Prepaid expenses should be decreased by the cost of the asset used during the accounting period. Prepaid expenses are those that have been paid for in advance but have not yet been recognized as an expense by a business. In other words, prepaid expenses are outlays that are made during one accounting period but won't be recorded until a subsequent one.
Because they will have future economic benefits, prepaid expenses are originally recorded as assets and are expensed when those benefits are realized (the matching principle). Financial statements of a corporation are unaffected by the initial journal entry for a prepaid expense. Consider the first illustration of prepaid rent. Prepaid rent and cash are both debited in the initial journal entry for prepaid rent.
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Organizing the second level of the work breakdown structure by major design components facilitates rolling wave planning. true false
Organizing the second level of the work breakdown structure by major design components facilitates rolling wave planning ---- False
What is Work breakdown structure explain?
A work breakdown structure (WBS) is a project management tool that takes a step-by-step approach to complete large projects with several moving pieces. By breaking down the project into smaller components, a WBS can integrate scope, cost and deliverables into a single tool
What is the role of WBS in project management?
WBS helps to allocate tasks. When a project is broken down into manageable tasks or packages, it becomes a very easier to assign these to the suitable individual. This helps your team plan around other work that needs to be completed outside of the project in question. WBS improves communication.
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Explain ONE reason why it’s important to include financial information in a business plan
Answer:
It is important to include financial information to assist with decision making.
A custom-home builder would likely utilize:____.
a. job-order costing.
b. mass customization.
c. process costing.
d. joint costing.
e. process budgeting.
A custom-home builder would likely utilize job-order costing.
What is job-order costing?
Accounting that tracks costs and receipts by "job" and facilitates uniform reporting of profitability by work is known as "job costing." An accounting system must enable the assignment of job numbers to specific expenditures and revenue items in order to support job costing.
Therefore,
A custom-home builder would likely utilize job-order costing.
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In a ___________ architecture, computers are both client and server, thus sharing the work.
In a Peer-to-peer architecture, computers are both client and server, thus sharing the work.
What is a Peer to peer Architecture?Peer-to-peer (P2P) architecture is made up of a decentralized network of peers, which act as both clients and servers.
Peer-to-peer networks share burden among peers, who all contribute and consume network resources without the need for a centralized server.
A P2P network, because of its architecture, can provide various benefits to its users, including:
Simple file sharing: Advanced P2P networks may instantly transfer data across large distances. Files are available at all times. Reduced costs: When establishing a P2P network, there is no need to purchase a separate server computer.Learn more about peer to peer architecture:
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What is the present value of an ordinary annuity of $500 a year for 6 years assuming an interest rate of 9%?.
PV = $2,242.96
The present value of an ordinary annuity of $500 a year for 6 years assuming an interest rate of 9% is $2,242.96
What is the interest rate?The fee that a lender assesses on a borrower is known as the interest rate, which is expressed as a percentage of the principal, or the loaned amount. Usually, the annual percentage rate (APR), which is how loans' interest rates are expressed, is noted (APR).
In its simplest form, interest is a charge imposed on the borrower for using a resource. Assets that have been lent include cash, goods, vehicles, and real estate. It is possible to think of higher interest rates as the "cost of money" because they make borrowing the same amount of money more expensive.
The majority of lending and borrowing transactions, therefore, involve interest rates. People take out loans to buy homes, finance initiatives, start or fund businesses, or cover college tuition. Businesses obtain loans to finance capital projects and grow their operations by acquiring long-term and fixed assets like real estate, buildings, and equipment. The repayment of borrowed funds can be made in one lump sum by a specific date or over the course of several payments.
Thus, $2,242.96 is the present value.
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Which kind of data warehouse is created separately from the enterprise data warehouse by a department and not reliant on it for updates?
Independent Data Mart is created separately from the enterprise data warehouse by a department and not reliant on it for updates
What is an independent data mart?Data marts are one of the keys to effectively converting information into insights in a market dominated by big data and analytics. Large data sets are normally dealt with by data warehouses, yet easy-to-find and immediately available data are needed for data analysis. Should a business person have to run difficult queries in order to acquire the data they require for their reports? No, which is why savvy businesses employ data marts.
