resulted in an accumulated depreciation of $26,464 at the end of the year.
The journal entry to record depreciation expense for 2019 and 2020 for Irons Delivery Inc.'s new delivery truck using the double-declining-balance method of depreciation is as follows:
2019 Dec. 31
Depreciation Expense: $16,160
Accumulated Depreciation: $16,160
(Record double-declining balance depreciation expense for 2019)
2020 Dec. 31
Depreciation Expense: $10,304
Accumulated Depreciation: $26,464
(Record double-declining-balance depreciation expense for 2020)
In 2019, Irons Delivery Inc. depreciated the truck by $16,160 ($40,400 - $2,000) x 2/5, which is 2 times the straight-line depreciation rate of 1/5 or 20%. This resulted in an accumulated depreciation of $16,160 at the end of the year.
In 2020, Irons Delivery Inc. depreciated the remaining net book value of the truck of $24,240 ($40,400 - $16,160) x 2/5, which is 2 times the straight-line depreciation rate of 1/5 or 20%. This resulted in an accumulated depreciation of $26,464 at the end of the year.
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Which of the following procedures would ordinarily be expected to best reveal improper cutoff of sales at the balance sheet date?A. Trace payments received subsequent to the balance sheet date.B. Send accounts receivable confirmation requests.C. Compare shipping documents with sales records.D. Apply gross profit rates to inventory disposed of during the period.
C. Compare shipping documents with sales records is the procedure that would ordinarily be expected to best reveal improper cutoff of sales at the balance sheet date.
Improper cutoff of sales occurs when sales transactions are recorded in the wrong accounting period, typically resulting in an overstatement or understatement of revenue and accounts receivable.
By comparing shipping documents with sales records, auditors can verify that sales were actually made in the period being audited and were properly recorded in the accounting system.
This procedure can help identify any sales transactions that may have been recorded in the wrong period, which can then be corrected to ensure accurate financial reporting.
The other options presented are also useful procedures for detecting financial misstatements, but they are not specifically designed to detect improper cutoff of sales.
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When writing a sales message, you can selling points with rational or emotional appeals. Rational appeals are associated with by developing your central and emotional appeals are associated with What techniques overcome resistance and help build credibility?
Rational appeals are based on facts and logic and involve presenting a product as a solution to a problem.
These appeals are best used when the customer is looking for a logical and practical solution to their problem. Examples of rational appeals include highlighting features and benefits, providing evidence to back up claims, and comparing a product to a competitor's.
Emotional appeals, on the other hand, rely on connecting with a customer's emotional needs and desires. These appeals are best used when customers are looking for a product or service that will meet their emotional needs. Examples of emotional appeals include emphasizing how a product can improve the customer's lifestyle or make them feel better.
The best way to overcome resistance and build credibility is to use a combination of both rational and emotional appeals. By highlighting the features and benefits of a product and connecting it to the customer's emotional needs and desires, you can create a powerful sales message that will appeal to both the customer's logical and emotional sides. Additionally, providing evidence to back up any claims you make can help to build trust and credibility.
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True or false: Horizontal integration describes diversification by retailers into wholesaling or manufacturing.
The statement "Horizontal integration refers to the expansion of a company into related businesses at the same level of the supply chain. " is True.
This means that a retailer, for example, may diversify into wholesaling or manufacturing to increase their control over the production process, reduce costs, and improve efficiency. By diversifying horizontally, a company can also gain access to new markets, customers, and revenue streams.
Horizontal integration can be beneficial for retailers who want to streamline their operations and achieve economies of scale. By acquiring or merging with companies that operate in the same industry, retailers can expand their product offerings, increase their bargaining power with suppliers, and reduce their reliance on external partners. Additionally, horizontal integration can help retailers stay competitive in a rapidly changing market by adapting to new trends and technologies.
However, horizontal integration can also present some challenges, such as increased competition, integration costs, and management complexity. Therefore, retailers must carefully consider the benefits and risks of horizontal integration before pursuing such a strategy.
