Answers
Answer:
False
Explanation:
Quantity day offers you the figures to show the study 's large total points. Qualitative evidence provides you with the information and the scope to consider their full ramifications, all of which are complimentary. So, it can not be determined that in the descriptive, substantive is more significant.
Related Questions
Match each concept to its definition.
Tiles
cohort analysis
VALS
concept testing
posttesting
Pairs
quality check before product development
arrowBoth
marketers use psychographic data to categorize consumers
arrowBoth
analysis based on consumers’ generation
arrowBoth
evaluation of recall and recognition of an advertisement
Answers
The concept with its definition:
Tiles: Quality check before product developmentCohort analysis: Both evaluation of recall and recognition of an advertisementVALS: Both marketers use psychographic data to categorize consumersConcept testing: Both analysis based on consumers' generationPosttesting: Evaluation of recall and recognition of an advertisementTiles: A concept in marketing that refers to the small, square ceramic or stone pieces used for covering surfaces such as floors and walls. It is commonly used in interior design and construction projects to create visually appealing and durable surfaces.
Cohort analysis: A statistical technique used in marketing and analytics to group individuals into specific segments or cohorts based on shared characteristics or behaviors.
VALS: An acronym for Values and Lifestyles, VALS is a psychographic segmentation tool used in marketing research to categorize consumers based on their values, motivations, and lifestyles.
Concept testing: A research method used in marketing to assess the viability and potential success of a new product or idea before it is launched.
Posttesting: The evaluation of an advertisement or marketing campaign after it has been launched to assess its effectiveness and impact on the target audience.
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Q purchases is a $500000 life insurace policy and pays $900 a month in premiums over the first six months. Q die suddenly and the beneficiary is paid $500,000 this exchange of unequal values reflects, which of the following insurance contract features
Answers
Q die suddenly and the beneficiary is paid $500,000 this exchange of unequal values reflects Aleatory insurance contract features.
What is a policy?A purposeful set of rules designed to direct behavior and produce logical results is called a policy. A policy is a declaration of intent that is carried out through a method or protocol. Typically, a governing board inside a company adopts policies.
Insurances are aleatory since the regular payment made by the insured and the payout made by the insurer in the instance of a loss are not equal. In this method, the person will be given the amount in the case of happening of the event the money will be transferred to them.
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When a greenhouse plant grower sells plants to nursery retailers, the grower is selling _____products.
a.specialty
b. consumer
c.convenience
d. business
e.unsought
Answers
TheCorrect answer is Option D, When a greenhouse plant grower sells plants to nursery retailers, the grower is selling business products.
Retailers resell the plants, so they are considered a business product
What are Business products and Resellers in business?Business products are goods and services that businesses buy to run their operations or to manufacture their own goods. Business items are categorised differently than consumer goods because they are used rather than based on consumer purchasing patterns.
Business products and consumer products are the two main categories into which products in the business can be divided. A business product is one that a business sells to another business, according to the marketing definition. In order to be processed in some other way before being offered to consumers, these commercial products are frequently sold.consumer goods, on the other hand, are goods that are sold to the client and won't be processed further and sold again.What types of business Products are there?There are six different categories of
Major equipment,Accessory equipmentComponent parts, Processed material, SuppliesBusiness services.These goods serve various purposes and are of varying value to the company. Demands for these products will vary depending on the various industries.
Business marketing, often known as business-to-business marketing, is the marketing activity used to promote the sale of business products to other businesses. These are goods that are bought for purposes aside from individual consumption.Producers are companies that make purchases of business products, which can be either goods or services, with the intention of turning them into other products or combining them into other products. For instance, a car factory will buy tools and components for assembling cars.Resellers are companies that buy commercial goods with the intention of reselling them for a profit. The distinction between manufacturers and resellers is that the former buy finished goods to resale and do not alter the commercial goods they want to market. For instance, grocery stores will purchase goods from producers and sell it exactly as is.
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my brothers name is dookie
Answers
Answer:
Cool
Explanation:
Once her teams goals were set Alyssa asked each team member to come up with a(n)____ to reach her goals.
Answers
Once her team's goals were set Alyssa asked each team member to come up with a(n) action plan to reach her goals.
