Answer:
b) a loss contingency of $5,400,000 and disclose an additional contingency of up to $3,600,000.
Explanation:
There are 2 conditions that must be met in making provisions, as stated by the International Accounting Standards (IAS 37). They are:
1. Present Obligation
2. Are outflows probable (i.e. more likely than not)
3. Can the outflows be reliably measured.
1. Present Obligation
In the given scenario, it was mentioned that there is a present obligation because ''Coronado Industries is being sued for illness caused to local residents as a result of negligence on the company's part'' hence this already informs that there is an obligation.
2. Are outflows probable (i.e. more likely than not)
From the scenario, it can be gathered that outflows are probable because the lawyer has stated ''it is probable that Coronado will lose the suit and be found liable'' that implies that there is a liability to be recognised
3. Can the outflows be reliably measured.
It is stated in the scenario that ''However, the lawyer states that the most probable cost is $5,430,000'' Hence, this represents a reliable estimate.
Furthermore, the other likely fraction in the worse case scenario should be shown in the disclosures or additional information.
Due to the complexity of the incident, the Incident Commander has expanded the Operations Section to include an Evacuation Group. What NIMS Management Characteristic is being demonstrated? Modular Organization
Answer:
Modular Organization
Explanation:
Modular organization is an Incident Command System structure that employs a top-down approach and identify a response organization structure on the basis of the size, complexity, or hazardous effect of an incident. It is the responsibility of the Incident Commander to establish and expand the modular organization as was the case in the example. The ICS organization was expanded to include the Evacuation Group due to the size, complexity, or severity of hazard.
The NIMS Management Characteristic being demonstrated is Modular Organization. This allows for adaptability by adding new sections to the organizational structure as the complexity of the incident grows, such as creating an Evacuation Group for managing and coordinating the safe evacuation of people.
Explanation:The NIMS Management Characteristic being demonstrated when the Incident Commander expanded the Operations Section to include an Evacuation Group is called Modular Organization. This characteristic allows organizations to structure themselves so they can efficiently address the varying levels of an incident. When an incident grows in complexity, the Incident Commander can add new groups, branches or divisions to the Incident Command System's organizational structure, thereby expanding the Operations Section.
This manner of organization not only ensures system flexibility and adaptability, but also improves coordination, expedites information flow, and enhances resource management. In this case, the addition of an Evacuation Group would cater specifically to the task of managing and coordinating the safe evacuation of people in response to the incident.
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The accounting principle that guides accountants, when faced with a recognition dilemma, to choose the alternative that produces the lowest net income is referred to as:___________________.
Answer:
Conservatism
Explanation:
Conservatism also known as the "doctrine of prudence" is a principle where by the accountant plays safe by anticipating future losses without considering future gains.
The Conservatism Principle in accounting encourages professionals to choose the option that results in the lowest net income when faced with a recognition dilemma. The principle aims to prevent the overstatement of income.
Explanation:The accounting principle that guides accountants, when faced with a recognition dilemma, to choose the alternative that produces the lowest net income is referred to as the Conservatism Principle. This principle advises accountants to err on the side of caution when preparing financial statements – if there are two equally-likely estimations, accountants should go with the one that will show less net profit, or a greater loss. It doesn't mean to understate income, but to avoid overstating it. Its purpose is to reduce the risk of overestimation but can result in reporting lower net income.
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Bill drives faster than the speed limit only when his friends are in the car with him, because they tell him he is cool. Bill's behavior of driving over the speed limit only when his friends are with him is said to be under ____________ control.
Answer:
STIMULUS
Explanation:
In biology, a cause is a measurable change to the internal or external state of an individual's physical or chemical framework. When a stimulus is delivered to a sensory receptor, by stimulation transduction it usually elicits or affects a response.
Therefore, Bill's behavior of speeding over the legal limit is also said to be included in STIMULUS regulation while his buddies are with him.
A schedule or curve that shows the various combinations of two products a consumer can purchase with a specific amount of money income is:____________a) a trade offb) a budget linec) a tangent point
Answer:
budget line
Explanation:
A budget line is a graphical representation that shows all the possible combination of how two products that can be consumed at different prices with a given income. The budget line is downward sloping with the gradient of the slope reflecting the two prices.