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If a mining company extracts 2.000.000 tons in a period but only sells 1.500.000 tons
A. total depletion on the mine is based on the 1.500.000 tons
B. depletion is expensed on the 2,000,000 tons extracted
C. depletion is expensed on the 1.500,000 to extracted and sold
D. a separate accumulated depletion account is set up to record depletion on the 500,000 to extracted sold
The correct answer is option C: depletion is expensed on the 1.500,000 tons extracted and sold. Depletion is an accounting method used to allocate the cost of natural resources, such as minerals, over the period in which they are extracted and sold.
The amount of depletion is based on the total amount of minerals extracted and sold, not just the amount sold. Therefore, the depletion expense will be based on the 1.500,000 tons that were both extracted and sold. The remaining 500,000 tons that were extracted but not sold will not be subject to depletion until they are sold in the future.
It is important to note that the depletion rate may vary depending on the method used to calculate it, but the basic principle remains the same - depletion is based on the amount of minerals extracted and sold.
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You created an invoice template to prepare invoices for your consulting business. in windows 10, where would you save the template so it is available in the available templates list in backstage view? c:\users\username\documents\custom office templates c:\users\user name\libraries\documents submit it to office. none of the above
The correct location to save the invoice template in Windows 10 so that it is available in the available templates list in backstage view is: c:\users\username\documents\custom office templates.
To save the invoice template so it is available in the available templates list in backstage view in Windows 10, you should save it in the following location: C:\Users\Username\Documents\Custom Office Templates. Here's a step-by-step explanation:
1. Open the invoice template you created.
2. Click on the "File" tab to access the backstage view.
3. Select "Save As."
4. Choose "Browse."
5. Navigate to the folder location: C:\Users\Username\Documents\Custom Office Templates (Replace "Username" with your actual username).
6. Save the template with a relevant name in this folder.
Now, your template will be available in the available templates list in the backstage view.
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Consider a nation in which the price index last year was 130 and this year it is 150. Which statement is correct? Inflation was 20 percent this year. Deflation was 20 percent this year. Housing prices must have risen. Inflation was 15 percent this year. Deflation was 15 percent this year.
In a nation where the price index last year was 130 and this year it is 150, the correct statement is: Inflation was 15 percent this year.
Inflation refers to the increase in the overall price level of goods and services over a period of time. In this case, the price index has increased from 130 to 150, which is a 15.4% increase ((150-130)/130).
Deflation, on the other hand, refers to a decrease in the overall price level of goods and services over a period of time. It does not apply in this situation since there was an increase in the price index.
There is no information provided to suggest whether housing prices have risen or not, so we cannot draw any conclusions on that.
To determine the correct statement, we need to calculate the inflation rate between the two years using the given price index values.
1. Note the price index values: Last year's price index was 130 and this year's price index is 150.
2. Calculate the difference between the price indices: 150 - 130 = 20.
3. Calculate the inflation rate as a percentage: (20 / 130) * 100 = 15.38%.
Based on this calculation, the correct statement is: Inflation was 15 percent this year.
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if amy has no idea which of the three mileage assumptions is most appropriate, what is the recommended decision (leasing option) using the optimistic, conservative, and minimax regret approaches? optimistic approach hepburn honda conservative approach hopkins automotive minimax approach hopkins automotive (d) suppose that the probabilities that amy drives 12,000, 15,000, and 18,000 miles per year are 0.5, 0.4, and 0.1, respectively. what option should amy choose using the expected value approach? midtown motors (e) develop a risk profile for the decision selected in part (d). what is the most likely cost? $ what is its probability? if required, round your answer to one decimal place. (f) suppose that after further consideration, amy concludes that the probabilities that she will drive 12,000, 15,000, and 18,000 miles per year are 0.3, 0.4, and 0.3, respectively. what decision should amy make using the expected value approach? midtown motors or hopkins automotive
Based on the new probabilities, Amy should choose to lease from Hopkins Automotive using the expected value approach.
When Amy has no idea which mileage assumption is most appropriate, the recommended decision using the optimistic approach is to lease from Hepburn Honda, the conservative approach is to lease from Hopkins Automotive, and the minimax regret approach is to lease from Hopkins Automotive as well.
If the probabilities that Amy drives 12,000, 15,000, and 18,000 miles per year are 0.5, 0.4, and 0.1, respectively, the expected value approach suggests leasing from Midtown Motors.
