Gives details about the firm’s sales, costs, and profits for the past accounting period.
Answers
Financial statements are used by the management of an organization to convey a picture of the organization's current financial position. These statements are used to provide stakeholders with information about a company's assets, liabilities, and equity.
The Profit and Loss Statement, also known as an income statement, summarizes a firm's sales, costs, and profits for a specified period. It is the report that reflects a company's financial performance over a specified period. It is also the only document that offers information about income and expenses over the financial period.A P&L statement is designed to provide a clear understanding of an organization's financial results and revenue-generating activities. It is a financial statement that reports an organization's revenues and expenses over a specified period.
A P&L statement is broken down into several different categories, including operating costs, sales revenue, and other sources of income. A company's P&L statement will offer important insights into how profitable the organization is, which will help stakeholders make informed decisions. It also indicates the firm's total revenue, expenses, and profit over the financial year. Finally, the firm’s P&L statement may reveal any shortcomings or possible opportunities for improvement, as well as the trends in revenue and expenses over the financial year. Hence, it is an essential statement for an organization.
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The question refers to an income statement, a financial statement summarizing a company's sales (revenues), costs (including COGS and operating expenses), and profits (net income) during a past accounting period.
Explanation:When discussing a firm's sales, costs, and profits during a past accounting period, you'll generally be analyzing what is known as an income statement. This is a financial statement that provides a summary of a company's financial performance over a specific period. Typical items on an income statement include revenues, cost of goods sold (COGS), and profit or loss for the period.
Revenues refer to the firm's sales, whereas COGS usually includes the direct costs attributable to the production of the goods or supply of services that the company sells. The difference between revenues and COGS is Gross Profit. After taking into account all operating expenses, such as administrative and marketing costs, any resulting value is the firm's operating profit. Once non-operating expenses, taxes, and interest have been subtracted, the remaining value is the net profit or net income. The net income is a measure of the firm's profitability for the given accounting period.
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Related Questions
What are some of the duties of a person who works in housekeeping services? Check all of the boxes that apply.
creating computer reports
washing linens
providing services to patients
mopping up spills from the floor
Answers
Answer:
2 4
Explanation:
In the long run, increasing the national debt will cause which of these?
A) higher tax revenue
B) an increase in jobs
C) higher interest rates
D) an increase in production
Answers
If choose all that apply I think a,b,and c
How can James free up more money to pay down his credit card debt?
O He has to pay less in rent each month.
O He has to complete an income statements every month.
O He has to start contributing to his 401(k).
O He has to cut back on other expenses
Answers
To be able to free up money to pay down credit card debt, James D. has to cut back on other expenses.
How to free up money for credit card debt?To be able to free up cash for debts, a person would have to cut back on their non - essential expenses. These are the only other source of income that people can take from and not really impact their way of life. This means that if James is to free up money to pay down the credit card debt he has, then he needs to cut back on the expenses that he has.
The rent on the other hand, cannot be reduced because it is not determined by James. If he was to pay less rent, he might be classified a bad tenant which can affect his credit score. Completing an income statement every month would help with budgets, but it wouldn't help one pay back credit card debt directly.
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1. He is spending more money than he makes.
2. He has to cut back on other expenses.
3. It is a listing of what an individual owns minus what they owe.
4. an antique vase valued at $125,000
5. capital
Explanation: I took the same quick check and got 100%, hope this helps!
Upper Echelon Inc., an American high-tech company, wants to set up operations in a foreign country. The company needs to select an entry mode that offers protection of its proprietary technology. Which entry mode is most suitable for Upper Echelon
Answers
Upper Echelon inc. wants to set up operations in a foreign country that offers protection of its proprietary technology and the most suitable entry mode is a wholly-owned subsidiary.
What do you mean by technology?Technology refers to the greater application of scientific knowledge for practical purposes.
A wholly-owned subsidiary can be established in a foreign market by acquiring an established firm in the host nation.
Wholly owned subsidiaries best serve high tech protection in a foreign market because it reduces the risk of losing that competence.
Therefore, the wholly-owned subsidiary is the best entry mode for Upper Echelon.
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What are the two goals of the Federal Reserve?
