Answer:
J1
Inventory $7,350 (debit)
Trading Account - 2012 $7,350 (credit)
J2
Inventory $22,150 (debit)
Trade Payable $22,150 (credit)
J3
Write down of Inventory $20,690 (debit)
Inventory $20,690 (credit)
J4
Note Receivable $20,000 (debit)
Bank $20,000 (credit)
J5
Rent Prepaid $12,000 (debit)
Bank $12,000 (credit)
Explanation:
J1
Being Inventory on hand at begining of the year
J2
Being Inventory supplies acquired.
J3
Being inventory written down after physical count.
Inventory = $7,350 + $22,150 - $8,810 = $20,690
J4
Being Note received from a customer
J5
Being Rent for 1 year received in advance
What is true of people who are motivated by the need for achievement?
What is true of people who are motivated is: They want fair and balanced feedback, both negative and positive
What is Motivation?Motivation can be defined as the process of driven someone to achieve their goals and objectives.
When people are motivated they tend to perform better on their job. Some people who need motivation in order to achieve a goal will tend to desire a both negative and positive fair and balanced feedback as this will help to know their lapses and how when they are doing.
Therefore they want fair and balanced feedback, both negative and positive
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Suppose that Maria is willing to pay as much as $40 for a haircut, and her stylist Juan is willing to accept as little as $25 for a haircut.
a) What possible prices for the haircut would be beneficial to both Maria and Juan? How much total surplus (that is, the sum of consumer and producer surplus) would be generated by this haircut?
Possible prices for the haircut would be beneficial to both Maria and Juan would be in between $30-35.
b) If the state where Maria and Juan live instituted a tax on services that included a $5 per-haircut tax on stylists and barbers, what happens to the range of haircut prices that benefit both Maria and Juan? Will the haircut still happen? Will the tax alter the total economic benefit of this haircut?
c) What if instead the tax was $20?
a. The price that is higher than $25 but lower than $40 will lead to a trade total surplus. The surplus (that is, the sum of consumer and producer surplus) would be generated by this haircut is $15.
b. The price should be higher than $30 but lower than $40 for trade to happen. The total benefit will reduce.
c. When the tax is $20, there will be no trade because the minimum price Juan would accept is higher than Maria's maximum price.
How to illustrate the information?Based on the information, it should be noted that trade will happen only when the price that is traded is less than the maximum willingness to pay by the consumer and then the minimum willingness to receive by the producer.
Here the maximum willingness is $40 and the minimum willingness to accept is $25. The difference is $15.
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Employee morale can be supported when communicating to employees about major events that affect them and their jobs by delivering the news _______. a. through the grapevine b. through news accounts c. from management personally d. from co-workers
The Employee morale can be supported when communicating to employees about major events that affect them and their jobs by delivering the news from management personally.
Employee morale refers to a person's attitude, level of contentment, and general outlook while working for a company or the organization. If your company has a bad culture, negative communicating like low productivity, low employee happiness, etc. will result. Everyone will be drawn to the morale example of paid time off. The employees can receive an unexpected "free day" as a token of thanks for their efforts on a recently finished project, for instance.
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You are bullish on Telecom stock. The current market price is $40 per share, and you have $8,000 of your own to invest. You borrow an additional $8,000 from your broker at an interest rate of 4.0% per year and invest $16,000 in the stock.
Required:
a. What will be your rate of return if the price of Telecom stock goes up by 6% during the next year? (Ignore the expected dividend.) (Round your answer to 2 decimal places.)
The rate of return if the price of Telecom stock goes up by 6% during the next year is 8.00%
What is rate of return?
The rate of return on the bullish strategy is the return on the stock minus the interest on the borrowing.
The share price increase of 6% means the total amount invested would increase by 6%
new value of investment=$16000*(1+6%)
new value of investment=$16,960
interest on borrowing=4%*$8000
interest on borrowing=$320
Gain on investment=new value of investment-initial investment-interest on borrowing
Gain on investment=$16,960-$16,000-$320
Gain on investment=$640
rate of return=gain on investment/equity investment
rate of return=$640/$8000
rate of return=8.00%
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Which three statements help define a Market/Fit Hypothesis? (Choose three)
Explanation:
Are there enough customers? Will they pay for your solution? Who is the customer? What are their needs and wants?
