's hierarchy of needs, the basic needs of individuals must be met before they can move on to fulfilling their higher-level needs. In this regard, Frederick is most focused on gaining the respect of his work colleagues and being seen as an expert in his field.What is Maslow's hierarchy of needs?Maslow's hierarchy of needs is a theory that divides human needs into five levels or categories. The five needs are physiological needs, safety needs, love and belongingness needs, esteem needs, and self-actualization needs. The pyramid has been arranged so that the lower levels of the pyramid must be satisfied before the higher needs can be met.
The pyramid suggests that an individual must fulfill his physiological and safety needs before they can move to higher needs, such as love and belongingness needs, esteem needs, and self-actualization needs. According to Maslow's hierarchy of needs, esteem needs include self-respect, achievement, respect from others, and personal worth. Since Frederick is focused on gaining the respect of his work colleagues and being seen as an expert in his field, he is most concerned with his esteem needs. Hence, the answer to the question is esteem needs.
In conclusion, esteem needs are at the core of Maslow's hierarchy of needs theory. Esteem needs are divided into two categories, self-esteem and the esteem we receive from others. Therefore, in the given scenario, Frederick is focused on gaining the respect of his work colleagues and being seen as an expert in his field that falls under esteem needs. The answer is esteem needs.
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Which of the following is not a major barrier to entry into an industry?
Patents
Economies of scale
Diminishing marginal returns
Unfair competition
b. Which of the following is a true statement?
Natural monopolies occur when an industry makes a strong lobbying effort.
Control of essential resources is a barrier to entry that is now illegal.
Unfair competition is a barrier with no social justification.
Barrier to entry refers to the difficulties that an entrepreneur encounters while starting a new business. These barriers can be structural, legal, or market-based.
They usually make it tough or impossible to compete with existing businesses in the same industry. A significant part of the entry barriers can be enforced by governments through legislation. Some of the most common barriers are patents, economies of scale, and unfair competition.Patents, economies of scale, and unfair competition are major barriers to entry into an industry. Diminishing marginal returns are not a barrier to entry. This is because it is a concept that only applies to production processes and not entry into an industry.B. The correct statement is "Control of essential resources is a barrier to entry that is now illegal."Control of critical resources is a significant barrier to entry. This can include control of essential materials or production processes. It could also entail control of resources like water, land, and labor. These can make it impossible for new businesses to compete effectively. However, control of necessary resources is no longer a barrier to entry. This is because it is against the law to monopolize essential resources or use them to prevent entry into the market.
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In the context of the Capital Asset Pricing Model (CAPM), the relevant measure of risk is Multiple Choice
unique risk standard deviation of returns. beta. variance of returns.
In the context of the Capital Asset Pricing Model (CAPM), the relevant measure of risk is beta.
CAPM is an acronym for Capital Asset Pricing Model. It is a financial model used to calculate expected investment returns.
CAPM considers an investment's exposure to systematic risk and helps investors calculate how much return they should require from an investment based on that exposure.
The Capital Asset Pricing Model calculates the expected return for an asset or portfolio by comparing it to the expected return of the market.
The expected market return is based on the market premium, which is the difference between the market return and the risk-free rate.
The CAPM formula is: Ri = Rf + ßi (Rm - Rf)
Where: Ri = expected return of investmentRf = risk-free rateßi = beta of the investmentRm = expected market returnßi is the asset's sensitivity to the market's systematic risk and is used as a measure of the risk-return tradeoff.
Therefore, in the context of the Capital Asset Pricing Model (CAPM), the relevant measure of risk is beta.
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Once of the products of Hearts and Flowers is a one-pound box of chocolate candy, packaged in a box bearing the customer's logo(minimum order, 100 boxes). The standard cost of the chocolate cand used is $2 per pound. During November, 20,000 of the one-pound boxes were produced, requiring 20,800 pounds of chocolate candy at a total direct materials cost of $42,640.
Determine the materials price and quantity variances for November with respect to the candy used in producing this product.
How do I determine the materials price and quantitiy variances for November with respect to the candy used in producing this product?
The materials price variance for November is $832 and the materials quantity variance for November is $1,600 with respect to the candy used in producing the product.
The direct materials price variance and direct materials quantity variance can be calculated using the following formulae:Direct materials price variance = (Actual price - Standard price) x Actual quantityDirect materials quantity variance = (Actual quantity - Standard quantity) x Standard priceGiven:Total direct materials cost of candy used = $42,640Total production of boxes = 20,000 poundsStandard cost of chocolate candy used = $2 per poundStandard quantity of chocolate candy used = 20,000 pounds.