NOS
A. High unemployment and low inflation
B. Low unemployment and high inflation
C. Low unemployment and low inflation
D. High unemployment and high inflation
*
Answers
The correct answer is C. Low unemployment and low inflation.
The Federal Reserve, commonly referred to as the "Fed," has a dual mandate to promote maximum employment and stable prices (low inflation). This means that the Fed tries to keep unemployment low while also keeping inflation in check. The United States' central banking system is known as the Federal Reserve System. With the passage of the Federal Reserve Act on December 23, 1913, it was established in response to the need for centralised control of the banking system in order to prevent financial crises following a string of financial panics.
To guarantee that the financial system supports a strong economy for American people, communities, and businesses, the Federal Reserve analyses risks to the economy and actively participates at home and abroad. Federal Reserve System's seal Federal Reserve System's flag The Eccles Building, which houses the Federal Reserve System's offices in Washington, D.C.
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The correct answer is C. Low unemployment and low inflation.
The Federal Reserve, commonly referred to as the "Fed," has a dual mandate to promote maximum employment and stable prices (low inflation). This means that the Fed tries to keep unemployment low while also keeping inflation in check. The United States' central banking system is known as the Federal Reserve System. With the passage of the Federal Reserve Act on December 23, 1913, it was established in response to the need for centralised control of the banking system in order to prevent financial crises following a string of financial panics.
To guarantee that the financial system supports a strong economy for American people, communities, and businesses, the Federal Reserve analyses risks to the economy and actively participates at home and abroad. Federal Reserve System's seal Federal Reserve System's flag The Eccles Building, which houses the Federal Reserve System's offices in Washington, D.C.
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A student used 8.23 g of tea leaves in the experiment. How much caffeine is expected, assuming all the caffeine is extracted
Answers
Assuming that all the caffeine is extracted from the 8.23 g of tea leaves, the amount of caffeine expected would depend on the type and quality of the tea used.
Quantity refers to the amount, number, or measure of something. It is a characteristic that can be measured or expressed numerically. The concept of quantity is used across various domains, including mathematics, science, economics, and everyday life.
In mathematics, quantity is often represented by numerical values and units of measurement. It can refer to the magnitude or size of a quantity, such as the length of a line, the weight of an object, or the number of items in a set.
In science, quantity is fundamental to measurements and quantitative analysis. Scientists use various units of measurement to quantify physical properties, such as mass, temperature, time, volume, and energy. Quantitative data, obtained through measurements and observations, enable scientists to analyze and understand phenomena, formulate theories, and make predictions.
Assuming that all the caffeine is extracted from the 8.23 g of tea leaves, the amount of caffeine expected would depend on the type and quality of the tea used. On average, black tea contains around 40-60 mg of caffeine per 8 oz cup. Green tea contains around 30-50 mg of caffeine per 8 oz cup. Therefore, the expected amount of caffeine from 8.23 g of tea leaves would be somewhere between 329-738 mg if using black tea and 256-410 mg if using green tea. It is important to note that this is an estimate and the actual amount of caffeine extracted may vary depending on the extraction method and other factors.
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Which statement would generally be true of travel agents?
A. A travel agent's main income is from commissions.
B. A travel agent's main income is from car rentals.
C. A travel agent's main income is from commissions paid by governments.
D. A travel agent's main income is from services related to travel insurance.
Answers
Answer: A. A travel agent's main income is from commissions.
Explanation:
Travel agents assist people in planning a trip. They offer advice on companies that can be traveled with such as airlines and luxury buses as well as where travelers can lodge and go on sight-seeing. They are helpful because they can help tailor a trip according to a person's budget.
These agents usually have arrangements with these companies and locations mentioned above such that when the traveler pays those companies, the travel agent gets some commission from that. This represents their main source of income.
How can a diverse economy like the United States, satisfy the needs of its consumers?
Answers
Answer:
Supply and Demand
Explanation:
What is a cell?
Please help me!!
Answers
A cell is the smallest building block of every living being
The cell is the most basic unit of life. All factors of life have cells, and we use them to the best of our abilities to survive. Processes that include the utilization of cells include waking up and lifting things. By using cells, people, animals, and objects are able to sustain a well-balanced life of physicality.
How does an improvement in productivity affect a business's profit margin?