A budget line assists in understanding consumer choices and behavior. A budget line may shift due to changes in the consumer's income. It shifts to the left when income decreases and shifts to the right when income increase.
A budget line represents the various combinations of two products a consumer can purchase with a specific amount of money income. It indicates feasible and non-feasible purchases given a specific budget.
Explanation:The schedule or curve that demonstrates the various combinations of two products a consumer can purchase with a specific amount of money income is referred to as a budget line. The budget line depicts the boundary of feasible purchases for a consumer given a specific budget. Any point on the line indicates a bundle of goods that the consumer can afford, any point inside the line indicates a bundle of goods that is affordable but not fully utilizing the income, and any point outside the line is unaffordable.
For example, if a consumer has $20 and the price of apples is $2 per apple and the price of bananas is $1 per banana, the budget line will show all the possible combinations of apples and bananas the consumer can buy with $20.
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Which of the following group of countries is more likely to lag in terms of green practices, according to the IBM study mentioned in the text?
a.North America
b. All are at about the same level
c.Western Europe
d.None of the above
e.Asia Pacific
Answer:
Correct answer is A. North America
Explanation:
IBM environmental study report the list countries according to their responses to the green practice which indicate that North America is likely to lag in the eco-friendly activities.
The cash account has a debit balance of $400. Through the month the account is debited for a total amount of $1500 and credited for a total amount of $900. What is the ending balance?
Answer:
$1,000
Explanation:
The computation of the ending balance of cash is shown below:
Ending balance of cash = Debit balance of cash account + total debited the amount of cash balance - the total credited amount of cash balance
= $400 + $1,500 - $900
= $1,000
Since the cash account has debit balance so it would be added while the credit balance is deducted
Jacob and Marla were both presented with a complex accounting issue that neither had seen before. Marla was able to look at the problem and come up with a reasonable solution, but Jacob was not. What is the difference between Marla and Jacob?
Answer: Generally, when trying to solve a complex accounting problem in which there are obstacles and little knowledge about the subject, the most advisable thing is to work from a conceptual framework which serves as a guide to find a reasonable answer to the problem in question. In this case Marla was clearly working with a conceptual framework, and instead Jacob was not.
Financial reporting is the process of communicating _____ accounting information to existing and potential future investors, creditors, lenders, and other _____ decision makers.
a.financial,
b. internal
Answer:
Financial reporting is the process of communicating financial accounting information to existing and potential future investors, creditors, lenders, and other internal decision makers.
Explanation:
Financial reporting refers to the process of reporting financial statement which include, cash flow statement, income statement and also the balance sheet to users of accounting information which includes potential investors, creditors, suppliers, shareholders, government, internal auditors and even the general public which will help them to make financial decisions as regards investments, taxes, profitability etc.
A company's activities for year two included the following: Gross sales $3,600,000 Cost of goods sold 1,200,000 Selling and administrative expense 500,000 Adjustment for a prior-year understatement of amortization expense 59,000 Sales returns 34,000 Gain on sale of stock portfolio securities 8,000 Gain on disposal of a discontinued business segment 4,000 Unrealized gain on AFS debt portfolio securities 2,000 The company has a 30% effective income tax rate. What is the company's net income for year two?
Answer:
$1,273,300
Explanation:
The computation of the net income is shown below:
= Gross sales - sales returns - Cost of goods sold - Selling and administrative expense - prior-year understatement of amortization expense + Gain on sale of stock portfolio securities + Gain on disposal of a discontinued business segment - income tax expense
where, income tax expense would be
= ( Gross sales - sales returns - Cost of goods sold - Selling and administrative expense - prior-year understatement of amortization expense + Gain on sale of stock portfolio securities + Gain on disposal of a discontinued business segment) × income tax rate
= ($3,600,000 - $34,000 - $1,200,000 - $500,000 - $59,000 + $8,000 + $4,000) × 30%
= $545,700
So, the net income would be
= $3,600,000 - $34,000 - $1,200,000 - $500,000 - $59,000 + $8,000 + $4,000 - $545,700
= $1,273,300
The net income for Year Two is $1,339,800.
