The loss contingency that is reasonably possible or the amount cannot be reasonably estimated requires disclosure. If there is no reasonable estimation, then the disclosure should occur in both the financial statements and the notes to the financial statements.
Loss contingency refers to the potential loss that an organization may suffer as a result of past events, and this loss cannot be determined with certainty. If the likelihood of the occurrence of loss is reasonably possible or the amount of loss cannot be reasonably estimated, then disclosure is required. The disclosure should occur in both the financial statements and the notes to the financial statements. However, if it is not possible to provide a reasonable estimate of the loss, the disclosure should occur in both the financial statements and the notes to the financial statements. Thus, option A is correct. In case the contingency loss is remote, then there is no need for disclosure as per the accounting standards.
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Your older sister is planning on saving money by paying her bills, spending money on fun, and then saving whatever is leftover. Why is this not the best option for saving her money?
Answer:
spend money on bills first then food then save the leftover money for later
A process cost system would be used for all of the following products except...
answer choices
A) chemicals
B) computer chips
C) soft drinks
D) motion pictures
before nintendo became a video game company, what products did they make?
Nintendo was originally a manufacturer of handmade Hanafuda playing cards. The company was founded in September 1889 by Fusajiro Yamauchi and was based in Kyoto, Japan. The name Nintendo is derived from a Japanese word meaning "leave luck to heaven."
Nintendo started as a producer of Hanafuda playing cards, a typical Japanese playing card set. The company was founded in Kyoto in 1889 by Fusajiro Yamauchi. The company's name Nintendo was derived from the Japanese word "leave luck to heaven." However, in the late 1960s, the company started diversifying into other areas such as the hotel industry, food, and toy production.In 1975, the company launched EVR Race, an arcade game based on horse racing.
This game was developed by Shigeru Miyamoto, who would later become the creator of many of the company's most popular games such as Donkey Kong, Mario, and The Legend of Zelda. After the success of EVR Race, the company shifted its focus to video games and developed several arcade games, including Space Fever and Sheriff.Nintendo's first home console, the Nintendo Entertainment System (NES), was launched in 1983. It was a massive success and helped to make Nintendo one of the world's most recognizable brands.
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The costs per equivalent unit of direct materials and conversion in the rolling department of oak ridge steel company are 180 and 62
Answer:
Equivalent units of direct materials= $180 per tons
Equivalent units of conversion =$62 per tons
Explanation:
Calculation to Determine the direct materials and conversion costs per equivalent unit.
Using this formula
Equivalent units of direct materials=Cost of direct materials transferred/Total equivalent units for direct materials
Let plug in the formula
Equivalent units of direct materials= $432,000/2,400
Equivalent units of direct materials= $180 per tons
Therefore the direct materials cost per equivalent unit will be $180 per tons.
Calculation for Equivalent units of conversion using this formula
Equivalent units of conversion=Conversion cost /Total equivalent units for Conversion
Let plug in the formula
Equivalent units of conversion=$144,150/2,325
Equivalent units of conversion= $62 per tons
Therefore the conversion cost per equivalent unit will be $62 per tons.
Jason keeps a record of his transactions in a notebook. Looking over his records for the past two weeks, Jason finds that his bank statement does not match his notebook, and he actually has less money than he thought he did. These are the relevant entries in Jason’s notebook: Transaction Debit ($) Credit ($) Beginning Balance 578. 65 Rent 275. 60 --- Paycheck --- 363. 20 Charitable donation 20. 00 --- Keyboard 63. 29 --- Refund on purchase --- 21. 19 Groceries 44. 08 --- Microwave 68. 74 --- Ending Balance 491. 33 However, Jason’s bank statement says that his ending balance is $473. 33. Which of the following is a possible explanation for the discrepancy? a. Jason actually made two $20 charitable donations but forgot to write one of them down. B. Jason listed the refund as a credit, but it should be a debit. C. Jason listed the groceries out of habit, but he did not actually purchase them this week. D. Jason transposed the digits on the microwave’s price, which actually cost $86. 74.
The explanation to the discrepancy arising in Jason's accounts and his bank statement is "Jason transposed the digits on the microwave’s price, which actually cost $86. 74." This can be calculated by reconciling the balance of accounts and bank passbook.
What is reconciliation statement?Reconciliation statement refers to a statement that is prepared to match the accounting balance with the balances in bank passbook. The differences arising due due omission, commission, duplication, or error of principal are given proper effect in the reconciliation to match account with the bank balances.
