The owner of 'Green Gardening Incorporated', Ms Green, has breached a number of accounting concepts and principles and as their accountant you are trying to identify the issue and explain why Ms Green has not treated the situation correctly. (6 marks) In the table below you are to complete the following: (i) identify the concepts or principles that have been violated (on
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As an accountant, it is important to follow a set of accounting principles and concepts to ensure the accuracy and integrity of financial statements. However, the owner of Green Gardening Incorporated, Ms. Green, has breached some of these accounting concepts and principles.
As an accountant, it is important to follow a set of accounting principles and concepts to ensure the accuracy and integrity of financial statements. However, the owner of Green Gardening Incorporated, Ms. Green, has breached some of these accounting concepts and principles. Let's take a look at some of the issues and why Ms. Green has not treated the situation correctly.
First, Ms. Green has violated the concept of Materiality. Materiality refers to the significance of an item or event in a financial statement, which could potentially influence the decisions of users of financial information. Ms. Green has failed to disclose the $500,000 loan taken out from her sister, which is a material amount and could significantly impact users' decisions.
Second, Ms. Green has violated the principle of Consistency. Consistency refers to using the same accounting method or principle from period to period. However, Ms. Green has changed the depreciation method from straight-line to reducing balance for some of the company's assets, resulting in inconsistencies in financial statements.
Third, Ms. Green has violated the principle of Accrual. Accrual refers to recognizing revenues and expenses in the period in which they are earned or incurred, regardless of when cash is received or paid. However, Ms. Green has recorded revenue of $300,000 for work not yet completed, which is an incorrect representation of the company's financial position.
Overall, Ms. Green's actions have resulted in misstatements in the financial statements of Green Gardening Incorporated. As an accountant, it is important to adhere to accounting principles and concepts to ensure the accuracy and integrity of financial statements.
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Related Questions
What im supposed to do when i created an account
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You must present identification when opening a new bank account so that the bank can confirm your identity. A government-issued ID, such as a driver's licence, passport, or military ID, is what you should provide.
After opening a bank account, what should you do?Don't forget to receive your ATM card and chequebook once you've opened your account. Also, you can fill out an application for internet banking, which will enable you to manage your account online.
How does opening a new bank account work?Your finances shouldn't be significantly impacted by a new bank account. A new bank account does not immediately affect your credit, in contrast to a new credit card. However, some banks might run a credit check on every new client, so if you open an account with a new bank, you can notice a new inquiry on your credit report.
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Click this link to view O*NET's Work Activities section for Postsecondary Education Administrators.
Note that common activities are listed toward the top, and less common activities are listed toward the bottom.
According to O*NET, what are common work activities performed by Postsecondary Education Administrators?
Check all that apply.
making decisions and solving problems
operating vehicles
communicating with supervisors, peers, or subordinates
establishing and maintaining interpersonal relationships
repairing and maintaining electronic equipment
drafting, laying out, and specifying technical devices, parts, and equipment
Answers
Answer:
BDE
Explanation:
Answer:
A C D
Explanation:
Which type of document typically includes contract contingencies?
Purchase and sale agreement.
O Assignment of contract.
Appraisal.
O Option contract.
Answers
Answer:
A.
Explanation:
Suppose the market price of chicken wings in a university town recently increased. Economics students studying at the university are discussing potential causes of the price increase. One group of students theorize that the price increased because several wing joints in the area have recently gone out of business. Others claim the increase in the price of chicken wings is because of a recent decrease in the price of beer.
Everyone agrees that the decrease in the price of beer was caused by a recent decrease in the price of hops, which are not generally used in making chicken wings.
The first group of students claim the increase in the price of chicken wings can be attributed to the fact that several wing joints in the area have recently gone out of business.
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This may explain the price increase, as the decreased competition in the economics market could lead to an increase in price.
What is economics market?Economics market is an environment where buyers and sellers interact in order to exchange goods and services for money. It is the basis for the study of economics, which is the study of the production, distribution, and consumption of goods and services. Markets can be divided into different types depending on the nature of the product or service being exchanged. The two primary types of markets are the perfect competition market and the imperfect competition market. Perfect competition markets are those in which all buyers and sellers are equal and have access to the same information.
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What did the Emergency Banking Relief Act?
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The Emergency Banking Act of 1933 was legislation passed during the Great Depression that took way to stabilize and restore confidence in the American banking system.