To develop a risk profile for the decision selected in part (d), we would calculate the potential costs for each mileage assumption and their probabilities based on the given probabilities. The most likely cost is $15,000 with a probability of 0.4.
If Amy concludes that the probabilities she will drive 12,000, 15,000, and 18,000 miles per year are 0.3, 0.4, and 0.3, respectively, the expected value approach suggests leasing from Hopkins Automotive. This is because the expected costs for each option would be:
Midtown Motors: ($12,000 x 0.3) + ($15,000 x 0.4) + ($18,000 x 0.3) = $15,300
Hopkins Automotive: ($9,000 x 0.3) + ($12,000 x 0.4) + ($15,000 x 0.3) = $12,900
Therefore, based on the new probabilities, Amy should choose to lease from Hopkins Automotive using the expected value approach.
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On January 1, Payson Inc. had a retained earnings balance of $22,000. During the year, Payson reported net income of $30,200 and paid cash dividends of $17,200. Calculate the retained earnings balance at its December 31 year-end.
To calculate the retained earnings balance at December 31 year-end, we need to take into account the beginning retained earnings balance, net income, and cash dividends paid.
Beginning retained earnings balance on January 1: $22,000
Net income reported during the year: $30,200
Cash dividends paid during the year: $17,200
To calculate the retained earnings balance at December 31, we can use the following formula:
Retained Earnings = Beginning Retained Earnings + Net Income - Dividends Paid
Substituting the given values in the formula, we get:
Retained Earnings = $22,000 + $30,200 - $17,200
Retained Earnings = $35,000
Therefore, the retained earnings balance at its December 31 year-end is $35,000.
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sebastopol movie theater will need $190,000 in 5 years to replace the seats. what deposit should be made today in an account that pays 0.8% compounded semiannually?
A deposits of $175,296.67 should be made today in an account that pays 0.8% compounded semiannually to have $190,000 in 5 years to replace the seats at Sebastopol movie theater.
To calculate the deposit that should be made today, we can use the formula for present value of a future lump sum:
[tex]PV = FV / (1 + r)^n[/tex]
where PV is the present value, FV is the future value, r is the interest rate per compounding period, and n is the number of compounding periods.
In this case, the future value (FV) is $190,000, the interest rate (r) is 0.8% per six months, and the number of compounding periods (n) is 5 years * 2 = 10 semiannual periods.
Plugging in the values, we get:
PV = $190,000 /[tex](1 + 0.008)^10[/tex]
PV = $190,000 / 1.083284
PV = $175,296.67 (rounded to the nearest cent)
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Question 17 Let R be a relational schema (A, B, C). If no nontrivial functional dependencies are valid in the schema then a minimal key is O a AB O b. ABC Ос. АС O d. BC
A relational schema is a set of relations or tables that are organized in a specific way to store and manage data. It includes the attributes or columns of each table and the relationships between them. In this case, the relational schema (A, B, C) means that we have three attributes or columns named A, B, and C.
A minimal key is a set of attributes that can uniquely identify each tuple or row in a table. It is minimal in the sense that no proper subset of the set of attributes can also serve as a key. In other words, a minimal key is the smallest possible set of attributes that can uniquely identify each row in the table. Now, coming to your question, we are given a relational schema (A, B, C) and asked to find the minimal key if no nontrivial functional dependencies are valid in the schema.
A functional dependency is a constraint that specifies the relationship between two or more attributes in a table. It means that the value of one attribute uniquely determines the value of another attribute. For example, if we have a functional dependency A → B, it means that for each value of A, there is a unique value of B. A nontrivial functional dependency is one where the dependent attribute is not a subset of the determinant attribute. If no nontrivial functional dependencies are valid in the schema, it means that the attributes A, B, and C are independent of each other. In other words, the value of one attribute does not determine the value of any other attribute.
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New products and services that consumers accept quickly will have a high ______ rate early in their product life cycles, which will accelerate the diffusion process across the various stages.
adoption
success
diffusion
life cycle
New products and services that consumers accept quickly will have a high adoption rate early in their product life cycles, which will accelerate the diffusion process across the various stages. The correct option is adoption.
