Your audit firm has recently accepted a new client, Crafts PLC, a manufacturer of building materials (cement, mortar and bricks). The company has experienced rapid growth in the last three years. The company's financial year ends on 31 st December. Crafts PLC has yet to have its financial statements audited since the company has recently changed from a limited liability partnership to a PLC. Given the soaring demand for the building materials, the Crafts PLC requires high levels of inventory. This has led the company to request an increase in its bank overdraft facility. The company's financial analysts and bankers have suggested that an external audit is performed on Crafts PLC's financial statements for the year ending 31 st December 2021. The company's bankers have requested that an audit is undertaken on the financial On 31st December, Crafts PLC's inventory includes raw materials, work-in-progress and finished goods. Crafts PLC does not perform perpetual inventory counting. However, it does conduct a full inventory count but does intend to perform a full inventory count on 31 st December. Crafts PLC employs a standard costing system to calculate work in progress and finished goods. Required (a) Carefully examine the objectives of the audit planning stage, with emphasis on areas that will aid the auditor in gaining a comprehensive knowledge and understanding of the business?

The  average price level is roughly 150. along these lines, choice (D) is exact.

The average price level otherwise called the cost level or the general cost level, is a proportion of the general degree of costs in an economy. It addresses the typical cost of labor and products in the economy along at a given movement. To work out the normal cost level, we can utilize the condition of trade:

Cash Supply * Speed = Cost Level * Genuine Gross domestic product

Connecting the given qualities:

Cash Supply = $375 million

Speed = 5 Genuine Gross domestic product = $12.5 million

$375 million * 5 = Cost Level * $12.5 million

$1.875 billion = Cost Level * $12.5 million

To disconnect the Cost Level, we partition the two sides of the situation by $12.5 million:

Cost Level = $1.875 billion/$12.5 million

Cost Level ≈ 150

In this manner, the  average price level is roughly 150.

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The mortgage payment formula is used to calculate the monthly payments on a 15 year mortgage. Given that the mortgage is worth $275,000 and carries an annual interest rate of 3%, the monthly payment is calculated as follows:Explanation

The mortgage payment formula is used to calculate the monthly payments on a 15 year mortgage. Given that the mortgage is worth $275,000 and carries an annual interest rate of 3%, the monthly payment is calculated as follows:Explanation:We need to use the formula;M = P [ r(1+r)^n / (1+r)^n-1 ]Here,M = monthly paymentP = $275,000r = 3% per annum / 12 months = 0.0025 per monthn = 15 years * 12 months = 180 monthsPutting values in the formula,M = 275000 * [0.0025(1+0.0025)^180 / (1+0.0025)^180 - 1]M = $1,899.10Therefore, the monthly payment on a 15 year mortgage worth $275,000 with a 3% annual interest rate is $1,899.10.

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The  feature of a certificate of deposit (CD) is that money can be fixed for some period of time.

A certificate of deposit (CD)  can be described as the  savings account which is hep to hold  fixed amount of money  so that it can be saved for some  period of time.

It should be noted that  this period could be six months, one year, or five years, and in exchange, the issuing bank pays interest.

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If a Brazilian soda company built a soda factory in Tennessee with plans to export soda back to Brazil, in the U.S. balance of trade, it would be recorded as an export.

The balance of trade is a measure of the value of a country's exports minus the value of its imports. When the Brazilian soda company exports soda from the factory in Tennessee back to Brazil, it contributes to the U.S. export value. The export value represents the value of goods or services produced within the U.S. and sold to other countries. In this scenario, the soda exported by the Brazilian company would be considered a U.S. export because it was produced within the United States and is being sold to Brazil. It adds to the U.S. export value, which positively affects the U.S. balance of trade. It is worth noting that the balance of trade considers the overall value of exports and imports of goods and services between countries and is an important indicator of a country's economic performance and trade relationships.

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Answer:

positive or favorable balance of payments.

This means that the equipment will pay for itself in 2.6 years, or just over 2 and a half years.

To determine the break-even time for the shoe manufacturer's new equipment, we need to calculate the point at which the cumulative cash flows generated by the equipment equal the initial investment of $117,000.
To do this, we can use the formula for the payback period, which is:

Payback period = Initial investment / Net cash inflow per year

In this case, the initial investment is $117,000 and the net cash inflow per year is $45,000. Therefore, the payback period can be calculated as:

Payback period = $117,000 / $45,000 = 2.6 years

It's important to note that the payback period is just one measure of the profitability of an investment. While a short payback period can be desirable, it doesn't take into account the time value of money or the potential for future cash flows beyond the payback period. It's also important to consider other factors such as the equipment's potential to increase revenue or reduce costs in the long term.