What is an Action Plan?This refers to the document that shows the list of steps that should be taken by a person in order to achieve or actualize their goals in a methodical manner.
Hence, we can see that based on the fact that the team goals have been set, Alyssa asked her team to form an action plan which was to help them achieve her goals and shows the list of actions and steps to be taken.
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Write the quadratic equation in standard form that corresponds to the graph shown below.
Answers
The quadratic equation of the graph in standard form is y = x² + 2x - 8
What is a quadratic equation in standard form?A quadratic equation in standard form is given by y = ax² + bx + c
Given the graph below, to write the quadratic equation for the graph in s tandard form, we notice that the graph has two x - intercepts at
(-4, 0) and(2, 0)The x - intercepts are the roots of the quadratic equation.
So, we have that
x = -4 andx = 2So,
x + 4 = 0 andx - 2 = 0So, the factors of the quadratic equation are
x + 4 andx - 2So, multiplying the factors, we have that the equation is
y = (x + 4)(x - 2)
= x² - 2x + 4x + 4 × (-2)
= x² - 2x + 4x - 8
= x² + 2x - 8
So, the quadratic equation is y = x² + 2x - 8
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Write a 1-page memo to the CEO. Include each chart (3) and a paragraph per chart. Each paragraph should explain the story of each visualization and explain why visualizations are important.
STEP 2
Income CATEGORIES PERCENTAGE NUMBER
$100,000 to $124,999 8% 2
$125,000 to $149,999 4% 1
$20,000 to $24,999 4% 1
$25,000 to $34,999 29% 7
$35,000 to $49,999 13% 3
$50,000 to $74,999 17% 4
$75,000 to $99,999 21% 5
Decline to answer 4% 1
24
STEP 3
GENDER PERCENTAGE NUMBER
Female 54% 13
Male 46% 11
24
STEP 4
QUESTION RESPONSES PERCENTAGE NUMBER
0 6% 1
2 11% 2
5 28% 5
6 11% 2
7 17% 3
8 11% 2
9 6% 1
10 11% 2
18
Answers
Answer:
[Your Name]
[Your Position]
[Date]
Subject: Insights from our Survey - A Window into the Lives of our Valued Customers
Dear [CEO's Name],
I hope this message finds you well. I wanted to take a moment to share some fascinating insights from the recent survey we conducted among our cherished customer base. To make the data more relatable and easier to grasp, I have transformed the findings into a series of engaging visualizations. These visuals not only bring the data to life but also allow us to truly connect with our customers on a human level. Let's dive into the story behind each visualization and explore why these visual representations are crucial in understanding our customers.
Chart 1: Income Categories - Reflecting the Lives of our Customers
This insightful chart provides a glimpse into the diverse income categories of our survey respondents. As you observe the bars rise and fall, you can visualize the financial landscapes our customers navigate. From the bustling middle-income group, representing 29% of respondents, to the resilient individuals in the $75,000 to $99,999 range, accounting for 21% of participants, we gain an intimate understanding of the financial tapestry that influences their decisions.
By presenting this information in such a humanized manner, we can empathize with the varying needs and aspirations of our customers. This visualization guides us in tailoring our products and services to better address the unique challenges and aspirations of each income segment.
Chart 2: Gender Distribution - Celebrating Diversity and Inclusion
This delightful pie chart celebrates the diversity among our survey participants by highlighting their gender identities. As you glance at the vibrant slices, you witness the vibrant mosaic of our customer base. With 54% of respondents identifying as female and 46% as male, we recognize the importance of inclusivity and strive to ensure our products and services cater to the needs and desires of all genders.
Visualizations like this one allow us to see the human faces behind the data. It reminds us to embrace diversity and equality in our business operations, ensuring that every customer feels heard and valued.
Chart 3: Question Responses - Unveiling Our Customers' Voices
Within this insightful bar chart, we uncover the authentic voices of our customers through their responses to a specific question. The bars rise and fall, revealing the choices they made and their preferences. The most popular response, "5," chosen by 28% of participants, demonstrates the collective sentiment that echoes among our customers. As we observe the varying heights of each bar, we gain a deeper understanding of their thoughts and desires.
Visualizations like this empower us to hear our customers' voices loud and clear. By listening attentively to their responses, we can make informed decisions that resonate with their needs, aspirations, and desires.