The Emergency Banking Act amended the Trading with the Adversary Act of 1917 and handed for banks to be restarted after four days out and for the Treasury to check banks.
The new law allows twelve Federal Reserve banks to issue fresh currencies on good means, allowing the reopening of banks to meet any licit demand. The new currency will be transferred to all corridor of the country by the Bureau of Engraving and Printing.
Question:
What does the Emergency Banking Relief Act do?
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PLEASE HELP 100 PTS - Use the information from your production possibilities schedule to create your production possibilities curve by filling in the following graph. Use textboxes to insert text, and use lines and circles from the shapes function to illustrate your production possibilities. Be sure to mark points A through F on the graph. (5 points)
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Answer
Can you make the question a bit simpler?
Explanation:
10–27. Henry Mills is responsible for preparing checks, recording cash disbursements, and preparing
bank reconciliations for Signet Corporation. While reconciling the October bank statement,
Mills noticed that several checks totaling $937 had been outstanding for more than one year.
Concluding that these checks would never be presented for payments, Mills prepared a check for
$937 payable to himself, forged the treasurer’s signature, and cashed the check. Mills made no
entry in the accounts for this disbursement and attempted to conceal the theft by destroying the
forged check and omitting the long-outstanding checks from subsequent bank reconciliations.
a. Identify the weaknesses in Signet Corporation’s internal control.
b. Explain several audit procedures that might disclose the fraudulent disbursement.
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The bank reconciliation should be done regularly, there should be an independent reconciliation of accounting records of cash and bank.
Weaknesses in Signet Corporation’s internal control are as follows: Theft or frauds related to the cash disbursements are detected through a bank reconciliation. If the bank reconciliation does not perform regularly, the chance of identifying the discrepancies is minimized.There is a lack of independent reconciliation of accounting records of cash and bank. The individual responsible for reconciling the accounts and issuing the checks has access to assets. This increases the opportunity to commit theft or fraud. No one performs a review of reconciled bank statements.A control system was not implemented to ensure that outstanding checks were not omitted. The reconciliation process failed to detect Mills’s activity, and he was able to commit theft without being detected. A control system is not in place to guarantee the review of cancelled checks.
Several audit procedures that might disclose the fraudulent disbursement are as follows:The auditor must examine the bank reconciliation, which should include canceled checks, and compare the check numbers and amounts with the disbursement journal. This will help to identify the checks that have not been cleared through the bank.The auditor should reconcile the bank statement independently. The bank statement should be examined for any deposits in transit or outstanding checks.The auditor must ensure that there is a control system in place to ensure that all long-outstanding checks are canceled and listed in the cash disbursement journal.The auditor should check whether the individual responsible for issuing checks and reconciling the accounts has taken a vacation. The individual’s work should be reassigned to someone else to ensure that there is no misconduct.The auditor should also check that the cash receipts journal and the cash disbursement journal are cross-referenced.
Thus, the bank reconciliation should be done regularly, there should be an independent reconciliation of accounting records of cash and bank, there should be a control system to ensure that all long-outstanding checks are canceled and listed in the cash disbursement journal, and a review of reconciled bank statements must be performed.
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Trevor us a marketing professional in a small firm. He wants to promote his firms online shopping website. He targets only those customers in his promotional strategy who use online shopping. Which form of marketing does Trevor Demonstrate?
A. Telemarketing
B. Outbound marketing
C. Social marketing
D. Inbound marketing
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Answer:
A. Telemarketing
Explanation:
Before the massification of internet use, telemarketing referred to the use of the telephone for marketing, for example: by contacting potential or existing customers through the phone.
Nowadays, telemarketing mainly refers to the use of the internet for the same purpose, although this is sometimes called "online marketing" as well.
We can see that Trevor is using a telemarketing strategy because it is based entirely on using a website to contact customers who are online shoppers in the first place.
What is forms of buisness??
Answers
Answer and Explanation:
Some forms of business are sole proprietorship, partnership, corporation, and s corporation.
QUESTION 2 Under price discrimination, ... the seller chooses the optimal price for each customer (or group of customers) based on the optimal output rule (MR=MC). O a different price is charged to each customer (or group of customers) based on the marginal cost (MC) of selling the product to the customer. the buyer has the market power, so each buyer chooses a different price to pay for the same product.
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Answer: (B) A different price is charged to each customer based on the marginal cost of selling the product to customer.