The adoption rate refers to the speed and extent to which a new product or service is accepted by consumers. When a product is quickly adopted by consumers, it will have a high adoption rate early in its product life cycle. This high adoption rate will accelerate the diffusion process across the various stages of the product life cycle.
This means that the product will move through the stages of introduction, growth, maturity, and decline more quickly, as more and more consumers adopt the product. Therefore, a high adoption rate is crucial for the success of new products and services. The correct option is adoption.
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Jamie Patterson is wondering how she should handle Kissed by the Sun Apple Juice when it enters PLC decline. Help her out. Which of the following would be reasonable options?
both raising and lowering the price in selective markets could work
A. add a new attribute to the brand
B. raise the price in selective markets
C. add a new attribute to the brand, raise the price in selective areas and lower the price in selective areas could all work
D. lower the price in selective markets
The correct option is C. add a new attribute to the brand, raising the price in selective areas, and lowering the price in selective areas could all work
When a product enters the decline stage of its product life cycle (PLC), it's essential to consider various strategies to maintain its presence in the market. Adding a new attribute to the brand can help revitalize the product, making it more attractive to consumers.
The correct option is C. add a new attribute to the brand, raising the price in selective areas, and lowering the price in selective areas could all work
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which of the following characterize near-monies? multiple select question. cannot be readily converted into currency do not function directly as a medium of exchange highly illiquid highly liquid can be readily converted into checkable deposits
Near-monies are financial assets that are highly liquid but cannot be used directly as a medium of exchange. The correct answer is option b.
Some characteristics of near-monies include:
Cannot be readily converted into currency: Near-monies cannot be easily converted into cash, unlike currency. Examples of near-monies include savings accounts, money market accounts, and time deposits.Do not function directly as a medium of exchange: Near-monies cannot be used directly to make purchases or payments. Instead, they need to be converted into currency or other forms of payment before they can be used.Highly illiquid: Near-monies are not as liquid as currency or other highly liquid assets, such as stocks or bonds. They often have restrictions on withdrawals or penalties for early withdrawals, which makes them less flexible.Can be readily converted into checkable deposits: Although near-monies are not as liquid as currency, they can be easily converted into checkable deposits, which are highly liquid and can be used as a medium of exchange.Overall, near-monies are financial assets that are somewhere between highly liquid assets and currency. They provide a way for individuals and institutions to earn a return on their money while maintaining a certain level of liquidity.
The correct answer is option b.
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Complete Question
which of the following characterize near-monies? multiple select question.
a. cannot be readily converted into currency
b. do not function directly as a medium of exchange
c. highly illiquid highly liquid can be
d. readily converted into checkable deposits
In which future cash flows are estimated, risks are appraised and reflected in a cost of capital discount rate, and all cash flows are evaluated on a_____value basis. the primary methods used in this process are: net present value, internal rate of return, modified internal rate of return, and payback. projects that firms consider are either independent or mutually exclusive. in addition, projects may have normal cash flows or nonnormal cash flows. whether a project is independent or mutually exclusive will impact the firm's capital budgeting analysis as we will see when we discuss the different decision rules.
The future cash flows that are estimated, risks are appraised and reflected in a cost of capital discount rate, and all cash flows are evaluated on a present value basis.
The primary methods used in this process are: net present value, internal rate of return, modified internal rate of return, and payback. Projects that firms consider are either independent or mutually exclusive. In addition, projects may have normal cash flows or nonnormal cash flows. Whether a project is independent or mutually exclusive will impact the firm's capital budgeting analysis as we will see when we discuss the different decision rules.
The cost of capital is the required rate of return that a firm must earn on its investments in order to satisfy its investors. This rate represents the opportunity cost of investing in a project, as investors could alternatively invest their money elsewhere and earn a return. By evaluating the cash flows of a project on a present value basis and using a cost of capital discount rate to account for risks, firms can determine whether a project is worth pursuing.
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ryan, who owns a retail store in dallas, is looking to make the employees in his store more accountable. what should ryan do to achieve his objective?
1) Set clear expectations: Ryan should define what he expects from his employees in terms of performance, behavior, and job responsibilities.
2) Establish goals and metrics: Ryan should set goals for his store and establish metrics to measure employee performance against those goals. This will enable employees to track their progress and understand how their work contributes to the overall success of the store.
