A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances.
11. Brown Company completed jobs that cost $26,000 to manufacture. The journal entry for the completion of jobs that cost $26,000 to manufacture is as follows: Accounts Debit Credit Work in Process$26,000Manufacturing Costs$26,000
:As soon as the jobs are completed, the cost incurred for the manufacture of these goods would be debited to Work in Process account and Manufacturing Costs account would be credited.
12. Brown Company sold jobs to customers on account for $49,000 that cost $22,000 to manufacture. The journal entries for the sale of goods to customers on account for $49,000 that cost $22,000 to manufacture are as follows: Accounts Debit Credit Accounts Receivable $49,000 Sales $49,000
:As soon as the goods are sold to customers on account, the Accounts Receivable account is debited for the sales amount, and the Sales account is credited for the same amount.
The cost of manufacture of these goods would be recorded separately.
To record the cost of manufacture of goods, we use a Cost of Goods Sold account. Cost of Goods Sold (COGS) account is a temporary account, and it is closed at the end of the period to Income Summary.
The following journal entry would be made to record the cost related to the sales:Accounts DebitCreditCost of Goods Sold$22,000Work in Process$22,000
The cost incurred for the manufacture of goods would be debited to the Cost of Goods Sold account, and the same amount would be credited to the Work in Process account.
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All of the following factors increase the attractiveness of a retailer having a sup drop ship a product except: a) The product has
Dropshipping is a retail fulfillment method where a store does not stock the products it sells. Instead, when a store sells a product, it purchases the item from a third-party supplier and has it shipped directly to the customer. This process can increase a retailer's attractiveness because it saves them the hassle of stocking inventory and frees up valuable resources, including time and money.
Profit Margins: Retailers should consider products that have high profit margins. High-profit margins will allow retailers to earn more money per sale, and it will be easier for them to cover their overhead expenses.
Product Quality: Retailers should consider products that are of high quality. High-quality products will increase customer satisfaction and lead to fewer returns and complaints.
Product Availability: Retailers should choose products that are readily available. If a product is in high demand but is not available, it will hurt a retailer's reputation, leading to lost sales.
Product Price: Retailers should choose products that are competitively priced. If a product is too expensive, it will be challenging to sell, and if it's too cheap, the profit margins will be too small.
Therefore, the answer to this question is: All of the factors mentioned above increase the attractiveness of a retailer having a sup drop ship a product.
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Determine the impact of each of the following events on the demand curve or supply curve in the market for fast food pizza slices near campus. In each case indicate which curve is affected and whether it shifts out or in. [PLEASE ENTER YOUR ANWSER AS, FOR EXAMPLE, "DEMAND IN"]
Fast food pizza slices near campus is a market that is susceptible to shifts in demand and supply. The following events can shift the demand and supply curve for this market;
1. Increase in the price of a substitute product - When the price of a substitute product (such as fast food burgers or sandwiches) increases, it leads to a shift in the demand curve of fast food pizza slices. The demand curve will shift outward, as people will switch from the substitute product to pizza slices.
2. Increase in the number of students on campus - An increase in the number of students will lead to an outward shift of the demand curve for fast food pizza slices. This is because more people will be available to purchase pizza slices.
3. Increase in the price of cheese and other pizza ingredients - When the price of cheese or other pizza ingredients increases, it leads to a shift in the supply curve for fast food pizza slices. The supply curve will shift inward, as it becomes more expensive to produce pizza slices.
4. Opening of a new pizza parlor on campus - The opening of a new pizza parlor on campus will lead to an inward shift of the demand curve for fast food pizza slices.
This is because the new pizza parlor will increase competition, and people may switch from their usual pizza provider to the new one.
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Discuss with the class a product that you believe has differentiated itself from its competitors. How so? Be sure to describe its features to fully paint a picture for us as to why this product is unique in comparison to their competitors. Do these unique qualities carry value?
In today's market, it is essential for businesses to stand out in their respective niches to thrive. Among the countless brands, there is one that has differentiated itself from the competition; the Apple iPhone.
Siri's unique feature is its ability to understand natural language and respond accordingly. The camera of the iPhone is a notable feature that sets it apart from the competition. Apple has put a lot of effort into making the iPhone camera high-quality, and it shows. The iPhone's camera takes stunning photos and videos, with various features such as Live Photos and Portrait Mode. These features are unique to the iPhone, and are not seen in other smartphones.
Overall, the unique features of the iPhone are what have helped it differentiate itself from the competition. The sleek design, exclusive operating system, Siri, and the camera are just a few aspects that set the iPhone apart. These unique qualities have given the iPhone a competitive edge, and they carry value to potential customers.
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Walter wants to retire with $1,022,000.00. How much does Walter need to save each year for 10 years if he wants to retire in exactly 10 years, can earn 11.19 percent on his savings, starts saving in exactly 1 year, saves an equal amount each year, and has $39,800.00 in his account today?(Round the value to 0 decimal and enter the positive value)
Walter needs to save $44,468.52 each year for 10 years to meet his retirement goal.
