You are an auditor on the Alpha Limited (Alpha) engagement. Alpha’s accounts receivable master file includes the following fields:
Field Number Field Name
1
Debtor account number
2
Debtor name
3
Debtor address
4
Credit limit
5
Total balance
6
Balance > 60 days overdue
7
Sales year-to-date total
a. Alpha has integrated a programmed input application control (a limit check – refer module 2) on the credit limit field (4) above. Describe a specific, practical audit procedure you would undertake to test this application control is operating effectively.
b. Using generalised audit software, outline one (1) exception report that could be produced from the above masterfile to assist with the audit of accuracy, valuation and allocation of accounts receivable. Discuss how this report will be utilised in providing relevant evidence necessary to substantiate this assertion.

Yes this is true. Average total cost is calculated by dividing the total cost of production by the quantity of output produced. It provides information on the cost per unit of output, helping producers to make informed decisions about pricing and production levels.

This statement is accurate because the average total cost (ATC) represents the sum of all production costs divided by the quantity of output.

This gives the producer an idea of the cost per unit produced, allowing them to make informed decisions regarding production levels and pricing.

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The following is not law that provides protection against discrimination in the workplace is the Civil Rights Act. The correct option is

An important piece of legislation that protects against job discrimination is the Civil Rights Act. It is essential for establishing fairness and equitable chances for everyone in workplace environments. An important piece of American law that outlaws discrimination on the basis of race, color, religion, sex, and national origin is the Civil Rights Act of 1964. It is a thorough piece of legislation that addresses all facets of discrimination, including employment. Employment discrimination is expressly addressed in Title VII of the Civil Rights Act.

Employers are not allowed to treat workers or job seekers unfairly because of certain protected characteristics, which include race, color, religion, sex, and national origin. This implies that these criteria cannot be used by employers to determine who is hired, fired, or promoted.\

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Finishing her office work quicker represents a(n) operational goal.

The following information should be considered related to the operational goal is:

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the break-even point would be 16,500 units, which is not one of the options given. However, if we round up to the nearest whole number, the answer would be (a) 14,667 units.

The break-even point is the level of sales at which total revenue equals total costs, resulting in a zero profit. To calculate the break-even point, we need to find the contribution margin per unit, which is the difference between the sales price per unit and variable cost per unit.
Contribution margin per unit = Sales price per unit - Variable cost per unit
= ($8,000,000 / 20,000 units) - ($5,000,000 / 20,000 units)
= $150 - $250
= -$100 (negative means loss)
This means that for every unit sold, the company is losing $100.
To reach the break-even point, we need to cover the fixed costs of $1,650,000. We can calculate how many units need to be sold to cover these costs by dividing the fixed costs by the contribution margin per unit:
Break-even point (in units) = Fixed costs / Contribution margin per unit
= $1,650,000 / -$100
= 16,500 units
Therefore, the break-even point would be 16,500 units, which is not one of the options given. However, if we round up to the nearest whole number, the answer would be (a) 14,667 units.

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Answer:

Arts, AV Technology, and Communications Cluster:

John Smith

Career: Graphic Designer

Plans to work at: ABC Advertising Agency

Task: Creating visually appealing designs for marketing campaigns and advertisements.

Emily Jones

Career: Web Developer

Plans to work at: XYZ Tech Firm

Task: Writing code and developing websites that are user-friendly and aesthetically pleasing.

Sarah Lee

Career: Video Production Specialist

Plans to work at: DEF Media Company

Task: Shooting and editing videos for various projects, including commercials, documentaries, and music videos.

Michael Rodriguez

Career: Public Relations Specialist

Plans to work at: GHI Nonprofit Organization

Task: Developing and implementing public relations strategies to promote the organization's mission and increase awareness.

Hospitality and Tourism Cluster:

Samantha Chen

Career: Hotel Manager

Plans to work at: JW Marriott Hotel

Task: Overseeing daily operations, managing staff, and ensuring guests have a comfortable stay.