Explanation:In order to calculate the net income for Year Two, we need to consider the various revenues and expenses.
First, we need to calculate the operating income. Operating income is calculated by subtracting the cost of goods sold and selling and administrative expenses from the gross sales. Therefore, the operating income for Year Two is $3,600,000 - $1,200,000 - $500,000 = $1,900,000.
Next, we need to consider the various gains and adjustments. The gain on sale of stock portfolio securities, gain on disposal of discontinued business segment, and unrealized gain on AFS debt portfolio securities are all non-operating gains. These gains are added to the operating income. Therefore, the total income before taxes is $1,900,000 + $8,000 + $4,000 + $2,000 = $1,914,000.
Finally, we need to consider the income tax. The effective income tax rate is 30%, so the income tax expense is $1,914,000 x 0.30 = $574,200.
Therefore, the net income for Year Two is $1,914,000 - $574,200 = $1,339,800.
Broker Burns is negotiating a first trust deed loan for buyers. The buyers have signed a contract for a fifteen year loan. What is the maximum commission for Broker Burns?
1. Five percent of the principal of the loan.
2. Ten percent of the principal of the loan.
3. Fifteen percent of the principal of the loan.
4. Two percent of the principal of the loan.
Answer:
The answer is 2. Ten percent of the principal of the loan
Explanation:
By law, maximum commissions for first trust deed loans are at :
- 5% of the principal for loans less than 2 years or less than 3 years
- 10% of the principal for loans 3years and more.
Second trust deed loans, on the other hand, are stated at 5% for loans up to 2years, 10% for loans between 2-3 years and 15% for loans more than 3 years.
One benefit of trade is that it:
A. Allows for increased specialization and mass-production techniques that lower per unit costs of production.
B. Decreases economies of scale, making production more efficient.
C. Increases the division of knowledge because trade makes people more self-sufficient, producing more of what they consume.
D. Lowers productivity, leading to greater domestic employment.
Answer:
The answer to this question is A: Allows for increased specialization and mass production techniques that lower per unit costs of production
Explanation:
First, What is Trade?
Trade is the exchange of goods and services. It is the satisfaction of wants, the next step after goods have been produced.
Trade, whether domestic or international requires firm or an economy to exchange goods and services which they have produced for income. A country usually trades goods which it has abundance raw materials and required resources to produce or focuses on the aspect in which it has comparative advantage.
If a country therefore focuses on trade in which it has abundance of resources or comparative advantage, it automatically become specialized in the production of such goods and begins to develop more techniques and tools that will ensure that it produce such goods at optimum level that will help it in reducing cost of production for such goods or services.
A cost system determines the cost of a cost object by ________. assigning and then accumulating costs assigning costs accumulating costs accumulating and then assigning costs
Answer:
Accumulating and then assigning costs
Explanation:
A cost accounting framework (likewise called item costing framework or costing framework) is a system utilized by firms to gauge the expense of their items for painfulness examination, stock valuation and cost control. Evaluating the exact expense of items is basic for productive tasks.
Cost accumulation includes the utilization of a proper cost bookkeeping framework to gather cost data.
A cost system determines the cost of a cost object by assigning costs first and then accumulating them. This process ensures that all relevant costs are considered and provides an accurate representation .
A cost system determines the cost of a cost object by assigning and then accumulating costs.
Let's break down the process step-by-step:
1. Assigning costs: In this step, the cost system identifies and assigns costs to the cost object. A cost object can be a product, service, project, or any other entity for which costs need to be determined. For example, if the cost object is a product, the cost system will identify and assign costs such as direct materials, direct labor, and overhead expenses to that particular product.
2. Accumulating costs: Once the costs are assigned, the cost system accumulates these costs. Accumulation involves gathering and recording all the costs related to the cost object. This includes both direct costs (e.g., direct materials and direct labor) and indirect costs (e.g., overhead expenses).
By assigning and then accumulating costs, the cost system provides a comprehensive view of the total cost incurred for the cost object. This information is crucial for decision-making, budgeting, pricing, and evaluating the profitability of the cost object.
In conclusion, a cost system determines the cost of a cost object by assigning costs first and then accumulating them. This process ensures that all relevant costs are considered and provides an accurate representation of the total cost incurred.