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A song by Omega X called Love me Like

The average payment periods for 2018, 2019, and 2020 are 92.86 days, 82.28 days, and 85.94 days respectively.

To calculate the accounts payable turnover rate, we use the formula: Cost of Goods Sold / Average Accounts Payable. For the average payment period, we use the formula: (Accounts Payable / Cost of Goods Sold) x 365 days.

2018:
Accounts Payable Turnover Rate = 675,000 / 171,000 = 3.95
Average Payment Period = (171,000 / 675,000) x 365 = 92.86 days

2019:
Accounts Payable Turnover Rate = 795,000 / ((171,000 + 191,000) / 2) = 4.48
Average Payment Period = ((171,000 + 191,000) / 2) / 795,000 x 365 = 82.28 days

2020:
Accounts Payable Turnover Rate = 1,015,000 / ((191,000 + 241,000) / 2) = 5.24
Average Payment Period = ((191,000 + 241,000) / 2) / 1,015,000 x 365 = 85.94 days

Therefore, the accounts payable turnover rates for 2018, 2019, and 2020 are 3.95, 4.48, and 5.24 respectively.

The average payment periods for 2018, 2019, and 2020 are 92.86 days, 82.28 days, and 85.94 days respectively.

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The people that is part of the labor force is option D: an auto mechanic

The best example of frictional unemployment is option D: a company moving to another state, leaving its workforce without jobs

The ways that the economy is affected when the unemployment rate goes up are option B and C:

The most likely result of incomes not rising as quickly as inflation is option  B: The unemployment rate rises as more people look for jobs.

The way the standard of living in the United States generally changed over the past 100 years is option B: It has gotten much better.

The labor force is the whole population that is actively seeking employment. It is measured in terms of the number of days and is independent of wage rates. The workforce is the total number of people who are really employed.

Short-term unemployment includes frictional unemployment. When someone actively seeks a job or a new career, they are said to be in a frictional state of unemployment. Unemployment that is only intermittent isn't always a terrible thing. In fact, since it's voluntary, frictional unemployment may be a sign of a strong economy.

Hence, the term "workforce" or "labor force" refers to the group of people who are either employed or unemployed and an auto mechanic is a  good example of it.

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Answer:

The answers are 1. D 2. B3. A and D4. A 5. B 

Explanation:

! I'm here to help, and hopefully it's helpful, even though it's probably LATE. I do however apologize for this being a late answer to this question. I'm so very sorry if this isn't helpful.

The additional tactics to be included is use of value-based price in conjunction with all elements of the marketing mix communicating value to the customer

Basically, a value-based pricing is a prices fixing strategy based on consumers perceived value of the product in the market

In conclusion, the Option B is correct.

The missing option includes "a.) employ a general market approach to pricing which considers what the market as a whole sees as valuable in a product or service b.) use a value-based price in conjunction with all elements of the marketing mix communicating value to the customer c.) offer a middle price point with the established price and tout the singularity of the product’s value"

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A perfectly competitive market equilibrium is effective for most purposes when market failures are not present. All mutually beneficial transactions are completed, and the overall economic surplus is maximized.

Market supply and demand must balance one another to reach equilibrium, which leads to stable prices. In general, when there is an abundance of goods or services, prices decline, which increases market failures demand, while when there is a shortage, prices rise, which decreases demand.

The equilibrium price is where the supply of goods matches demand. When a major index experiences a period of consolidation or sideways momentum, it can be said that the forces of supply and demand are equilibrium relatively equal and the market is in a state of equilibrium.

Economists find that prices tend to fluctuate around the equilibrium levels. If the price rises too high, market forces will incentivize sellers to come in and produce more. If the price is too low, additional buyers will market failures bid up the price. These activities keep the equilibrium level in relative balance over time.

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Answer:

Planning

Explanation:

I think is the answer lmk if its wrong:)

Answer:

Planning

Explanation:

Answer:

Explanation:

depreciation

When consumed, many goods and services have an impact on other people not using the product. Depreciation word describes this impact. The correct option is B.

Application developers who have already subscribed to a product may still use it after it is deprecated, but no new developers may do so. We disapprove of this use of company funds for political activities. to say that you disapprove of something.