What is Price Discrimination? Price discrimination is a selling strategy that charges customers different prices for the same product or service based on what the seller thinks they can get the customer to agree to. In pure price discrimination, the seller charges each customer the maximum price they will pay.
Under price discrimination, the seller chooses the optimal price for each customer (or group of customers) based on the optimal output rule (MR=MC). In this scenario, a different price is charged to each customer (or group of customers) based on the marginal cost (MC) of selling the product to the customer. This pricing strategy allows the seller to maximize profits by capturing consumer surplus and charging different prices to different segments of the market. It does not involve the buyer having the market power to choose a different price to pay for the same product.
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For a broker to have affiliates, real estate must be the broker's main occupation and the broker must be
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Answer:
financially stable.
Explanation:
must have financial capabilities
"On December 31, 20x0, an entity issues bonds with the followingcharacteristics:Face Value$30,000,000coupon rate5%Yield to maturity4.6%maturityDecember 31, 20x30Coupon pay"
Answers
Answer:
Explanation:
On December 31, 20x0, an entity issued bonds with the following characteristics:
- Face Value: $30,000,000
- Coupon Rate: 5%
- Yield to Maturity: 4.6%
- Maturity: December 31, 20x30
The bond has a face value of $30,000,000, representing the principal amount that will be repaid at maturity. The coupon rate of 5% indicates the annual interest payment based on the face value, amounting to $1,500,000 per year.
The **yield to maturity** of 4.6% is the effective interest rate that considers the bond's price, coupon payments, and face value received at maturity. It represents the expected return for investors holding the bond until maturity.
The bond matures on December 31, 20x30, indicating the date when the principal will be repaid in full.
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Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called Group of answer choices auditing. economics. finance. accounting.
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Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called accounting.
Accounting is a fundamental process in business and financial management. It involves systematically recording financial transactions, classifying them into appropriate categories, and summarizing the information to create financial statements such as the income statement, balance sheet, and cash flow statement. These financial statements provide a snapshot of a company's financial performance, position, and cash flows, enabling decision-makers to analyze and make informed decisions about the organization's operations, investments, and financial strategies.
While auditing, economics, and finance are related disciplines, each has its own distinct focus. Auditing involves examining and evaluating financial records and statements to ensure accuracy, compliance, and reliability. Economics studies the production, distribution, and consumption of goods and services within an economy. Finance, on the other hand, focuses on managing financial resources, investments, and the financial aspects of decision making. However, accounting serves as the foundation for providing the necessary financial information in these areas.
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Which of the following apply to oligopoly industries?
a. a few large productions
b. many small producers
c. strategic behavior
d price taking
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Few large productions and strategic behavior apply to oligopoly industries out of other options.
What are a few instances of oligopoly?Numerous industries have had oligopolies throughout history, including those that produce steel, oil, railroads, tires, grocery store chains, and cellular carriers. Airlines and medicines are two other sectors having an oligopoly structure.
In a market, what is oligopoly?Small numbers of suppliers control markets in an oligopoly. They exist everywhere and in a wide variety of industries. While some oligopoly markets are highly competitive, others are only marginally so, or at least can seem to be.
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Which of the following is a positive impact of technology on society? Staying connected Global deterioration Decreased human interaction Inactive lifestyles
Answers
Answer:
Staying connected
Explanation:
If your job is to compare actual expenses incurred by your company with its budget, you are performing the task of
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If your job is to compare actual expenses incurred by your company with its budget, you are performing the task of expense variance analysis.
Expense variance analysis is a process used to assess and analyze the variations between actual expenses and the budgeted amounts set by a company. The purpose of this task is to gain insights into the financial performance and effectiveness of cost management within the organization.
In this role, you would be responsible for collecting and analyzing financial data related to the company's expenses. This includes reviewing financial statements, invoices, receipts, and other relevant documentation to compare the actual expenses incurred with the amounts budgeted for each expense category.
By comparing the actual expenses to the budgeted amounts, you can identify areas where the company has overspent or underspent relative to the initial plan. This analysis provides valuable information for management to understand the reasons behind the variances and take appropriate actions to address them.
So, the task of comparing actual expenses with the budget involves conducting expense variance analysis, which is essential for monitoring and managing the financial performance of a company. It helps ensure that resources are allocated efficiently and provides valuable insights for decision-making and budgetary control.
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true or false? the aggregate supply (as) curve is the total quantity of final goods and services supplied at different price levels.