Are enough people purchasing? Will your solution be paid for by them? Who are the clients? What are the people's wants and needs? defines a market/fit hypothesis.
What is Market/Fit Hypothesis?Finding a strong value hypothesis is what product/market fit is. When you create a product that consumers want, you have achieved product/market fit. When you have the ideal answer to a problem that is worthwhile tackling, you have achieved product/market fit.
When customers evangelize about your product to others, you have achieved product/market fit.
The value hypothesis and the growth hypothesis are important to product-market fit. After you have determined how well your product and solution fit, you should examine product-market fit.
You can evaluate your idea's potential for growth in the present or future markets by using market fit. Identifying your consumer and the issue they are experiencing is key to finding a problem-solution fit. You can only create a solution that resolves an issue after identifying a customer and that problem.
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At December 31, 2021, Hull-Meyers Corp had the following onvestments that were purchased during 2021, its first year of operations
how might a workers emotional state lead to an accident on the job
An employee's emotional state can have a significant impact on their job performance and potentially lead to accidents in the workplace.
Distraction: If an employee is feeling anxious, angry, or upset, they may be more prone to distraction and have difficulty focusing on their job.
Impaired decision-making: Negative emotions can impair an employee's decision-making ability. If they are feeling overwhelmed or stressed, they may not be able to think clearly and make sound judgments.
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What is the purpose of every item in the SHARKS mnemonic?
The purpose of every item in the SHARKS mnemonic is:
S – state the agenda before you start your meeting;
H – hijackers will be at your meeting, so watch out;
A - adding relevant information is the key to a good meeting;
R – repeat the agenda at the end of the meeting;
K - keep the meeting small and short;
S - scheduling should be outside the meeting.
What is the significance of a mnemonic?A mnemonic can be referred to or considered as a tool of the English language wherein the initial letters of a concept are used to easily memorize the concept effectively.
In the given condition above, the mnemonic of SHARK is used as an effective memory tool for memorizing the purpose behind each initial in a meeting of intelligence department.
Therefore, the significance regarding mnemonic is aforementioned.
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What is your diagnosis of the situation at FAVI?
Answer:
Explanation:
FAvI is a small automotive parts manufacturer in Hallencourt, France. In addition to other products, it is the European leader in the production of key components for gearboxes (manual transmissions) in such cars as Renault, Peugeot, Citroen, Fiat, Opel, Audi, volvo, and volkswagen. Employing about 400 people, this société anonyme
Item5
22
points
ReferencesItem 5
Best Buy might use all of the methods of change listed below. Which of these includes inputs, strategic plans, target elements of change, and outputs?
The Organization-Wide Change or Systems Model of Change places more focus on the necessity of executing changes company-wide as opposed to piecemeal.
What is the change process in an organization?The process of leading organizational change through all stages of development—from conception and planning through implementation and resolution—is known as change management. Change processes have a set of initial circumstances and a useful conclusion.
A systems-based approach to transformation adopts a broad view of the process. The interaction of the fundamental elements of transformation is the main subject. Inputs, strategic plans, target aspects of change, and outputs make up a systems model of change's four primary parts.
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What does storytelling do?
the roots of the quadratic function describing the relationship between the number of products produced and overall profit margins are x= 0 and 150. the vertex is (75, 10000).
The whole statement is as follows: When there are 75 things in production, a profit of 10000 dollars is obtained, which is the highest possible.
What is the complete statement?Because we already know that the profit equation is defined between x = 0 and x = 150, which are the two roots of the equation, we also know that the profit is equal to zero when
x = 0 and when x = 150.
If this is the case, we may reasonably expect a positive return on investment within this range.
Therefore, the quadratic equation should have a leading coefficient that is negative. This would indicate that the arms of the graph should move in a downward direction.