Calculations:Actual quantity of chocolate candy used = 20,800 poundsDirect materials price variance = (Actual price - Standard price) x Actual quantity= ($42,640/20,800 - $2) x 20,800= $0.04 x 20,800= $832Direct materials quantity variance = (Actual quantity - Standard quantity) x Standard price= (20,800 - 20,000) x $2= $1,600
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- When restaurants offer "happy hour" lunch menu at low prices,
they are most likely using ________ pricing.
a. break even
b. target profit
c. good value
d. target return
e. cost-plus
The correct answer is (c) good value pricing. Good value pricing involves offering products or services at a lower price compared to competitors or the regular menu, with the goal of providing customers with a perceived high value for their money.
When restaurants offer a "happy hour" lunch menu at low prices, they are most likely using good value pricing. In the case of a "happy hour" lunch menu, the restaurant aims to attract customers during off-peak hours by offering discounted prices on selected items. By doing so, they create a perception of a good deal or value for the customers, enticing them to choose their restaurant over others. Good value pricing is a strategy often used in the hospitality and food industry to stimulate demand, increase customer traffic, and maximize revenue during slower periods. It allows restaurants to offer competitive pricing while maintaining profitability by carefully selecting menu items and pricing them in a way that appeals to customers seeking affordable options. Overall, good value pricing helps restaurants create a positive perception of their offerings, generate customer loyalty, and drive sales during specific time periods or for specific menu items.
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Suppose a proposed public policy could result in three possible outcomes: (1) present value of net benefits of $4,000,000, (2) present value of net benefits of $1,000,000, or (3) present value of net benefits of -$10,000,000 (i.e., a loss). Suppose that the probability of occurrence of each of these three outcomes are, respectively, 0.85, 0.10, and 0.05, should this policy be pursued or trashed? Why?
To determine whether the proposed public policy should be pursued or trashed, we need to consider the expected value of net benefits. The expected value is calculated by multiplying each outcome by its respective probability and summing the results. Let's calculate the expected value in this case:
Expected value = (0.85 * $4,000,000) + (0.10 * $1,000,000) + (0.05 * -$10,000,000)
Expected value = $3,400,000 + $100,000 - $500,000
Expected value = $3,000,000
The expected value of net benefits is $3,000,000. This means that, on average, the policy is expected to result in a net benefit of $3,000,000.
Since the expected value of net benefits is positive, it suggests that, on average, the policy has a positive impact. However, it's important to consider other factors before making a final decision. These factors may include the potential distributional effects of the policy, its alignment with broader policy objectives, the feasibility of implementation, and any ethical or social considerations.
While the expected value provides a useful measure, it does not capture the full range of potential outcomes or the potential magnitude of each outcome. Decision-makers should also consider the level of risk tolerance and the potential consequences of the worst-case scenario (i.e., the -$10,000,000 loss).
Ultimately, whether the policy should be pursued or trashed depends on a careful analysis of these factors, weighing the potential benefits against the potential risks and considering the broader context in which the policy will be implemented.
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Buying an investment property has positive and negative aspects
. List three positive and three negative aspects of buying an
investment property ?
Buying an investment property indeed has both positive and negative aspects.
Here are three positive and three negative aspects to consider:
Positive aspects: Investment property
1. Income generation: Investment properties can generate a steady income through rental payments, providing a passive income stream.
2. Property appreciation: Over time, the value of the property may increase, resulting in capital gains when you decide to sell.
3. Tax benefits: Owning an investment property can offer tax deductions on mortgage interest, property taxes, and other expenses related to maintaining the property.
Negative aspects:
1. Financial risk: Investment properties carry the risk of potential loss in property value or a decline in rental demand, impacting your overall return on investment.
2. Maintenance and management: Owning an investment property requires ongoing maintenance and potentially dealing with difficult tenants, which can be time-consuming and costly.
3. Initial costs and ongoing expenses: Purchasing an investment property involves a substantial upfront cost, along with ongoing expenses such as property taxes, insurance, and mortgage payments.
