Answer:
c. a building would be a fixed resource in the short run.
Explanation:
A fixed resource is a factor of production that doesn't vary with output. E.g. building
A variable resource is a factor of production that varies with output. If output increases, variable resources increases. E.g. labour, cheese and other wholesale food items.
Output is what is produced. E.g. the food produced by the restaurant is the output.
I hope my answer helps you
The cost constraint suggests that, even when the cost of providing accounting information exceeds its benefit, the financial accounting information should always be provided. True or false?
Answer:
False
Explanation:
The GAAP established that when the benefits of obtaining accounting information are lower than the costs of providing that information, the information should not be provided.
For example, sometimes there are very small differences in certain accounts that don't allow a balance sheet to be balanced. If the accounting error is very small, e.g. just a few hundred dollars, then it is not reasonable to have a whole audit team check all the financial statements again to determine what caused the error. An adjusting entry could be made to close the account balances.
Imagine you are an auditor that must check the physical inventory of a factory and some boxes containing supplies are misplaced. It might take you a whole day to count again all the supplies and materials, but is it worth it? If the supplies were really expensive, probably yes, but if they were cheap components, then probably no.
The cost constraint suggests that financial accounting information should only be provided when its benefits outweigh the costs.
Explanation:The statement is false.
The cost constraint in accounting suggests that financial accounting information should only be provided when its benefits outweigh the costs. If the cost of providing accounting information exceeds its benefit, it is not necessary to provide it. This is because the main purpose of financial accounting information is to help decision-makers understand the financial position and performance of a business. If the cost of providing the information outweighs the benefits, it would not be rational to provide it.
For example, if a small business spends a significant amount of money on hiring an external auditor to prepare financial statements, but the business does not have any external stakeholders or investors who require those financial statements, providing the information would not be economically justified.
An article in the Wall Street Journal noted that the demand for video Internet advertising was increasing at the same time that the number of Internet sites accepting advertising was also increasing. After reading the article, a student argues: "From this information, we know that the price of Internet ads should rise, but we don't know whether the total of Internet ads will increase or decrease."a. incorrect because the quantity of Internet ads will not change.b. correct because the price of Internet ads will decrease and the quantity of Internet ads will decrease if the shift in supply is larger and will increase if the shift in demand is larger.c. incorrect because the quantity of Internet ads will rise, but the change in price depends on the magnitude of the relative shifts of demand and supply.d. correct because the price of Internet ads will decrease and the quantity of Internet ads will decrease if the shift in demand is larger and will increase if the shift in supply is larger.e. incorrect because the quantity of Internet ads will unambiguously decrease when supply increases.
Answer:
Option C is correct
Explanation:
Quantity of internet adds is mutually exclusive with the price which is dependent on shift of demand and supply that is add fees or prices are website dependent .
Allstocks, a Web seller that buys furniture, clothing, electronics, and more from a variety of producers at less-than-regular wholesale prices and then charges customers less than retail, is a(n) ________.A) specialty retailer
B) independent off-price retailer
C) departmental retailer
D) full-service retailer
E) category killer
Answer:
B) independent off-price retailer
Explanation:
Independent off-price retailers generally buy products from overstocked companies, end of season products, or even bankrupted companies that are liquidating their stock. The they resell them at a price lower than the standard retail price.
Since these companies tend to be smaller and are not part of a larger corporation, their sales and administrative costs are also lower.
Answer:
B
Explanation:
The specialty of an independent off-price retailer is that they sell products lesser price than the other retailers. They deal in leftover, old stocks (not necessarily) and get them in price lesser than wholesale price and pass this benefit to customers. They deal with products in very high volume so that they can offer lower price by economies of scale.
AC Motors has net income of $51,750, total assets of $523,400, total debt of $267,000, and total sales of $491,300. What is the return on equity?
Answer:
= 20.18%
Explanation:
The return on equity for AC Motors is simply calculated as follows
Return on Equity (ROE)= Net Income/ Equity x 100
Equity = Total Assets - Total debt
Equity = $523,400- $267,000= $256,400
ROE therefore, = Net Income ($51,750)/ Equity ($256,400)
= (51,750/256,400) x 100
= 20.18%
Return on Equity is simply the measurement of the financial performance of an organisation by looking at the ratio of net income to equity (shareholders fund) at a particular point in time.
The equity is a derived figure by simply deducting total debts from the total assets for that period.
A novelist pays her agent 15% of the royalties she receives from her novels. She pays her publicist 5% of the royalties, plus a yearly fee. Did the novelist pay more to her agent last year than she paid to her publicist?