If this is the case, then we already know that the maximum will be located at the vertex of the triangle.
In this case, we are aware that the vertex is:
(75, 10000)
In this equation, x stands for the total number of products sold, while y indicates the amount of money made.
Since the maximum is at the vertex, and we know that the vertex is located at (75, 10000), we may draw the conclusion that the maximum profit is $10000, and this occurs when the number of things created is 75. This is because the vertex is located at the intersection of the two lines.
Therefore, the whole statement is as follows:
When there are 75 things in production, a profit of 10000 dollars is obtained, which is the highest possible.
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5 eBook Preparing a consolidated income statement For the year ended December 31, 20Y2, the operating results of Paley Corporation and its wholly owned subsidiary, Sims Enterprises, are as follows: Paley Sims Corporation Enterprises Sales Cost of goods sold Gross profit Operating expenses Operating income Interest revenue Interest expense Net income Sales 3,200,000 (1,900,000) 1,300,000 (750,000) 550,000 20,000 Cost of goods sold Gross profit Operating expenses Operating income During 20Y2, Sims Enterprises sold and received payment of $80,000 for merchandise that was purchased by Paley Corporation. The merchandise sold to Paley cost Sims Enterprises $45,000. Paley Corporatio (nonaffiliated) company for $110,000. 570,000 a. Prepare a consolidated income statement for Paley Corporation and Subsidiary. Hint: Eliminate the effect of the intercompany sale. Paley Corporation and Subsidiary Consolidated Income Statement For the Year Ended December 31, 20Y2 Other revenue and expense: Interest revenue Interest expense Net income Print Item Check My Work 900,000 (550,000) 350,000 (125,000) 225,000 (15,000) 210,000 X All work saved. Email Instructor Sav
The cost of goods sold ($1,900,000 + $45,000) is adjusted by the intercompany sale. the effect of the intercompany sale is eliminated in preparing the consolidated income statement.
Consolidated income statement is used to combine the financial statements of two or more parent company and their subsidiaries into a single financial statement. Therefore, the consolidated income statement for Paley Corporation and its wholly owned subsidiary, Sims Enterprises can be prepared as follows; Paley Corporation and Subsidiary Consolidated Income Statement For the Year Ended
December 31, 20Y2Sales $3,200,000Cost of goods sold ($1,900,000 + $45,000) 1,945,000 Gross profit $1,255,000
Operating expenses ($750,000 - $125,000) 625,000
Operating income $630,000Other revenue and expense:
Interest revenue $20,000Interest expense ($15,000 + $20,000) (35,000)Net income $615,000Note: The cost of goods sold ($1,900,000 + $45,000) is adjusted by the intercompany sale.
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. The 14th amendment outlines the path for citizenship in the United States. What are the ways you can be a citizen in this country? (3 points)
*
3 points
completing the naturalization process
immigrating from a different country
Being born on American soil
Being a natural-born child of American citizens
knowing all 50 state capitals
saying the pledge of allegiance
The 14th Amendment outlines the path to citizenship in the United StatesSome the ways you can be a citizen in this country is
completing the naturalization processBeing born on American soilBeing a natural-born child of American citizensThe United States Constitution's 14th Amendment was approved in 1868. It was passed in response to the post-Civil War citizenship debate involving former slaves.
Being a natural-born citizen of the United States means that you automatically became one when you were born to parents who were both citizens of the country. Being born on american Soil will also give citizenship.
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Amazon is the dominant firm in the online shopping service industry, which has a total market demand given by Q = 100 – 2 P. Amazon has competition from a fringe of four small firms that produce where their individual marginal costs equal the market price. The fringe firms each have total costs given by TCi = 10 Qi + Q i 2. If Amazon’s total costs are given by TCA = 10 + 10 QA, , how much does the industry as a whole produce at this price?
The price that Amazon has to establish for their online shopping should be $20.