3) Provide regular feedback: Ryan should provide feedback to employees on a regular basis to help them understand how well they are performing and where they need to improve. This can be done through one-on-one meetings, performance reviews, or daily check-ins.
4) Offer incentives: Ryan can offer incentives to employees who meet or exceed performance expectations. This could include bonuses, promotions, or other rewards that recognize and encourage good performance.
5) Create a culture of accountability: Ryan should foster a culture of accountability in his store by leading by example and promoting teamwork and collaboration. This will help employees feel more invested in the success of the store and encourage them to take ownership of their work.
To make employees more accountable, Here are the following steps that Ryan can take this will help employees understand what is expected of them and what they need to do to meet those expectations.
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registering a domain name similar or identical to trademarks of others to extort profits from legitimate holders is an example of:
Registering a domain name similar or identical to trademarks of others to extort profits from legitimate holders is an example of cybersquatting.
Cybersquatting is a type of bad faith practice where individuals or entities register domain names that are similar or identical to trademarks or established brand names owned by others, with the intent of profiting from the confusion and diverting traffic to their own websites.
This practice is often used to extort money from legitimate holders of the trademarks, who may be willing to pay to regain control of the domain name or to prevent further damage to their brand reputation.
Cybersquatting is illegal and can result in legal action being taken against the individuals or entities involved. Many countries have laws in place to protect the intellectual property rights of trademark owners and to prevent cybersquatting.
In the United States, for example, the Anti-Cybersquatting Consumer Protection Act (ACPA) provides legal remedies for victims of cybersquatting, including the ability to sue for damages and to obtain an order transferring the domain name to the rightful owner.
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Suppose that ACME is regulated at the zero-profit price, how much will ACME produce? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer a. 60 b. 80 с. 110d. 0
At a zero-profit price, ACME will produce the quantity of output that maximizes its profits. In other words, the quantity of output that maximizes profits is the quantity that generates the greatest difference between total revenue and total costs.
Thus, they will produce the level of output that maximizes its profits. This is referred to as the profit-maximizing output level. In the case of ACME, the profit-maximizing output level would be 80 units.
At this level, ACME would be able to make the most profit given the zero-profit price. Thus, ACME will produce 80 units if it is regulated at the zero-profit price.
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what is the downside of privately texting a team member during a virtual meeting? multiple choice you might end up derailing the team discussion. you might feel more distant from that particular colleague. you might learn the answer to a question without involving the whole team. you might lose track of the larger team discussion. you might be able to accomplish a task that is not on the agenda.
The downside of privately texting a team member during a virtual meeting is that you might lose track of the larger team discussion.
When you are focusing on a private conversation, you might miss important points made by other team members or lose the thread of the main discussion. This can result in you being out of sync with the rest of the team and not fully contributing to the meeting's objectives.
Moreover, you might also end up derailing the team discussion by getting into a side conversation that is not related to the topic at hand. This can be disruptive and unproductive for the team. In addition, if you are too focused on texting one particular colleague, you might feel more distant from the rest of the team, which can impact team dynamics and collaboration.
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Manufacturer uses the weighted-average process-cost method to account for costs of production. a. True
b. False
the answer is true in this situation. The statement "A manufacturer uses the weighted-average process-cost method to account for costs of production" can be either true or false, depending on the manufacturer's chosen method for accounting.
The weighted-average process-cost method is one of the techniques that a manufacturer can use to allocate production costs to units being produced. In this method, the average cost per unit is calculated by dividing the total costs incurred during a period by the number of units produced in that period. This average cost is then assigned to all units produced, regardless of when they were manufactured.
However, it's important to note that not all manufacturers choose to use the weighted-average process-cost method. Some might use other methods, such as the First-In, First-Out (FIFO) method or the Last-In, First-Out (LIFO) method, to allocate costs. The choice of method depends on the company's accounting policies and specific industry requirements. In conclusion, the statement can be true if a manufacturer chooses to use the weighted-average process-cost method for cost accounting. However, it can be false if the manufacturer uses a different method to allocate production costs.