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Trade-offs force society such as what goods and services will be produced, how will the goods and services be produced, and who will receive the goods and services produced. Which of the following countries has an economy where the government makes these decisions?
A. Canada.
B. The United States.
C. Japan.
D. North Korea.
Answer:
D. North Korea
Explanation:
Unlike other three nations provided as options, North Korea is a communist nation.
The central problems of an economy relate to answering the three questions of what to produce, how to produce and for whom to produce.
In a communist nation such as North Korea, the government is the supreme authority and citizens of such a nation do not exercise any influence or control on the output which shall be produced.
All the economic decisions are taken by the ruling government in such nations.
Hence, the correct answer is option (D). North Korea
If firms reduce investment spending and the economy enters a recession, which of these contributes to the adjustment that causes the economy to return to its long-run equilibrium?
Answer:
If workers agree to accept lower wages
Explanation:
Recession is a business situation in which economic activities are at a decline as a result of reduction in spending.
When this occurs, it affects firms and their investments and as such firms have to reduce their investment to ensure that the firm stays afloat and also trying to stabilize the economy. As part of trying to stabilize the economy, workers have to agree to accept lower wages till the economy is at equilibrium again. Accepting lower wages returns the economy to long-run equilibrium.
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"________ products are distributed exclusively in only one or a few outlets per market area and they have unique characteristics or brand identification."
Answer:
Specialty Product.
Explanation:
A specialty product is a type of product that consumers go for because they are loyal to the brand or because of some characteristic feature the product posses. Consumers of such product do everything within their power to get it no matter what it cost them, such consumers do not even consider substitute products. Examples of Specialty product includes luxury cars, Rolex wrist watches, designer wares, high performing photographic equipments, etc.
In the real business cycle model, this best explains an increase in real GDP above the full-employment level?
Answer:
a positive technology shock
Explanation:
Technology is part of the capital factor of production, and it is the most important way of increasing the quality of capital. An increase in the quality of capital means that given a same amount of capital (e.g one machine), labor will be able to produce a larger output (an increase in productivity). Technological improvements are usually achieved through research and development.
Technological improvements also affect the land factor since they can reduce the use of natural resources and wastes, although the largest impact is usually made on labor productivity.
When a country's productivity increases, real GDP might increase above full employment level because less workers are needed to produce larger outputs.
A ________ is an organized collection of comprehensive information about individual customers or prospects that is current, accessible, and actionable for lead generation, lead qualification, sale of a product or service, or maintenance of customer relationships is called______________.
Answer:
Customer database
Explanation:
Customer database is very important to an organisation as it is one of the ingredients that makes an organisation to be successful in its business. Some of the advantages of customer database to an organisation include:
1. It helps in creating customer affinity as most customers prefer to continue to patronize a known business. Special offers and information can then be sent to customers via marketing emails to customers who have accepted to receive them.
2. It improves loyalty of customers and therefore allows the business to give preferential treatment this segment of loyal customers.
3. It allows better customer service to be provided. This is possible because there is available information about customer buying behavior and post-purchase feedback from customers.
4. It allows business to have direct channel to customers that have bought before from the company. Therefore, information about new products can be made directly available to them which will increase sales of the business.
5. Related to number 4 above, customer database gives an organisation the opportunity to roll out new products to some selected customers in the database to test its acceptability before it lunched on larger scale to the general public.
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Suppose that in Mexico, it takes three labor hours to produce one shirt and 15 labor hours to produce one computer. Suppose that in the United States, it takes two labor hours to produce one shirt and 4.5 labor hours to produce one computer. Which country has the comparative advantage in the production of computers, and why?
The United States has a comparative advantage in producing computers because, given the number of labor hours required in each nation, the US sacrifices fewer shirts to produce one computer compared to Mexico.
Explanation:The principle of comparative advantage suggests that each country should specialize in the provision of goods for which it requires fewer resources or less time for production. In this case, we look at the number of labor hours required to produce one unit of a good: a shirt or a computer, in Mexico and the United States.
In Mexico, it requires 3 labor hours to produce a shirt and 15 labor hours to produce a computer. So, producing a computer in Mexico takes the equivalent of 5 shirts (15/3).
