Cost of Goods Manufactured (COGM) is a term used in managerial accounting that refers to a schedule or statement that shows the total.
What is meant by Gross profit?
Gross profit is the profit a company makes after deducting all costs associated with producing and marketing its products or services. Deducting the cost of goods sold (COGS) from total sales yields gross profit.
A company's gross profit is equal to its total sales minus its total cost of goods sold. Total sales include all goods sold by the company.
On a company's income statement, gross profit is calculated by subtracting the cost of goods sold (COGS) from revenue (sales). These figures can be found on the income statement of a business.
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In the balance-of-payments statement, statistical discrepancy is treated as part of the merchandise trade account because merchandise transactions are generally the most frequent source of error. True/False
In the balance-of-payments statement, statistical discrepancy is treated as part of the merchandise trade account because merchandise transactions are generally the most frequent source of error is a false statement
Exports cause money to come into the country, making them a credit entry in the current account. As a result, exports enhance a country's current account balance.
The flow of taxes, the acquisition and sale of fixed assets, etc., by immigrants moving out of or into another nation are also included in the capital account. Through capital account financing, the current account's surplus or deficit is controlled, and vice versa.
The capital account provides information about a nation's overall balance of payments. Among other things, a country's capital account may comprise foreign direct investment, portfolio investment, external commercial borrowings, and NRI deposits.
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a good financial decision will do which of the following? multiple select question. increase the value of the firm's existing stock increase current dividends per share increase market value of shareholders' equity increase the cost of capital
A good financial decision will do:
Increase shareholders equityIncrease the value of the firm's existing stockWhat is good financial decision?Strong returns on investments made in the past, a growing cash balance, and a tendency for costs to remain relatively stable are all typical indicators of sound financial health.
People with good financial knowledge and decision-making abilities may balance their alternatives and choose wisely for their financial conditions, such as when and how to save and spend, compare prices before making a large purchase, or prepare for retirement or other long-term goals.
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samuel is taking off from work for four hours this afternoon and going to a baseball game. the ticket to the game costs $25, and it costs $15 to park at the stadium. samuel earns $15 an hour at his job. samuel's opportunity cost of going to the ball game is: please choose the correct answer from the following choices, and then select the submit answer button. answer choices $100. $50. $60. $25.
The samuel's opportunity cost for going into the ball game is $60.
Opportunity cost is the value of what you give up while choosing between two or more options. Every choice includes compromises, and opportunity cost refers to the benefits you could have reaped if you had chosen one course over another.
Here, the cost of a ticket as per given data is $25.
The parking cost is $15.
15$/hour is the wage samuel earns at his job.
He is taking off for 4 hours.
The opportunity cost for going to the game is
= $15 × 4
= $ 60.
And therefore total economic costs will be
= $25 + $15 + $60
= $100
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the most important tool used to determine whether or not to build a public assembly venue, as well as the type and size of venue to build, is a:
A feasibility study is the most crucial instrument used to decide whether or not to create a public assembly venue as well as the kind and size of venue to build.
A feasibility study determines the likelihood of success by conducting a detailed review of all the crucial aspects of a proposed project.
One approach to describe business success is return on investment, which shows that the project will generate enough profit to justify the investment. Numerous other important factors, such as the effect on the community and environment, can be found on either the positive or negative side.
Even while feasibility studies can help project managers evaluate the risk and reward of moving forward with an action plan, there are still a lot of things to consider.
A feasibility study assesses a proposed plan or project's viability. A feasibility study evaluates a project's viability to determine its likelihood of success. The goal of the analysis is to identify any potential issues and difficulties that might arise while the project is carried out.
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when workers attempt to organize, they first must get other workers in their organization to sign authorization cards which designate a specific union as the workers' bargaining agent. however, the union cannot ask the employer for official recognition until at least % of workers have signed authorization cards.
The correct response is B: 30. However, the union cannot ask the employer for official recognition until at least 30% of workers have signed authorization cards.