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Asim and Ahmed have a restaurant business on a Mudaraba contract basis. Asim is the Rabulmall and Ahmed is the Mudrarib of the business. It is a common practice in the 1 restaurant business to sign a takaful contract against the risk of fire, theft, and burglary. However, in order to save the costs of a takaful contract, Ahmed didn't buy a takaful contract. During the year, a fire broke out in the restaurant leading to a substantial loss. According to the term of shariah-compliant Mudaraba contract who will bear the loss? Please elaborate and justify the rights and responsibilities of each partner and the circumstances under which each partner is liable for the losses? Would your answer change if Asim and Ahmed had a Musharaka contract? Please elaborate and distinguish between the rights and responsibilities in this instance
Mudaraba Contract:According to the terms of a Shariah-compliant Mudaraba contract, Asim will bear the loss of the restaurant in case of an occurrence of any accidental risk.
Because in Mudaraba, the Rabulmall has the responsibility to bear the loss that occurs due to any accidental risk, while the Mudrarib is not responsible for any loss until he himself is proven to be the cause of the loss. Ahmed, the Mudrarib, didn't buy the takaful contract to save the cost of the business that causes a fire to break out in the restaurant. Thus, Asim is responsible for the loss, and he has to bear the whole loss of the restaurant due to fire.The rights and responsibilities of each partner under the Mudaraba contract are as follows:Rabulmall (Asim) has to provide the capital, and Mudrarib (Ahmed) has to contribute with his labor and business expertise to make a profit. Rabulmall is not responsible for any loss except for the loss due to willful negligence. The Mudrarib is responsible for any loss resulting from his negligence. If no negligence is proven, the Rabulmall has to bear the loss of the business under the Mudaraba contract. Furthermore, Rabulmall will get a profit share from the earned profits by the Mudrarib after deducting the agreed-upon share. The Mudrarib will get the remaining profit as a commission. Musharaka Contract:If Asim and Ahmed had a Musharaka contract, both partners will share the loss according to their capital contribution in the business. In Musharaka, each partner has a right to participate in the management of the business. Therefore, both the partners have equal rights and responsibilities under the Musharaka contract. The profit-sharing ratio of both partners will depend upon the ratio of the capital they contributed. The loss will also share according to the ratio of their capital contribution. Both partners can share profits as well as losses in the Musharaka contract.
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Teague Company's working capital was $96,000 and total current liabilities were one-fifth of that amount. What was the current ratio? 4/6/1/5?
The current ratio of Teague Company can be calculated based on its working capital and total current liabilities.
The current ratio is a financial metric used to assess a company's ability to cover its short-term liabilities with its short-term assets. It is calculated by dividing the total current assets by the total current liabilities.
In this case, we are given that Teague Company's working capital is $96,000. Working capital is the difference between current assets and current liabilities. Since the total current liabilities are stated as one-fifth of the working capital, we can determine the value of the current liabilities.
Let's assume the total current liabilities to be "x." According to the given information, x = 1/5 * $96,000 = $19,200.
Now, we can calculate the current ratio using the formula:
Current Ratio = Total Current Assets / Total Current Liabilities
As we are not given the specific value of total current assets, we cannot calculate the current ratio accurately. Without information on the total current assets, we cannot determine whether the current ratio is 4/6/1/5.
Therefore, without additional information about the total current assets, we cannot determine the current ratio for Teague Company.
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Exercise 13-8 (Algo) Volume Trade-Off Decisions [LO13-5, LO13-6]
Barlow Company manufactures three products—A, B, and C. The selling price, variable costs, and contribution margin for one unit of each product follow
Barlow Company manufactures three products—A, B, and C. The selling price, variable costs, and contribution margin for one unit of each product are as follows: Products Selling Price Variable Costs Contribution. The contribution margin per unit is the difference between the selling price per unit and the variable cost per unit.
Barlow Company manufactures three products, named A, B, and C. The company sells these products at a different price, has different variable costs, and contribution margins for each product. The contribution margin is the difference between the selling price per unit and the variable cost per unit.The contribution margin ratio is the ratio of the contribution margin per unit to the selling price per unit. It helps to know the percentage of each sale that contributes to the fixed costs and net income.The contribution margin per unit of product A, B, and C are $36, $58, and $43 respectively. The calculation shows that product B has the highest contribution margin. Therefore, product B is the most profitable product for the company.Now let’s calculate the contribution margin ratio per unit of all three products i.e A, B, and C.The contribution margin ratio per unit of product A, B, and C are 32.7%, 37.4%, and 29.7% respectively. The contribution margin ratio shows that product B has the highest contribution margin ratio. Therefore, product B is the most profitable product for the company.