In summary, these captivating visualizations humanize our survey data, enabling us to truly connect with our customers and gain invaluable insights. By considering the stories behind each chart, we ensure that our strategies, products, and services align with their lived experiences. Together, we can build lasting relationships, foster inclusivity, and deliver the exceptional experiences our customers deserve.
Thank you for your time and attention. Should you have any questions or require further information, please don't hesitate to reach out.
Warm regards,
[Your Name]
[Your Position]
Explanation:
At year-end, ABC Company is completing its closing process. Use the following account balances to demonstrate the closing of the Dividends account.
Account Debit Credit Consulting Fees $5,000
Rental Revenue $2,000
Wages Expense $700
Rent Expense $1,900
Dividends $500
A debit Income Summary for $500.
Credit Dividends for $500.
Credit Retained Earnings $500
Debit Dividends for $500.
A credit Income Summary for $500.
Debit Retained Earnings $500.
Answers
Answer:
Debit Retained Earnings $500.Credit Dividends for $500.Explanation:
Dividends are payments to shareholders as a means of sharing company profits to them.
As they are a means of sharing profits, they will be paid from the Retained Earnings account. As this is an Equity account, it should be debited when it is to be reduced so Retained Earnings will be debited by $500 which is the dividend amount.
The dividend account will be credited to indicate that this is a debt that needs to be paid to shareholders so the Dividends account will be credited by $500.
Corey buys 10 Tuff lift 4-post, 4.5-ton car hoists for his parking garage at a total cost of $410,000. He finances this with a five-year loan at 6.2% APR with monthly payments. After he has made the first 20 payments, how much is the outstanding principal balance on his loan
Answers
Answer:
$291,707
Explanation:
Here first we need to determine the monthly payments using the "PMT" function in excel. The inputs are: rate = 7%/12, nper = 5 years*12 = 60 and PV = 414,000
Thus PMT(7%/12, 60, 414000) = $8,197.70
Now let's make a loan amortization table as shown below:
Month Loan left Monthly Interest Principal Loan balan
at the start payment at the end
of the month of the month.
1. 414,000.00 8,197.70 2,415.00 5,782.70 408,217
2. 408,217.30 8,197.70 2,381.27 5,816.43 402,401
3. 402,400.88 8,197.70 2,347.34 5,850.36 396,551
4. 396,550.52 8,197.70 2,313.21 5,884.48 390,666
5. 390,666.03 8,197.70 2,278.89 5,918.81 384,747
6. 384,747.22 8,197.70 2,244.36 5,953.34 378,794
7. 378,793.88 8,197.70 2,209.63 5,988.07 372,806
8. 372,805.82 8,197.70 2,174.70 6,023.00 366,783
9. 366,782.82 8,197.70 2,139.57 6,058.13 360,725
10. 360,724.69 8,197.70 2,104.23 6,093.47 354,631 11. 354,631.22 8,197.70 2,068.68 6,129.01 348,502
12. 348,502.21 8,197.70 2,032.93 6,164.77 342,337
13. 342,337.44 8,197.70 1,996.97 6,200.73 336,137
14. 336,136.72 8,197.70 1,960.80 6,236.90 329,900
15. 329,899.82 8,197.70 1,924.42 6,273.28 323,627
16. 323,626.54 8,197.70 1,887.82 6,309.87 317,317
17. 317,316.66 8,197.70 1,851.01 6,346.68 310,970
18. 310,969.98 8,197.70 1,813.99 6,383.70 304,586
19. 304,586.28 8,197.70 1,776.75 6,420.94 298,165
20. 298,165.33 8,197.70 1,739.30 6,458.40 291,707
29.
An operation was closed because of an extended electricity failure. When can it
begin service again?
Answers
It can begin service again approval is obtained from the regulatory authority.
When can service startThe duration for an organization to recommence its services after enduring a foremost electricity malfunction relies on several elements, such as the character of the operation, the magnitude of destruction caused by the power cut-off, as well as the accessibility of supplies requisite to renew operations.
For instance, if the establishment is a minor retail outlet, it can possibly resume working once the power source is restituted and various necessary safeguards have been established. Conversely, if the business is a major production concern or informatics server, it could take longer to reinstate tasks due to the meticulously intricate facilities and networks entailed.