In the United States, it takes 2 labor hours to produce a shirt and 4.5 labor hours to produce a computer. Hence, producing a computer in the United States takes the equivalent of 2.25 shirts (4.5/2).
Given these ratios, the United States has a comparative advantage in producing computers because it sacrifices fewer shirts to produce a computer, compared to Mexico.
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A software vendor pitches a new sales force automation software product to your company's VP of Sales and Marketing. Before purchasing such a product, it is essential to:
Answer:
Before purchasing such a product, it is essential to:
Consider all five components of the information system
Explanation:
Before making any software purchase, it is always imperative to consider all the five components of the information system(IS). An information system can be defined as an integrated set of components that work in co-ordination to convert raw data to usable information. An information system constitute the following components; hardware, software, database, network and people. All these components have to work as a group to achieve quality output.
1. Hardware
Hardware are all the input and output devices, processor, media devices and operating system.
2. Software
Software is a set of various programs and processes that utilizes the data for processing.
3. Database
Database refers to a group of data that has been organized in a particular fashion. The data in a database has to be structured in a certain way in order to be executed.
4. Network
A network is a system of communication devices that acts as a channel to move the information around.
5. People
The people are the human resource that are to operate the software.
Which of the following does a firm possess when it can outperform other firms in the same industry or the industry average over a prolonged period of time?1. consistent power position2. sustainable competitive advantage3. strategic positioning4. long-term capital gain
Answer:
sustainable competitive advantage
Explanation:
Sustainable competitive advantage refers to the abilities of a company that allows the company or firm to outperform its competitors and provide a superior or favorable long term position over competitors.
It allows the firm to have better sales, more profit margin, more customers and a larger market share than its competitors in the same industry
Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation. Gross income - $ 60,746,000 Total sales - 58,538,000 Total credit sales - 31,978,000 Net income - 7,158,000 Cost of goods sold - 30,324,000 Total assets - 15,067,000 Average inventory - 8,211,000 Average receivables - 4,922,000Receivable turnover = _______.Inventory turnover = _______.Asset turnover = ________.
Answer:
Receivable Turnover= 11.89
Inventory Turnover = 3.69
Asset Turnover= 3.885
Explanation:
Receivable Turnover = Net Sales/ Average Account Receivable
Receivable Turnover = 58,538,000/ ( beginning AR + Ending AR)/2
Receivable Turnover = 58,538,000/ 4922,000
Receivable Turnover= 11.89
Inventory Turnover = Cost of Good Sold/ Average Inventories
Inventory Turnover = Cost of Good Sold/ ( beginning Inv + Ending Inv )/2
Inventory Turnover = 30,324,000/8211000
Inventory Turnover = 3.69
Asset turnover= Net Sales/ Average Total Assets
Asset turnover= 58,538,000/ 15,067,000
Asset Turnover= 3.885
The receivable turnover is approximately 6.49, the inventory turnover is approximately 3.69, and the asset turnover is approximately 3.89.
Explanation:The receivable turnover is calculated by dividing the total credit sales by the average receivables. In this case, the receivable turnover is $31,978,000 divided by $4,922,000, which equals approximately 6.49.
The inventory turnover is calculated by dividing the cost of goods sold by the average inventory. In this case, the inventory turnover is $30,324,000 divided by $8,211,000, which equals approximately 3.69.
The asset turnover is calculated by dividing the total sales by the total assets. In this case, the asset turnover is $58,538,000 divided by $15,067,000, which equals approximately 3.89.
Goods X and Y are perfect substitutes. When the market price of good X is $5/unit, firm F produces 500 units of X. When the price of Y rises, 100 consumers of Y shift to the consumption of good X. This causes industry analysts to think that firm F will increase quantity supplied of X to match this increased demand. This conclusion is flawed because___________.
Answer:
According to this situation, we assume that firm F is the only producer of product X.
Explanation:
A perfect replacement is a condition in which two items are considered equal. Great replacements are goods and you can't build a brand whereby consumers like the commodity.
Except for a market price, optimal substitution suppliers must have no impact on the quality.