Answer:
E) statements 1 and 2 together are not sufficient
Explanation:
We have to prove that agent's royalties were higher than the publicist's royalties plus a yearly fee.
R will be the royaltiesY will be yearly fees = 2,0000.15R > 0.5R + Y
0.10R > 2,000
there is not sufficient information since we know that the author earned $3,500 in royalties per book, but we do not know the total amount of books.
R > 20,000 How can we determine this?
If the number of novels is higher than 6, then R will be higher, but 5 or less novels would make this equation false. More information is needed.
Brokers primary objective as a property manager is to:______.
a) oversee the maintance of rentai property.
b) fill vacancies with suitable tenants.
c) account to the landlord.
Answer:
oversee the maintenance of rental property
-fill vacancies with suitable tenants
-collect rent
-account to the landlord
Explanation:
its all of it
Answer:
A!B,C
Explanation:
A Brokers primary objective as a property manager is to oversee the maintenance of rental property, fill vancies with tenants, account to the landlord and equally collect rent on the lanlord's behalf, ( The property manager sets up a system for collecting rent from tenants. To ensure smooth cash flow they will set a date to collect rent each month and enforcing late fees). dealing with evictions: (When a tenant does not pay rent or otherwise breaches the terms of a lease, the property manager knows the right way to file and move forward with an eviction).
The cost of leaving a championship soccer match before it ends is ________, while the cost of staying for the entire match is ________.
Answer: opportunity/economic cost of not seeing the winning goal during the time you were away; the opportunity/economic cost of what else you could have done during the time you have stayed.
Explanation: it's the loss of alternatives based on an alternative chosen.
Answer:
The opportunity cost of not seeing the winning goal;
the opportunity cost of what else one could have done
Explanation:
Opportunity Cost of Actions in a Championship Soccer Match
First, When one chooses to leave a championship soccer match before it ends, there is the high probability of not seeing the winning goal. This is the opportunity cost of leaving early.
The reason is that towards the end of soccer matches, players from both teams are usually more pumped or eager to score more goals in order to outdo their opponents. Therefore, more often than not, more determining goals are scored towards the end of the match
Secondly, if one decides to stay for the entire match, it is possible to see the winning goal but there is also an opportunity cost of what could have been done during the time, if one had left earlier.
For instance, staying the extra 20 minutes could have the opportunity cost of taking a snack, buying groceries catching the bus early or even going to see a friend.
Managerial performance can be measured in many different ways including return on investment (ROI) and residual income. A good reason for using residual income instead of ROI is:
Answer:
The main reason behind using the residual income in place of rate if income is that the manager always goes for that project that gives maximum benefit to the organization.
Explanation:
The main reason behind using the residual income in place of rate if income is that the manager always goes for that project that gives maximum benefit to the organization.
As residual income is referred to income that calculated after deducting all debt and expenses occur on the project. ROI is a way to predict the profit of the project while residual income calculates the net income that the organisation generates from the project.
Rahul wants to start a spice business but wants a secure framework with experts in property rights, accounting, law, investment banking, and technology. Of the conditions that need to be put in place for the Entrepreneurial Ecosystem, he needs
a cultural and social norms
b physical infrastructure
c entry regulation
d commercial and legal infrastructure
Answer: Commercial and legal infrastructure.
Explanation:
Rahul needs to set up a strong legal and commercial frame work for his business to have the kind of establishment he desires to develop. To build a large business establishment, experts in the areas of commerce and law has to be introduced by the owner(in this case Rahul), to enable the business gain stability in the: legal, business and administrative areas required.
Who focuses on project interdependencies and helps to determine the optimal approach for managing and realizing the desired benefits?
Answer:
Program Project Manager
Explanation:
Program Project Manager focuses on project inter-dependencies and helps to determine the optimal approach for managing and realizing the desired benefits. An example of a program would be a new communications satellite system program, comprising projects for designing the satellite, constructing and integrating the individual systems and launching the satellite.
Identify whether each of the following transactions will take place in the factor marketLOADING... or in the product marketLOADING... and whether households or firms are supplying the good or service or demanding the good or service. George buys a Tesla Model S.
a. George buys a Tesla Model S.
b. Tesla increases employment at its Fremont plant.
c. George works 20 hours per week at McDonald’s.
d. George sells the land he owns to McDonald’s so that it can build a new restaurant.
Answer:
a. George buys a Tesla Model S.