People would like and respect your accomplishments if you receive attention. Ella griped that the corporation never acknowledged her labour. As a token of appreciation, arrange for a nutritious breakfast or some afternoon munchies. To honour those members of your group who have received service awards on their birthdays, have a special meeting or awards ceremony. Organise a team-building event away from the workplace. Organize a lunchtime meeting with your staff and express your gratitude. One of the most popular adjectives for things that are simple to notice, identify, or comprehend is obvious. An accomplishment or company goal should be linked to the recognition to make it more impactful.
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When workers attempt to organize, they first must get other workers in their organization to sign authorization cards which designate a specific union as the workers' bargaining agent. However, the union cannot ask the employer for official recognition until at least _____% of workers have signed authorization cards.
A: 50
B: 30
C: 75
D: 45
on february 1, domino corporation ordered inventory. the inventory was received on february 15. domino paid for the inventory on february 27. on what date does domino record the transaction
The transaction dates on Domino are February 15 and February 27.
Explain Domino Corporation?
As soon as the requested inventory starts to arrive, Domino Corporation will be able to track an increase in inventory.It would be noted on February 15th, the day the materials were acquired, as they have obtained or received them.Additionally, since the cash truly left their company on February 27 and they actually made the payment for the goods on that day, they would need to keep track of the cash outflow they used to pay for the inventory.For the purpose of tracking inventory movements, inventory transactions are journalized. Based on the type of situation, different types of journal entries are created to record the inventory transactions.To learn more about Domino Corporation refer to:
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Community Trust Bank is analyzing its customer data to determine if groups other than simply consumer and business customers can be identified. It is looking at the frequency of branch visits, use of ATMs, online banking activity, loan activity, and account balances for each customer. The bank has identified three groups of customers based on these factors and is considering offering different products to better meet the needs of each group. What marketing concept do these different groups of customers represent?
Market segmentation is the marketing concept these different groups of customers represent.
What is Market Segmentation?Companies divide their potential customers into distinct categories through a process known as market segmentation. The company is able to precisely target a variety of marketing campaigns thanks to this ability to allocate the appropriate resource to each segment.
A market segment's interests, lifestyle, age, gender, and other characteristics are typical. Geographic, demographic, psychographic, and behavioral segments are typical examples of market segmentation.
The four most common types of market segmentation are demographic, psychographic, behavioral, and geographic segmentation. However, there are many other strategies you can use as well, including numerous variations on the four most common types.
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one role of a systems analyst is to... group of answer choices ensure the system conforms to infrastructure standards ensure the system conforms to information system standards analyze the key business aspects of the system design new business processes
One role of a systems analyst is to b) ensure the system conforms to information system.
As a systems analyst, it is important to ensure that any information system is compliant with the company's standards. This means meticulously analyzing the system and ensuring that all processes, data, and programming meet the required criteria.
This role also involves monitoring the system's performance, troubleshooting any issues that arise, and providing support to other members of the team.
Additionally, it is the responsibility of the systems analyst to identify areas of improvement in the system and offer suggestions for adjustments. Ultimately, the goal is to ensure the system is efficient and effective in its operations.
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In a given year, Jennifer earns $50,000 and spends $40,000. During the same period, Steve earns $30,000 and spends $27,000. If Jennifer and Steve both must pay a 10 percent sales tax on goods purchased, the sales tax is
A) a higher percentage of income for Jennifer than for Steve
B) a higher percentage of spending for Steve than for Jennifer
C) progressive with respect to income
D) regressive with respect to income
E) proportional with respect to income
In terms of income, the sales tax is regressive.
Regressive taxes are those that apply to all taxpayers equally, regardless of their income, and that charge both low- and high-income earners the same amount of money.
This kind of tax has a greater negative effect on low-income earners than it does on high-income earners, for whom the same dollar amount represents a much smaller percentage of total income.
Progressive systems tax income more heavily on higher earners than on lower earners than regressive systems do not.
Despite the fact that the income tax is progressive in the US and certain other developed nations, other taxes, such as the sales tax and user fees, are applied equally.