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Suppose you have $10,000 in your checking account. You withdraw $500 cash from your account and hide it under your pillow for future use. If the required reserve ratio is 10%, what will be the maximum impact on money supply today as a result of your action?
Answers
Answer:
The Money supply will decrease by $4,500
Explanation:
What will be the maximum impact on money supply today as a result of your action is that the Money supply will decrease by $4,500.
Since we assumed that you have $10,000 in your account in which you withdraw $500 cash from your account and hide it under your pillow for future use, therefore based this scenario or actions carried by you it means that your bank have fewer or lesser funds available to make loans which means the decrease will tend to affect the money supply.
Hence, you can easily calculate the effect by using the simple money multiplier.
In 1998, the construction cost of each room for Godvin Inn was $150,000. After fifteen years, the management of the hotel wishes to have improvements in all of the rooms to catch the recent trends. The total cost of the project is estimated as $10 million for 50 rooms in 2013. Based on the information given, calculate the percentage in price of each room from 1998 to 2012.
a. 0.33%
b. 50.50%
c. 45.00%
d. 33.33%
Answers
Answer:
d. 33.33%
Explanation:
The computation of the percentage in the price of each from the year 1998 to the year 2012 is shown below:
= (Renovation cost in 2012- construction cost in 1998 ) ÷ (construction cost in 1998)
= ($10 million ÷ 50 rooms - $150,000) ÷ ($150,000)
= ($200,000 - $150,000) ÷ ($150,000)
= ($50,000) ÷ ($150,000)
= 33.33%
Hence, the correct option is d. 33.33%
The Neptune Company offers network communications systems to computer users. The company is planning a major investment expansion but is unsure of the cost of equity capital as it has no publicly-traded equity. Your assignment is to determine an appropriate equity cost. List and explain the steps you will need to take to complete this assignment.
Answers
Answer:
Collect estimates of beta for firms in the same businessExplanation:
Debt Type
Credit Card 1
Credit Card 2
(Private) Student Loan Debt
Vehicle Debt
Mortgage Debt
Amount
$5000
$2950
$25,745
$10,392
$100,197
1. How long does it take to pay off this debt?
I
2. How much total interest do you pay on your debts?
Interest Rate
which
3. List the debts in which order they are paid off:
26.9%
8.25%
10.5%
4.61%
3.44%
Monthly Payment
150
88.50
Part 1 - High Rate
Enter your 5 debts into the What's The Cost? Calculator, using "Interest Order" (aka
Answers
Answer:
Select asks which to pay off first: Credit card debt or student loan debt? According to Bruce McClary, a spokesman for the NFCC, there's a special rule.
The stock style box classifies individual stocks by growth, value, and core.
The stock mutual fund style box classifies individual stocks by value, growth,
and blend. These are often referred to as the equity style box. Together, the
vertical and horizontal axes can be used to classify a mutual fund into 1 of _______categories.
Answers
Together, the vertical and horizontal axes can be used to classify a mutual fund into 1 of nine categories.
The stock style box classifies individual stocks by growth, value, and core. The stock mutual fund style box classifies individual stocks by value, growth, and blend. These are often referred to as the equity style box. Together, the vertical and horizontal axes can be used to classify a mutual fund into one of nine categories.
The nine categories are large growth, large blend, large value, mid-cap growth, mid-cap blend, mid-cap value, small growth, small blend, and small value. It is common for investors to use the style box to classify mutual funds, which provides a useful way to understand the risk and return characteristics of an investment.The style box is divided into three parts, the vertical axis, the horizontal axis, and the grid that is formed by these two axes.
The vertical axis represents a market capitalization scale and can be divided into three categories: large-cap, mid-cap, and small-cap. The horizontal axis represents a value versus growth scale and can also be divided into three categories: value, blend, and growth.
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When making a choice using the blank a household will choose the combination of labor, leisure, and income that provides the most utility
Answers
Answer: hiii lol
Explanation:
Piels Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the production of 10,000 units of this part are as follows:
Direct materials $ 90,000
Direct labor 130,000
Variable factory overhead 60,000
Fixed factory overhead 140,000
Total costs $420,000
Of the fixed factory overhead costs, $60,000 is avoidable. Conners Company has offered to sell 10,000 units of the same part to Piels Corporation for $36 per unit.