Answers
True. The aggregate supply (AS) curve represents the total quantity of final goods and services that all suppliers in an economy are willing to produce and supply at different price levels
The aggregate supply (AS) curve depicts the total quantity of final goods and services that all suppliers in an economy are willing to produce and supply at different price levels. It represents the relationship between the overall price level in the economy and the total output or GDP that firms are willing to supply. As the price level increases, firms tend to supply more goods and services, resulting in an upward-sloping AS curve. Conversely, as the price level decreases, firms may reduce their production levels, leading to a downward-sloping AS curve in some cases.
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If a step that is considered to be worthwhile is taken, then net worth (betterment)?
Answers
If a step that is considered to be worthwhile is taken, then net worth (betterment) increases.
What is net worth?There are slightly differing methods for calculating the net worth of an individual and the net worth of a company. Both figures are the total of all assets minus all liabilities. For calculating individual net worth, the value of assets is based on their current market value rather than original purchase prices. For company net worth, the value of assets is based on their original purchase prices instead of their current market value.When an individual passes away, her net worth is equivalent to the value of her estate. In probate, any liabilities of the deceased are met, and the rest belongs to heirs. Any inheritance then becomes a part of the inheritor’s net worth.For businesses, the value of an asset is referred to as its carrying value or open market value. This is understood as the price an asset would get in a competitive auction. Other concepts used interchangeably with carrying value are mark to market, fair value, and fair market value, although they can have different meanings depending on the context.To learn more about net worth, refer: https://brainly.com/question/12294231?referrer=searchResults
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1. Anderson Motors Inc. has just set the company dividend policy at $0.50 per year. The company plans to be in business forever. What is the price of this stock if
a. An investor wants a 5% return?
b. An investor wants an 8% return?
c. An investor wants a 10% return?
d. An investor wants a 13% return?
e. An investor wants a 20% return?
Answer: Use the constant dividend infinite dividend stream model:
Price = Dividend/r
a.
b.
c.
d.
e.
2. King Waterbeds has an annual cash dividend policy that raises the dividend each year by 4%. Last year’s dividend was $0.40 per share. What is the price of this stock if
a. an investor wants a 5% return?
b. an investor wants an 8% return?
c. an investor wants a 10% return?
d. an investor wants a 13% return?
e. an investor wants a 20% return?
Answer: Use the constant growth dividend model with infinite horizon:
Price = Last Dividend ´ (1 + g)/(r - g)
a.
b.
c.
d.
e.
3. Martin Winery wants to raise $10 million from the sale of preferred stock. If the winery wants to sell 1 million shares of preferred stock, what annual dividend will it have to promise if investors demand the following return:
a. 12%.
b. 18%.
c. 8%.
d. 6%.
Answer: Use the constant dividend model with infinite horizon, rearranged for the dividend:
Dividend = r ´ Price
The price of the shares is $10,000,000/1,000,000 = $10.00 per share
Answers
a. The price of the stock is $10.00; b. The price of the stock is $6.25; c. The price of the stock is $5.00; d. The price of the stock is $3.85; e. The price of the stock is $2.50; a. The price of the stock is $41.60; b. The price of the stock is $10.40; c. The price of the stock is $6.93; d. The price of the stock is $4.62; e. The price of the stock is $2.60; a. The annual dividend is $1.20; b. The annual dividend is $1.80; c. The annual dividend is $0.80; d. The annual dividend is $0.60.