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suppose that poland and liechtenstein both produce ale and broccoli. poland's opportunity cost of producing a bushel of broccoli is 5 kegs of ale while liechtenstein's opportunity cost of producing a bushel of broccoli is 11 kegs of ale. by comparing the opportunity cost of producing broccoli in the two countries, you can tell that has a comparative advantage in the production of broccoli and has a comparative advantage in the production of ale. suppose that poland and liechtenstein consider trading broccoli and ale with each other. poland can gain from specialization and trade as long as it receives more than of ale for each bushel of broccoli it
Ale and broccoli are both produced in Poland and Liechtenstein. The opportunity cost for Poland to produce one bushel of broccoli is five kgs.
What is opportunity cost?Economics has a notion known as opportunity cost. When economists use the word "cost," they often mean opportunity cost. Conversations and the news commonly utilize the word "cost."
Opportunity cost, as used in economics, refers to the values or advantages that a firm, business persons, or organizations sacrifice when they select one alternative over the other when making decisions about their operations. Opportunity cost is the difference in price between a different choice's value and the option that is ultimately chosen.
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singapore has become one of the outstanding centers of manufacturing, finance, and trade along the pacific rim. this is due in part to which of the following geographic advantages?
The concept is Relative location. It mentions how much a place matters in carrying out the business.
Relative location is described using features, landmarks, or locations near a specific location. Geographers describe places in different ways.
Relative location refers to a location in relation to other locations, while absolute location uses things like longitude and latitude to describe where something is located without reference to any other location. A major financial center in the Asia-Pacific region, Singapore has long enjoyed a reputation as one of the most advanced economies in the world.
Location plays a big part in attracting and retaining top talent, many of whom are closely monitoring their whereabouts to optimize their work-life balance. It helps to improve a company's long-term performance. Wrong decisions can cost millions in lost talent, productivity, and capital.
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because the united states dollar is the main reserve currency of the world, the u.s. government must pay higher interest rates to foreigners who purchase its securities.
a. true
b. false
true
Foreign investors who buy American government securities must pay higher interest rates because they are taking on currency risk. Foreign investors could ask for a greater rate of return to make up for the risk involved because the U.S. dollar's value can vary in relation to other currencies.
Furthermore, if other investment options in other nations are deemed to be more appealing, the U.S. government may also be required to offer greater interest rates in order to draw international investment in its assets.
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a general journal entry should contain which of the following? (select all that apply.) multiple select question. the date. supporting explanations. whether the account is temporary or permanent. the accounts and amounts debited and credited.
A general journal entry should contain:
DateSupporting explanationsThe account or amounts debited and creditedIn journal entries, there are 2 kinds of common journal used in a double-entry accouting system, they are general journal and special journal.
General journal refers to a book of raw business transaction records. General journal is written in a chronological order by dates and is the first place where a transaction should be recorded in to. Special journal refers to frequent transactions within a given category and used in manual bookkeeping to make transaction tracking easier.
In creating journal entries, you should provide some informations, such as:
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fill in the blank question. management discussion and analysis and note disclosures to the financial statements are included in the . a. notes disclosures. b. press releases. c. corporate income tax returns. d. management discussion and analysis.
Option D is correct. Executives evaluate the performance of the company in a component of a company's annual report or quarterly filing known as management discussion and analysis (MD&A).
What Is Management Discussion and Analysis (MD&A)?A component of a public company's annual report or quarterly filing called "Management Discussion and Analysis" (MD&A). Performance of the business is discussed in the MD&A. The C-suite, or management team of the corporation, provides an examination of the performance of the organization in this area using both qualitative and quantitative measurements. A public company's annual report to shareholders must contain a number of components, including the MD&A, as mandated by the Securities and Exchange Commission (SEC) and Financial Accounting Standards Board (FASB). When a business issues stock or bonds to the general public, it must register those offerings with the SEC, which monitors public firms' compliance with U.S. securities laws and makes sure investors are provided sufficient information about the businesses they participate in.
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The semi-annual interest payments that corporate bonds in the U.S. typically pay are conventionally referred to as
yield payments
coupon payments
call payments
premium payments
dividends
The semi-annual interest payments that corporate bonds in the U.S. typically pay are conventionally referred to as coupon payments
What kinds of bonds are there?
municipal bonds, government bonds, and agency bonds are the four different types of bonds that may be categorized. The relationship between the Bond prices and the is inverse. When the rate of interest rises, bond prices fall, and when the rate of interest falls, bond prices rise.