Required:
1. Assuming there is no other use for the facilities, Piels should ___________.
Answers
Answer:
It is cheaper to produce
Explanation:
Cost of producing
Direct materials - 90000
Direct labor - 130000
Variable factory overhead - 60000
Fixed factory overhead - 60000
Total cost - 340000
Cost of buying `10000*36 = 360000
Incremental cost of buying = 360000-340000 = $20,000
It is cheaper to produce at 340000/10000 = $34 /unit
In making a decision whether to buy or manufacture , variable cost and the avoidable costs are considered relevant for this purpose
Which action will not protect your credit
Answers
What is the objective of (i) income statement and (ii) balance sheet?
Answers
(i) The income statement shows revenues and expenses over a financial accounting period.
(ii) Balance sheet is used to keep a track of the debits and credits.
One of the targets is to reveal internet gains and losses as a consequence of commercial enterprise operations and activities over a hard and fast date range. Maximum groups put together an earnings assertion on a month-to-month foundation.
Objectives of Income Statement
It provides a clear picture to the management of the performance of the company during the period and the effect on profitability and whether there is any scope for improvement.It is useful for the potential investor to analyze and decide whether he should invest in the company or not.It also helps the investors to analyze the creditworthiness of the company.It also shows the creditworthiness of a company and its ability to pay off its current obligation and is important for the creditors of the company as it serves as an indicator of the company’s financial standing.Objectives of Balance sheet
To provide financial informationTo reveal the financial positionTo calculate ratiosTo show the picture of assets and liabilitiesTo show solvency positionInformation about debtors and creditorsEvaluate the value and position of all the assets and liabilities. Recognize the quantity of capital owed to the owner on the 12 months-give up. Use as a reference in case demand for a loan arises. The principle objective at the back of preparing a balance sheet is to provide invested people with a concept of the enterprise’s financial situation, as well as to reveal what the corporation possesses and owes.
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What makes Tesco so unique compare to other UAE retail business?
Answers
The reason why Tesco is unique compared to other UAE retail business is that Customers of Tesco model can purchase high-quality products that were created by their product team.
What is meant by the retail business?A retail business sells goods and services to customers in modest quantities, either in-person or online. Examples of retail include grocery, clothes, and medicine stores. The definition of the retail industry is: the commercial sector in which products are sold singly or in small quantities.
In contrast to wholesale, which involves selling to businesses or institutions, retail involves selling goods and services to people.
Tesco differs from other retail establishments in the UAE in that its customers can buy high-quality goods that were designed by Tesco's in-house product team.
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Suppose that Fritz Kron was worried about organizational silence. He is concerned that senior executives aren’t hearing about workplace issues because people believe that others are already working on fixing the problem, or because people are afraid of giving managers information they don’t want to hear. Which of the following tools could Fritz use to help overcome organizational silence? Check all that apply.
Answers
For Fritz to overcome organizational silence, He must set up a proper communication channel.
What are workplace issues?Workplace issues are incidents that are deemed or considered wrong by the individual who is experiencing them observing the problem.
Generally, Collecting information creates a never-ending interpretation problem. collecting the same information through multiple channels may alter its interpretation by changing its meaning.
In conclusion, The medium through which a message is transmitted to another person is referred to as a communication channel.
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Specter Co. has identified an investment project with the following cash flows. Year Cash Flow 1 $ 820 2 1,130 3 1,390 4 1,525 a. If the discount rate is 10 percent, what is the present value of these cash flows
Answers
Answer:
$3,765.26
Explanation:
Present value is the sum of discounted cash flows.
Present value can be calculated using a financial calculator
Cash Flow in year 1 = $ 820
Cash Flow in year 2 = 1,130
Cash Flow in year 3 = 1,390
Cash Flow in year 4 = 1,525
I = 10
PV = $3,765.26
To find the PV using a financial calacutor:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.