A. It increases the profit margin by lowering costs.
B. It decreases the profit margin by lowering costs.
C. It decreases the profit margin by raising costs.
D. It increases the profit margin by raising costs.
Answers
Answer:
it increases the profit margin by lowering costs
Explanation:
An improvement in productivity affects a business's profit margin as it increases the profit margin by lowering costs. Thus, option A is correct.
What is the profit margin?Profitability is gauged by profit margin. Estimating the profit as a proportion of revenue is used to calculate it. Gross profit margin, operating profit margin, and net profit margin are the three different forms of profit margins. Gross profit is multiplied by net sales to determine the gross profit margin.
A company may produce more goods without increasing expenses by boosting productivity. Producing more opens up the possibility of increasing sales, which in turn might boost earnings. In addition to improving overall earnings, higher productivity can raise a company's profit margin.
The profit margin of a company is impacted by an increase in productivity since it lowers expenses and raises the profit margin. Therefore, choice A is correct.
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BRUH THIS THING LOGGED ME OUT WHAT IS GOING ON
Answers
Answer:
?????????????
Explanation:
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How does loadshedding affect consumers in South Africa?
Answers
Answer:
The load shedding break-out caught many unsuspecting South African households unaware as little to nothing had been announced about it. Businesses, especially petrol stations without any form of back-up energy were forced to close shop for close to five hours while others quickly cranked their generators to life just to keep the lights and the pumps on. Individual households were not spared either as they were also left in the darkness. The South African Insurance Association is acutely aware of the risks that comes with such intermittent power surges to household appliances.
Explanation:
Federally-funded grants require the student to...
earn above average grades.
have a membership in a high school club.
perform volunteer work for a local community
agency.
have financial need only.
Answers
Answer:
Explanation:
have financial need only
Federally-funded grants typically require students to have financial need only, as they are designed to provide financial assistance to students who may not have the means to pay for their education. Therefore, option D is correct.
Federally-funded grants are financial assistance programs provided by the government to support students in pursuing their education. These grants are typically awarded based on financial need, considering factors such as income, family size, and assets.
They aim to ensure that students from low-income backgrounds have access to higher education opportunities. Unlike loans, grants do not need to be repaid, making them an attractive form of aid.
Federal grants include programs like the Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG), among others.
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1. Your older sister, Anna is trying to figure out how she's going to pay for college in the
Fall. Anna is going over her options with you one night and she narrows it down to
either putting her college education on your parents' credit card or taking out a
student loan. Which one would you suggest and why?
I
2. Anna then tells you a story about her friend, Chad. Chad has a Target credit card that
he opened a few months ago. The other day he tried to use his credit card to buy
popcom at the movies, but it was denied. Explain to your sister why this happened.
Answers
2.) chad has a maximum amount of money he can use before it has to be paid back. Unfortunately chads maximum was so low he couldn’t even buy popcorn, or he already maxed out his card.
Help!
Which federal agency oversees how clean and how appropriately a restaurants prepare and store foods?
Answers
Answer:
FDA's Center for Food Safety and Applied Nutrition (CFSAN) seeks to ensure that these foods are safe, sanitary, nutritious, wholesome, and honestly and adequately labeled.
Explanation:
prepare an income statement for rex manufacturing for the year ended december 31 using the following information. hint: not all information given is needed for the solution. finished goods inventory, ending $ 16,000 general and administrative expenses 14,000 accounts receivable 18,000 finished goods inventory, beginning 19,000 cost of goods manufactured 40,000 selling expenses 12,000 cash 55,000 land 28,000 sales 92,000 equipment 1,000
Answers
An income statement for rex manufacturing for the year ended December 31 using the following information. Income Statement for Rex Manufacturing for the Year Ended December 31:
Sales: $92,000
Cost of Goods Sold:
Beginning Finished Goods Inventory: $19,000
Add: Cost of Goods Manufactured: $40,000
Total Cost of Goods Available for Sale: $59,000
Less: Ending Finished Goods Inventory: $16,000
Cost of Goods Sold: $43,000
Gross Profit: $49,000
Operating Expenses:
Selling Expenses: $12,000
General and Administrative Expenses: $14,000
Total Operating Expenses: $26,000
Operating Income: $23,000
Net Income: $23,000
Note: The information provided does not include any income tax information, so this income statemen t assumes that the net income is before income taxes.