David Kim

Career: Event Planner

Plans to work at: Eventful Productions

Task: Planning and executing events, including weddings, corporate events, and fundraisers.

Jennifer Garcia

Career: Travel Agent

Plans to work at: AAA Travel Agency

Task: Helping clients plan and book trips that meet their budget and preferences, including flights, hotels, and activities.

Ryan Patel

Career: Restaurant Manager

Plans to work at: Olive Garden

Task: Managing the restaurant's budget, hiring and training staff, ensuring food quality and customer satisfaction.

Answer:

Net Income = $1125

Explanation:

The net income is the difference between the revenue and the total costs incurred to earn that revenue. It can be calculated as follows,

Net Income = Revenue - Total costs

The revenue in the given question can be calculated by multiplying the selling price per arrangement by the number of arrangements sold.

Revenue = 55 * 25

Revenue = $1375

The total cost for materials needed for 25 arrangements is provided and there are no other costs.

Net Income = 1375 - 250

Net Income = $1125

If the market for soccer balls is saturated and the market for soccer nets is open, a combination which makes the most sense for Sabrina’s Soccer is: F.

A production possibilities curve (PPC) is also referred to as the production possibilities diagram or the production possibilities frontier (PPF) and it can be defined as a type of chart that is typically used for illustrating the maximum and best combinations of two products that can be produced by a producer (manufacturer) in an economy, if they both depend on these two (2) factors;

Based on the production possibilities curve (see attachment), we can reasonably infer and logically deduce that the maximum and best combinations that would offer the most sense for Sabrina’s Soccer is option F with 0 for soccer balls and 5 for soccer nets.

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Answer:

UNSOUGHT GOOD & SERVICES

To record the receipt of cash and the sales discount by Thomas Company on November 26.

Given that Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2024, and that the units have a list price of $760 each but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30, to record the cash collection on November 26, we need to follow these steps:

Step 1: Calculate the net price after the trade discount is deducted

We are given that Thomas was given a 25% trade discount. The net price after the trade discount is the list price multiplied by (100% - 25%) = 75%.

Therefore, the net price for one unit after a 25% discount is:

Net price = List price × (1 - Trade discount rate)

= $760 × (1 - 0.25)

= $760 × 0.75

= $570

So, the net price for 100 units = $570 × 100

= $57000

Step 2: Record the sale and assume that Thomas made the payment within 10 days, which qualifies him for the discount. The journal entry for the sale will be:

Account TitlesDebitCredit

Accounts Receivable $57,000

Sales Revenue $76,000

To record the sale of 100 units to Thomas Company

Step 3: Record the cash collection on November 26

On November 26, Thomas Company paid the invoice. Thomas Company is entitled to a 2% discount since he paid the invoice within 10 days. Therefore, the cash received by Tracy Company is the net price minus the discount.

Net price = $570 × 100 units

= $57,000

Less: Discount = 2% × $57,000

= $1140

Amount received = $57,000 - $1,140

= $55,860.

The journal entry to record the receipt of cash will be:

Account Titles Debit Credit

Cash$55,860

Accounts Receivable$57,000

Sales Discounts$1,140

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Explanation:

1) If a government decides to run a hospital, the

prices are likely to be less or free of cost.

2) the payments are made by the taxpayers.

3)A government will want to run a hospital because the economy might have many poor people and will want to reduce the death rate.

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Answer:

The main functions of the ECA include the study of problems of the economic and social development of the African countries, the promotion of the economic development of the African states, and the strengthening of their economic relations both with one another and with other countries.

The ECA's key responsibilities include researching problems of African countries' economic and social growth, fostering African states' economic development, and improving their economic relations with one another and with other countries.

For more information about this topic, you can always check out: https://encyclopedia2.thefreedictionary.com/Economic+Commission+for+Africa#:~:text=The%20main%20functions%20of%20the,another%20and%20with%20other%20countries.