3. Press compute
I hope my answer helps you
Katherine, a production manager at ABC Products, is interested in monitoring how projects were progressing, take steps to see if they were on time, and keep an eye on budget concerns. Which of the following can Katherine use?
a. Division of labor
b. Taylorism
c. Esprit de Corps
d. Scalar Chain principle
e. A scheduling system
Answers
Katherine can use a scheduling system. Option (e) is the correct answer to the question.
What do you mean by Budget?In a budget, intended expenses are expressed together with suggestions for how to fund them. A budget can show a surplus of resources for later use or a deficit if expenses are greater than income or other resources.
Managers of production and operations make sure that goods are produced effectively and efficiently and that they adhere to all quality standards. They are also essential for organizing and projecting future demand, as well as controlling inventory levels.
Therefore, Option (e) is correct.
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LEONE COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit General and administrative expenses Selling expenses Net income $ 84,000 84,000 92.000 $ 3,251,000 $ (8,000) 3,259,000 127.000 603,000 2,529,000
How do you find the cost of goods manufactured?
Answers
The cost of goods manufactured (COGM) is the cost of all the products that a company has manufactured during a period.
How to calculateIt is calculated by adding the beginning finished goods inventory to the total manufacturing costs, and then subtracting the ending finished goods inventory.
In the income statement you provided, the cost of goods manufactured is calculated as follows:
COGM = $92,000 + $3,251,000 - $127,000 = $3,224,000
Therefore, the cost of goods manufactured for Leone Company is $3,224,000.
Here is the formula for calculating COGM:
COGM = Beginning finished goods inventory + Total manufacturing costs - Ending finished goods inventory
The total manufacturing costs include direct materials, direct labor, and manufacturing overhead.
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How are the four areas of operations control interrelated?
Answers
create a development plan for a business management student
Answers
What is a Professional Development Plan?
A Professional Development Plan (PDP), also known as an Employee Development Plan or an Individual Development Plan, is used to document career goals and set out a strategy on how to meet them.
Creating a PDP takes time and planning. But, writing and implementing a PDP can help you to identify and develop the professional skills needed to reach your goals, and can keep you on the track to success. It’s an important process that helps you achieve your potential, reach your goals and take charge of your professional development.
Now is the time to start thinking about where you want your future to take you.
How to Write a Professional Development Plan
There are 9 steps to completing a PDP:
Assess where you are now.
Identify your specific career goals.
Gather information.
Identify what professional skills you already have and which you need to work on.
Choose how you will accomplish your goals.
Develop a timeline for accomplishing your specific targets and goals.
Write it all down.
Evaluate your plan.
Measure your progress.
Answer:
1)Set your destination. ...
2)Focus your approach. ...
3)Define your marketing channels. ...
4)Choose KPIs and create dashboards to keep you on track. ...
5)Define your sales process to align with your customer's needs. ...
6)Determine resource needs. ...
7)Share your business development plan with stakeholders.
Which of the following characteristics is associated with a general ledger?
a.)
This is also known as the original book of entry.
b.)
If it is May, then the accounting transactions for February, March, April and May are listed.
c.)
It is categorized by account.
d.)
It is the initial documentation of a financial transaction as it originates.
Answers
Answer:
c.)
It is categorized by account.
Explanation:
The feature associated with a general ledger is that It is categorized by account. Thus, option C is correct.
What is general ledger?Account numbers used to identify different sorts of financial transactions are known as General Ledger Accounts (GLs). Revenues, costs, and transfers are the most widely utilized GLs. A "chart of accounts" is a detailed list of all the accounts in an accounting system.
Characteristics of a Ledger Account are stated as follows:-
A Ledger book is an Accounts book in which various business transactions are recorded under various accounts.It employs the double-entry method.It is also referred to as the Principal book of Account, since it is the book where transactions are finalized after the journal or all-purpose books.All forms of Accounts pertaining to assets, liabilities, capital, and revenue are stored in the Ledger.It is the sole record of a business transaction that has been categorized into relevant Accounts.It makes future financial summary preparation easier.Therefore, option C is correct.
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Your friend Stan owns a coffee shop in a monopolistically competitive industry. One day, Stan tells you (an economist) that he is earning an economic profit and is setting his price equal to his marginal cost. Is Stan producing the profit-maximizing amount of coffee? What should he do?
Answers
In a monopolistically competitive industry, each firm has some control over the price it sets due to product differentiation.