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The primary reason people choose to become entrepreneurs is to ________________ avoid difficult challenges avoid uncertainty earn more money develop evolutionary business models
The primary reason people choose to become entrepreneurs is to develop evolutionary business models avoid difficult challenges avoid uncertainty earn more money develop evolutionary business models.
The primary reason people choose to become entrepreneurs is to earn more money. This motivation often comes from a desire for financial independence and the ability to shape their own destinies. While becoming an entrepreneur can involve facing difficult challenges and uncertainty, the potential rewards of earning more money and developing evolutionary business models often outweigh these risks.
While earning more money is often a motivating factor, successful entrepreneurs recognize that the path to financial success requires taking on difficult challenges and embracing uncertainty.
By developing innovative business models that address existing needs in new and unique ways, entrepreneurs are able to create sustainable, scalable businesses that can thrive in today's rapidly changing market. So while avoiding challenges and uncertainty may be tempting, the most successful entrepreneurs embrace these factors as opportunities for growth and innovation.
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when the manager has the ability to significantly influence both profit and assets such as buildings and equipment used in operations, their subunit is considered a(n) blank center.
When the manager has the ability to significantly influence both profit and assets such as buildings and equipment used in operations, their subunit is considered a(n) investment center.
An investment center is a type of responsibility center where the manager has control over both the costs and revenues, as well as the responsibility for managing the assets of the subunit.
In this type of center, the manager's performance is evaluated based on their ability to generate profits and efficiently manage the assets under their control, which may include buildings, equipment, and other operational resources.
Investment centers allow organizations to delegate decision-making authority to individual managers, fostering accountability and encouraging efficient resource allocation. To evaluate an investment center's performance, metrics like return on investment (ROI) or residual income may be used.
This way, the organization can assess how well a manager is utilizing their resources to generate profit and make strategic decisions accordingly.
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The equation of a line is: y= 2.447x - 403.2. If the east coordinate of a point on the line is 358.5, determine the corresponding north coordinate. Provide your answer in the box below.
Without additional information or context, it is impossible to determine the corresponding north coordinate of the point on the line with an east coordinate of 358.5. The equation y=2.447x-403.2 represents a relationship between the x and y coordinates of points on the line.
But it does not provide enough information to determine the exact location of a specific point on the line without knowing either the x or y coordinate. To find the north coordinate corresponding to the given east coordinate, simply plug the east coordinate value (358.5) into the equation of the line. The equation is: y = 2.447x - 403.2
Given east coordinate (x) = 358.5
Now, substitute x with 358.5:
y = 2.447(358.5) - 403.2
Calculate the value of y (north coordinate):
y ≈ 475.7855
The correct answer is: The corresponding north coordinate is approximately 475.79.
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T/F social engineering relies on the tension between business objectives and security.
The given statement "social engineering relies on the tension between business objectives and security." is True.
Social engineering refers to the act of manipulating individuals to divulge confidential information or perform certain actions that could lead to security breaches. It involves exploiting the natural human tendency to trust and build relationships. Social engineering techniques include phishing, pretexting, baiting, and tailgating, among others.
In order for social engineering attacks to be successful, there must be a tension between business objectives and security. Organizations are typically focused on achieving their goals and maximizing profits, while security teams are responsible for safeguarding their networks and data. This often creates a conflict between these two teams.
Social engineers take advantage of this conflict by targeting individuals who may have access to valuable information but may also be under pressure to meet their business objectives. For example, a social engineer may impersonate an IT technician and ask an employee for their login credentials by stating that it is necessary to perform a system upgrade. The employee may be hesitant to provide this information, but their desire to not disrupt the system may cause them to comply.
Therefore, it is crucial for organizations to educate their employees about social engineering attacks and implement proper security measures to prevent them. It is also important to strike a balance between business objectives and security to reduce the tension that social engineers rely on.
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Partial income statements for Sherwood Company summarized for a four-year period show the following:
2015 2016 2017 2018 Net Sales $2,100,000 $2,500,000 $2,600,000 $3,100,000
Cost of Goods Sold 1,449,000 1,700,000 1,820,000 2,139,000
Gross Profit $ 651,000 $ 800,000 $ 780,000 $ 961,000
An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $21,000. The inventory balance on December 31, 2017, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction.
2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?