Product market. Demanded by household and supplied by the firm
b. Tesla increases employment at its Fremont plant.
Factor market. Demanded by firm and supplied by the household
c. George works 20 hours per week at McDonald’s.
Factor market. Demanded by firm and supplied by the household
d. George sells the land he owns to McDonald’s so that it can build a new restaurant.
Factor market. Demanded by firm and supplied by the household
Explanation:
a. George buys a Tesla Model S.
The transaction took place in the product market.
The good was demanded by household
The good was supplied by the firm
b. Tesla increases employment at its Fremont plant.
The transaction took place in the factor market.
The labor was demanded by firm
The labor was supplied by the household
c. George works 20 hours per week at McDonald’s.
The transaction took place in the factor market.
The labor was demanded by firm
The labor was supplied by the household
d. George sells the land he owns to McDonald’s so that it can build a new restaurant.
The transaction took place in the factor market.
The factor of production was demanded by firm
The factor of production was supplied by the household
The transactions where George buys a car and sells land take place in the product and factor markets respectively, with George as the provider and demander. The transactions where Tesla hires workers and George works at McDonald's occur in the factor market, with Tesla and McDonald's demanding labor, and George and other workers supplying it.
Explanation:In this scenario, we're identifying transactions within the product market and the factor market and establishing whether these are being demanded or supplied by households or firms.
a. George buys a Tesla Model S. This transaction occurs in the product market, with George (a household) as the demander and Tesla (a firm) as the supplier.
b. Tesla increases employment at its Fremont plant. This is a factor market transaction, with Tesla as the demander for labor, and the workers (households) as the suppliers.
c. George works 20 hours per week at McDonald’s. Again, this is a factor market transaction with McDonald's as the demand for labor and George as the supplier.
d. George sells the land he owns to McDonald’s so that it can build a new restaurant. This is a factor market transaction; George is the supplier of land, and McDonald's is the demander.
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The country of East Anglia exports domestically made products and imports products that aren't available locally. When exports are compared to imports, the resulting _____, which shows that more dollar value is exported than imported, reveals a(n) _____.
Answer:
Balance of trade; trade surplus.
Explanation:
When there exists a difference between export and import, it is called the balance of trade. As the country of East Anglia exports products and imports products domestically, and there is a comparison between the country's imports and exports, it results in the balance of trade.
When a country's export is more than its imports, it refers to a trade surplus. According to the question, the country has more export than imports.
Krening Realty has been found guilty of running deceptive ads. Which of these statements about the potential penalty is NOT true?
The statement that is not true is that Krening broker may face jail time
Explanation:
Running deceptive ads is not a crime that will need to face jail time if a person is found running deceptive ads the person will be asked to pay the penalty and they will be asked to pay the fine
And the violators will be asked to run the correct form of the ad and the information must be corrected and the civil penalties faced by them will be in millions
As the average income in China continues to increase, explain how the following will change: a. The demand for beef b. The demand for rice As the average income in China continues to increase, we would expect the demand for beef to _______ and the demand for rice to _______. A. decrease if beef is a normal good; increase if rice is an inferior good B. not change; not change because people need to eat regardless of their income C. increase if beef is a normal good; decrease if rice is an inferior good D. increase; increase because the demand for any good increases when income increases
As the average income in China continues to increase, we would expect the demand for beef to increase and the demand for rice to increase if beef is considered a normal good and rice is considered an inferior good. Hence option C is correct.
As income rises, people tend to consume more of superior goods, such as beef, which are often associated with higher quality and status. This leads to an increase in the demand for beef. On the other hand, as income rises, the demand for inferior goods, like rice, may also increase but at a slower rate compared to superior goods. People may still consume rice, but they might start incorporating more diverse and expensive food choices into their diet due to higher purchasing power.
Therefore, option C is the most appropriate choice as it reflects the likely changes in demand for beef and rice with increasing income in China.
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As income rises, demand for 'normal goods' such as beef are likely to increase due to their status as luxury or high-quality items. Conversely, demand for 'inferior goods' like rice may decrease as higher incomes allow for the purchasing of more expensive, nutritious food replacements.
Explanation:In economics, the relationship between income and demand for goods is captured by the concept of normal and inferior goods. A normal good is one for which demand increases as income increases. In contrast, an inferior good is a good for which demand decreases as income increases. Hence, as average income in China increases, the demand for beef is likely to increase if beef is a normal good. This is because people with higher incomes tend to consume more meat, as it is considered a luxury, or high-quality, item. On the other hand, if rice is an inferior good, the demand for it would decrease as income increases. This is because when income increases, people can afford to replace rice with more nutritious, expensive foods.