Often a partitioned section of an enterprise data warehouse, a data mart is a subject-oriented database. Typically, a data mart's subset of data corresponds to one particular business unit, such as sales, finance, or marketing.
Data marts speed up business processes by enabling quick access to pertinent data in a data warehouse or operational data store, rather than having to wait months or more. A data mart is an economical way to quickly obtain useful insights because it only includes the data relevant to a certain business area.
Thus, it is a data mart where the data warehouse is created separately from the enterprise data warehouse by a department and is not reliant on it for updates.
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The five product levels add more customer value, and together they constitute a(n)_____
Option (D) customer-value hierarchy is the correct option.
The five product levels add more customer value, and together they constitute a customer-value hierarchy.
What is customer-value hierarchy?The customer-value hierarchy has been used by businesses of all sizes across the nation as a system of values to measure customer satisfaction. Businesses have shifted their focus to a customer satisfaction model in an effort to retain customers and foster some degree of loyalty in a market where consumers have a variety of purchasing options. The customer value hierarchy can be used by businesses as a framework to achieve this goal.
Customer value is the contentment a consumer feels after making a purchase of goods or services relative to what she must give up in order to obtain them. A consumer may consider the time it takes to get a product and their interactions with customer service agents in addition to the price paid when considering value. Customer value, also known as Kotler's five product level model, covers a number of levels and is best understood as a hierarchy, in the opinion of CGMA. This hierarchy establishes the value of services from the standpoint of the buyer in terms of what they expect and do not expect from the purchasing experience.
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The complete question is: " The five product levels add more customer value, and together they constitute a(n) ________.
A) core benefit
B) basic product
C) augmented product
D) customer-value hierarchy
E) expected product "
If the price level rose from 131 to 157 but economic output remained the same, real gdp would:______
If the price level rose from 131 to 157 but economic output remained the same, real GDP would increase.
If the price level has increased and the output is constant then the nominal GDP would increase.
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When two asset accounts are changed in a transaction, there must be an increase and a decrease. True or false?.
The above statement with regard to the assets is true.
What is assets?An asset is any resource that a person or institution holds that have monetary worth. It is owned by the corporation with a view to the future. It can be any type of property, including money, land, and currency.
An asset comprises items such as stock, also known as inventory, which aids in the generating of income. Expense is the company's responsibility, and it must be paid off in order for the firm to continue smoothly.
When two asset categories are modified in a transaction, an increase and a drop must occur. Therefore, it can be concluded that the above statement is true.
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can woolworths raise extra capital for expansion
Woolworths can raise extra capital for the expansion a shop in each kingdom in Australia. With the organisation and its stores strolling correctly. Woolworths commenced to experiment with expanding their grocery range more shops began stocking clean culmination and vegetables and a bigger variety of meals.
Woolworths has created an aggressive facet thru its tremendous logistics systems and particularly organized providers' contracts, which ensure that goods are introduced at the proper time. further, the employer uses era to manipulate its delivery chain and stock.
Woolworths has created an aggressive part thru its outstanding logistics systems and relatively organized providers' contracts, which ensure that items are brought at the right time. in addition, the employer makes use of technology to control its supply chain and stock.
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Reporting revenues only when cash is received and expenses only when cash is paid is called the basis of accounting. True or false?.
The term "cash basis of accounting" refers to only recording revenue upon receipt of cash and expense upon payment of cash.
The term "cash basis" refers to a significant accounting technique that records revenues and expenses at the time that money is received or spent. Contrast this with accrual accounting, which regardless of when cash is received or paid, recognizes income at the time the revenue is earned and records expenses when liabilities are incurred.
By whom is cash basis accounting used?
Financial reporting can be done using either cash accounting or accrual accounting. Cash accounting is a method used by sole proprietorships, small firms, and individuals to keep track of their income and expenses whenever money is exchanged.
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15. Product: tires
Situation: Goodyear adds five new fully automated assembly lines to its Akron, Ohio tire
manufacturing facility.
A manufacturing facility means buildings and structures, including machinery and equipment, whose primary purpose is to produce tangible goods or materials by physical or chemical transformation, or to process such goods or materials.
Manufacturing facilities often play a key role when it comes to growing a business. Here, companies turn raw materials into products they provide. Inefficiencies in this area can therefore create bottlenecks that hinder growth. By investing in improving production facilities, companies can overcome these challenges and sustain long-term growth.