The Excel financial functions section includes the Price Function. It will determine the cost of a bond with a $100 face value that accrues interest on a recurring basis. The PRICE function in financial analysis can be helpful when we want to borrow money by selling bonds rather than stocks.
We have the price function as
P = 10 + 2Qi
Make Qi subject
= Qi = 0.5P - 5
4 firms with identical features
This would give us
Qs = 4Qi
Qs = 4(0.5P -5)
Qs = 2p - 20
Q = 100 - 2p
Qa = Q - Qs
(100 - 2P) - (2P -20)
Take like terms
100 - 2p - 2p + 20
100 - 4p + 20
Qa = 120 - 4p
Make p subject
p = 120 - Qa / 4
p = 30 - 0.25Qa
TRa = p*Qa
= (30 - 0.25Qa)Qa
= 30Qa - 0.25Qa²
MRa
= 30 - 0.5Qa
TCA = 10 + 10QA
= ΔTCA / ΔQA
= 10
30 - 0.5QA = 10
Take like terms
30 - 10 = 0.5Qa
divide through by 0.5
20/0.5 = Qa
40 = Qa
Output produced = 40.
We have P as
30 - 0.25QA
P = 30 - 0.25( *40)
= 20
Hence the price that Amazon has to establish for online shopping should be $20
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What dose it mean to be fully human were interacting with others any virtual space like classroom why or why not
While interacting with others in a virtual space, to be fully human means for instance such as in a classroom, means having the qualities and characteristics inclusive to humanity, even though the medium of communication being virtual.
It involves identifying and embracing our shared humanity and engaging in meaningful connections with other people like friends family colleagues, even though miles apart and can only see by virtual screens.
Emotional connections, sharing knowledge, expression ,communication collaboration cooperation are the various forms. Therefore, virtual experiences though lack sensory and physical aspects of face-to-face interactions, they still provide a platform for human connection, learning, and growth.
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TRUE/FALSE.one of the benefits of help desk certification is an automatic increase to step 2 in starting pay for an entry-level agent.
These models will also include certifications as automation drives an increasing number of low- and middle-skill individuals out of work.
What credentials should I list on my resume for the position of Help Desk Manager that are most crucial?Ticketing systems, troubleshooting, Microsoft Office, hardware, vendor management, project management, and deployment are among the most frequently requested crucial talents by employers.
What advantage does help desk Mcq provide?It enhances customers' perceptions of and satisfaction with the service is the right answer. Reason: Help desk positions are filled by those who excel at dealing with people and in communication.
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A customer calls in to purchase a product, and you go through the first offer to try and up-sell. The customer tells you that if you try and sell them anything else besides the product they called about, they will hang up without it. There is still one more offer you are supposed to pitch.
Cross- selling is the best option you can apply in this scenario, in which you give the consumer a product that is in line with their needs, and then go for pitch of further products.
According to the question, when a consumer calls to order a product, you try to upsell by going through the initial offer. The client informs you that they will end the conversation if you try to sell them anything else but the goods they phoned about, this is the wrong way to go about it.
The right way-
Give him the merchandise when the consumer calls and requests it specifically. After presenting the goods, you utilize cross-selling to promote further products.
Hence, cross- selling can be utilized to pitch one more offer you are supposed to pitch.
What's Cross- selling?Cross-selling involves promoting the purchase of any item in addition to the main product. For instance, cross-selling can persuade a consumer who has already subscribed to your marketing tool to do so for your CRM.
Hence, Cross- selling is the way to pitch product in this scenario.
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How is owner’s equity affected when is paid for expenses?
Answer:
Profit and loss are directly linked to the amount of money the company is spending to run its business -- its operating expenses. So changes in operating expenses naturally affect owner's equity.
In a small town, there are two discount stores ABC and XYZ. They are the only stores that handle the festival goods. The total number of customers is equally divided between the two because the price and quality of goods sold are equal. Both stores have good reputations in the community, and they render equally good customer services Assume. that a gain of customer ABC byis a loss to XYZ and vice versa. Both stores plan to run annual pre-Christmasale during the first week of December. Sales are advertised through the local news paper,radio and television media.With the
aid of advertising thef payofforABC store is constructed and given. below
XYZ store
News paper Radio Television
News paper 30 40 -80
ABC radio 0 15 -20
Television 90 20 50
Find optimal strategiesbothfor stores and the value of the game.