1. The price of the stock can be calculated using the constant dividend infinite dividend stream model:
a. Price = Dividend / r
Price = $0.50 / 0.05
Price = $10.00
b. Price = Dividend / r
Price = $0.50 / 0.08
Price = $6.25
c. Price = Dividend / r
Price = $0.50 / 0.10
Price = $5.00
d. Price = Dividend / r
Price = $0.50 / 0.13
Price = $3.85
e. Price = Dividend / r
Price = $0.50 / 0.20
Price = $2.50
2. The price of the stock can be calculated using the constant growth dividend model with an infinite horizon:
a. Price = Last Dividend * (1 + g) / (r - g)
Price = $0.40 * (1 + 0.04) / (0.05 - 0.04)
Price = $0.40 * 1.04 / 0.01
Price = $41.60
b. Price = Last Dividend * (1 + g) / (r - g)
Price = $0.40 * (1 + 0.04) / (0.08 - 0.04)
Price = $0.40 * 1.04 / 0.04
Price = $10.40
c. Price = Last Dividend * (1 + g) / (r - g)
Price = $0.40 * (1 + 0.04) / (0.10 - 0.04)
Price = $0.40 * 1.04 / 0.06
Price = $6.93
d. Price = Last Dividend * (1 + g) / (r - g)
Price = $0.40 * (1 + 0.04) / (0.13 - 0.04)
Price = $0.40 * 1.04 / 0.09
Price = $4.62
e. Price = Last Dividend * (1 + g) / (r - g)
Price = $0.40 * (1 + 0.04) / (0.20 - 0.04)
Price = $0.40 * 1.04 / 0.16
Price = $2.60
3. The annual dividend that the winery will have to promise can be calculated using the constant dividend model with an infinite horizon:
a. Dividend = r * Price
Dividend = 0.12 * $10.00
Dividend = $1.20
b. Dividend = r * Price
Dividend = 0.18 * $10.00
Dividend = $1.80
c. Dividend = r * Price
Dividend = 0.08 * $10.00
Dividend = $0.80
d. Dividend = r * Price
Dividend = 0.06 * $10.00
Dividend = $0.60
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The amount of a market that a producer controls is called market share. How is market share related to pure competition?
Answers
Answer:
pure competition ids defined as a market structure with many fully informed buyers and sellers in an identical producer and ease of entry. if there were more market shares, there would be more competition.
Explanation:
Describe the population distribution in Guyana
Answers
More than 70 percent of Guyana's coastal population is rural, living on plantations or in villages strung along the coastal road. The villages range in size from several hundred to several thousand inhabitants. The layout of the villages is dictated by the drainage and irrigation systems of the plantations, both active and abandoned. The villages are most heavily concentrated along the estuary of the Demerara River and the eastern environs of Georgetown, near the mouth of the Berbice River close to New Amsterdam, and along the extreme east coast near the Courantyne River.
The pattern of population distribution in Guyana is a product of nineteenth-century economic development, which was based on the cultivation of sugarcane. Because the swampy coast was fertile and sugar production was geared to export, the large sugar estates confined their operations to a narrow coastal strip. Most of the villages had ethnically diverse populations, but usually one ethnic group predominated. The urban population was predominantly African, but it would be misleading to suggest that all Afro-Guyanese were urban. Indeed, the majority of the Afro-Guyanese population was rural. A far greater majority of Indo-Guyanese, however, lived outside the cities. The interior of the country was left mainly to the Amerindians. Even the later exploitation of timber, bauxite, and manganese in the interior failed to effect any sizeable migration.
A bank in a busy city corner wants to determine how many drive-through lanes to open. A teller can handle requests from each customer every 6.2 minutes. The time between customers is on average 2 minutes.
The average customer waiting cost per hour is $25 and the cost of a teller per hour is $27.
Find the required number of drive-through lanes. What is the corresponding total cost?
Answers
To determine the required number of drive-through lanes for the bank, we need to consider both the time it takes for a teller to serve each customer and the time between customers.
The bank should open 30 drive-through lanes, and the corresponding total cost is $835 per hour.
First, let's calculate the average number of customers that a teller can handle per hour. Since it takes 6.2 minutes to serve each customer, a teller can serve approximately (60 minutes ÷ 6.2 minutes) = 9.68 customers per hour.
Next, let's calculate the average number of customers that arrive per hour. The time between customers is 2 minutes, so we can estimate that (60 minutes ÷ 2 minutes) = 30 customers arrive per hour.
Now, let's calculate the number of drive-through lanes required. To ensure that all customers are served without waiting, we need the number of tellers to equal or exceed the number of customers arriving per hour. In this case, we need at least 30 lanes.
Finally, let's calculate the corresponding total cost. With each teller costing $27 per hour, the cost for 30 tellers is (30 tellers × $27 per hour) = $810 per hour. The average customer waiting cost per hour is $25, so the total cost is ($810 per hour + $25 per hour) = $835 per hour.
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an insured must notify an insurer of a medical claim within how many days after an accident
Answers
The length of time an insured has to notify their insurer of a medical claim after an accident can vary depending on the policy and the specific circumstances surrounding the incident.
However, generally speaking, it is best to notify the insurer as soon as possible to ensure prompt and efficient handling of the claim.
Some policies may require notification within a certain number of days, such as 30 or 60 days, while others may not have a specific time frame.
It is important for the insured to carefully review their policy and adhere to any notification requirements to avoid any potential issues with the claim.