Req 1 Req 2A Req 2B
Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. SHERWOOD COMPANY
Income Statements (Corrected) 2015 2016 2017 2018 Net Sales Cost of Goods Sold Gross Profit Req 1 Req 2A > Req 1 Req 2A Req 2B Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. (Round your answers to the nearest whole percent.)
2015 2016 2017 2018
Before Correction After Correction < Req 1 Req 2B >
Req 1 Req 2A Req 2B Does the pattern of gross profit percentages lend confidence to your corrected amounts? Yes
NO < Reg za Req 2A Req 2B )
The given problem is about Sherwood Company, and we are given partial income statements.
For a four-year period, from 2015 to 2018. We are also given information that the ending inventory for 2016 was overstated by $21,000, and we need to correct the income statements to reflect the correct amounts.
To correct the income statements, we need to adjust the cost of goods sold and gross profit amounts for 2016, as the overstated inventory would have resulted in lower cost of goods sold and higher gross profit than what was reported in the original statement.
We can see that the gross profit percentages for 2016 increased after the correction, which is expected since the cost of goods sold was adjusted upward due to the inventory error. The other percentages remain relatively stable, which gives us confidence that the corrected amounts are reasonable and accurate.
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World at Work defines a total rewards strategy as the six elements of total rewards that collectively define an organization s strategy to attract, motivate, retain and engage employees. Which of the following is NOT an element of this total rewards? Benefits Recognition Employee life cycle Work-life effectiveness Compensation QUESTION 8 Pregnancy-related benefits can be limited to married employees under the Pregnancy Discrimination Act. True False QUESTION 10 According to the WSJ article about forced arbitration, what percentage of the American Arbitration Association's employment cases are sexual-harassment claims annually? 3.5% 100% 6.2% 13%
The WSJ article about forced arbitration reported that only 6.2% of the American Arbitration Association's employment cases are sexual-harassment claims annually.
The concept of total rewards strategy is an important aspect for organizations to attract, motivate, retain, and engage employees. According to World at Work, there are six elements of total rewards that make up a total rewards strategy. These include benefits, recognition, employee life cycle, work-life effectiveness, compensation, and career development opportunities. Out of these elements, employee life cycle is not an element of total rewards. Employee life cycle is the process of managing an employee from recruitment to retirement. Although it is not a part of the total rewards strategy, it is still an important aspect of human resource management.
Moreover, the Pregnancy Discrimination Act prohibits employers from discriminating against employees based on pregnancy or childbirth. Pregnancy-related benefits cannot be limited to married employees only as it is considered discrimination.
Lastly, the WSJ article about forced arbitration reported that only 6.2% of the American Arbitration Association's employment cases are sexual-harassment claims annually. This shows that the use of forced arbitration in sexual harassment claims is still prevalent despite the #MeToo movement and increased awareness of sexual harassment in the workplace.
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In the long run, a monopolistically competitive firm earns positive economic profits. earns negative economic profits.
a. True
b. False
The given statement is false because, In the long run, a monopolistically competitive firm earns zero economic profits.
In the long run, a monopolistically competitive firm earns zero economic profits. This is because, in the long run, firms in a monopolistically competitive market will have time to adjust their production levels and firms will enter or exit the market until economic profits are driven to zero.
If a firm earns positive economic profits in the short run, it will attract new entrants to the market, which will increase competition and drive down prices. As prices decrease, the demand curve facing the firm will shift inward, reducing its output and profits until they reach zero in the long run.
Conversely, if a firm earns negative economic profits, some firms will exit the market, reducing competition, and driving up prices. As prices increase, the demand curve facing the firm will shift outward, increasing its output and profits until they reach zero in the long run.
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Why would an organization want to move their enterprise system to the cloud?1. Because of a cost savings.2. Because they want their data in another country.3. Organizations cannot move their enterprise system to the cloud.4. Because the cloud is popular.5. Because they do not want to deal with data issues.
There are several reasons why an organization would want to move their enterprise system to the cloud. Firstly, cost savings is a major factor. Cloud computing offers a cost-effective alternative to traditional on-premise IT infrastructure, as it eliminates the need for costly hardware purchases, maintenance, and upgrades. This allows organizations to focus on their core business activities, rather than on IT infrastructure management. Option A,B,C,D & E are correct.