In order to maintain backward compatibility and give programmers time to bring affected code into compliance with the new standard, features are deprecated rather than immediately removed. The following are some of the primary causes of depreciation: A more potent substitute feature has taken the place of the former feature.

Thus, the ideal selection is option B.

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Price is the biggest and most important direct determinant in a market for aspects like distribution, producers, and the consumers in the market at large.

Price of a product, in an economy, can be referred to or considered as the rate at which a particular quantity of such product is demanded and supplied in the market in which such price prevails.

Higher price attracts producers and distributors, while lower price of a product in a market will attract a larger number of customers to buy such product.

Therefore, the significance regarding price has been aforementioned.

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Answer:

the equilibrium price and quantity of  traditional autos decreases

the equilibrium price and quantity of electric cars increases

Explanation:

Due to the decrease in demand for traditional autos, there would be a leftward shift of the demand curve for traditional autos. As a result, equilibrium price and quantity would fall.

Due to the increase in demand for electric-powered autos, there would be a rightward shift of the demand curve for traditional autos. As a result, equilibrium price and quantity would increase.

Please check the attached images for graphical illustrations

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas.

The annual inflation rate for the United States is 7.7% for the 12 months ended October 2022 after rising 8.2% previously, according to U.S. Labor Department data published Nov. 10.

A purchaser is someone or a set who intends to reserve, or uses bought goods, products, or services in general for private, social, family, family and similar desires, who isn't always directly associated with entrepreneurial or commercial enterprise sports. The time period maximum typically refers to someone who purchases goods and offerings for private use.“customers, by definition, include us all," stated President John F. Kennedy, providing his definition to the us Congress on March 15, 1962. This speech became the basis for the creation of worldwide consumer Rights Day, now celebrated on March 15. In his speech : John Fitzgerald Kennedy mentioned the indispensable duty to clients from their respective governments to help workout clients' .

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The primary difficulty in the allocation of overhead costs to prospective projects is that the costs may not represent an incremental expense.

Overhead costs are indirect costs that are not directly attributable to a specific product or project. They may include expenses such as rent, utilities, and administrative salaries, which are shared by all projects and activities within an organization.

Allocating overhead costs to individual projects can be challenging because it is often difficult to determine how much of the overhead costs should be assigned to each project. The allocation process may involve making assumptions about how much of each overhead cost is attributable to each project based on factors such as the number of employees working on the project or the amount of space occupied by the project team.

The primary difficulty in this process is that the overhead costs may not represent an incremental expense for the project. This means that the costs may have been incurred regardless of whether the project is undertaken or not. Therefore, allocating overhead costs to a project may not accurately reflect the actual incremental cost of the project, which can impact the project's net present value (NPV) and make it more difficult to accurately assess the project's profitability.

Other factors, such as uncertainty around the discount rate and the possibility that expenses have been previously allocated, may also present challenges in allocating overhead costs to prospective projects.

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A market segment that is large enough to justify its own marketing mix is said to be substantial, while a market segment is accessible if marketers can reach members of the segment with customized marketing mixes.

Market segmentation involves dividing a larger market into smaller groups of consumers with similar needs or characteristics. Substantial market segments are large enough to justify the development and implementation of a unique marketing mix tailored specifically to the needs of that segment. For example, a company may identify a substantial market segment of health-conscious consumers who are willing to pay a premium for organic or all-natural products. In this case, the company may develop a unique marketing mix that emphasizes the health benefits and natural ingredients of their products, and target this segment through specific marketing channels.

Accessible market segments are those that can be reached with customized marketing mixes. This means that marketers can identify and communicate with members of the segment through specific marketing channels or tactics. For example, a company may identify an accessible market segment of young adults who spend a lot of time on social media. In this case, the company may develop a customized marketing mix that includes social media advertising, influencer partnerships, and other tactics to reach this segment.

Overall, identifying both substantial and accessible market segments is critical for developing effective marketing strategies that reach and resonate with the target audience.

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Answer:

Informational interviews on the position and background research on the

company.

Explanation:

A job interview helps select a suitable person to fill in the vacant position. The interviewer will ask questions to gauge the candidate's understanding of that position. Research on the positions will give a candidate confidence and content when responding to questions.

Research on the company provides background understanding, which helps them relate the job requirements and the company. This information will help convince interviewers of one suitability on the job. A candidate appears knowledgeable and familiar with what is expected of them.