Therefore, in this situation product Y's price rises, so people shift for product X. In results, firm F had to increase his supply which shows that firm F is the only producer of product X in the industry.
During the lookback period of July 2017 to June 2018, Adventure Ski LLC reported federal employment taxes for the four quarters as follows: $15,200, $15,800, $4,200, and $17,600. Therefore, in 2019 they will be required to:
Answer:
Adventure Ski LLC will file a form 941 for the four-quarter period. That is for total amount of $52,800.
Explanation:
When filing form 941 in 2019 it will be against four quartets from July 2017 to June 2018. The companie's tax obligation will be on 15,200+15,800+4,200+17,600 =$52,800
The guideline for tax payment is:
1. When the amount filed is below $50,000, tax deposits are made monthly.
2. For tax payments above $50,000 tax deposits are semi-weekly.
It is important to note that when deposits are delayed by 1 to 5 days the company will be fined 2%. Delay of 6 to 15 days will attract a fine of 5%.
During the lookback period of July 2017 to June 2018, Adventure Ski LLC reported a total of $52,800 in federal employment taxes. Therefore, in 2019, they will be considered a semi-weekly depositor as their tax liability exceeded $50,000 during the lookback period.
Explanation:The question refers to federal employment taxes and a lookback period. The lookback period is a specific 12-month period used by the IRS to determine how often a business needs to deposit their employment taxes (monthly or semi-weekly). In this case, the lookback period is from July 2017 to June 2018.
The total federal employment taxes reported by Adventure Ski LLC during this time is the sum of the four quarters: $15,200 + $15,800 + $4,200 + $17,600 = $52,800.
In 2019, if Adventure Ski LLC's total tax liability during the lookback period is $50,000 or less, they are a monthly depositor. If it's more than $50,000, they are a semi-weekly depositor. Therefore, given that their tax liability during the lookback period was $52,800, Adventure Ski LLC will be considered a semi-weekly depositor in 2019.
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econ The presence of secondary markets ______________ the interest rates that firms have to pay on bonds issued by them.
Answer:
decrease
Explanation:
Secondary markets decrease the interest rates that organizations have to pay on issued bonds. With the presence of secondary markets, companies that issue bond can then pay lower rates of interest and still sell the entire bonds needed. What the secondary market does is that it bids up the bonds price above their face values. This therefore makes interest that will be paid a lower percentage, and thus leads to lower ROI and yield.
A _____ is an organizational group responsible for coordinating the project management function throughout an organization. Project Management Office Project Management Center PorMColio Group Project Management Professional
Answer:
Project Management Office
Explanation:
Project Management Office ( PMO )-
It refers to the group in the business or any agency , which is responsible for maintaining the standard of the project management in the organisation is referred to as the Project Management Office .
The project management office , is the main source of any documentation regarding the project , all the guidance and information is present with the PMO.
Hence, from the given information of the question,
The correct option is Project Management Office.
Final answer:
A Project Management Office (PMO) is responsible for coordinating project management functions across an organization, ensuring standard practices and successful execution. The project manager plays a key role within a PMO, navigating through five process groups and nine management knowledge areas as outlined by PMI's PMBOK Guide.
Explanation:
A Project Management Office (PMO) is an organizational group responsible for coordinating the project management function throughout an organization. This entity plays a critical role in maintaining project management standards and practices across projects, ensuring alignment and efficient execution of tasks.
Effective project management is an integrative effort that requires alignment of all pieces of a project for its timely completion. Issues at any point in the project timeline can lead to delays or failure, emphasizing the importance of a PMO in preventing such outcomes.
The project manager serves as the hub of communication and tasks, coordinating actions within the PMO. The project manager must navigate through five process groups: initiation, planning, executing, monitoring and controlling, and closing. These groups contain actions applied to nine management knowledge areas including integration, scope, time, cost, quality, human resources, communication, risk, and procurement management. A project manager's proficiency in these areas is vital for the overall success of the project's objectives.
The Project Management Institute (PMI) sets the standards for project management via the PMBOK Guide which outlines the extensive skills and knowledge necessary for effective project management, including the interrelated process groups and knowledge areas required for a project's lifecycle.
Based on Trompenaars's value dimensions, in which of the following cultures do managers separate their work and private lives, and tend to be open and direct when communicating with coworkers?