The answer to the given question can be justified as follows:
Given:
Ending balance as per accounts is $491.33.
Ending balance as per bank statement $473.33
Difference in ending balance is \(\%491.33 - \$473.33 = \$18\)
The only statement that justifies the difference of $18 is that the digits of microwave has been transposed from $86.74 to $68.74.
The difference so arising from this error is $86.74 - $68.74 i.e. $18
Hence the correct statement is D
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you are an investor considering the purchase of equal amounts of a u.s. treasury bond and a corporate bond on september 30, 2020. both bonds pay a 7%
The accrued interest that will be included in these transactions is 0.946%.
To calculate the accrued interest that will be included in the transactions, we need to determine the period between September 30, 2020, and the next coupon payment date.
Since the coupon payments for both the U.S. Treasury bond and the corporate bond are made on January 7 and July 7, we need to find out how many days have passed between September 30 and the next coupon payment.
Counting the days:
October: 31 days
November: 30 days
December: 31 days
January (up to January 7): 7 days
Total days: 31 + 30 + 31 + 7 = 99 days
The accrued interest for each bond will be based on the number of days divided by the total number of days in the coupon period (182 days) and multiplied by the semi-annual coupon payment.
Accrued Interest = (Number of days / Total days in coupon period) * Semi-annual coupon payment
For both the U.S. Treasury bond and the corporate bond, the semi-annual coupon payment is 7% divided by 2 (as it is paid twice a year).
Accrued Interest = (99 / 182) * (0.07 / 2)
Accrued Interest ≈ 0.2703 * 0.035
Accrued Interest ≈ 0.00946 or approximately 0.946%
Therefore, the accrued interest that will be included in these transactions is approximately 0.946%.
The question is incomplete. The complete question should be:
You are an investor considering the purchase of equal amounts of a U.S. treasury bond and a corporate bond on September 30, 2020. both bonds pay a 7% coupon twice a year – on January 7 and July 7. What will be the accrued interest included in these transactions?
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A capital projects fund for a new city courthouse recorded a receivable of $300,000 for a state grant and a $450,000 transfer from the general fund. What amount should be reported as revenue by the capital projects fund
Answer:
$300,000
Explanation:
The grant of $300,000 happens not to have any restrictions mentioned alongside it in the question and as such will be declared or reported as revenue as an unrestricted grant. This is acceptable by the Governmental Accounting Standards Board, GASB.
Cheers
All but one of the following are steps in changing organizational culture. Which one is not a step to changing culture?
a. Hiring people compatible with the new culture
b. Creating dissatisfaction with the old culture
c. Avoiding rituals
d. Socializing new employees
The following formula can be used to determine the company's sustainable growth rate:Net income divided by total assets is the sustainable growth rate. Dividend Payout Ratio = 1
Assumed: Net Income is $2,000
Assets Total: $100,000 Dividend: $500
Dividend Payout Ratio: Dividends / Net Income
Dividend Payout Ratio: (500/2,000) = 0.25
Sustainable Growth Rate: ($2,000/$100,000) * (1 - 0.25), or 0.015 * 0.75, or 0.01125
1.125% (rounded to one decimal place) is the sustainable growth rate.
The amount of debt issued the following year can be determined by multiplying the total assets funded by debt by the sustainable growth rate of the company:
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Rashad doesn't want to spend time organizing his personal financial records. His spouse, Minos, thinks it is worth spending the time to get organized. What should Minos tell Rashad to convince him that organizing personal financial records is beneficial? OA It will be easier to manage daily business activities such as paying bills. OB. People who organize their personal financial records generally do not have to file taxes. OC They cannot lose money on investments as long as they keep good records. OD. Most banks offer a yearly cash bonus if clients have organized financial records.
What Minos should tell Rashad to convince him that organizing personal financial records is beneficial is: A It will be easier to manage daily business activities such as paying bills.
To convince her spouse of the importance of organizing personal financial records, Minos should tell Rashad that organization will help him to coordinate his daily business activities better.
He will not be at a loss of the whereabouts of his financial data.
Therefore, option A is right.
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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.
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 are the disadvantage of credit card
Answer: you don’t see your own money.
