please answer with full explntion
A buying firm frequently wants the seller to become more dependent on its business.
TRUE
FALSE
Many purchasers prefer to focu
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A buying firm frequently wants the seller to become more dependent on its business. TRUE FALSE Many purchasers prefer to focus on suppliers who have the capability to do the job regardless of size. TRUE FALSE A suppliet's willingness to move beyond a traditional purchasing relationship should be part of the evaluation process for items and services where a longerterm relationship might be beneficial. TRUE FALSE
Answers
A buying firm frequently wants the seller to become more dependent on its business: TRUE. When a buying firm establishes a strong relationship with a seller and becomes a major customer, it often desires the seller to rely heavily on its business. This dependency gives the buying firm more leverage in negotiations, pricing, and terms, allowing them to exert greater control over the relationship.
Many purchasers prefer to focus on suppliers who have the capability to do the job regardless of size: TRUE. Purchasers prioritize suppliers who have the necessary expertise, resources, and capabilities to deliver the required goods or services effectively, regardless of their size. They value suppliers who can consistently meet their needs and provide reliable and high-quality products or services.
A supplier's willingness to move beyond a traditional purchasing relationship should be part of the evaluation process for items and services where a longer-term relationship might be beneficial: TRUE. When considering items or services where a longer-term relationship can bring added value, it is important for the buyer to assess the supplier's willingness to go beyond a transactional approach. A supplier who is open to collaboration, innovation, and building a strategic partnership can contribute to mutual growth and success. Evaluating the supplier's mindset and readiness to foster a more integrated and collaborative relationship is crucial in such cases.
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Related Questions
Why are companies adding these marketing and sales duties to
the CSR?
Answers
Companies are adding marketing and sales duties to the CSR function to align messaging, enhance brand reputation, meet consumer expectations, and integrate purpose with profit, effectively promoting their social and environmental initiatives for business success.
Companies are adding marketing and sales duties to the Corporate Social Responsibility (CSR) function for several reasons:
Alignment of messaging: By integrating marketing and sales functions with CSR, companies ensure that their messaging and brand image are consistent across all areas. CSR initiatives often reflect the company's values and commitment to social and environmental responsibility. By incorporating marketing and sales into CSR, companies can effectively communicate these initiatives to customers, investors, and the public.
Increased visibility and brand reputation: CSR activities can enhance a company's brand reputation and differentiate it from competitors. By integrating marketing and sales efforts with CSR, companies can effectively promote their social and environmental initiatives to a wider audience. This increased visibility can attract customers who align with the company's values, leading to greater brand loyalty and positive brand associations.
Business development opportunities: CSR initiatives can create business development opportunities. By highlighting CSR efforts during marketing and sales activities, companies can attract partners, investors, and customers who prioritize ethical and sustainable practices. This can lead to strategic partnerships, increased investment opportunities, and expanded customer base.
Consumer demand and expectations: In recent years, consumers have become more conscious of companies' social and environmental impact. They often expect companies to engage in responsible practices and contribute positively to society. By incorporating marketing and sales into CSR, companies can effectively respond to consumer demands and meet their expectations, leading to increased customer loyalty and market share.
Integration of purpose and profit: Companies are recognizing the importance of aligning purpose with profit. Integrating marketing and sales with CSR allows companies to demonstrate their commitment to social and environmental causes while also driving business growth. This integration creates a holistic approach where purpose-driven initiatives support the company's overall marketing and sales strategies.
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The Internal Revenue Service (IRS) is the federal government agency responsible for (5 points) Group of answer choices Filling out your tax forms Writing tax laws Tax collection and tax law enforcement Keeping the unemployment rate low
Answers
Answer:
Tax collection
Explanation:
The IRS collects taxes, interprets the tax laws, and holds people accountable for paying taxes.
Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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What type of documents do you see in the given image? The given image shows .
Answers
Answer: business report
Explanation:
Answer:
business reports
Explanation:
plato
Tickets to a fundraiser are $14 if purchased ahead of time and $25 if purchased at the door. The total amount raised from all ticket sales was $625. If eleven tickets were purchased at the door, how many tickets were purchased ahead of time?.
Answers
($14)(25)=$350
($25)(11)=$275
$350+$275= $625
what modifications do we have to make to the carry model to value us treasury bond futures? what modification do we have to make to the carry model to value s&p 500 futures contract? why?