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Identify two other Example of how product might be promoted directly to customers using the Internet
Answers
The internet has revolutionized the way businesses market their products to customers. In today's digital age, companies can promote their products directly to customers using various online channels.
Here are two examples of how products might be promoted directly to customers using the internet:
Social Media Advertising: Social media platforms offer businesses an opportunity to reach potential customers and promote their products directly. Social media advertising allows companies to create targeted advertisements based on demographics, interests, and behaviors, ensuring that their ads are shown to the right people. By using social media advertising, companies can also build brand awareness and engage with customers through interactive content such as polls, quizzes, and live streaming.The effectiveness of social media advertising lies in its ability to target specific audiences with precision. Social media platforms provide a wealth of information about users, including their age, gender, location, interests, and behaviors. Email Marketing: Email marketing is another way that companies can promote their products directly to customers. By collecting email addresses from website visitors, customers, and prospects, companies can send targeted messages and promotions directly to their inbox. Email marketing can be used to build customer loyalty and retention by sending personalized messages based on past purchases, preferences, and behavior. To be effective, email marketing campaigns should be optimized for mobile devices, include clear calls-to-action, and offer valuable incentives such as discounts, exclusive content, or free trials.In conclusion, social media advertising and email marketing are two effective ways that companies can promote their products directly to customers using the internet. By leveraging the power of targeted advertising and personalized messaging, companies can increase brand awareness, engage with customers, and drive sales.
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PLEASE HELP, I NEED THE ANSWER SOON!!
Drag each label to the correct location on the image. Not all labels will be used.
Identify the recommended actions for success in informational interviews.
Smile and stay positive.
Sit still and be aware of your body language.
Give the interviewer either a yes or no answer.
Take notes that you can refer to later.
Answers
Smiling and staying positive and taking notes for further reference are the essentials of a successful informational interview.
What are the essentials of an informational interview?
A set of questions asked towards building a conversation with a person having expertise and achievements in the related interests comprises an informational interview.
The two most important points to be considered while taking an informational interview are:
Staying positive and giving smile expression throughout the course of the conversation. Taking important notes so that further questions may be asked in that regard.Hence, options A and D hold true regarding the informational interview.
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Answer:
a & d
Explanation:
plato users
Deflation:_____.
a. can cause budget surpluses.
b. can lead to increased output.
c. does not affect output.
d. can lead to decreased output.
Answers
Deflation can lead to decreased output .
Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy.
Deflation can lead to decreased output in a way that the demand of goods is way too high therefore the purchasing power is elevated. And the prices of goods is also lower.
Additionally, manufacturers may get skeptical about producing goods due to the low prices for the goods that affect them.
Although, it may seem like the fact that prices are lower is good, deflation can drastically affect the economy and lead into recession and depression.
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Disadvantages of choosing a job that is extremely popular or in demand
Answers
The disadvantage of choosing a job that is very popular or a job that is in high demand is that after a while such a job may become saturated or it would become monotonous.
What is a high demand job?This is the term that is used to refer to a job that the people that wpould employ labor are constantly in need of. Such a job is one that would require the people that have the qualification to opt in and get the places and the roles that they are to fill.
The issues that may arise from such a job that is in high demand is that after a period, such a job may have a lot of persons that would want to fulfil the role.
The number of qualified persons may become more than the job that is available for the people to do in the long run.
Hence this is a disadvantage. Therefore I would conclude by saying that the disadvantage of choosing a highly popular job is that the number of persons that are willing to fulfil the role may exceed the job overtime.
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Principal Rate Time Interest Amount $ 720.00 6.00% 5 years a. $216.00 b. $936.00 720.00 6.00 5 months a. $18.00 b. $738.00 720.00 6.00 5 days b. 5,892.15 6.875 15 months b. 26,968.44 3.459 91 days b.
Answers
Answer:
1- $216
2- $18
3- $0.59
4- $54
5- $10.77
Explanation:
1- If the investment lasts 5 years, with an interest of 6% and a principal of $ 720,00, the interest generated at the end of said investment arises from the following calculation:
(720 x 0.06) x 5 = X
43,20 x 5 = X
216 = X
Therefore, after 5 years of investment, they will have earned $ 216 in interest.