Explanation:
Why did Krispy Kreme decide to manufacture all the donut mix and distribute it to the stores?
a) it made the products more consistent in various stores
b) franchise law demands is kind of central production
c) It is always cheaper to use this method
d) The company was having problems with distributors
Answer:
Option A
Explanation:
In simple words, Krispy Kreme Doughnuts, Inc. is an American doughnut company and coffeehouse chain owned by JAB Holding Company. Krispy Kreme was founded by Vernon Rudolph, who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores.
They make all their dough of the product by themselves so that the neutrality regarding their consistency remains intact thought the country,
the figure below shows supply and demand curves for a good that imposes a positive externality on society of 4 dollars per unit produced and consumed. what is the deadweight loss if the government gives a 4 dollar subsidy per unit to each buyer?
In this scenario, the deadweight loss becomes zero as the subsidy perfectly compensates for the externality, thus allowing the market to reach the socially optimal outcome.
What is the deadweight lossWhen a good imposes a positive externality on society, it means that its consumption generates additional benefits beyond those enjoyed by the consumer.
In this case, the positive externality is valued at $4 per unit produced and consumed. The supply and demand curves in the figure represent the private costs and benefits of the good.
However, due to the positive externality, the social benefits are higher than the private benefits. By providing a $4 subsidy per unit to each buyer, the government effectively internalizes the positive externality, aligning the private benefits with the social benefits.
As a result, the demand curve shifts rightward, leading to a new equilibrium point with a higher quantity produced and consumed. This increase in production and consumption reduces the deadweight loss associated with the positive externality.
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The cost per risk discovered is typically highest in the _______________ stage of the project
The cost per risk discovered is typically highest in the initial stage of the project. It is common for the cost per risk to be at its highest in the beginning stages of a project, particularly in the stage where the project is being initiated or where plans are being made.
At this point in the process, the many dangers and unpredictabilities that are connected to the project are recognised and evaluated. Because it needs a large amount of effort, resources, and skill to adequately analyse and evaluate potential risks, this stage of the process typically results in the highest cost associated with risk identification.
In addition, when the project is in its early phases, there is likely to be a lack of information, which adds to the complexity of the situation and makes it more difficult to effectively identify and analyse risks. Because of increasing information and efficient risk management systems, the cost per risk that is detected typically lowers as the project proceeds and as more risks are uncovered.
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Bitcoin is worth it?
Transporting goods by ship is a low-cost mode of transportation can carry a
wide variety of goods but is very slow. Which of the following would be the
best situation to transport the goods to transport by ship?
OA. A T-shirt going from a retailer in California to a consumer in Texas
who wants overnight delivery
B. A batch of T-shirts going from a producer in Montana to a retailer
in Illinois who won't be stocking the merchandise on shelves for
another two months
C. A batch of T-shirts going from a producer in China to a retailer in
California who needs to stock the merchandise on shelves next
week
D. A batch of T-shirts going from a producer in China to a retailer in
California who won't be stocking the merchandise on shelves for
another two months
Answer:
D.
Explanation:
Only one that makes sense
walgreens stores in warmer, sunnier parts of the country might dedicate more shelf space to sunscreen, while stores in colder areas might dedicate space to gloves and hats. this is based on which consumer segmentation variable?
The four cornerstones of market segmentation are demographic, psychographic, geographic, and behavioral; however, you may also use these four additional categories to strengthen your marketing campaigns.
Which 5 market segmentation types are there?Market segmentation can be done in five different ways: firmographic, geographic, psychographic, and behavioral. Victoria's Secret and their teen-focused brand PINK are an illustration of market segmentation in action. When compared to their brand PINK, which is largely marketed to women, Victoria's Secret primarily targets women.
Which market segmentation example would you give?Geospatial, demographic, psychographic, and behavioral market segmentation are typical examples. Businesses may demonstrate that they are skilled marketers and generate a higher return on their efforts by understanding market segments.
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Erica decides to spend $50 on a ticket to a concert with friends instead of buying a new pair of jeans. What is the opportunity cost other decision?
A. the benefit of having a new pair of jeans
B. the benefit of going out with her friends
C. the $50 Erica spent on the ticket
D. the enjoyment of going to the concert
Answer:
The benefit of having a new pair of jeans
Explanation:
Answer:
The benefit of having a new pair of jeans
Explanation:
Which statement best explains the decrease in manufacturing jobs over the next few years?
There is not enough demand for manufactured goods.
These jobs are often outsourced to overseas factories.
There are not enough skilled workers to fill the positions.
The cost of technical training and on-the-job training is high.