An approach for analysing situations where parties, or players, make interdependent decisions is provided by the field of applied mathematics known as game theory.
What is the aid of advertising thef payoff?Each player's decision or plan must take into account the prospective actions or strategies of the other players because of their interconnection.
A game's solution outlines the optimal decisions taken by players, who may have similar, opposing, or mixed interests, as well as the potential outcomes. Parlor games have been studied using game theory, although its applications are much more varied.
In reality, American economist Oskar Morgenstern and American mathematician John von Neumann of Hungarian and German ancestry developed game theory to address economics-related problems. They were Princeton University classmates.
Therefore, Although newspaper is the best course of action for XYZ, television is the best course of action for ABC.
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While some brokers still operate exclusively in person or online, the distinction between the three types has become increasingly
The practice of brokers transacting business online have been more increasing in recent time.
Brokers refers to individual or a firm acts as intermediaries between the buyer and seller for commission in return when executed.
Typically, the brokers provides various intermediary services in different field. For example, acting as intermediaries for investment, obtaining loan, purchasing real estate, purchasing insurance policy etc
While some brokers provides their services in contact with clients, some brokers provide their services online.
In conclusion, the practice of brokers transacting business online have been more increasing in recent time.
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George believes he could be a savvy investor, he wants to invest in stocks but he is confused on what stocks to choose and which is better. George decided to ask you for your opinion on which is better? Common or preferred stocks. Why?
An ownership share in a firm is provided to investors by common stock. Many corporations only produce common stock, and common stock trades on stock markets much more frequently than preferred stock. Compared to regular stock, preferred stock frequently functions more like a bond. Dividend yields on preferred stock are frequently substantially greater than dividend yields on ordinary stock and thus are fixed at a specific rate, whereas dividends for common stock are subject to adjustment or even elimination. The price at which a business will finally redeem preferred shares is also fixed.
What are Common stock and Preferred Stock?Common stock is a type of investment that represents ownership in an organization. Common stock owners choose the board members and cast ballots for corporate rules. Common stock is a type of financial instrument that represents ownership in a company.
A type of stock called preferred stock combines the features of bonds and equities. Like bonds, preferred stock pay dividends in cash and frequently offers better yields than bonds while being less risky than common stock.
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describe the role apple, netflix, and walmart have in the global economy
Apple, Netflix, and Walmart have vastly different roles in the global economy, but they all have one thing in common: they have disrupted traditional business models and changed the way people consume products and services. These companies have become leaders in their respective industries and will continue to shape the global economy in the years to come.
Apple is an American multinational technology company that designs, manufactures, and markets a wide range of consumer electronics, computer software, and online services. The company's innovative products and services have transformed the global technology landscape, with its flagship iPhone and iPad devices becoming ubiquitous worldwide. Apple's market capitalization has exceeded $2 trillion, making it one of the most valuable companies in the world.Netflix, on the other hand, is a streaming entertainment service that has revolutionized the way people consume TV shows, movies, and other forms of digital content. With a global subscriber base of over 200 million people, Netflix has become a cultural phenomenon that has disrupted traditional cable TV and movie theater models. Its ability to produce original content and provide personalized viewing experiences has made it a powerful force in the entertainment industry.Walmart, the largest retailer in the world, plays a significant role in the global economy by providing essential goods and services to millions of people every day. The company has a presence in over 25 countries and employs over 2.3 million people worldwide. Walmart's supply chain and logistics operations are among the most sophisticated and efficient in the world, allowing it to deliver products at lower prices than many of its competitors. The company's sheer size and reach have made it a vital player in the global retail market, driving down prices and increasing competition.For more such questions on global economy
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_____ are products that are bought from one country for use in another just as the U.S. buys wood pulp and timber from Canada.