2- If the investment lasts 5 months, with an interest of 6% and a principal of $ 720, the interest generated at the end of said investment arises from the following calculation:
(720 x 0.06) / 12) x 5 = X
43.20 / 12 x 5 = X
3.6 x 5 = X
18 = X
Therefore, after 5 months of investment, they will have earned $ 18 in interest.
3- If the investment lasts 5 days, with an interest of 6% and a principal of $ 720, the interest generated at the end of said investment arises from the following calculation:
(720 x 0.06) / 365) x 5 = X
43.20 / 365 x 5 = X
0.118 x 5 = X
0.59 = X
Therefore, after 5 days of investment, $ 0.59 in interest will have been earned.
4- If the investment lasts 15 months, with an interest of 6% and a principal of $ 720, the interest generated at the end of said investment arises from the following calculation:
(720 x 0.06) / 12) x 15 = X
43.20 / 12 x 15 = X
3.6 x 15 = X
54 = X
Therefore, after 15 months of investment, they will have earned $ 54 in interest.
5- If the investment lasts 91 days, with an interest of 6% and a principal of $ 720, the interest generated at the end of said investment arises from the following calculation:
(720 x 0.06) / 365) x 91 = X
43.20 / 365 x 91 = X
0.118 x 91 = X
10.77 = X
Therefore, after 91 days of investment, you will have earned $ 10.77 in interest.
Suppose that Buckner Co., a U.S.-based MNC, is considering exporting and selling its goods abroad in Italy.
All else equal, higher interest rates in Italy would tend to ____ (increase/decrease) demand for Buckner’s products in Italy, whereas lower interest rates in Italy would tend to ____ (increase/decrease) the demand for Buckner’s products in Italy.
Answers
Assume Buckner Co., a US-based multinational corporation, is contemplating exporting and marketing its products in Italy.
All else being equal, higher Italian interest rates would tend to boost demand for Buckner's products in Italy, while lower Italian interest rates would tend to decrease demand for Buckner's products in Italy.
What exactly does the term "exporting" mean?In international trade, an export is an item produced in one country that is sold in another or a service given in one country for a person or resident of another. The seller of such products or service providers is known as an exporter, while the overseas customer is known as an importer. Financial, accounting, and other professional services, tourism, education, and intellectual property rights are all examples of international commerce.
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If you look at stock prices over any year, you will find a high and low stock price for the year. Instead of a single benchmark PE ratio, we now have a high and low PE ratio for each year. We can use these ratios to calculate a high and a low stock price for the next year. Suppose we have the following information on a particular company: Year 1 Year 2 Year 3 Year 4 High price $ 27.43 $ 26.32 $ 30.42 $ 37.01 Low price 19.86 20.18 25.65 26.41 EPS 1.35 1.58 1.51 1.85 Earnings are projected to grow at 9 percent over the next year. a. What is your high target stock price over the next year
Answers
Answer:
High target price 38.8821
Low target price 29.6153
Explanation:
Calculation to determine your high and low target stock price over the next year
First step is to calculate the seperate yearly PE ratio for High and low price using this formula
PE ratio = Market price / EPS
EPS = B
Low = C
High = D
Let plug in the formula
Year 1
PE(High) C/B = $ 27.43/1.35
PE(High) C/B = 20.3185
PE(Low) D/B = 19.86/1.35
PE(Low) D/B = $14.7111
Year 2
PE(High) C/B = $ 26.32/1.58
PE(High) C/B = 16.6582
PE(Low) D/B = 20.18/1.58
PE(Low) D/B = 12.7722
Year 3
PE(High) C/B = $ 30.42/1.51
PE(High) C/B = 20.1457
PE(Low) D/B = 25.65/1.51
PE(Low) D/B = 16.9868
Year 4
PE(High) C/B = $ 37.01/1.85
PE(High) C/B = 20.0054
PE(Low) D/B = 26.41/1.85
PE(Low) D/B = 14.2757
Second step is to calculate the seperate Average PE for high and low price
Average PE
HIGH(20.3185+16.6582+20.1457+20.0054 / 4)
HIGH = 77.1278/4
HIGH=19.28195
LOW=($14.7111+12.7722+16.9868+14.2757/4)
LOW=58.7458/4
LOW=14.6865
(a) Now let calculate the high target stock price over the next year
Using this formula
High target price = Average PE(high) x EPS for next year
Let plug in the formula
High target price = 19.28195 x[(1+.09)×1.85]
High target price = 19.28195 x(1.09*1.85)
High target price = 19.28195*2.0165
High target price=38.8821
Therefore the high target stock price over the next year is 38.8821
(b) Calculation for the low target stock price over the next year
Using this formula
Low target price = Average PE(low) x EPS for next year
Let plug in the formula
Low target price = 14.6865 x [(1+.09)×1.85]
Low target price = 14.6865x(1.09*1.85)
Low target price = 14.6865×2.0165
Low target price = 29.6153
Therefore the low target stock price over the next year is 29.6153
If you watch TV for two hours, you dont spend any money. Does this mean that you do not have an opportunity cost for watching TV? Explain your answer.