In comparison to yearly bonds, semiannual bonds multiply twice as much. c are prepared to pay more for the additional six months of relatively high accumulated interest, therefore an annual bond will be more expensive than its semiannual twin if market rates are lower.
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According to Kirkman, Jones and Shapiro (2000), one reason employees resist being on a team in the workplace is
Employees with a high level of individualism, or the propensity to put one's own interests ahead of those of one's family, groups, or organizations, are said by Manz, Sims, Kirkman, and Shapiro.
to working in teams. because they can consider teams a threat to their own autonomy and capacity for decision-making. They can be worried about blending in with a bigger group and losing their individuality, which could result in a loss of rewards for their unique contributions. Employees may also be averse to the added responsibility and workload that come with working in a team, as well as possible disputes with other team members.because they can consider teams a threat to their own autonomy and capacity for decision-making. They can be worried about blending in with a bigger group and losing their individuality. Manz, Sims, Kirkman, and Shapiro to be resistant.
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The most a person (age 21) can be fined for a first conviction of driving while under the influence of intoxicating liquor with no injury involved is:O Intoxication manslaughter
O 6 days
O $2,000
O $500
The correct response is c. $2,000. For a first offence of operating a motor vehicle while intoxicated without causing injury, a person (age 21) may be fined up to: $2,000.
A motor vehicle, often referred to as a motorized vehicle or an automotive vehicle, is a self-propelled land vehicle, typically with wheels, that does not run on rails (like trains or trams) and is employed for the movement of people or goods. The propulsion of the vehicle is given by an engine or motor, typically an internal combustion engine, an electric motor, or a mix of the two, such as hybrid electric vehicles and plug-in hybrids. Automobiles, buses, motorbikes, off-road vehicles, light trucks, and normal trucks are just a few of the different vehicle classifications that are frequently used to categorize motor vehicles for legal purposes. According to each nation's legal systems, these classifications differ. Road vehicle categories, terminology, and definitions are covered by ISO 3833:1977.
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all of the stocks on the over-the-counter market are designated by either a 4-letter or a 5-letter code that is created by using the 26 letters of the alphabet. which of the following gives the maximum number of different stocks that can be designated with these codes?
The 26 letters of the alphabet are used to form either a 4-letter or a 5-letter code that identifies each stock on the over-the-counter market.
Calculation:The variety of 4-letter code combinations ( If repetition of letters is allowed)= 26×26×26×26=(26)⁴
Similar to that, the quantity of 5-letter codes is equal to
26×26×26×26×26= (26)⁵
The total number of possible combinations for a 4-letter or 5-letter code is as follows:(26)⁴ + (26)⁵ = (26)⁶ ( 1 + 26) = (26)⁴ (27) =27 (26)⁴
Hence, the correct answer is e) . 27 (26)⁵
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Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts had a credit balance of $2,400. During the year, Abbott wrote off accounts receivable totaling $1,800 and made credit sales of $100,000. After the adjusting entry,
a. $1,200 b. $3,000 c. $3,600 d. $7,200
During the year, Abbott wrote off accounts receivable totaling $1,800 and made credit sales of $100,000. After the adjusting entry is $3,000
The following data are provided by the scenario:
Credit sales equal $100,000.
3% of the total is uncollectible.
So, after making the necessary adjustments using the allowance method, the bad debt expense can be calculated as follows:
Credit sales minus bad debt expense = uncollectible percentage
= $100,000 × 3%
= $100,000 × 0.03
= $3,000
The allowance method involves setting aside a reserve for future bad debts. The reserve is calculated as a percentage of sales generated during a reporting period, and may be adjusted to account for the risk associated with specific customers.
Abbott Laboratories (Pakistan) Limited (the Company) is a Pakistani public limited company founded on July 2, 1948, and its shares are traded on the Pakistan Stock Exchange.