ANSWER: 1. Interim financial statements are presented for periods shorter than a fiscal year whereas IFRS mandates interim reporting at the end of half-yearly periods. 2. IFRS mandates interim reporting, whereas GAAP does not.

Interim reporting requirements that a corporation would have are described below:

1. Guidance related to Interim financial reporting under GAAP and IFRS: Interim financial statements are presented for periods shorter than a fiscal year in interim financial reporting. GAAP does not provide the required frequency for interim reporting, whereas IFRS mandates interim reporting at the end of half-yearly periods.

2. A hypothetical financial statement illustrating what interim reporting entails: Financial reporting that covers a period shorter than a fiscal year is referred to as interim financial reporting. The purpose of interim financial reporting is to inform users of financial statements about an entity's performance over a short period. Here is a hypothetical financial statement for interim reporting: XYZ Corporation's income statement for the quarter ended March 31, 2020:

Revenue = $250,000, Cost of goods sold = $125,000, Gross profit = $125,000, Operating expenses = $75,000, Net income = $50,000. The balance sheet of XYZ Corporation as of March 31, 2020, is as follows: Current assets: Cash = $50,000, Accounts receivable = $75,000, Inventory = $100,000, Total current assets = $225,000. Non-current assets: Property, plant, and equipment = $350,000, Total assets = $575,000, Current liabilities: Accounts payable = $50,000, Notes payable = $100,000, Total current liabilities = $150,000, Non-current liabilities: Long-term debt = $200,000, Total liabilities = $350,000, Stockholders' equity: Common stock ($1 par value, 100,000 shares authorized, 40,000 shares issued) = $40,000, Additional paid-in capital = $60,000, Retained earnings = $125,000, Total stockholders' equity = $225,000, Total liabilities and stockholders' equity = $575,000.

3. Differences between interim reporting requirements under GAAP and IFRS: IFRS mandates interim reporting, whereas GAAP does not. For interim reporting, both GAAP and IFRS allow the use of the current method or the temporal method to translate foreign currency transactions. IFRS requires the use of revaluation model for non-current assets such as plant and equipment, while GAAP requires the use of the cost model. Moreover, IFRS allows the reversal of inventory write-downs, while GAAP does not. Another difference is that GAAP requires interim reports to include income tax information, while IFRS does not. For instance, under IFRS, interim financial statements for the first six months of a fiscal year must include basic earnings per share. Nonetheless, under GAAP, interim financial statements may include either basic or diluted earnings per share.

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Answer: Report the incident to the Federal Trade Commission.

Explanation:

The action should he take to seek retribution is to report the incident to the Federal Trade Commission. Thus, option (a) is correct.

What is Scam?

The word “scam” describes a fraud scheme or method used to defraud someone, particularly when it comes to money.

The FTC publishes numerous publications that look at developments in antitrust and consumer protection. Joseph can report fraud, swindles, and unethical business practices on the website of the federal government.

As a result, option (a) is correct.

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To prevent future mishaps like the massive recalls related to brake and accelerator failures, several changes in the organizing facet of the P-O-L-C (Planning, Organizing, Leading, and Controlling) framework could be made at Toyota.

1. Implement a stronger quality control system: This could involve stricter inspections and testing procedures throughout the manufacturing process to identify potential issues before they become widespread problems.

2. Enhance communication channels: Improving communication between different departments and levels of the organization can help ensure that information about potential defects or safety concerns reaches the appropriate decision-makers in a timely manner.

3. Increase employee training and involvement: Providing comprehensive training programs to employees, particularly those involved in production and quality control, can help them understand the importance of attention to detail and adherence to safety standards. Additionally, involving employees in the decision-making process can foster a culture of accountability and proactive problem-solving.

4. Strengthen supplier relationships: Establishing closer partnerships with suppliers and conducting regular audits can help ensure that they meet Toyota's quality and safety standards, reducing the likelihood of receiving faulty components.

Regarding the second question, Toyota's organizational structure and norms seem to be more inherent in the culture of the organization rather than explicitly formalized in rules. The company has a strong emphasis on teamwork, continuous improvement, and respect for employees. While there are rules and procedures in place, the norms and values of the organization play a significant role in shaping behavior and decision-making.

The pros of Toyota's structure include its focus on quality, efficiency, and continuous improvement, which have helped the company become a leader in the automotive industry. Additionally, its strong culture and teamwork foster employee engagement and innovation.