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An account should have an account title, account number, a place for the date of transaction, and two columns for:_________a. Assets and liabilitesb. Closing and post-closingc. Revenues and expensesd. Debits ans credits
Answer:
Debits and Credits
Explanation:
An account should have an account title, account number, a place for the date of transaction, and two columns for: Debits and credits.
Debits depending on whether the account is an asset and expense account, will increase the amount and balance of the account while Credits for Assets and expense accounts will reduce the balance on the account. The opposite is applicable to liability and revenue accounts.
Every account according to the double entry principle must have a debit and a credit column.
John likes Coca-Cola. After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils.
a) Does John show diminishing marginal utility for Coke or does he show increasing marginal utility for Coke?
b) Suppose that John has $3 in his pocket. If Coke costs $1 each and John is willing to spend one of his dollars on purchasing a first can of Coke, would he spend his second dollar on a Coke too? What about the third dollar?
Answer:
A. Increasing Marginal Utility B. Yes, John will spend
Explanation:
Total Utility is the total satisfaction from all units of consumption
Marginal Utility is additional satisfaction from an additional consumption unit.
Coca Cola TU MU
1 10 10
2 25 15 (25-10)
3 50 25 (25-15)
John's Marginal Utility is increasing each time in succeeding unit over its preceding unit.
b. John having $3, price of a coke = $1: will be willing to spend 1st 2nd & 3rd dollar on coke consumption because - its gainful for him (MU > P) each time.
John shows diminishing marginal utility for Coke. Based on the principle of diminishing marginal utility, John is less willing to spend his second and third dollars on a Coke compared to his first dollar.
Explanation:a) John shows diminishing marginal utility for Coke. This means that as he consumes more Coca-Cola, the additional satisfaction he gets from each additional Coke decreases. In this case, the total utility increases with each additional Coke, but at a decreasing rate. For example, the increase from 1 Coke to 2 Cokes is 15 utils, while the increase from 2 Cokes to 3 Cokes is 25 utils.
b) Based on the principle of diminishing marginal utility, John is less willing to spend his second dollar on a Coke compared to his first dollar. The additional satisfaction he gets from consuming the second Coke is lower than the first, so he would be less willing to spend his second dollar. Similarly, the additional satisfaction from the third Coke is even lower, so he would be even less willing to spend his third dollar.
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In the context of management functions, which of the following is true of planning?
a. It is the last function of management.
b. It involves monitoring progress toward goal achievement.
c. It is one of the best ways to improve performance.
d. It involves hiring and leading workers.
Answer:
The answer is B: It involves monitoring progress towards goal achievement
Explanation:
Management functions includes planning, organizing, leading and controlling.
Planning is the first functions of the management functions and it involves creating detailed action plan on how to achieve stated organisation goals.
Planning not only involves setting goals but it states how set goals will be achieved.
A good plan serves as a guide to achieving stated goals and objectives and will ensure that employees working in an organisation have a blue print to follow towards achieving the set goals.
Planning is an essential function of management that involves setting goals and developing strategies to achieve them. It is not the last function of management, but the first. It helps improve performance by providing direction and identifying potential obstacles and solutions.
Explanation:Planning is an essential function of management that involves setting goals, developing strategies, and establishing the necessary steps to achieve those goals. It is not the last function of management but rather the first, as it sets the foundation for the other functions. Monitoring progress toward goal achievement is part of the controlling function, not planning. Planning can help improve performance by providing a clear direction and enabling the identification of potential obstacles and solutions. Hiring and leading workers are part of the organizing and leading functions of management, respectively, not planning.
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Among the functions performed by an HR department, vacation, retirement plans, and profit sharing are categorized under the _____ function.
Answer:
Compensation Benefit
Explanation:
The compensation Benefit functions of a human resource management includes providing monetary value to employees in exchange for the services rendered. This function of the Human resource manager helps to motivate employees and ensures organisational effectiveness. Compensation benefits to employees can be monetary or non monetary.
A company produces alternators for cars. They generally use a static budget with the following costs based on 8,000 units per month: Indirect materials, $22,000; Indirect labor, $25,000; Utilities, $12,000; Supervision, $4,000; Depreciation, $18,000. If the company wanted to create a flexible budget for 9,000 units, what value would they record for variable costs?a. $52,875 b. $91,125 c. $70,875 d. $66,375
Answer:
$70,875
Explanation:
By definition, a flexible budget is when a budget has been adjusted or flexed to accommodate the changes in the level of activity.