Answers
To value US Treasury bond futures using the carry model, you need to modify the model to account for the risk-free rate and the term structure of interest rates, as Treasury bonds are considered low-risk investments.
To value US Treasury bond futures, we need to modify the carry model by incorporating the term structure of interest rates. This means that we need to account for the different yields for bonds of different maturities. Additionally, we need to consider the potential impact of interest rate changes on the value of the futures contract.
To value S&P 500 futures contracts, we need to modify the carry model by taking into account the dividends that are paid on the underlying stocks in the index. This means that we need to adjust the carry cost to account for the expected dividend payments. Additionally, we need to consider the potential impact of changes in the stock market on the value of the futures contract.
In both cases, these modifications are necessary because they reflect the unique characteristics of the underlying assets. By accounting for these factors, we can more accurately value the futures contracts and make informed investment decisions.
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To value US Treasury bond futures, the carry model would need to be modified to account for the fact that the future delivery date of the bond is not the same as the spot market.
This is because the value of a bond is determined by its yield, which is affected by changes in interest rates. In the case of a futures contract, the price of the bond is based on the difference between the current spot price and the price of the future delivery date. To value the bond futures, the model would need to take into account the changes in interest rates between the spot market and the future delivery date, as well as any other factors that may affect the price of the bond.
To value S&P 500 futures contract, the carry model would not need to be modified as much as US Treasury bond futures. The S&P 500 index is a stock market index, and the price of a futures contract is based on the difference between the current spot price and the price of the future delivery date. The value of the index is determined by the performance of the stocks that it represents, and changes in interest rates are not a significant factor in the price of the futures contract.
In summary, the carry model for US Treasury bond futures would need to be modified to account for the changes in interest rates between the spot market and the future delivery date, while the carry model for S&P 500 futures contract would not need to be modified as much.
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How can the various templates that are available for new Word documents be accessed?
opening up an instance of Word
pressing CTRL+N with Word open
clicking File to enter Backstage View
all of the above
Answers
Answer: All of the above
Explanation:
When you open up Word newly, the available templates will be listed for you to choose one of your preference and if those are not enough, one can still get more online.
Pressing CTRL+N with Word open will also enable you to have access to the various templates. Finally, clicking File will enable you to enter Backstage View where you can then click on New to see the various templates.
Answer:
the answer is d) all of the aboveExplanation:
oscar works at jamba juice and gets paid california state minimum wage of $15.00 per hour. however, in the 1970s, the minimum wage was $1.60 per hour. is jerry better or worse off today compared to the california state minimum wage of $14.00 per hour?
Answers
The answer to the question: is jerry better or worse of with the minimum wage rate of $14.00 per hour could be find out by finding the "real minimum wage" which is obtained by dividing the nominal minimum wage rate with the average price level.
In the given scenario, regarding the worse and better off keeping the minimum wage rate of the state of California in context, jerry is worse off as the calculated minimum real wage is around $9.00, which is far lesser than the original minimum wage rate.
Jerry would be only better off in the scenario, if the real minimum wage rate was $15 or above than that, as he will not work below his reservation wage.
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Which supply chain planning process is defined as hierarchical planning process that translates annual business plans, marketing plans, and demand forecasts into a production?
a) Master Production Scheduling (MPS)
b) Sales and Operations Planning (S&OP)
c) Aggregate Production Planning (APP)
d) Material Requirements Planning (MRP)
Answers
Sales and Operations Planning (S&OP) supply chain planning process is defined as hierarchical planning process that translates annual business plans. The answer is option B
Aggregate Production Plan (APP) is a hierarchical planning technique that creates a production plan for a family of products in a plant or facility based on annual business, marketing, and demand planning. Production, distribution, warehousing, transportation, inventory management, forecasting.
Performance management are only a few of the primary functional areas of supply chain planning that are covered by the phrase "hierarchical and supply chain planning." With these planning techniques, you must first create a planning hierarchy for the information structure in order to plan its main figures.
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3. ______ are defined as goods or services that are required for health and safety.
Answers
Occupational Health and Safety are defined as goods or services that are required for health and safety. Information standards are guidelines governing the information that must be provided to consumers when they purchase specific goods.
What is the safety of goods?A safe product is one that delivers either no risk or a minimum tolerable level of risk, taking into account the product's typical or reasonably foreseeable use and the need to maintain a high level of consumer protection.