Stan mentioned that he is earning an economic profit and setting his price equal to his marginal cost. To determine whether he is producing the profit-maximizing amount of coffee, we need to consider a few factors.
1. First, let's understand the relationship between price, marginal cost, and profit maximization. In a competitive market, profit maximization occurs where marginal cost equals marginal revenue. However, in monopolistic competition, firms have some market power, so the profit-maximizing quantity occurs where marginal cost equals marginal revenue, not price.
2. Setting the price equal to marginal cost does not necessarily guarantee profit maximization. If Stan's price is equal to marginal cost, it means that he is covering his variable costs, but it does not take into account his fixed costs. To maximize profit, Stan should set his price above marginal cost, considering both variable and fixed costs.
3. If Stan is currently earning an economic profit, it suggests that he may not be producing the profit-maximizing amount of coffee. In monopolistic competition, firms tend to have excess capacity, meaning they produce less than the quantity that would minimize average total cost. By increasing his output, Stan may be able to reduce his costs and increase his profit.
Considering these factors, here are a few suggestions for Stan:
- Conduct a cost analysis: Stan should evaluate his fixed and variable costs to understand the full picture of his expenses. By knowing his costs, he can set a more informed price and determine the profit-maximizing quantity.
- Consider demand elasticity: Stan should also assess the price elasticity of demand for his coffee. If demand is relatively elastic, a small price increase may result in a significant decrease in quantity demanded, potentially reducing his profits. On the other hand, if demand is inelastic, Stan may be able to increase his price without a significant drop in sales.
- Experiment with pricing: Stan could consider experimenting with different prices to find the optimal point that maximizes his profit. By monitoring customer response to different prices, he can identify the price that generates the most revenue while covering his costs.
By taking these steps and considering the unique characteristics of monopolistic competition, Stan can better position his coffee shop for long-term success and profitability.
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TRUE/FALSE. when an unlisted procedure or service code is reported, a special report must accompany the claim to describe of the procedure or service.
Answers
Above statement is correct, when an unlisted procedure or service code is reported, a special report must accompany the claim to describe the nature, extent, and need of the procedure or service.
What are unlisted codes used for?When claims are submitted for procedures or services and a CPT/HCPCS code is not otherwise specified, unlisted codes are issued. Choose the procedure or service names that correctly identify the completed service in accordance with the AMA's (American Medical Association) CPT Code Set instructions.
How do you bill unlisted procedures?Choose the CPT or HCPCS code for the service or treatment to be billed that most precisely describes what was done. If such a code is not present, use the relevant unlisted procedure or Not Otherwise Classified (NOC) code to report the service or operation (which often end in 99)
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Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Answers
Based on the cost of production by Stam Company, the overhead rate which is applied to the jobs are:
Data and Calculations:
Job 306 Job 307 Job 308
Balances on March 31
Direct materials used (in March) $33,600 $41,900
Direct labor used (in March) $24,600 $20,300
Overhead applied (March) $12,300 $10,150
Costs during April
Direct materials used $139,000 $226,900 $102,000
Direct labor used $94,200 $161,500 $107,300
Overhead applied $55,600 $77,500 $52,500
($94,200 × 50%) ($161,500 × 50%) ($107,300 × 50%)
Job 306 - $47,100
Job 307 - $80,750
Job 308 - $53,650
The overhead rate applied for Job 306 in April is:
= Direct labor cost x 50%
= 94,200 x 50%
= $47,100
The overhead applied for Job 307 in April is:
= 161,500 x 50%
= $80,750
The overhead for Job 308 in April is:
= 107,300 x 50%
= $53,650
Hence, based on the cost of production by Stam Company, the overhead rate applied to the jobs are calculated above.
The given question is incomplete, the complete question is-
Stam Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials (in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20,300 Applied overhead (March) 12,300 10,150 Costs during April Direct materials 139,600 226,900 $ 102,300 Direct labor 94,200 161,500 107,300 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,500. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. Actual overhead costs incurred in April are indirect materials, $52,300; indirect labor, $25,300; factory rent, $34,300; factory utilities, $21,300; and factory equipment depreciation, $55,600. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.
Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal 4. Prepare a schedule of cost of goods manufactured for the month end April 30. Stam Company Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured.
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