Secondly, some organizations may want their data to be hosted in another country. Cloud computing offers the ability to store and access data from anywhere in the world, making it easier for global organizations to manage their data in a centralized location.
Thirdly, it is not true that organizations cannot move their enterprise system to the cloud. In fact, many organizations have successfully migrated their systems to the cloud, realizing benefits such as increased flexibility, scalability, and reliability.
Fourthly, the popularity of the cloud is a factor that cannot be ignored. Cloud computing has become the standard for many organizations, as it offers numerous advantages over traditional IT infrastructure.
Lastly, some organizations may choose to move their enterprise system to the cloud in order to avoid data issues such as security breaches or data loss. Cloud service providers offer robust security measures and data backup solutions, reducing the risk of data loss or unauthorized access.
Overall, there are several compelling reasons why an organization would want to move their enterprise system to the cloud, including cost savings, global accessibility, flexibility, reliability, and enhanced security. Option A,B,C,D & E are correct.
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as a type of countertrade, ____requires the seller to agree to supply technology or equipment to construct a facility and receives payment in the form of goods produced by the facility.
As a type of countertrade, offset requires the seller to agree to supply technology or equipment to construct a facility and receives payment in the form of goods produced by the facility.
An offset can be used in business to describe a situation in which gains in one business unit compensate for losses in another. In a similar vein, businesses may also use the term to describe enterprise risk management (ERM), in which risks in one business unit are mitigated by risks in another.
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Chow Company earned $1,500 of cash revenue, paid $1,200 for cash expenses, and paid a $200 cash dividend to its owners. Which of the following statements is true? Multiple Choice The net cash inflow from operating activities was $100 The net cash outflow for investing activities was $200 The net cash inflow from operating activities was $300 The net cash outflow for investing activities was $100
Chow Company earned $1,500 of cash revenue, paid $1,200 for cash expenses, and paid a $200 cash dividend to its owners. The net cash inflow from operating activities was $300. The correct answer is option c.
The net cash inflow from operating activities is calculated by subtracting the cash paid for expenses from the cash revenue earned.
Net cash inflow from operating activities = Cash revenue earned - Cash paid for expenses
In this case,
Net cash inflow from operating activities = $1,500 - $1,200 = $300
There is no information given about any investing activities, so we cannot determine the net cash outflow for investing activities.
The correct answer is option c.
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Complete Question
Chow Company earned $1,500 of cash revenue, paid $1,200 for cash expenses, and paid a $200 cash dividend to its owners. Which of the following statements is true? Multiple Choice
a. The net cash inflow from operating activities was $100
b. The net cash outflow for investing activities was $200
c. The net cash inflow from operating activities was $300
d. The net cash outflow for investing activities was $100
the clean air acts of 1970 and 1990 reduced pollution through group of answer choices market incentives. emission charges. privatization. command-and-control regulatory standards.
The Clean Air Acts of 1970 and 1990 were landmark pieces of legislation that helped to reduce pollution in the United States. These Acts established a range of measures to control and regulate emissions of harmful air pollutants from various sources.
One of the approaches adopted under the Clean Air Acts was the use of command-and-control regulatory standards. These standards set specific limits on the amount of pollutants that could be emitted by different types of sources, such as factories, power plants, and automobiles. Violating these standards could result in fines and penalties. In addition to command-and-control regulations, the Clean Air Acts also introduced market incentives, such as emissions trading programs, which allowed companies to buy and sell pollution credits. This created a financial incentive for companies to reduce their emissions, as they could sell unused credits to other companies, or face financial penalties if they exceeded their allotted allowances. Emission charges, or fees charged to companies based on the amount of pollution they emit, were also introduced under the Clean Air Acts. This provided a direct economic incentive for companies to reduce their emissions, as they would be able to avoid paying fees by reducing their pollution levels. Overall, the Clean Air Acts of 1970 and 1990 used a combination of regulatory standards, market incentives, and emission charges to reduce pollution and improve air quality in the United States. These measures have been successful in reducing emissions of harmful pollutants, such as lead, sulfur dioxide, and nitrogen oxides, and have contributed to significant improvements in public health and environmental quality.
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