Occupational health and safety is a multidisciplinary discipline that deals with all elements of workplace health and safety, with a heavy emphasis on preventing workplace dangers.
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Complete the following schedule for each case. Assume that the shareholders have a sufficient basis in the stock investment. All distributions are made at year end (December 31) except for part (e). For part (e) assume the $130,000 distribution is made on June 30. The corporation uses the calendar year for tax purposes.
Accumulated E & P Cash Dividend Return of
Beginning of Year Current E & P Distribution Income Capital
a. ($200,000) $70,000 $130,000 $ $
b. 150,000 (120,000) 210,000 $ $
c. 90,000 70,000 150,000 $ $
d. 120,000 (60,000) 130,000 $ $
e. $120,000 ($60,000) $130,000* $ $
The distribution of $130,000 is made on June 30 and the corporation uses the calendar year for tax purposes
Answers
The Accumulated Earnings and Profits (E&P) of the corporation is: negative ($200,000) at the beginning of the year.
(a) During the year, the corporation generates current E&P of $70,000 and distributes $130,000 in cash dividends to its shareholders.
Since the cash dividends exceed the current E&P, the excess amount of $130,000 is treated as a return of capital to the shareholders. As a result, the ending balance of Accumulated E&P is ($130,000).
(b) The Accumulated E&P of the corporation is $150,000 at the beginning of the year. During the year, the corporation incurs a loss of ($120,000), generates current E&P of $210,000, and distributes $0 in cash dividends to its shareholders.
Since the corporation incurs a loss for the year, the Accumulated E&P is reduced by the amount of the loss. As a result, the ending balance of Accumulated E&P is $30,000.
(c) The Accumulated E&P of the corporation is $90,000 at the beginning of the year. During the year, the corporation generates current E&P of $70,000 and distributes $150,000 in cash dividends to its shareholders. Since the cash dividends exceed the current E&P, the excess amount of $80,000 is treated as a return of capital to the shareholders. As a result, the ending balance of Accumulated E&P is $110,000.
(d) The Accumulated E&P of the corporation is $120,000 at the beginning of the year. During the year, the corporation incurs a loss of ($60,000), generates current E&P of $130,000, and distributes $130,000 in cash dividends to its shareholders. Since the cash dividends equal the current E&P, there is no return of capital.
As a result, the ending balance of Accumulated E&P is $60,000.
(e) The Accumulated E&P of the corporation is $120,000 at the beginning of the year. During the year, the corporation incurs a loss of ($60,000), generates current E&P of $130,000, and distributes $130,000 in cash dividends to its shareholders on June 30. Since the cash dividends equal the current E&P, there is no return of capital.
As a result, the ending balance of Accumulated E&P is $60,000* as the distribution was made midway through the year.
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Franklin corporation issues $97,000, 8%, 5-year bonds on January 1, for $101,370. Interest is paid semiannually on January 1 and July 1. If Franklin uses the straight-line method of amortization of bond premium, the amount of bond interest expense to be recognized on July 1 is
Answers
Answer:
$3,006
Explanation:
Bond issue = $97,000
Interest rate = 8%
Bond value sold = $101,370
Time period 5 years
N.B The premium will have to be to be discounted from the interest expense because Franklin corporation sold the bond at a value higher than the face value i.e premium value.
Therefore;
Coupon = $97,000 × 8% × 1/2
= $3,880
Amortization of bond premium = ($101,370 - $97,000) /5 years period
= $4,370/5
= $874
Total interest expense
= $3,880 - $874
= $3,006
1. Use a real-life example to describe the following allocation methods. Hint: Use family, friends, teams, church, and/or clubs for examples.
Brute Force
Market
Queuing
Random Selection
Tradition
Equal Shares
Need
Planned
Answers
A real-life example of the concepts are:
Brute force: The use of different numbers, trying to win the lottery.
Market: The buying and selling of ice cream at backyard sales.
Queuing: Standing in line to pay for goods at a mall
What is Queuing?This refers to the standing in line by a group of people in order to access a particular service.
Hence, we can see that the other answers are:
Random selection: Picking one person out of four persons, through the throw of a die.
Tradition: Going to camp every year between father and son.
Equal Shares: The allocation of the same amount of food in a family
Need: The purchase of food in order to continue living.
Planned: A vacation to a foreign place that has been in the making for a long time.
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Drag each option to the correct location.