As per the given data, we can calculate the contribution margin and contribution margin ratio per unit of all three products i.e A, B, and C. Here, we can see that product B has the highest contribution margin and contribution margin ratio per unit. Hence, we can say that product B is the most profitable product for Barlow Company.
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Gas-fired power stations have relatively low capital costs and high running costs. However, the nuclear power stations have a high investment cost, low running cost, and then a high decommissioning and waste disposal cost at the end.
How does the discount rate affect the choice between them?
Considering fossil, nuclear and wind power, what is the limitation of considering NPV?
it is important to consider both financial and non-financial factors when choosing between different power generation option
Discount rate affects the choice between gas-fired power stations and nuclear power stations because it is used to calculate the Net Present Value (NPV) of each option. The discount rate is the rate at which future cash flows are discounted back to their present value. Gas-fired power stations have relatively low capital costs and high running costs, so their cash flows are mostly in the short term. This means that a high discount rate would make them less attractive than nuclear power stations, which have higher initial costs but lower operating costs and cash flows that are spread out over many years.
A high discount rate would decrease the NPV of gas-fired power stations more than it would decrease the NPV of nuclear power stations, making the latter more attractive. The limitation of considering NPV when comparing fossil, nuclear, and wind power is that it does not take into account external costs such as environmental damage, health impacts, and social costs. NPV only considers the financial costs and benefits of each option and does not account for the wider impacts that they may have. For example, fossil fuels may have low financial costs but high environmental costs, while renewable energy sources may have higher financial costs but lower environmental costs.
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Think about opportunities you have had or expect to have to use
different Word elements to enhance your documents. Share your
experiences or expectations with the class.
As a student, I have used several word elements to enhance my documents. These word elements include headings, subheadings, bullets, and numbering.
These elements are critical in structuring documents and making them easy to read. Using headings and subheadings helps me to organize my documents into sections and subsections. This makes it easy for my readers to identify the main topic of my document and navigate to the specific section they are interested in. Bullets and numbering, on the other hand, are essential in breaking down complex information into simple, easy-to-digest points. These elements help me to highlight key points and make them stand out from the rest of the content. Overall, using these word elements has helped me to improve the readability and effectiveness of my documents. They have also made it easy for me to present complex information in a simple, easy-to-understand manner.
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(c) junior audit team member wonders if the overall audit
strategy and the audit plan would be fixed for the entire audit
engagement. Explain your view to him/her.
No, the overall audit strategy and the audit plan are not fixed for the entire audit engagement. They are subject to adjustments and changes based on new information, emerging risks, and changes in circumstances encountered during the audit process.
The junior audit team member that while the audit strategy offers a structure for audit engagement, the audit plan may change. The audit plan takes into account the client's business, industry, and inherent risks. The audit is guided by it. The audit plan, on the other hand, details the processes, timing, and resources needed to meet audit objectives. The auditor's risk assessment and knowledge of the client's internal controls and processes inform the audit plan. It's vital to note that the audit plan may change during the engagement. As the audit progresses, the auditor may uncover unanticipated concerns or changes in conditions that require plan revisions. The auditor can adjust to new facts or hazards during the audit with this flexibility.
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On June 1, 2022, when the prevailing market rate on similar instruments was at 14%, ABC Company acquired P10,000,000 bonds of XYZ Corporation. The bonds will be accounted as a financial asset at amortized cost. The bonds pay interest of 12% every May 31 and will mature on May 31, 2027. On August 1, 2023, when the prevailing market rate on similar instruments was at 11%, the company acquired another P5,000,000 bonds of UVW Corporation. To be accounted also as a financial asset at amortized cost, the bonds pay interest of 13% every January 31 and July 31 and will mature on July 31, 2026. On May 31, 2025, after receipt of interest, half of the investment purchased on June 1, 2022 was sold at face value. What is the amount of interest receivable accrued on December 31, 2022? The journal entry to record the receipt of interest on May 31, 2023 will include a debit/credit to the investment in bonds account of: (Indicate if debit or credit) What is the balance of the investment in bonds account on December 31, 2023? What is the total interest income recognized on the investments in bonds in 2024? What is the gain or loss on disposal of investment in bonds to be recognized on May 31, 2025? (Indicate if gain or loss)
The amount of interest receivable accrued on December 31, 2022, can be calculated based on the bond's face value and interest rate. In this case, the bond has a face value of P10,000,000 and an interest rate of 12%. To determine the interest receivable, we multiply the face value by the interest rate:
Interest = P10,000,000 * 12% = P1,200,000
Therefore, the amount of interest receivable accrued on December 31, 2022, is P1,200,000.