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In considering the differences between Agency CM and CM-at-risk, which one of the following statements is NOT true?
a. With the CM-at-risk, the CM is responsible for means, methods, and sequencing of work.
b. In an Agency CM role, the CM does none of the physical work.
c. The CM, in most cases, is clearly responsible for schedule and coordination.
d. Project controls under both forms of CM equally serve the interest of the Owner as a priority.
In considering the differences between Agency CM and CM-at-risk, Project controls under both forms of CM equally serve the interest of the Owner as a priority is NOT true
What Is Construction Management at Risk?Instead of using one contract, the design-build project delivery method combines two. In CM at risk, design and construction are handled by two separate contracts, and factors other than just the lowest overall construction cost are taken into consideration when making a final decision.
Construction managers at risk are obligated to complete projects for a guaranteed maximum cost when they are in charge of them. The construction manager works with the project owner as a consultant while a project is being developed and designed or during preconstruction services. When construction is taking place, they act as the general contractor.
Since the construction manager is required to follow the GMP, their relationship changes as they represent the owner's interests while controlling construction costs to make sure that the GMP is not exceeded. If they do, the construction management company will incur additional expenses.
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the focus and emphasis for is to look to the future and prepare as best as possible. answer financial accounting management accounting line management distribution management
The focus and emphasis for management accounting is to look to the future and prepare as best as possible.
Managerial accounting includes the identification, measurement, analysis, interpretation, and transmission of financial information to managers for the purpose of achieving an organization's goals.
Management accounting is distinct from financial accounting in that its goal is to aid users within the company in making wise business decisions.
Enhancing the quality of data provided to management about key business operation metrics is the aim of managerial accounting. Data on the cost and sales revenue of the products and services generated by the company are used by managerial accountants. Cost accounting is an important subset of managerial accounting that focuses specifically on capturing a company's overall costs of production by analyzing the variable costs of each stage of production as well as fixed costs.It can help businesses increase profits by locating and cutting back on excessive spending.
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in 2021a single non-dependent taxpayer over 65 is required to file a 2021 tax return if they're gross income exceeds what
It is mandatory to file ITR for individuals If the gross total income is over Rs.2,50,000 in a financial year.This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens the entities.
For 2021,the additional standard deduction amounts for taxpayers who are 65 and older or blind are single or head of household $1,750 increase of $50 Section 194P of the Income Tax Act,1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years and above conditions for exemption.Senior Citizen should be of age 75 years or above.If you are age 65 or older, your standard deduction increases by $1,700 if you file as single or head of household.If you are legally blind, your standard deduction increases by $1,700 as well.If you are married filing jointly and you OR your spouse is 65 or older,your standard deduction increases by $1,350.A dependent whose gross income is only earned income must file a return if the gross income is more than the amount listed.
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A company purchased $2,200 of equipment in exchange for a cash payment of $1,200 and a $1,000 promise to pay. The company recorded a $1,200 increase in the Equipment and a $1,200 decrease in the Cash account. No entry was made to the Accounts Payable account. As a result, _________________.
As a result, the Accounts Payable account should have been increased by $1,000 to accurately reflect the promise to pay.
What is the account?Generally, a log of debit and credit entries that cover transactions that include a specific thing (such as cash or notes receivable) or a specific person or concern: a record of all of the transactions that took place within a certain accounting period, including the final balance.
The Equipment account and Cash account would be correctly recorded, but the Accounts Payable account would be understated by $1,000.
This would result in an error in the company's financial statements.
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a result of business expansion to global markets is that it creates new jobs in manufacturing and service businesses. it also: multiple select question. makes it much easier for existing businesses to maintain the status quo means some jobs have moved to different locations around the world maintains the existing job base here creates greater global competition between businesses and for jobs
The effect of business growth into international markets is the creation of new jobs in the manufacturing and service sectors. 1. Boosts job and business rivalry on a global scale 2. indicates that some employment have been relocated across the globe.
Lower expenses are one benefit that comes with doing company in a global market. Some nations offer significantly more affordable production, facilities, and wages. Because of this, companies can operate with reduced total expenses and higher profit margins. Businesses might be able to benefit from economies of scale as well.