However, there are also cons to consider. Toyota's hierarchical structure can sometimes result in slow decision-making and limited autonomy for lower-level employees. Additionally, the emphasis on consensus and avoiding conflict may hinder the organization's ability to quickly address and resolve issues.

In terms of elements of the business, it is important for Toyota to maintain its focus on quality, continuous improvement, and employee engagement. These aspects have been key to its success. However, revising elements such as communication channels, supplier relationships, and employee training and involvement can help address the specific issues that led to the recalls.

The most important elements of Toyota's organizational structure include its emphasis on teamwork, continuous improvement, and respect for employees. These values are embedded in the company's culture and drive its success in producing high-quality vehicles.

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The answer is (b) 35,300. To calculate the number of equivalent units of production for material costs, we need to take into account the amount of direct materials added during the period and the number of units completed, as well as the units in ending work in process that are partially completed.

Since all materials are added at the beginning of the process, we do not need to factor in any material costs associated with the units in ending work in process.

Equivalent Units of Production = Units completed + (Units in ending work in process x Percentage complete)

Units completed = 35,300

Units in ending work in process = 2,200

Percentage complete = 0.23 (23% complete as to labor and overhead)

Equivalent Units of Production = 35,300 + (2,200 x 0.23)

= 35,300 + 506

= 35,806

Since all materials are added at the beginning of the process, the equivalent units of production for material costs will be the same as the total equivalent units of production, which is 35,806.

Therefore, the answer is (b) 35,300.

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Answer:

Non-trading partnerships

Explanation:

The non-trading partnership is a partnership that provides the professional and uncommercial advice or suggestions in terms of legal, medical, accounting, etc. Here all the partners have an active role for managing the business also they have unlimited liability with respect to any claim that against the firm

Therefore as per the given situation, the second option is correct

Answer:

A pay back the investors with interest I believe

Sheffield corp had 480,000 shares of common stock outstanding as of January 2021During 2021, the company has the following transactions that affected the common stock:In October, 61,000 shares of treasury stock were reissued.We have to determine the weighted average number of shares outstanding of December 31, 2021.

The weighted average number of shares outstanding is calculated as follows:Weighted Average Number of Shares Outstanding = Beginning Number of Shares Outstanding + Ending Number of Shares Outstanding / 2+ Weighted Average of Additional Shares Issued/RetiredDuring the year, the only additional shares issued/retired were the 61,000 shares of treasury stock that were reissued in October.

So, the weighted average number of shares outstanding of December 31, 2021 would be:Beginning number of shares outstanding = 480,000Shares reissued = 61,000Ending number of shares outstanding = Beginning number of shares outstanding + Shares reissued = 480,000 + 61,000 = 541,000Therefore, the weighted average number of shares outstanding of December 31, 2021 would be (480,000 + 541,000) / 2 = 510,500 shares.Explanation:Weighted average shares outstanding is the number of outstanding shares multiplied by the proportion of the period those shares were outstanding.

When a corporation has outstanding treasury shares, they are considered in the weighted average calculation. Any shares issued or repurchased during the period must also be included in the calculation.To calculate the weighted average shares outstanding for a company, follow these steps:To begin, determine the number of shares outstanding on the first day of the fiscal year. This information is typically located in the equity section of the balance sheet. This amount should remain unchanged throughout the year if the company does not issue additional shares or repurchase any existing shares. 

Determine how many shares were issued or repurchased by the company during the fiscal year. These shares may be recorded in the financing activities section of the statement of cash flows or the equity section of the balance sheet.Calculate the average number of shares outstanding for the year using the following formula:Beginning balance of shares outstanding + Ending balance of shares outstanding / 2 + Weighted-average of additional shares issued/retired (if any).

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Answer:

B: Accessibility Checker

Explanation:

Active conflict management norms conflict management norms encourage competition. The answer is OPTION A

In the competitive style, one dominant individual tries to advance their interests at the expense of all other parties. In a power-driven state, the opposing party pushes their viewpoint and typically makes a choice quickly and without much deliberation.

Conflicts involving competing styles tend to be more forceful and less cooperative. When you utilize the competitive conflict style at work, you are adamant about getting your point of view heard, really believe it to be true, and are unwilling to compromise. Competition is a conflict where no physical violence is used for the control of resources or advantages wanted by others. As a result, controlled competition is a form of amicable conflict. The answer is OPTION A

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