Match the scenarios to the factors that affect the labor market.
foreign direct investment
outsourcing
immigration
Answers
Each scenario should be matched to the factors that affect the labor market as follows:
Immigration: Carlos is moving from Mexico to the United States because he got a job in a bank. He had his interview last month, and the bank agreed to hire him because he was willing to work for 10% less than most American workers, even though he has the same qualifications.Foreign direct investment: A US supermarket chain is going to open a few supermarkets in Europe because a recent survey showed that the chain has a huge potential for profits in Europe.Outsourcing: A renowned US information technology firm has recently signed a contract with a company based in the Philippines. The Filipino company will handle the accounts of the US firm. The US firm made this decision to reduce labor costs.What is immigration?Immigration can be defined as the movement of a group of people from one geographical region to another geographical destination such as a city, especially in search of any of the following:
Good governanceSecurityBetter living conditions.WorkJobsSocial amenitiesWhat is a foreign direct investment?A foreign direct investment (FDI) simply refers to a type of investment which is made by an individual or business organization (investor) into an investment market that is located in another country.
In conclusion, an example of foreign direct investment (FDI) is a US supermarket chain that is planning to open a few supermarkets in a country in Europe.
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Answer:
Post Test: Free Market and Businesses
Unit: 2
Economics
Question #12
__________________________________________________________
This is 100% right because I took the test
Go to explanation for picture with answers
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Explanation:
Here's the picture and I hope this helped!
Have a nice day!
In the organizational structure, it is responsible for managing of income and expenses of a company.
Answers
Financial Controller is responsible for managing of income and expenses of a company.
Who is Financial Controller?Vital controllers additionally influence direction, anticipating, and planning at the organization level, in view of bookkeeping information.
The FC is a senior forerunner in the money group. Consequently, it's generally expected that employment forms show huge involvement with bookkeeping and assessment issues, in addition to the capacity to direct others and take responsibility for organization's books.
This requires more than just a gift for numbers. Controllers should be coordinated self-administrators, with the abilities to urge the more extensive organization to follow strategies and techniques.
Therefore it is the Financial controller who basically helps in managing the overall income.
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Cost-push inflation corresponds to ________ output and demand-pull inflation corresponds to ________ output.
Answers
It should be noted that Cost-push inflation corresponds to lower output and demand-pull inflation corresponds to higher output.
What Is Cost-Push Inflation?Cost-push inflation serves as inflation that do take place when overall prices increase as a result of increases in the cost of wages and raw materials
Demand-pull inflation on the other hand describes the effects of an imbalance in aggregate supply and demand.
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What is the name of federal legislation that sets out the statutory rules for statutory interpretation?
a) Civil Procedure Act
b)The Meaning of Words Act
c) Interpretation of legislation Act
d) Acts Interpretation Act
Answers
The name of federal legislation that sets out the statutory rules for statutory interpretation is the "Acts Interpretation Act." Option D.
What is the Acts Interpretation Act?
The Acts Interpretation Act is a piece of legislation in Australia that governs how federal and state legislation is interpreted.
However, It offers standard rules for interpreting legislation, reducing the need for costly legal battles. The Acts Interpretation Act aids in the interpretation of other legislation, as well as the drafting of new legislation.
Therefore, option a) the Civil Procedure Act, b)The Meaning of Words Act, and c) the Interpretation of Legislation Act is wrong.
Hence, the right answer is option D. Acts Interpretation Act.
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The following is the trial balance of kencho sales located in Tabs, Thimphu as on 31st December 2019.You are required to prepare financial statements as at 31st December 2019.
Answers
factorise the following3x^2-18 +24
Answers
Answer:
it's 3(x^2-2) bcoz -18-24= -6 and 3 is divisible into 6 twice
why is international improvement important
Answers
Answer:
Because they have farts
Explanation:
its mindness
corporations are granted the power to issue bonds through
Answers
Answer: State laws.
Explanation:
true or false: cover versions of songs rarely outsold the originals in the 1950s, as audiences saw through the sanitized marketing tactics.
Answers
The statement cover versions of songs rarely outsold the originals in the 1950s, as audiences saw through the sanitized marketing tactics is true because in the 1950s, the cover craze first appeared. The record corporations tried to reach more people by replicating original songs in a way that makes them more appealing to a certain demographic.