If the company wanted to create a flexible budget for 9,000 units, then the value that would be recorded for variable costs will be:
Indirect materials, $22,000/8000*9000 = 24,750;
Indirect labor, $25,000/8000*9000 = 28,125 ;
Utilities, $12,000/8000*9000 = 13,500;
Supervision, $4,000/8000*9000=4,500
Total of variable costs = ........................70,875
Which of the following is an example of a permanent difference? a. Bad debt expense recognized for financial reporting, but only write-offs of bad debts are deductible for tax reporting b. Prepaid rent that is recognized as an asset for financial reporting but tax deductible when paid c. Depreciation recognized using straight-line for financial reporting but using an accelerated method for tax reporting
Answer:
d.
Explanation:
A permanent difference refers to a business transaction that is reported differently when dealing with financial or tax reporting purposes. Therefore based on the answers provided within the question it can be said that the answer is Interest income from municipal bond investments recognized for financial reporting, but not taxable for tax reporting. Since they are reported differently since they are not taxable.
On September 1, Horton purchased $13,300 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $280. Payment for the purchase was made on September 18. Assuming Horton uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase?a. $13,580b. $13,300c. $13,167d. $13,447
Answer:
C) $13,167
Explanation:
Since the sales was made FOB destination, the freight charges were included in the invoice, so the total purchase was $13,300.
Horton uses the net method of accounting for purchase discounts, so it will always record the inventory purchases with the applicable discount whether they received them or not.
$13,300 x 99% = $13,167
Since Horton was unable to pay in time, the $133 discount is recorded as a discount lost (expense account).
A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a:_______.
a) membership group.
b) reference group.
c) laggard.
d) sub-culture.
e) late-majority adopter.
Answer: (B) Reference group
Explanation:
A reference group is basically refers to the individual and the group that is specifically used for the comparison purpose. It is one of the type of group that share a common attitude, beliefs and the behavior for making the various types of decisions.
According to the given question, a shoe's company is one of the most popular music band as the products sales of the company significantly increase. Then, from the fans point of views the band is refers to the reference group.
Therefore, Option (B) is correct answer.
The band is considered a reference group by their fans.
Explanation:The answer to the student's question is b) reference group. In this scenario, the members of the country music band act as a reference group for the fans. A reference group is a group that people compare themselves to as a standard of measurement. The fans of the band look to the group for guidance on what products to buy, influenced by the band's presence in the shoe company's ads. The band's fans consider the band a reference group because they identify with the band and use their values, norms, and beliefs as a benchmark for their own behavior.
There are four primary financial statements that are used to measure the performance of a firm. Which of the choices below are included among these four? A. the statement of cash flow and statement of balance. B. the balance statement and income statement. C. the income sheet and statement of retained earnings. D. the balance sheet and statement of cash flow
Answer:
D. The balance sheet and statement of cash flow
Explanation:
The balance sheet is a statement that show the financial position of a business as at a particular date. It is usually prepared to provide an overview of how well the company manages its assets and liabilities.
The cash flow statement is the statement that shows the flow of cash leaving and entering a firm. It is regarded as the most important financial statement because it provides reconciliation between the net income and the cash flow The cash flow statement is a combination of both the income statement and the balance sheet. It shows details on how much the firm spends on dividends, and capital expenditures. It also provides the source and uses of cash flow from operations, investing, and financing.
Another financial statement used to measure performance is the Income statement
A flexible budget for 15,000 hours revealed variable manufacturing overhead of $90,000 and fixed manufacturing overhead of $120,000. The budget for 25,000 hours would reveal total overhead costs of: A.None of the answers is correct. B.$350,000. C.$290,000. D.$270,000. E.$210,000..
Answer:
Option (D) $270,000
Explanation:
Data provided in the question:
Variable overhead for 15,000 hours = $90,000
Fixed manufacturing overhead = $120,000
Now,
Variable overhead per hour = $90,000 ÷ 15,000
= $6 per hour
Therefore,
Variable overhead for 25,000 hours = $6 per hour × 25,000
= $150,000
Thus,
Total overhead cost
= Variable overhead for 25,000 hours + Fixed overhead cost
[ Fixed overhead cost is independent of number of units or number of hours]
= $150,000 + $120,000
= $270,000
hence,
Option (D) $270,000
With respect to consumer markets, advertising done by manufacturers of well-known brands on a countrywide basis or in most regions of the country is known as _____ advertising.