The best reason for the reduction in manufacturing jobs is that These jobs are often outsourced to overseas factories.
Manufacturing trend in developed countries Large companies are outsourcing manufacturing services to other nations. This is usually to save costs and to avoid certain regulatory oversight.As a result of these jobs being shipped abroad, manufacturing jobs in developed countries are suffering and will decrease in the next few years.
In conclusion, option B is correct.
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if a firm produces a product that has easily available variable inputs, its supply curve will be: perfectly elastic. relatively flat. relatively steep. perfectly inelastic.
A corporation manufacturing a good with easily accessible variable inputs will have a supply curve that is comparatively flat.
The supply curve shows how the cost of a good or service relates to how much is provided over a given length of time. In a typical situation, the price will be displayed on the left vertical axis and the quantity delivered will be displayed on the horizontal axis. In the event that a variable other than price or quantity changes, a new supply curve must be created. Imagine, for example, that some new soybean growers enter the market, clearing land for cultivation while increasing the area used for soy production. A supply schedule is a table that shows the quantity supplied for each price. A supply curve is a graph that shows the quantity delivered for each price.
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An instrument used to enlarge or reduce a map is known as
Answer:
pantograph
Explanation:
you can use a pantograph to do this.
You need to have $50,000 at the end of 5 years. To accumulate this sum, you have to decided to save a certain amount at the end of each of the next 5 years and deposit it in the bank. The bank pays 9% interest compounded annually for long term deposits. How much will you have to save each year (to the nearest dollar round off).
Same question as above except that you deposit a certain amount at the beginning of each of the next 5 years. Now, how much will you have to save each year (to the nearest dollar)?
solve as soon as possible
You would need to save approximately $9,994.56 at the beginning of each year to accumulate $50,000 at the end of 5 years.
1. End-of-Year Savings:
Using the future value of an ordinary annuity formula, the annual savings required at the end of each year can be calculated as follows:
FV = P * [(1 + r)^n - 1] / r
Where:
FV = Future Value (desired amount of $50,000)
P = Annual savings amount
r = Interest rate per period (9% or 0.09)
n = Number of periods (5 years)
Plugging in the values, we have:
$50,000 = P * [(1 + 0.09)^5 - 1] / 0.09
Solving for P, we find:
P = $50,000 * (0.09 / [(1 + 0.09)^5 - 1])
P ≈ $9,511.79
Therefore, you would need to save approximately $9,511.79 at the end of each year to accumulate $50,000 at the end of 5 years.
2. Beginning-of-Year Savings:
To calculate the annual savings required at the beginning of each year, we can use the future value of an annuity due formula, which is similar to the ordinary annuity formula but takes into account the compounding of interest at the beginning of the period.
The formula is:
FV = P * [(1 + r)^n - 1] / r * (1 + r)
Using the same values as before, we can calculate the annual savings as follows:
$50,000 = P * [(1 + 0.09)^5 - 1] / 0.09 * (1 + 0.09)
Solving for P, we find:
P = $50,000 * (0.09 / [(1 + 0.09)^5 - 1] * (1 + 0.09)
P ≈ $9,994.56
Therefore, you would need to save approximately $9,994.56 at the beginning of each year to accumulate $50,000 at the end of 5 years.
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Which of the following are not reasons to lease, even if the
lease cost more?
Select one:
a. you expect the equipment might become obsolete in the next
year or two
b. you need to be able to change cap
The option "b. you need to be able to change cap" appears to be cut off and incomplete.
One reason not to lease, even if the lease cost is higher, is if you expect the equipment to become obsolete in the near future.
How to decide against lease?The option "b. you need to be able to change cap" appears to be cut off and incomplete.
Let's go through each option and discuss whether it can be a reason not to lease, even if the lease cost is higher:
a. you expect the equipment might become obsolete in the next year or two: This can be a valid reason not to lease, even if the lease cost is higher. If you anticipate that the equipment will become outdated or obsolete within a short period of time, it may be more cost-effective to purchase the equipment outright or explore other options instead of leasing.
b. you need to be able to change cap: Unfortunately, the statement provided for option "b" seems to be incomplete. Without further information or clarification, it is challenging to determine whether this can be a valid reason not to lease.
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how does information technology bring employees closer to upper management
Information technology (IT) plays a significant role in bringing employees closer to upper management.