Markets all around the world are now more interconnected, and there is better communication and understanding of economic prospects in distant parts of the world as a result of globalisation. More investors now have remote access to new markets and investment opportunities than ever before.
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with reference to the general electric model for selecting strategic alternatives, which of the following refers to how well placed in a market an organization needs to be to take advantage of opportunities? group of answer choices marketing myopia experience curve business position market attractiveness
With reference to the general electric model for selecting strategic alternatives, business position refers to how well placed in a market an organization needs to be to take advantage of opportunities.
What is general electric model?The GE-McKinsey Matrix, often known as the General Electric Matrix or the Nine-Box Matrix, is a portfolio analysis tool that is employed in corporate planning to evaluate strategic business units or product lines. In this matrix, the competitive strength of a business unit and the industry attractiveness are combined. In contrast to the BCG matrix, which employs relative market share as a proxy for business unit strength and the market growth rate as a proxy for industry attractiveness, the GE matrix generalises the axes as "Industry Attractiveness" and "Business Unit Strength."
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Matt has been asked to write a draft for a business message based on an outline. What is his main task?
A.
to create a polished copy of the message that can be published
B.
to create a rough draft of the message with short sentences
C.
to create a more detailed outline with grammatically correct sentences
D.
to create an alternative outline based on his own ideas for the message
His main task is to to create a rough draft of the message with short sentences.
What is a message?A message is a concise piece of communication that the source intends for a specific recipient or set of recipients to read. There are several ways to send a message, such as courier, telegraphy, carrier pigeon, and electronic bus.
A broadcast's content could be a message. A conversation is an interactive flow of messages.
A press release, which can range from a brief report or statement made by a governmental agency to commercial publicity material, is one type of message.
A verbal message is a communication that takes place verbally. Examples include verbal exchanges in person, phone calls, voicemails, and emails, among others.
Instead of using words, nonverbal communication uses actions or behaviors, such as conscious or unconscious body language.
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Answer:
a
Explanation:
jkkjnjk
all of the following statements about the representation of poor people are true except that group of answer choices their representation comes largely from elite business groups. representation is difficult because the poor often cannot afford the time or money needed to join groups. the poor depend largely on indirect representations. most efforts on behalf of the poor come from a policy network of groups. many people who are classified as poor do not have the ability to find out which group might represent them.
All of the following statements about the representation of poor people are true except that their representation comes largely from elite business groups.
What is representation?
A representation performs an action or serves someone or something on their behalf. A lawyer represents a client's interests in court. A person's exaggerated image or likeness is called a caricature. Representation refers to the fundamental notion that students are more likely to identify with and be able to envision themselves as belonging in the area if they see persons similar to them reflected in course materials. Similar to a power of attorney, a representation agreement enables you to choose someone to handle personal, medical, and healthcare concerns on your behalf if you are unable to do so yourself. You can specify who, in the event that you are unable to make decisions for yourself, will be in charge of making personal and medical decisions for you.
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cash flows from financing activities identifies cash receipts and cash payments related to which of the following types of accounts? (check all that apply.) multiple select question. common stock interest payable bonds payable notes receivable
Common stock is the type of cash flows from financing activities identifies cash receipts and cash payments related. Cash flow refers to the quantity of money that a business gets or transfers to its debtors in the form of cash or cash equivalent.
The liquidity condition of the business is frequently studied using cash flow analysis. Payroll, the cost of items sold, rent, and utility bills are a few examples of these Common stock cash outflows. When corporate operations are very seasonal, cash outflows might vary greatly. The inflows and outflows of Cash flow and cash equivalents from a company's operating, investing, and financing operations during a specific time period are shown on a cash flow statement.
The above mentioned question is incomplete. Options are mentioned below.
a. common stock
b. interest payable
c. bonds payable
d. notes receivable
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Answer: Bonds Payable and Common Stock are the correct answers
Explanation:
When one firm can significantly influence the decisions of another firm through its ownership of voting shares, transactions between the two firms.
don't offer a fair basis for financial reporting; they can't be regarded as independent.