What investments can be made in manufacturing facilities to improve business growth? Here are the key areas for success:
Finding the right property
Investing in manufacturing facilities is important to keep up with the times and keep your business competitive. Regularly maintaining and updating your property protects your employees and helps you maintain high quality standards. You can also improve your bottom line by reducing operating costs and improving efficiency.
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Is the cost needed to own a product, consisting of initial purchase cost and follow-up maintenance/service cost?
The Total cost of ownership is the cost needed to own a product, consisting of the initial purchase cost and follow-up maintenance/service cost.
What does maintenance/service cost?Maintenance cost can be defined as the price that is being performed in the course that is being incurred mostly on the assets and is a service that needs to be paid.
The total cost of ownership is the cost that is considered the final cost of a product or a service.
This means that if machinery is being purchased attend the insurance of that machinery the installation and the financing all is included in the cost of ownership, this is the amount that the owner paid for getting the machine.
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A popular football player at a college who is able to influence the buying decisions of fans would best be described as a(n) __________.
A popular football player at a college who is able to influence the buying decisions of fans would best be described as a opinion leader influence.
Opinion leaders tends to influence the purchase decisions of consumers. Thus, such consumers will view the opinion leader as having a strong degree of knowledge in regards to the product category.
Opinion Leaders are knowledgeable in their field. As, they are respected and trusted by their followers. Their views carry weight and significance. Thus, through this they influence the buying decisions of their fans.
Hence, such opinion leader is able to influence the buying decisions of their fans.
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If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, how will this error affect net income for the current period?.
Unearned income, commonly referred to as deferred revenue, is the term used to describe advance payments a business receives for goods or services that will be provided or rendered in the future.
Deferred Revenue
The company that receives the prepayment adds the sum to its balance sheet as deferred revenue, a liability. In the case of a prepayment, the other business would report its cash outlay as a prepaid expense, an asset account, on their balance sheet. Over time, the second firm records its prepaid amount as an expense at the same pace that the first company records its revenue. Due to the fact that it represents money promised to customers but has not yet been received, deferred revenue is a liability. On the income statement, the product or service is proportionally recorded as revenue as it is supplied over time.
On the balance sheet, the deferred revenue item is typically categorized as a current liability. If performance is not anticipated over the next 12 months, it can be categorized as a long-term liability. When a corporation receives an advance payment, deferred revenue is recorded as a liability on the balance sheet. This is so that it can fulfill its contractual commitment to provide the goods or services due to the client. Due to the ongoing chance that the good or service may not be provided or that the customer may cancel the transaction, the payment is regarded as a liability to the business. Unless alternate payment terms were expressly indicated in a signed contract, the business would be required to reimburse the client in either scenario.
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Has its assembly operations performed by finer inc, a firm that deals exclusively in assembling products for other companies. this scenario indicates that ban corp. engages in the practice of:_________
The scenario indicates that ban corp engages in the practice of outsourcing.
What is outsourcing?
Hiring a third party to do tasks, manage operations, or provide services on the company's behalf is referred to as outsourcing in business.
The building of websites, office and warehouse cleaning, and advertising are the best examples of outsourcing. Most business owners delegate authority to other experts for duties like hiring, maintenance, and bookkeeping. This makes it possible for businesses to focus the majority of their resources on their main business.
With outsourcing, you may do more as a small business without having to considerably increase your full-time personnel by handing off important tasks and processes to professionals.
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In the context of making a change in clinical practice in an organization, what is a stakeholder?.
In the context of making a change in clinical practice in an organization. A stakeholder is a person whose work will be affected by the change of practice.
A party with an interest in a company and the capacity to influence or be impacted by it is referred to as a stakeholder. The principal stakeholders in a typical corporation are its investors, employees, clients, and suppliers.
There are several reasons why stakeholders are important. They are important to internal stakeholders since the company's operations depend on their ability to work together to achieve the company's goals.
External stakeholders, on the other hand, might have a tangential effect on the business. Customers, suppliers, and governments all have the power to change their buying habits as well as how their products are produced and distributed. It goes without saying that maintaining relationships with internal and external stakeholders is the key to a company's long-term success.