Consequently, it was customary for a group of White musicians to "cover" a song by a Black musician. Sometimes a performer who covers a song, like Amy Winehouse or Ray Charles, becomes more associated with the song than the person who originally recorded it. Numerous well-known cover songs—some of which you might not even be aware are covers—have outsold their original albums, grown in popularity, and achieved commercial success.
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Sergio needs to reach his supervisor as soon as possible to make a decision about an important client who is threatening to take their business elsewhere if they do not get an immediate response. What is the MOST logical channel of communication for Sergio to use to contact his supervisor and why?
Answers
Answer: The most logical channel of communication for Sergio to use to contact his supervisor would be a phone call or an instant messaging service. This is because phone calls and instant messaging allow for immediate, real-time communication. Sergio needs to reach his supervisor as soon as possible to make a decision about an important client and these two channels of communication allow for the fastest and most direct form of communication. Email or text message may take longer for the supervisor to receive and respond to, which would not be ideal for Sergio's situation.
Explanation:
When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
Answers
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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select all that apply which of the following are true about a bond's face value? multiple select question. it is the market value of the bond at the time of maturity. it is the principal amount repaid at maturity. it is also known as the par value. a bond's face value is the same for all corporations.
Answers
The par value is another name for it, At maturity the principal is what is repaid. The face value of a bond is accurate in the following ways.
Is a bond's face value always $1,000?The issuer's commitment to make its set, $50 annual installments is unaffected by the market price. The standard par value for bonds is $1,000. Although the par value for bonds in the actual world may be different than $1,000, the SIE test almost always takes this assumption into account.
What is the face value of all bonds?Every bond has a face value, also referred to as a par value. This figure represents the bond's value at maturity and is also used to determine the bond's
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Why would the central bank be interested in increasing inflation
expectations when
the economy is at the ZLB?
Answers
By raising inflation expectations, the central bank aims to encourage spending and investment, which can help boost aggregate demand and alleviate the constraints imposed by the ZLB.
At the Zero Lower Bounds (ZLB), the central bank faces limitations in using conventional monetary policy tools, such as lowering interest rates, to stimulate the economy. With interest rates already near zero, further rate cuts become ineffective in stimulating borrowing and spending. In such a situation, increasing inflation expectations can serve as an alternative policy approach.
By actively increasing inflation expectations, the central bank aims to influence households and businesses to anticipate higher future prices. This expectation can lead to increased spending and investment in the present, as individuals and firms try to avoid the anticipated higher costs in the future. This increased economic activity can help stimulate aggregate demand, encourage borrowing and lending, and ultimately support economic growth.
Furthermore, higher inflation expectations can also reduce the real interest rate, which is the nominal interest rate adjusted for inflation. When inflation expectations rise, individuals and businesses may demand lower real interest rates, which can further encourage borrowing and investment.
Overall, when the economy is at the ZLB, the central bank may seek to increase inflation expectations as a means to stimulate economic activity, encourage spending and investment, and mitigate the challenges posed by the constraints of conventional monetary policy.
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Which account option offers a higher rate of return in exchange for deposits that are
larger than normal?
O Certificate of deposit
Checking
O Savings
Money market
Answers
Answer:
A Money Market Deposit Account is similar to regular savings account, but offers a higher rate of interest in exchange for larger than normal deposits. A Money Market Fund invests in low risk securities
Money market is the account option offers a higher rate of return in exchange for deposits that are larger than normal. Hence, option D is correct.
What is money market?A money market deposit account offers a greater rate of interest in exchange for larger deposits than usual, Similar to a standard savings account. A money market fund makes low-risk investments.
Commercial paper, call money, bills of exchange, promissory notes, trade credit, and certificates of deposit are the examples.
Thus, option D is correct.
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Explain south africa's reaction to the recommendations given by the who
Answers
Answer:
WHO guidelines
The development of global guidelines ensuring the appropriate use of evidence represents one of the core functions of WHO.
A WHO guideline is defined broadly as any information product developed by WHO that contains recommendations for clinical practice or public health policy. Recommendations are statements designed to help end-users make informed decisions on whether, when and how to undertake specific actions such as clinical interventions, diagnostic tests or public health measures, with the aim of achieving the best possible individual or collective health outcomes.
The Guidelines Review Committee ensure that WHO guidelines are of a high methodological quality and are developed through a transparent, evidence-based decision-making process. Guidelines are subject to a rigorous quality assurance process that helps to ensure that each and every published guideline is trustworthy, impactful and meets the highest international standards.