When one firm can significantly influence the decisions?For reporting reasons, two businesses are regarded as one economic unit when one firm controls the whole decision-making process of the other. For the combined revenue, liabilities, income, and expenses of the two businesses, one financial statement set is produced.
Significant influence, as opposed to control over such policies, is the ability to take part in an entity's operational and financial policy decisions. International financial reporting standards make use of the idea. Typically, significant influence is assumed to exist when an investor has 20% or more of the investee's voting power, whether either directly or indirectly via subsidiaries.
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APPLICATION: The article talks about the different forms of businesses. It can also be used to compare how the impact of a firm's bankruptcy on its owners depends on the organizational form of the business.
SUMMARY: Bankruptcy is an ordeal for executives at any business. But for entrepreneurs, it's often a double whammy: Their personal possessions are in jeopardy along with the business assets.
The following four questions are based on Wall Street Journal Article:
1. What is your main take-away from this article? What did you learn the most?
2. How does a firm's bankruptcy affect the owner of a sole proprietorship?
3. What is an LLC? How does an LLC or corporation differ from a sole proprietorship or partnership if the firm goes bankrupt?
4. How does a personal loan guarantee impact an owner if the firm is set up as a sole proprietorship, a partnership, a limited partnership, an LLC, or a corporation?
The article talks about the impact of bankruptcy proceedings on the assets of the firm/corporation. The article tries to indicate the importance of corporate/business structure and highlights the importance of personal guarantees (given by owners/partners while obtaining loan).
What type of corporate ownership is most beneficial?
However, starting a business is more expensive than using any other type of structure. Corporations offer their owners the best protection against personal liability. The recording, operating procedures and reporting obligations for companies have also become more extensive owners are subject to limited liability under what is often referred to as a subdivision of an S corporation. A sole proprietorship or, where there are multiple owners, a partnership is often the best start-up option for small businesses. Protection from personal liability, business continuity and security, and easier access to finance are the benefits of starting a business.
Part 1)
The article talks about the impact of bankruptcy proceedings on the assets of the firm/corporation. The article tries to indicate the importance of corporate/business structure (as in sole proprietorship, limited liabiity corporation, etc.) and highlights the importance of personal guarantees (given by owners/partners while obtaining loan). It indicates how the owners/partners become liable to settle various dues/loans out of their personal possessions (in case they file for bankruptcy). The most important point that this article brings out is that no form of corporate/business structure can protect personal assets (of owners/partners) if they don't exercise reasonable care (such as not providing personal guarantees for business loans) at the time of obtaining loans/finance from third party sources.
Part 2)
In case of a bankruptcy proceeding, a sole proprietor's personal assets can be used/attached to settle the due/loans of various creditors. In other words, if the business assets of the firm are not sufficient to pay off the liabilities, the personal possessions/assets (such as home, car, etc.) of the proprietor can be used to dispose off the obligations. It is so because a sole proprietorship firm is not treated as a separate legal entity (in the eyes of law) and the owner is required to file for personal bankruptcy in case he/she is not able to meet his/her business obligations.
Part 3)
In case of a limited liability corporation (LLC), the owners/partners cannot be held personally liable for business debts/obligations. This form of business structure provides protection to the personal assets of the owners/partners in case the firm goes bankrupt unlike a sole proprietorship or a partnership firm. It is so because a limited liability corporation is treated as a separate legal entity (in the eyes of law) from its owners/partners. Therefore, the bankruptcy is filed by the firm (in case the firm is not able to settle/pay off its business debts) and not by its owners/partners (personally as in case of a sole proprietorship or a partnership firm).
Part 4)
Irrespective of the form of business structure (a sole proprietorship, a partnership, a limited partnership, an LLC, or a corporation), a personal loan guarantee makes the owner personally liable for debts/obligations with respect to the loan. In simple words, the personal assets of the owner can be used to payoff the obligations in case business assets are not sufficient to settle the dues (if personal guarantee is provided at the time of obtaining the loan/finance). In such a case, the protection offered (to business owners/partners) by LLC or corporation form of business structure with respect to personal liability lapses and owners/partners become personally responsible for the debts/obligations.
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