Answers
Answer:
No, Watching TV has an opportunity cost
Explanation:
Opportunity costs represent the forfeited benefits for preferring a certain option over others. It is the foregone benefits from the next best alternative.
Watching TV for two hours has an opportunity cost. By watching TV, a person has sacrificed doing other things. The two hours could have been used in other ways like working, studying, swimming, or playing. By watching TV, the person missed benefits from the other activities. The other activity that would have resulted in more benefits other than watching TV is the opportunity cost.
When the marginal benefits of a decision is equal to the marginal costs, it is called _____________. (SSEF2) * 1 point equilibrium scarcity specialization a rational decision
Answers
Answer:
A rational decision
Explanation:
Marginal decision involves using more than or less than what you have by comparing the cost and benefits. Marginal cost is the additional cost as a result of making a different decision while the marginal benefit is the additional benefit as a result of making a different choice. A rational decision is a decision in which the marginal benefits as a result of taking that decision is greater or equal to the marginal cost of that decision.
Diamond Construction is an owner-managed entity with contracting revenues of $20 million in 2023. As
construction is a labour-intensive industry, one of Diamond's largest expense accounts is labour and wages. You
are a first-year auditor at Klein and Partners. You have been given the following information regarding the
entity's payroll process for hourly employees at Diamond Construction:
1. The owner-manager is the only person who can authorize the hiring of a new employee.
2. When a new employee is hired, the payroll clerk prepares a new employee package that includes:
• safety orientation
• tax forms
benefits plan enrolment
3. Only the payroll manager has the ability to update the employee master list. This can only be done once the
tax forms, a void cheque with direct deposit information, and the owner's approval have been received. All
forms need to be returned before the payroll manager will update the payroll master list and add any new
employees.
4. Hourly employees are paid biweekly.
5. Hours worked are tracked on time cards. Supervisors fill in the time cards for each individual day and
initial each of the time cards, noting the hours worked.
6. At the end of the pay period, time cards are provided to the payroll clerk, who compiles the total hours
worked and codes the hours to the appropriate job number. Once compiled, the payroll clerk enters the
hours worked per person in the payroll system.
7. The accounting system prepares the direct deposit information based on the rates of pay maintained in the
payroll master list (listing of all authorized staff and approved wage rates). It also calculates the
withholding taxes.
8. This information is transferred to the bank and a record of the transmission is printed and attached to the
front of the payroll run.
9. The payroll module is integrated with the general ledger. The payroll clerk prepares and posts the journal
entry to the payroll expense accounts.
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[3:04 PM, 8/3/2022] Fariya Idrees: 4. Hourly employees are paid biweekly.
5. Hours worked are tracked on time cards. Supervisors fill in the time cards for each individual day and
initial each of the time cards, noting the hours worked.
6. At the end of the pay period, time cards are provided to the payroll clerk, who compiles the total hours
+
worked and codes the hours to the appropriate job number. Once compiled, the payroll clerk enters the
hours worked per person in the payroll system.
7. The accounting system prepares the direct deposit information based on the rates of pay maintained in the
payroll master list (listing of all authorized staff and approved wage rates). It also calculates the
withholding taxes.
8. This information is transferred to the bank and a record of the transmission is printed and attached to the
front of the payroll run.
9. The payroll module is integrated with the general ledger. The payroll clerk prepares and posts the journal
entry to the payroll expense accounts.