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the following information pertains to quest co.'s gold division for 20x3: sales $311,000 variable cost 250,000 traceable fixed costs 50,000 average invested capital 40,000 imputed interest rate 10% quest's return on investment was
Answers
Quest Co. achieved a return on investment (ROI) of 27.5% for its Gold division in 20x3, indicating a positive performance relative to the average invested capital of $40,000.
To calculate Quest Co.'s return on investment (ROI) for its Gold division in 20x3, we need to use the formula:
ROI = Operating Income / Average Invested Capital
Operating Income can be determined by subtracting the variable cost and traceable fixed costs from the sales:
Operating Income = Sales - Variable Cost - Traceable Fixed Costs
= $311,000 - $250,000 - $50,000
= $11,000
Average Invested Capital is calculated by taking the average of the beginning and ending invested capital. In this case, the average invested capital is given as $40,000.
Now we can calculate the ROI:
ROI = Operating Income / Average Invested Capital
= $11,000 / $40,000
= 0.275 or 27.5%
Therefore, Quest Co.'s return on investment for its Gold division in 20x3 is 27.5%.
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You have taken over as the new manager of a department. The employees are interested in doing their work well and have potential. However, because they have not worked together, they do not have the competence to achieve the given tasks. From this information, we can say that the group is in the _____ stage of team development
Answers
Based on the scenario, the group is definitely still in the Oriented stage of team development.
Orientation stage of team development is also called the Forming Stage because idea or policy are just getting introduced to the new or current employees.
The Orientation stage also entails the introduction of the current employees to new technologies, procedures and policies.
Therefore, the group described in the question is still in the orientation stage of team development.
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Felicia, a high school student, wants to take courses that will count for both high school and college credit. Which program would work best for her?
a
Career and technical education program
b
College Level Examination Program
c
Dual enrollment program
d
Vocational training
Answers
Answer:
Explanation:
b
College Level Examination Program
Answer:
The best program that will work for her is the College Level Examination Program
Explanation:
Hoped this helped.
On 3/1/X1 Landlord Co. received a $36,000 cash payment from Renter Co. to pay for a total of 17 months, starting in the current month. How much revenue should Landlord Co. recognize in the year ending 12/31/X1? Round your answer to the nearest penny.
Answers
Answer: $21177
Explanation:
First and foremost, we should note that since the revenue that Landlord Co. wants to recognize in the year ending 12/31/X1 will be for a period of 10 months that is, from 1st of March to 31st of December.
Therefore, the revenue that Landlord Co. should recognize in the year ending 12/31/X1 will be:
= $36000 × 10/17
= $21176.471
= $21177
bought a computer for ra 25000
double column cash book with discount and cash column
Answers
Answer:
Explanation:
41,900
June 01 Balance b/d 16,300
Answer:
41,900
June 01 Balance b/d 16,300
Explanation:
the first step in the controlling process is to monitor and record the actual results.
Answers
The correct answer is False, as the first step in the controlling process is to monitor and record the actual results.
What is a controlling process?Controlling process is one of the most crucial management roles and the main goal is to guarantee that an organization's activities keep going as planned. The control procedure that all managers must follow consists of numerous phases. Each of these factors is equally vital and plays a significant part in good management. The management control process guarantees that every operation of a corporation advances its aims. This process assists managers in analyzing the performance of their organization. They may determine whether to adjust their ideas or stick with them if they use it successfully.
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on july 1, 2000, the owners, bob, rachel, and steve invested a total of $100,000 in return for a total of 10,000 shares of $2 par value common stock, which began the abc pizza store (the company).
Answers
On july 1, 2000, the owners, bob, rachel, and steve invested a total of $100,000 in return for a total of 10,000 shares of $2 par value common stock, which began the abc pizza store (the company).
By collectively investing $100,000, the owners injected capital into the ABC Pizza Store, providing the necessary funds to establish and operate the business. In return for their investment, they received ownership in the form of shares of common stock. These shares represent their proportional ownership stakes in the company.
The issuance of shares signifies the ownership structure of the ABC Pizza Store. Each owner's investment amount and the number of shares received determine their ownership percentage and influence their decision-making authority and entitlement to company profits.
This initial investment served as the primary source of funding for the company's early-stage operations, such as acquiring equipment, securing premises, hiring staff, and covering initial expenses. It allowed the ABC Pizza Store to commence its business activities and begin serving customers.
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