IT tools and platforms facilitate effective communication, collaboration, and access to information, enabling a more streamlined and transparent flow of information between employees and upper management. Information technology provides various communication channels that bridge the gap between employees and upper management. Email, instant messaging, video conferencing, and collaboration software enable employees to connect with managers more easily, regardless of physical location. Additionally, IT systems centralize and store important documents, policies, and company information, making them readily accessible to employees. This accessibility allows employees to stay informed about organizational updates, goals, and strategies, fostering a sense of transparency and inclusion. Moreover, IT tools can support performance tracking, feedback mechanisms, and employee engagement initiatives, enhancing communication and interaction between employees and upper management. Overall, information technology enhances connectivity and breaks down barriers, bringing employees and upper management closer together in the workplace.
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Assume your company’s sales increased from $3 million last year to $10 million this year. However, your biggest competitor is still the market leader with a 40% share of the $200 million widget market. Your other four competitors had sales this year of $53 million, $38 million, $12 million, and $7 million, respectively. For this year, what is your company’s MARKET SHARE? Type only a number along with a $ or % (if appropriate). Dollar amounts should be rounded to the nearest cent; percentages to the nearest tenth. *
Answer: 5%
Explanation:
The market share for the company will be gotten using the formula:
= Sales generated by company / Total industry sales × 100
= 10/200 × 100.
= 5%
Therefore, the company's market share is 5%
why is healthcare accounting important?
Answer:
Nowhere is accounting more important in a medical practice than in revenue cycle management (RCM). ... Managing a medical office's payments received. Processing and tracking, which can often become complex. Determining patient eligibility for specific services.
Explanation:
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.
Determine the correct sequence of the following events from start to finish.
-The kitchen staff prepares the dishes.
-Fatima, the expediter,checks the order before the server picks them up.
-Lara then transmits the order to the kitchen
-Lara takes the order from the customer and notes down.
-Brian, the chef, estimates the time each dish will require for preparation
-Lara retrieves the order and delivers it to her customer
The correct sequence of the events from start to finish is:
-Lara takes the order from the customer and notes down.Lara then transmits the order to the kitchenBrian, the chef, estimates the time each dish will require for preparationThe kitchen staff prepares the dishes.Fatima, the expediter,checks the order before the server picks them up.Lara retrieves the order and delivers it to her customerWhat is the sequence of ordering food in a restaurant?The first thing that happens is that the waiter picks up the order from the customer and takes note of it. The order will then go to the kitchen where the chef will estimate how long the order will take to be prepared.
The expediter will then check the order when the meal is done but before the waiter picks it up. The waiter than delivers to the order.
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What assumption in the food industry did Howard Moskowitz change?
Answer:
"By evolving from a one-size-fits-all approach to one that embraces customer diversity, Moskowitz was able to improve customer experiences with food products from coffee to cola to spaghetti sauce and beyond."
this is what I found online
Moskowitz was able to improve consumer experiences with culinary goods ranging from coffee to soda to spaghetti sauce and beyond by shifting from a one-size-fits-all approach to one that welcomes customer variety.
What is food industry?The food industry is a complex, global network of various businesses that provides the majority of the world's food.
The word "food industries" refers to a wide range of manufacturing, distribution, processing, and conversion operations, preperation, transport and many other facilities.
Thus, Moskowitz was able to improve consumer experiences.
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Why is account management important in the vegetable farming ? give reason .
Answer:
Money
Explanation:
The expected result of farming would be to make money, account management would help the most in making money. With account management, you can see how well your farm is producing money which in turn can tell you if you are growing quality crops or a crop that your clients want the most.
Answer:
It is important to appreciate the fact that modern business management principles can assist the farmer or farm manager, no matter how small his farm may be and however meager his capital. This is because of the two major tasks facing today’s farm managers.
Explanation:
Importance of agriculture in the Food supply Agriculture is the world’s leading source of food items. All the food substances that are essential viz. Agriculture produces vegetables, proteins, and oils. The carbohydrates provide all living beings with energy.
ACTIVITY 3: MARKETS
3.1. Briefly explain in your own words your understanding of a market?
.2. Differentiate between a goods and service market and a factor market?
Answer:
1, A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities. The value, cost and price of items traded are as per forces of supply and demand in a market.
2,
A factor market is different from the product, or output, market—the market for finished products or services. ... The primary difference between product markets and factor markets is that factors of production like labor and capital are part of factor markets and product markets are markets for goods.