Hope this helps; have a great day!

Answer:

a. Fishbone Diagram

Explanation:

The problem-solving process can be defined as the systematic approach used to identify and determine the solution to a particular problem.

The steps involved in the problem-solving process are;

1. Identify and define the problem.

2. Gathering of information.

3. Consider your options.

4. Weigh disadvantages and evaluate a solution.

A Fishbone diagram is also referred to as Ishikawa diagram and it can be defined as a cause and effect diagram that is typically used by managers to identify possible reasons for failure, defect, variation, imperfection, so as to discover the root cause of a problem and proffering the right solution. It was designed and developed by Professor Kaoru Ishikawa in the 1960s.

Cause and effect can be defined as the relationship between two things or events in which an occurrence one (cause) leads to the occurrence of another (effect).

Hence, the following exchange "We pay higher costs than we need to when we go bowling because we don’t own our own equipment." demonstrates the Fishbone diagram.

Answer:

knowing how to play on emotions but also not make people feel like terrible human beings?

Explanation:

C. Business Intelligence AnalystThe responsibilities of a Business Intelligence Analyst typically include collaborating with cross-functional teams on projects and analyzing organizational data to identify insights, trends, and opportunities for improvement.

Business Intelligence Analysts work with a variety of stakeholders, including IT teams, business leaders, and end-users, to gather and analyze data from different sources and present findings in a clear and actionable way.Systems Analysts, on the other hand, focus more on the technical aspects of designing and implementing information systems that meet the needs of an organization. Consultants may work in a variety of roles, but their primary responsibility is typically to provide expert advice and guidance to organizations seeking to solve complex problems or improve their operations. Server administrators are responsible for managing the servers and network infrastructure that support an organization's IT systems. Technical sales professionals are responsible for selling technical products or services to clients and customers, often requiring a deep understanding of the technical features and capabilities of the products

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The Fair Labor Standards Act (FLSA) sets federal minimum wage and overtime rules for the employees. It is an act that applies to employers engaged in interstate commerce or producing goods for interstate commerce.

The FLSA excludes some categories of employees from overtime rules, except for the individuals who work for the federal government. In general, the FLSA covers all employers that have annual sales exceeding $500,000 and all employers that engage in interstate commerce. The FLSA excludes executive, administrative, and professional employees as well as outside salespeople and some specialized employees, including truck drivers, taxi drivers, and computer professionals, from overtime pay.

Also, employees working in seasonal or recreational establishments may be excluded from the act's overtime rules if the employer meets certain requirements. The correct answer to the question, the Fair Labor Standards Act (FLSA) excludes all of the following categories of employees from overtime rules except employees who work for the federal government. The FLSA includes everyone but those working for the federal government who is eligible for overtime pay.

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a. Policy and procedure requirements include adherence to information security policies, change management procedures, and incident response protocols.

b. Yes, documentation should be maintained and named according to established naming conventions and file management guidelines.

a. Organizations should have policies in place that outline security practices, such as access controls, data encryption, and incident reporting. Compliance with these policies ensures that security measures are implemented consistently throughout the organization.

It is important to have documented procedures for managing changes to systems, processes, or configurations. These procedures typically include steps for requesting, reviewing, approving, and implementing changes, ensuring that proper controls and testing are in place to minimize risks.

Organizations should have established protocols for responding to security incidents, such as data breaches or cyberattacks. These protocols outline the roles, responsibilities, and actions to be taken during and after an incident, ensuring a coordinated and effective response.

b. Maintaining documentation is crucial for effective implementation and ongoing management of an action plan. It is recommended to maintain documentation in a structured manner and follow established naming conventions and file management guidelines. This ensures consistency, easy retrieval, and efficient collaboration among stakeholders.

Documentation should be appropriately named to reflect its content and purpose, making it easier to locate and reference when needed. Consistent documentation practices also facilitate version control and auditability, enabling organizations to track changes, review past actions, and ensure compliance with internal and external requirements.