Exports
Tariffs
Tangibles
Countertrades
Imports
1. Describe an example from your past where you have been effective in inspiring other
leaders around a common purpose and shared values.
2. How effective are you today at empowering other people to step up and lead? How do
you go about doing this? What are you doing to improve your effectiveness?
3. Recall a situation in which you faced a conflict between empowering other people and
reaching your performance goals.
a. How did you resolve the conflict?
b. Did you give preference to reaching your goals or to your relationship?
c. Would you act differently in the future when facing a conflict between
relationships and performance?
Answer:
One effective way to inspire other leaders around a common purpose and shared values is to lead by example. I demonstrate a commitment to the values and purpose that are important to the team. Furthermore, I consistently take actions that align with those values and purpose. These steps can inspire others to do the same. Additionally, I create opportunities for open and honest communication, collaboration, and shared decision-making. These measures can help build trust and empower other leaders to promote the team's success.Empowering others to step up and lead can involve creating opportunities for skill-building and growth, providing guidance and support, and giving people the autonomy to make decisions and own their work. To improve effectiveness, I seek feedback from others. I also informed about best practices and emerging trends in leadership. Lastly, I continuously work on developing communication, coaching, and mentoring skills.Get instant answers, essays, and research papers through proffrank01 at g m ail.con. This helps you score maximum points without straining too much.
3. When facing a conflict between empowering other people and reaching performance goals, I considered the long-term impact of each decision. I prioritized relationships and empowered others to better outcomes in the long run. This required a short-term sacrifice to reach immediate performance goals. I communicated openly and honestly with the team about the situation and worked collaboratively to find a solution that aligns with both performance goals and relationship-building. In the future, I could reflect on the situation and consider how to approach similar conflicts in a more proactive manner.
Explanation:
Question 1 (1 point)
True or False:
If you want a career in the fitness industry, you can just jump right into it after high school.
(A) True. No college is required for some health/ fitness jobs.
(B) False. You need to go to college to get a job in the fitness industry.
(C) False. It takes months/ years of training to get a job in health/ fitness
(D) Any of the above could be true OC
If you want a career in the fitness industry, you can just jump right into it after high school. You may need and you may not need degree. Hence, option D. any of the above could be true.
Fitness industryThe fitness industry is worth $96.7 billion in 2020, with more than 184 million gym members in total. Becoming a personal trainer or fitness instructor is always an option, but there are other careers to check out as well—some of which don't require a degree.
Therefore, the correct answer is option D
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Xây dựng quá trình nghiệp vụ mua và giao nhận áp tải một lô hàng cụ thể theo dữ liệu sau
Đúng 8h ngày 30/5 nhân viên nghiệp vụ đến tổng kho KH A để mua hàng doanh nghiệp không có phương tiện vận chuyển và hàng mua phải thanh toán bằng tiền mặt. Trong hoá đơn có gì những mặt hàng sau đây
Xà phòng bột VISO 500kg đống thành 1000 gói mỗi gói 500g giá 4000đ/gói
Vải chéo hoa con công Trung Quốc khổ 80cm tổng số 2400m tổng thành 40 cuộn 1 cuộn 60m giá 5000đ/m
Bộ đồ mùa hè người lớn 100 bộ giá 20.000đ/ bộ
Đường kính trắng vạn điểm 02 tấn đóng trong 40 bao 1 bảo 50kg giá 6000đ/kg
Là nhân viên nghiệp vụ hãy mua và giao nhận lô hàng trên
Answer:
Quản lý chuỗi cung ứng là quá trình quản lý sự di chuyển của nguyên vật liệu thô và các bộ phận từ khi bắt đầu sản xuất cho đến khi giao hàng đến tay người tiêu dùng. Trong nhiều tổ chức, các quyết định về chuỗi cung ứng vận hành được đưa ra hàng trăm lần mỗi ngày ảnh hưởng đến cách sản phẩm được phát triển, sản xuất, di chuyển và bán. Mức độ phức tạp của chuỗi cung ứng thay đổi theo quy mô của doanh nghiệp cũng như mức độ phức tạp và số lượng của các mặt hàng được sản xuất, nhưng hầu hết các chuỗi cung ứng đều có các yếu tố chung, chẳng hạn như sau
Explanation:
Làm ơn đi
An even numbered card is chosen randomly from a set of cards labeled with the numbers 1 through 8. A second even numbered card is chosen after the first card is replaced. Are these dependent or independent events?
a.
dependent
b.
independent
Answer:
independent. This is a fun question. I never thought about how I would explain it before.