The journal entry to record the receipt of interest on May 31, 2023, will include a debit to the investment in bonds account. Since the receipt of interest increases the investment in bonds account and it is an asset, it is recorded as a debit.
The balance of the investment in bonds account on December 31, 2023, can be calculated by considering the initial investment, subsequent purchases, sales, and interest earned. The initial investment on June 1, 2022, was P10,000,000. Additionally, there was a subsequent purchase on August 1, 2023, of P5,000,000. Lastly, the interest earned on December 31, 2023, was calculated as P10,000,000 * 12% = P1,200,000.
To calculate the balance of the investment in bonds account, we sum up the initial investment, subsequent purchase, and interest earned:
Balance of Investment in Bonds Account = P10,000,000 + P5,000,000 + P1,200,000 = P16,200,000
Therefore, the balance of the investment in bonds account on December 31, 2023, is P16,200,000.
The total interest income recognized on the investments in bonds in 2024 can be determined by considering the interest received from both bonds during that year. For the XYZ Corporation bonds, the interest income is P10,000,000 * 12% = P1,200,000. For the UVW Corporation bonds, the interest income is P5,000,000 * 13% = P650,000.
To calculate the total interest income, we sum up the interest income from both bonds:
Total Interest Income = P1,200,000 + P650,000 = P1,850,000
Therefore, the total interest income recognized on the investments in bonds in 2024 is P1,850,000.
The gain or loss on the disposal of the investment in bonds to be recognized on May 31, 2025, depends on comparing the selling price with the carrying value of the bonds. The selling price is determined based on the face value of half the investment purchased on June 1, 2022, which is P10,000,000 / 2 = P5,000,000. However, the carrying value of the bonds on May 31, 2025, is not provided. Without this information, we cannot determine the gain or loss on the disposal of the investment.
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Build a three-step CRR stock price tree using the following information: • maturity: 3 months, i.e. each step is one month annual volatility of the stock: 0.35 annual, continuously compounded risk-free rate: 1% stock price today: 50 Note: it is most efficient to extend one of the spreadsheets discussed in the seminar. (a) What is the risk-neutral probability in the tree? Explain why the risk-neutral probability and not the real probability is used for option pricing. [5 marks] (b) Calculate the price of an American put option with strike K = 50. [10 marks]
The three-step Cox-Ross-Rubinstein (CRR) stock price tree can be constructed using the provided information. Each step in the tree represents one month, and the maturity is 3 months. The annual volatility of the stock is 0.35, and the continuously compounded risk-free rate is 1%. The current stock price is 50.
(a) To calculate the risk-neutral probability in the tree, we can use the following formula:
u = e^(σ√(Δt)), where σ is the annual volatility, Δt is the time step length (in years), and e is the exponential function.
d = 1/u
p = (e^(rΔt) - d) / (u - d), where r is the risk-free rate.
Plugging in the given values, we find that u = e^(0.35√(1/12)) ≈ 1.0308, d = 1/u ≈ 0.9706, and p = (e^(0.01*(1/12)) - 0.9706) / (1.0308 - 0.9706) ≈ 0.5019.
The risk-neutral probability, p, is used for option pricing instead of the real probability because it allows us to value options based on an assumption that the market is risk-neutral. This assumption simplifies the pricing process and makes it consistent with the principle of no arbitrage. Under the risk-neutral probability, the expected return on the option is equal to the risk-free rate. Therefore, by discounting the expected future payoffs at the risk-free rate, we can determine the fair price of the option.
(b) To calculate the price of an American put option with a strike price (K) of 50, we need to traverse the CRR tree and determine the option values at each node. At each node, we compare the intrinsic value of the put option (K - stock price) with the expected future discounted value of the option. If the intrinsic value is higher, we choose to exercise the option; otherwise, we consider the expected discounted value.
Starting at the final nodes of the tree (time step 3), the intrinsic value of the put option is max(50 - stock price, 0) at each node. Moving backward in the tree, we calculate the expected discounted value of the option at each node using the risk-neutral probability.
By applying this process, we can calculate the option price at the initial node (time step 0), which represents the fair price of the American put option.
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