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The general ledger's expense account is debited for the sum of each expense column.

An organization employs a general ledger, which is a group of numbered accounts, to record its financial activities and generate financial reports. A unique record detailing a particular kind of asset, risk, equity, revenue, or expense makes up each account.

Accounts receivable, a commodity account, represents money owed to your business. Accounts payable refers to money that your business owes to creditors for expenses. Cash: Easily convertible assets held by your company, such as accounts and owner' equity.

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Answer:

Prospect Research

Explanation:

just took the test!

The disadvantage of choosing a job that is very popular or a job that is in high demand is that after a while such a job may become saturated or it would become monotonous.

This is the term that is used to refer to a job that the people that wpould employ labor are constantly in need of. Such a job is one that would require the people that have the qualification to opt in and get the places and the roles that they are to fill.

The issues that may arise from such a job that is in high demand is that after a period, such a job may have a lot of persons that would want to fulfil the role.

The number of qualified persons may become more than the job that is available for the people to do in the long run.

Hence this is a disadvantage. Therefore I would conclude by saying that the disadvantage of choosing a highly popular job is that the number of persons that are willing to fulfil the role may exceed the job overtime.

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Answer:

b) debit accounts receivable, credit capital

Explanation:

Performing service is part of normal business activities. It generates revenue for the business.

Once a service has been performed, revenue increases. Revenue is an equity account (it increases the owner's equity). An increase to an equity account is recorded by crediting the account.

The payment will be received in 30 days. This is an increase in accounts receivables ( asset account). An increase in assets is recorded as a debit.

The minimum amount that should be kept in an emergency fund is $8,700.

While the size of your emergency fund will vary according to your lifestyle, monthly expenses, income, and dependents, the general rule is to save three to six months' worth of expenses.

An emergency fund is a necessary part of any sound financial strategy.

The rule of thumb is to keep three to six months' worth of household expenses in your emergency fund.

To populate your fund, look for ways to save money and contribute those savings, as well as any financial windfalls.

An emergency fund is a cash reserve set aside specifically for unforeseen costs or financial emergencies. Typical examples include car repairs, home repairs, medical expenses, and lost wages.

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The complete question is:

A UCF grad has gross monthly income of $3,200 and net take home pay of $2,900 per month, which approximates his/her monthly living expenses. What is the minimum amount should have in his/her emergency fund?

$25,200

$19,200

$8,700

$8,400

Answer:

pay

Explanation:

Most time, when an error is found when posting to the ledger, it would  be corrected by reversing the incorrect entry and use a second journal entry to record the transaction correctly,

In a ledger, the error can be called a wrong posting may be in the forms of posting a wrong amount to a ledger account or posting to the wrong side of an account or double posting.

All these type of errors affect mostly only one side of ledger accounts and they are mostly revealed by the trial balance through disagreement of debit and credit totals.

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Answer:

True

Explanation:

It is TRUE that the owner of a franchise benefits from brand name recognition, access to professional and nationwide advertising.

This is because the owner of a franchise has various advantages. The advantages include enhanced reputation which covers all the places there is a franchise.

Then there is an increase in management techniques and work practices, including access to national advertising to cover many places and continuous support.

Answer:

822 hours

Explanation:

The charge per hour is $10.25.

To earn a total of $8,425,  one need to work ? hours.

1 hr =$10.25

? hrs = $8,425

?hrs = $8,425 / $10.25

=821.951

=822 hours

Answer:

intervene and tell the supervisor you had assumed responsibility for the paperwork and forgot

Explanation:

The golden rule is based on a principle of reciprocity and it states that one should treat others the way they want to be treated.

Different religions overtime have the same principle embedded in their doctrines.

In the given scenario where a coworker told you to compete some work for him before leaving and you failed to do so, when the coworker is being reprimanded you should take responsibility for the paperwork and say you forgot.