A) diffuse-oriented
B) specific-oriented
C) universalistic
D) particularistic
Based on the Trompenaar's value dimensions the culture that separate the work and the private lives of the manager is the specific oriented value
Explanation:
There are seven basic values based on which each of them are defined and the dimension that allow the people to keep their private lives and their work life different is called as specific oriented culture
The other dimensions also includes the difference between the national cultures and they developed the model in each cultures and they can help the people to understand the basic differences
John and Brett have determined that the break-even point for their educational toys business is 60,000 units per month. Any units that John and Brett sell above 60,000 represent ________.
Answer:
Profit
Explanation:
Break-even point is the level of activity that a business must operate to make its total revenue equal to its total cost. At this point, the business makes no profit or loss. It gives an idea of the exact number of units of product to be sold in order to cover its total fixed cost.
Break-even point (BEP) is calculated as follows:
BEP (units) = Total Fixed Costs for the Period/ (Sp - Vc)
SP- selling price, VC- variable cost
For example, if John and Brett has a total fixed cost of $120,000 per month, selling price and variable cost of $8 per unit respectively. The break-even cost is determined as follows:
BEP= 120,000/(10-8)= 60,000units.
This means that selling 60,000 units of toys monthly will make the business to make no profit or loss. We can confirm this as follows:
Profit= Total revenue - Total Variable cost - Total Fixed Cost
Profit= ($10 × 60,000) - ($8× 60,000) - $120,000
= $600,000 - $480,000 - $120,000
Profit = $0
But if they sell 60,500 units in a month, profit for the month will be:
Profit = ($10 *60,500) - $ ($8 × 60,500) - $120,000
= $1000
Any units sold over and above the break-even point will represent profit
What is the process of dividing a broad target market into subsets of consumers, businesses, or countries who have similar needs, interests, or demand characteristics?
Answer:
Market segmentation
Explanation:
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics.
Markets can be segmented on the basis of socio-economic groups (income), age, location, gender, lifestyle, use of the product (home/work, leisure/business..) etc. Each segment will require different methods of promotion and distribution. For example, products aimed towards kids would be distributed through popular retail stores and products for businessmen would be advertised in exclusive business magazines
Market segmentation makes marketing cost-effective, as it only targets a specific segment and meets their needs. it also leads to higher sales and profitability and also Increases opportunities to increase sales .
Describe four signs that help indicate when ABC systems are likely to provide the most benefits. (Select the four statements that apply.) A. Operations staff is in agreement with the reported costs of manufacturing and marketing products and services. B. All or most direct costs are identified as either batch-level costs or product-sustaining costs. C. Significant amounts of indirect costs are allocated using only one or two cost pools. D. All or most indirect costs are identified as output unit-level costs. E. Products make diverse demands on resources because of differences in volume, process steps, batch size, or complexity. F. Products that a company is well suited to make and sell show small profits, whereas products that a company is less suited to produce and sell show large profits.
Answer:
C. Significant amounts of indirect costs are allocated using only one or two cost pools.
D. All or most indirect costs are identified as output unit-level costs.
E. Products make diverse demands on resources because of differences in volume, process steps, batch size, or complexity.
F. Products that a company is well suited to make and sell show small profits, whereas products that a company is less suited to produce and sell show large profits.
Explanation:
ABC (activity based costs) method focuses on individual activities as the main cost objects. After it determines the cost of individual activities, it uses them as the basis for assigning costs to products and services. ABC method allocates overhead costs based on the main cost objects.
Skyscape, a company that manufactures computer processors, launched a new product called chipone. this launch was a countermove against another product launched by greenchip, skyscape's competitor. which of the following strategies was used by skyscape to defend its market share?
A. response strategy
B. amalgamation strategy
C. recovery strategy
D. acquisition strategy
Answer:
Letter A is correct. Response strategy.
Explanation:
The alternative that best suits the strategy used by the Skyscape company is the response strategy, whose main objective is the development and implementation of strategic actions so that the company can achieve better opportunities and reduce the risks associated with the market.
This strategy helps to prevent and monitor the risks inherent to the internal and external environment of the business.