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Which quality is evident in the revised version of the following paragraph? Original: During our monthly meeting last month, we all came to the conclusion that overtime procedures are inadequate and that new procedures need to be initiated. i discussed this problem with our chief accountant, who was sympathetic and agreed to consider any changes we would like to make to the present procedures. please bring your suggested changes to this month's departmental meeting scheduled for 2:30 p.m. next wednesday afternoon. Revision: During last month's meeting, we concluded that our overtime procedures need revision. our chief accountant has agreed to consider any changes we would like to make to the present procedures. please bring your suggested changes to this month's departmental meeting scheduled for 2:30 p.m. next wednesday.
a. correctness b. accuracy c. comprehensiveness d. conciseness
The quality which is evident in the revised version of the given paragraph is conciseness.
Conciseness is regarded as the quality of being short and clear, and through expressing what needs to be said without mentioning unnecessary words. So this quality is evident in the revised version.
So here, during the monthly meeting previous month, they all came to the conclusion that overtime procedures are inadequate and that new procedures need to be initiated. Thus, this problem was addressed in the coming month's meeting and the necessary actions were taken.
Thus, conciseness is by communicating complete information about a topic or an idea in a few words.
Hence, option D is correct.
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Which process supports the design and development of products from the initial product idea stage through the discontinuation of the product?
The lifecycle data management (design) method aids in the conception and creation of products from the time of their inception till their discontinuation.
Data lifecycle management: What is it?Data lifecycle management (DLM) is a method for managing data from the point of data entry to the point of data deletion. Data is divided into phases depending on various criteria, and as it completes various tasks or satisfies particular needs, it advances through these stages. A successful DLM process gives a business's data structure and organization, enabling important process goals including data security and availability.
These objectives are essential to corporate success and become more significant over time. Businesses can plan for the dire repercussions in the event of data breaches, data loss, or system failure thanks to DLM policies and procedures.
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A routine audit of a cost-reimbursable (cr) contract determines that overcharges are being made. if the contract does not specify corrective action, the buyer should?
The buyer should Continue to make project payments if the contract does not specify the corrective action in this situation the routine audit of a cost-reimbursable (cr) contract determines that overcharges are being made
What is meant by Cost reimbursable ?
The buyer would be in breach of the contract if they stopped all payments. It is too severe to breach the contract and start legal proceedings on your own. The issue is not resolved by altering the contract to call for more frequent audits. The optimum response would presumably be to "Halt payments on the disputed amount," but that option is not available. The best option is to keep making the installments.
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The regular hours of operation of the nasdaq system are? i from 9:00 am et ii from 9:30 am et iii until 4:00 pm et iv until 6:30 pm et
9:30 a.m. to 4 p.m. is the standard trading time for the U.S. stock market, which includes the New York Stock Exchange (NYSE) and the Nasdaq Stock Market (Nasdaq), barring market holidays. Therefore, answers ii and iii are both correct.
The second-largest stock exchange in the world is the Nasdaq. The National Association of Securities Dealers Automatic Quotation System, or Nasdaq, was founded in 1971. The US-based exchange is the world's very first electronic stock market.
The Nasdaq is a dealer market with several market makers in competition with one another, whereas the NYSE is an auction market that employs experts (designated market makers).
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When a debtor offers to pay a lesser amount than the creditor originally claimed was owed, and a creditor accepts, the agreement is called:__________
When a debtor offers to pay a lesser amount than the creditor originally claimed was owed, and a creditor accepts, the agreement is called Accord and Satisfaction
Who is a debtor?
A business or person that owes money is called a debtor. If the debt is in the form of a loan from a financial institution, the debtor is referred to as the borrower, and if the debt is in the form of securities, such bonds, the debtor is referred to as the issuer. A voluntarily petitioner for bankruptcy protection is likewise regarded as a debtor for legal purposes.
Who is a creditor?Usually through a loan arrangement or contract, a creditor is a person or organization that offers credit to another party so they can borrow money. Creditors can be categorized as personal or actual.
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The goal of a strategic position is to create the largest gap possible between the?
The goal of a strategic position is to create the largest gap possible between the cost required to create these offerings and the value that a firm creates through its offerings.