A) Professional
B) Trade
C) Business-to-business
D) National
E) Direct response
Answer:
D) National Advertising
Explanation:
National Advertising represents campaigns through the use of images and word by a business organisation in a bid to bring a national market to the awareness of its product or service. Such advertising are usually carried out on broadcasting radio or they are televised specifically to increase the range of the audience that would have access to the campaign.
The broad range of national advertisement makes them very expensive, therefore they are usually carried out majorly by large organisations. The national campaigns due to the cost and requirement is usually carried out by well-known brands across the country.
The success of this advertisement by such manufacturers makes them even more well-known and their advertising becomes something the people are well used or conversant with over time.
The National Advertising is the class of advertising done by manufacturers of well-known brands on a countrywide basis.
National Advertising refers to a advert campaigns employed by a firm to bring the national market to the awareness of its product or service.
Typically, a National Advertising is usually carried out on broadcasting radio or Television that covers wide area to increase the audience that would have access to the campaign.
In conclusion, the National Advertising is the class of advertising done by manufacturers of well-known brands on a countrywide basis.
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The supply chain function works with finance and accounting on determining capital investments in manufacturing plants and resource levels, such as workforce. This supply chain activity is ___.
Answer: Logistics.
Explanation:
The part of supply chain function that deals with procurement of equipments and raw materials for production, payment of workers, and other production related investments is known as the Logistics. Planning for logistics is making sure everything needed for production is available.
During _____ processes for a new project, the organization recognizes that a new project exists, and completes a project charter as part of this recognition. a. controlling b. opening c. planning d. initiating
Answer: (D) Initiating
Explanation:
The Initiating processes is one of the phase in the project management life cycle that is necessary for defining the existing project's main objective, success criteria and also the outcome.
The initiating processes helps in providing the effective information or data that is necessary for the developing the project. It is also refers top the process for obtaining the authorization for the given project.
According to the given question, the initiating processes recognizing all the existing projects and also complete all the project charter as part of recognition process.
Therefore, Option (D) is correct answer.
The correct answer is d. initiating. During the initiating process for a new project, the organization recognizes that a new project exists and completes a project charter as part of this recognition.
Explanation:The correct answer is d. initiating. During the initiating process for a new project, the organization recognizes that a new project exists and completes a project charter as part of this recognition. The project charter provides the authority to utilize organizational resources to address the project's goals and issues. This is the first step in the project management process and it sets the foundation for the project's planning and execution.
A project is a time-bound effort constrained by performance specifications, resources, and budget to create a unique product or service. a. True b. False
Answer:
a. True
Explanation:
In addition to the definition above, most project goals and plans usually are more specific in the early stage of work even until it is completed.
Answer:
TRUE
Explanation:
It is a true assertion that a project is a time-bound effort constrained by performance specifications, resources, and budget to create a unique product or service.
There are 3 things that define a project - Scope, Cost and Time.
Scope: Every project has an aim to achieve and involves the achievement of specific goals, deliverables, features and functions.
Cost: The project must have a specified budget which represents the cost to achieve the goal(s) of the project
Time: Every project must be delivered within a specified time.
Therefore the definition offered above is an appropriate definition of a project
The sole responsibility of management with regard to financial reporting involves preparing and presenting financial statements in accordance with the applicable financial reporting framework.
Answer:
True
Explanation:
The management of an enterprise has a duty to prepare the result of their operation for each defined period in accordance with the financial reporting standards for the external auditors appointed by the directors to independently verify correctness of the figures with the underlying records.
It must be noted here that in practice, while the management prepare the financial report, the directors are to lay the report before the shareholders in the annual general meeting.
The most serious problems with accounting systems appear to occur when managers attempt to use accounting information that was developed for ______________ decision making.
Answer:
External Decision Making
Explanation:
Accounting Information refers to economic information about the true state of an organisation and the end purpose of an accounting information is to provide relevant, dependable and timely information that can aid users of the information in decision making.
However, every accounting information created, is created with specific users in mind. Defining the users whether internal (management) or external (shareholders, potential investors, government among others) determines the information to include.
For instance, for a manufacturing organisation, information provided for external users will not contain details on issues including adherence to pre-determined standards, it will contain majorly information on the profitability of the business. Such information cannot be used by the managers of the company for monitoring and control functions because it does not contain the specifics of production input, output and then detailed variances from standard set.
Therefore, when managers attempt to use external users' accounting information for decision making it leads to a serious problem of not been detailed enough for such a purpose.