Explanation:
WHO guidelines
The development of global guidelines ensuring the appropriate use of evidence represents one of the core functions of WHO.
A WHO guideline is defined broadly as any information product developed by WHO that contains recommendations for clinical practice or public health policy. Recommendations are statements designed to help end-users make informed decisions on whether, when and how to undertake specific actions such as clinical interventions, diagnostic tests or public health measures, with the aim of achieving the best possible individual or collective health outcomes.
The Guidelines Review Committee ensure that WHO guidelines are of a high methodological quality and are developed through a transparent, evidence-based decision-making process. Guidelines are subject to a rigorous quality assurance process that helps to ensure that each and every published guideline is trustworthy, impactful and meets the highest international standards.
What refers to training and empowering frontline workers to
Answers
The term that refers to training and empowering frontline workers to solve a problem immediately is "just-in-time" (JIT). Here option A is the correct answer.
JIT is a production strategy that emphasizes the importance of reducing waste, improving efficiency, and increasing productivity by providing the right resources at the right time. It aims to minimize inventory and work in progress by delivering the necessary inputs and resources exactly when and where they are needed.
In the context of problem-solving, JIT involves giving frontline workers the skills, knowledge, and tools to identify and address issues as they arise. This approach allows them to take quick action to solve problems before they escalate and become more costly to address. JIT training often includes the use of visual aids, checklists, and other tools to guide workers in identifying and resolving issues.
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Complete question:
What refers to training and empowering frontline workers to solve a problem immediately?
a. just-in-time
b. poka-yoke
c. benchmarking
d. kaizen
You Are The Audit Partner Of Pride Ltd And You Have Been Assigned To Audit Bee Ltd At The End Of The Financial Year Of December 2018. You Are Responsible For Checking The Receivables Of The Company Which Constitute To A Large Amount In The Statement Of Financial Position Because The Company Trades On Credit Basis With Its Customers. Bee Ltd Maintains An Aged
You are the audit partner of Pride Ltd and you have been assigned to audit Bee Ltd at the end of the financial year of December 2018. You are responsible for checking the receivables of the company which constitute to a large amount in the statement of financial position because the company trades on credit basis with its customers. Bee Ltd maintains an aged receivable listing of all its credit customers as well as up-to-date ledger accounts. Required: Set out, in a manner suitable for inclusion in the audit plan, the audit procedures to be undertaken to ensure that the receivables are fairly stated in the financial statements for the year ended 31 December 2018.
Answers
Audit Procedures for Receivables:
Obtain the aged receivable listing from Bee Ltd and review it for completeness and accuracy. Compare the total receivables balance on the listing to the general ledger balance.
Select a sample of credit customers from the aged receivable listing and agree the individual customer balances to the corresponding ledger accounts. Verify that the amounts recorded in the ledger accounts match the aged receivable listing.
Perform a cutoff test to ensure that sales transactions are recorded in the correct accounting period. Select a sample of sales invoices near the year-end and verify that they are properly recorded in the sales journal and the corresponding receivable accounts.
Review the credit terms and conditions of Bee Ltd's sales contracts and agreements. Ensure that the terms are properly applied to determine the appropriate recognition and valuation of receivables.
Confirm a sample of customer balances directly with the customers. Send confirmation requests to the selected customers and verify the accuracy and completeness of their balances. Follow up on any discrepancies or non-responses.
Perform a review of the allowance for doubtful accounts. Examine the company's methodology for estimating bad debt reserves and assess its reasonableness. Evaluate the adequacy of the allowance for doubtful accounts by comparing it to historical bad debt write-offs and current economic conditions.
Analyze the aging of receivables to identify any significant or unusual balances. Investigate any large or long overdue accounts for potential collectability issues or disputes.
Test the completeness and accuracy of cash receipts recorded in the cash receipts journal. Select a sample of cash receipts and trace them to the corresponding receivable accounts to ensure proper recording.
Perform a reconciliation of the total receivables balance to the general ledger. Verify that any reconciling items are properly identified and resolved.
Assess the adequacy of internal controls over receivables. Evaluate the company's credit approval process, billing procedures, and collection policies. Identify any weaknesses or areas for improvement.
Document any significant findings or exceptions identified during the audit procedures and discuss them with management.
Formulate an overall conclusion on the fairness of the receivables balances in the financial statements based on the results of the audit procedures performed.
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