This is only fair on your coworker seeing it wasn't his fault the work was not done.

Also when you treat people fairly you can also be expected to be treated fairly too.

President Reagan's model for supply side economics emphasised on reducing taxes as the first step for triggering the cycle of Growth.

Supply-side economics is a macroeconomic theory in which focus is given on supply side. In this theory Tax reduction ,decrease in regulation will ultimately improve the economic growth.

Producers will pass on the benifits to employees and on production front the produce will be more with lower prices.

Reducing taxes as per supply side economics will trigger a cycle of growth. Hence Option A is correct.

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Answer:

A

Explanation:

Answer:

2) These jobs are often outsourced to overseas factories.

Explanation:

The correct option is B. These jobs are often outsourced to overseas factories which best explains the decrease in manufacturing jobs over the next few years.

Outsourcing jobs enables American businesses to compete more effectively on a global scale. With abroad branches, they are able to sell to foreign markets. By employing in developing nations with lesser standards of living, they maintain low labor prices. As a result, the prices of the commodities they ship back to the US are reduced.

Production outsourcing has significant effects on labor and material costs, with a tendency to drive up material costs and drive down labor costs. This study also demonstrates that process techniques do not moderate the impact of high levels of supplier integration on total COGS.

The best choice is B. The loss in manufacturing jobs over the next years can be best explained by the fact that these positions are frequently outsourced to manufacturers in other countries.

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Cody's current financial position can be described as average. and Cody's Net Worth is $3,805

Statement of Financial Position for Cody as of August 1:

Assets:

Cash and Cash Equivalents: $1,505 ($560 in checking + $945 in savings)

Investments: $3,400

Property, Plant, and Equipment: $5,150 ($4,500 for truck + $250 for television + $200 for MP3 player + $750 for laptop + $250 for game system + $200 for watch)

Liabilities:

Credit Card Debt: $2,050 ($850 + $1,200)

Student Loans: $2,600

Borrowed from Parents: $200

Total Liabilities: $4,850

Net Worth: $3,805

Cody's current financial position can be described as average. Although he has some liabilities, such as credit card debt and student loans, his net worth is positive, indicating he has more assets than liabilities. Additionally, he has savings and investments, which shows he is actively saving for the future. Two specific examples to support this position are: (1) Cody's ownership of a truck worth $4,500, and (2) his savings of $3,400 in other types of savings tools at a depository institution. These two assets alone make up more than half of his net worth.

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Full Question:

Although part of your question is missing, you might be referring to this full question:

Cody is enrolled in a personal finance class in his second semester of college and one of the assignments is to

create a Statement of Financial Position. Although he feels overwhelmed, he has gathered his financial

information and is ready to complete this task. Use the information below to help Cody create his Statement

of Financial Position for August 1. (10 points for completion)

Cody begins by looking through the stack of bills and statements he has filed. He currently owes $2,600 in

student loans and has a credit card balance of $850 for one card and $1,200 for another.  He remembers that

he borrowed $200 from his parents to go to Florida for spring break and he owes $3,200 for his truck, which

is worth $4,500.  

Although he doesn't own a home, Cody invested in some furnishings before moving to his own apartment

last semester. He owns a television valued at $250 and an MP3 player which is worth $200. When he started

school, he purchased a laptop, which is now valued at $750.  He owns a game system valued at $250 and

although he owns clothing and other items, he realizes the only other item of real value is a watch his

grandfather left him. Last year Cody's mother visited an antique appraiser and learned the watch was worth

$200. His current checking account balance is $560 and $945 is available in his savings account. Cody also has

$3,400 saved in other types of savings tools at a depository institution.

Using the template provided, complete Cody's Statement of Financial Position. When the statement is

complete use it to answer the questions below about Cody's overall "financial temperature."

1. Would you describe Cody's current financial position as good, average, or poor? Provide two specific

examples to support your position