10. Pay stubs with payroll details are given to the supervisors for distribution.
11. If an employee is terminated, Diamond just stops paying them as they no longer have time cards submitted.
12. When an employee has been promoted or their job classification has changed, the supervisor will verbally
communicate this to the payroll manager, who will then update the payroll master file. Therefore, source
documentation in employee files will only relate to an employee's original job classification. The rationale
for this was that most job classification changes would only result in an additional dollar or two per hour
paid to the employee.
Required
a. Identify the control strengths of the payroll process at Diamond Construction. For each strength, identify
what the test of that control could be.
b. Identify the control weaknesses of the payroll process at Diamond Construction. For each weakness,
identify the implications of the weakness and recommend how to improve it.
PLEASE ANSWER PART B ASAP THANKS YOU
Answers
Control weaknesses increase the risk of payroll errors, inaccurate payments, and potential fraudulent activities. It also undermines the integrity and reliability of the payroll process, which can impact employee morale and trust in the company.
1. Lack of segregation of duties: The payroll clerk has the ability to update the employee master list, compile total hours worked, and enter hours into the payroll system. This lack of segregation of duties increases the risk of errors or fraudulent activities going undetected.
2. Manual time card tracking: Supervisors fill in the time cards for each day and initial them, noting the hours worked. This manual process is susceptible to errors or manipulation.
3. Lack of documentation for job classification changes: When an employee's job classification changes, there is no source documentation in their employee file. This lack of documentation increases the risk of errors or misunderstandings regarding pay rates
Recommendations to improve the weaknesses: Diamond Construction should implement the following measures:
1. Segregate duties: Assign different individuals to handle tasks such as updating the employee master list, compiling hours worked, and entering hours into the payroll system. Implement a review process to ensure accuracy and detect any errors or irregularities.
2. Implement automated time tracking: Replace manual time card tracking with an automated system that accurately records and tracks employee hours. This will reduce the risk of errors and fraudulent time entries.
3. Document job classification changes: Establish a formal process to document and communicate job classification changes. Maintain accurate records of changes in employee files and ensure that payroll calculations are based on the correct job classifications.
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Describe factors that encourage conspicuous
consumption by the purchase of status sym-
bols.
Answers
Veblen's initial thesis said that better social standing and peer recognition were the two key factors influencing ostentatious consumption.
Conspicuous consumerism is the act of acquiring things or services specifically with the intention of flaunting one's affluence. When publicly exhibited products and services are too expensive for other people in a person's class, conspicuous spending is a way to demonstrate one's social position.
What is the conspicuous consumerism theory?
Conspicuous consumption is defined as. Displaying extravagant riches in order to improve one's standing and reputation in society is known as conspicuous spending.To Learn more about conspicuous consumption, click the links
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A student in public administration wants to determine the mean amount members of city councils earn. The error in estimating the mean is to be less than $100 with a 99% level of confidence. The student found a report by the department of labor that estimated the standard deviation to be $1000. What is the required sample size?
Answers
Answer:
663.58
Explanation:
From the problem:
E, the maximum allowable error, is $100
The value of z for a 99 percent confidence level is 2.576
Estimate of standard deviation is $1,000.
n = [(z x s)/ E] ^ 2
n = [(2.576 x 1000) / 100}^2
= 25.76^2
=663.58
An article in a newspaper explains that a new business is about to open.
Answers
Answer:
So what's the question......??????
All of the following attributes characterize episode-of-care reimbursement except:
a. Capitation
b. Global payment
c. Retrospective fee-for-service
d. Aggregation of utilization of healthy members and chronically ill members
Answers
The term that does not characterize episode-of-care reimbursement is **d. Aggregation of utilization of healthy members and chronically ill members**.
Episode-of-care reimbursement refers to a payment model where healthcare providers receive a single payment for all services related to a specific condition or procedure. This model promotes efficiency and quality of care by focusing on the entire episode rather than individual services.
However, aggregating the utilization of healthy and chronically ill members is not a feature of this reimbursement model. Instead, this aggregation relates more to risk-adjustment methodologies or population health management, where the focus is on the entire patient population, taking into account varying health statuses and resource utilization. The key aspects of episode-of-care reimbursement include bundling services, accountability for quality, and financial incentives for efficient care delivery.
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