Strategic Positioning
The relative position of a corporation within its industry is important for performance. Strategic positioning reflects decisions a firm makes about the type of value it will generate and how it will create that value differently than competitors. Strategic positioning should result in either a higher pricing or lower costs for the company.
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The difference between budgeted sales revenue and break-even sales revenue is the:__________
The difference between budgeted sales revenue and break-even sales revenue is the margin of safety.
The margin of safety formula is equal to current sales minus the breakeven point, divided by current sales.
Margin of Safety = (Current Sales Level – Breakeven Point) / Current Sales Level x 100
The margin safety can be defined using two applications that is; budgeting and investing.
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A capital budgeting method that takes into consideration the time value of money is the?
A capital budgeting method that takes into consideration the time value of money is the internal rate of return method.
What is capital budgeting?
A technique for calculating the financial feasibility of a capital investment over its lifetime is capital budgeting. Capital budgeting, in contrast to several other forms of investment analysis, places more emphasis on cash flows than profits.
Therefore,
A capital budgeting method that takes into consideration the time value of money is the internal rate of return method.
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Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called.
Financial markets are places where money is transferred from those who have extra money to people who don't have enough money.
Financial markets, which include the stock market, bond market, currency market, and derivatives market, among others, are any marketplace where trading in securities takes place. For capitalist economies to run smoothly, financial markets are essential. Financial markets allocate resources and provide liquidity for firms and entrepreneurs, which is essential for the proper operation of capitalist economies. Trading financial holdings is made simple for buyers and sellers by the markets.
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according to the international accounting standards board, recognizing income can result from: increasing assets. increasing liabilities. decreasing equity.
According to the international accounting standards board, recognizing income may end up from increasing assets.
Assets are items of import, like property and equipment, which your company owns or leases so as to control. they'll even be a way of making value in your business - as an example, holding, customer relations and goodwill.
Assets are important as they will facilitate your to:
generate revenueincrease your business' valuehelp the running of your businessYou can sell or transfer assets, use them to lower your invoice and increase the efficiency of your business. Understanding the importance of assets can facilitate your achieve potential savings.
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Explain how the adjust row amounts feature helps in creating qb accountant budgets
QB accountant budgets make updating budgets much faster and allow for consistency and easy use.
Now you'll start making adjustments. If you're starting your budget from scratch, and therefore the monthly amount is the same, you'll be able to enter the primary month. Then click “Copy Across” and therefore the amount will populate for the complete year. Or, if you have already got data from a previous year, you'll be able to click “Adjust Row Amounts” and choose to extend or decrease the monthly amount by a particular amount or percentage. This makes updating budgets much faster and allows for consistency and easy use.
The adjust row amounts feature helps in creating Quick books accountant budgets as it makes updating budgets much faster and allows for consistency and easy use.
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An adjusted trial balance does not list the revenues and expenses of a business.
a. true
b. false
False, An adjusted trial balance does not list the revenues and expenses of a business.
No entry is made under the accrual system of accounting until the money has been paid. Additionally, an adjusted trial balance does not include a business's revenues and costs. The net income will be inflated if a corporation doesn't make an adjustment entry for accrued revenues.What is an adjusted trial balance ?
At the end of an accounting period, the balances of all accounts, including those that have been amended, are displayed in an adjusted trial balance. Its goal is to demonstrate that, after all adjustments, the total debit and total credit balances in the ledger are equal.Which of the following is true of a trial balance?
A trial balance with equal debit and credit balances proves that the accounts are in balance.
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Economic policy changes that promote private sector development, competitive markets, market-pricing, freer trade, and deregulation is (are) called economic?
Economic policy changes that promote private sector development, competitive markets, market-pricing, freer trade, and deregulation is (are) called "economic reforms"
What is Economic Policy?
The systems for determining tax rates, government spending, the money supply, and interest rates, as well as the labor market, national ownership, and many other areas of government interventions in the economy, are all included in the concept of the economy of governments. The majority of economic policy elements fall into one of two categories: monetary policy, which deals with central bank activities related to the money supply and interest rates, or fiscal policy, which deals with government actions related to taxation and spending. international entities like the World Bank and the International Monetary Fund, as well as political ideologies and the ensuing party policies, frequently have an impact on such policies.
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