Explanation:
Can you think of anything that might influence the second even card being drawn?
Let's make the question a whole lot easier. Suppose you have a coin and it's a fair one just coming from the mint. Suppose you toss it and you get either heads or tails. Can you think of a reason why you should get the same thing again or put another way, can you guess what you are going to get next?If you can't then the tosses are independent of each other. You haven't replaced anything, like once you get a tails, you weight the coin so you can never get tails again. That would be a dependent event.If you can guess consistently, you better submit a written paper to a math journal.Now go back your your question. You replaced the card. The odds are the same as for the first toss. Is there anything that has changed your mind about being able to guess.
You can't guess, so the events are independent.
Match each type of adjusting entry with its definition.
Deferred revenue
Accrued expenses
Prepaid expenses
Accrued revenue
Match each of the options above to the items below.
Receive cash in the current period that will be recorded as a revenue in a future period.
Record an expense in the current period that will be paid in cash in a future period.
Record a revenue in the current period that will be collected in cash in a future period.
Pay cash (or have an obligation to pay cash) in the current period that will be recorded as an expense in a future period.
Answer and Explanation:
The matching is as follows:
1. Deferred revenue - the cash would be received in the present period and the same would be reported as a revenue for the future period
2. Accrued expense - It would be recorded as an expense for a present period but the cash would be paid in the future
3. Prepaid expense - The cash is paid or the obligation is to the pay the cash in the present period but the expense would be recorded in the future period
4. Accrued revenue - the revenue is recorded in the present period but the cash would be collected in a future period
(214) 1. Distinguish between technical efficiency and allocative efficiency. Use the two concepts of efficiency to compare a perfect market structure with a monopoly.
Technical efficiency refers to the ability to produce the maximum output from a given set of inputs or resources. It focuses on the production process and achieving the highest output level with the least amount of resources wasted. Technical efficiency emphasizes optimizing the production process to minimize costs and maximize productivity.
Allocative efficiency, on the other hand, relates to the allocation of resources in a way that maximizes overall social welfare. It refers to the ideal allocation of resources that matches consumers' preferences and demands. Allocative efficiency ensures that resources are allocated so that goods and services align with consumer preferences. This results in the best outcome for society.
When comparing an ideal market structure with a monopoly in terms of efficiency, there are significant differences. In an ideal market structure, characterized by complete competition, both technical and allocative efficiency is typically achieved. Many buyers and sellers exist, information is freely available, and no single entity controls the market. Competition drives firms to produce at the lowest cost and offer goods and services that match consumer preferences, leading to technical and economic efficiency.
In contrast, a monopoly represents a market structure where a single firm dominates the industry and has substantial market power. In terms of technical efficiency, a monopoly may not necessarily achieve the same level as a perfectly competitive market. Due to the lack of competition, a monopoly may not have the same incentive to minimize costs or innovate as efficiently as possible. This can result in higher production costs and lower technical efficiency.
Regarding allocation efficiency, monopolies often fail. Without competition, a monopolistic firm can set prices higher than the marginal cost of production, resulting in a suboptimal allocation of resources. The monopolist may prioritize maximizing profits rather than satisfying consumer preferences. This leads to a less efficient allocation of resources than in a perfectly competitive market.
Overall, an ideal market structure exhibits higher levels of technical and allocative efficiency than a monopoly. When true competition promotes resource optimization and consumer satisfaction, resulting in more efficient resource allocation.