We know that
Present Value = Future Value / (1 + r)ⁿ
Where: Future Value = $1,022,000.00, r = 11.19%, n = 10
Starting at year 1, the present value :
PMT = FV × [tex](r+1)^{n}[/tex]
PMT = (FV × r) / [[tex](r+1)^{n}[/tex] - 1]PMT = ($1,022,000.00 × 0.1119) / [(1 + 0.1119)¹⁰ - 1]
PMT = $44,468.52
Therefore, he needs to save $44,468.52 each year for 10 years.
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99. How many Canadian dollars will you have to pay to purchase US$1500 if the bank charges a commission of 2.5% and the exchange rate for 1US$ is C$1.3241?
100. Sam who lives in Canada purchased 5000 Australian dollars. After 5 days he decided to convert them back to CAD. How much Canadian dollars did he lose if the bank charges a commission of 0.5% to sell and 0.75% to buy currencies? Exchange rate-C$1= A$1.1167
The cost in Canadian dollars to purchase US$1500 with a 2.5% commission and an exchange rate of 1US$ = C$1.3241 is approximately C$2,496.60.
Sam lost approximately C$544.21 in Canadian dollars when converting 5000 Australian dollars back to CAD with a 0.5% selling commission, a 0.75% buying commission, and an exchange rate of C$1 = A$1.1167.
To calculate the amount in Canadian dollars required to purchase US$1500 with a 2.5% commission and an exchange rate of 1US$ = C$1.3241, we can use the following calculation:
Amount in Canadian dollars = US$1500 * (1 + 0.025) * C$1.3241 = C$2,496.60
To determine the amount of Canadian dollars Sam lost when converting 5000 Australian dollars back to CAD with a 0.5% selling commission and a 0.75% buying commission, and an exchange rate of C$1 = A$1.1167, we can use the following calculation:
Amount in Canadian dollars = 5000 Australian dollars * (1 - 0.005) * (1 - 0.0075) * C$1.1167 = C$5,544.21
Sam lost C$5,544.21 - C$5,000 = C$544.21 in Canadian dollars.
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A Missouri broker sells another company's listing under the presumption of transaction broker. The buyers have not employed anyone to represent them. Whom does the broker represent in this cooperative sale? You are logged in an CONNOR BALLA OA. the buyer only B. neither the buyer nor seller C. both the buyer and seller COD. the seller only
The broker represents both the buyer and the seller as a transaction broker, facilitating the transaction while maintaining a neutral position.
In the scenario described, where a Missouri broker sells another company's listing under the presumption of a transaction broker and the buyers have not employed anyone to represent them, the broker represents both the buyer and the seller in this cooperative sale.
As a transaction broker, the broker's primary role is to facilitate the transaction between the buyer and the seller while maintaining a neutral position.
In this situation, the broker is not exclusively representing either party and does not owe a fiduciary duty to either the buyer or the seller. Instead, the broker's duty is to assist both parties in reaching an agreement and ensuring a smooth transaction process.
The broker's responsibilities may include providing information about the property, coordinating negotiations, assisting with paperwork, and acting as a mediator between the buyer and the seller. The broker's goal is to facilitate a successful transaction that satisfies the interests and objectives of both parties involved.
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A printed circuit board (PCB) machine installs integrated circuits onto a board. Before starting to produce a board, the PCB machine requires a 60-minute setup. Once in production, the PCB machine requires only 0.2 minutes per board. Currently, the PCB machine produces 300 boards between setups. Given this operating process, what is the capacity of the PCB machine fin boards per minute)? (round to one decimal place)
The capacity of the PCB (printed circuit board) machine is 2.5 boards per minute.
Given,
Setup time: 60 minutes
Production time per board: 0.2 minutes
To calculate the capacity of the PCB machine in boards per minute, it is required to determine the total time required to produce one board, including both setup time and production time.
Capacity = Number of boards produced per setup / Total time per setup
Number of boards produced per setup = 300 boards
Total time per setup = Setup time + (Production time per board × Number of boards produced per setup)
Total time per setup = 60 minutes + (0.2 minutes/board × 300 boards)
Total time per setup = 60 minutes + 60 minutes
Total time per setup = 120 minutes
Now,
Capacity = 300 boards / 120 minutes
Capacity = 2.5 boards per minute
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The capacity of the PCB machine is 2.5 boards per minute (rounded to one decimal place).
To calculate the capacity of the PCB machine in boards per minute, we need to consider the setup time and the production time per board.
Step 1: Calculate the total time for each setup
The PCB machine requires a setup time of 60 minutes before it can start production.
Step 2: Calculate the total production time for each batch
The PCB machine produces 300 boards between setups. Since it takes 0.2 minutes per board, the total production time for each batch is:
300 boards × 0.2 minutes per board = 60 minutes
Step 3: Calculate the total time for each batch (setup + production)
The total time for each batch is the sum of the setup time and the production time:
60 minutes (setup) + 60 minutes (production) = 120 minutes
Step 4: Calculate the capacity in boards per minute
To calculate the capacity, divide the number of boards produced in each batch by the total time for each batch:
300 boards / 120 minutes = 2.5 boards per minute
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A. Research and explain the following Trade Agreements based on International Trade Law:
1. Offer
2. Acceptance
3. Consideration
4. Due Diligence
5. International Negotiation Tactics and Strategies
Trade Agreements based on International Trade Law are negotiated and concluded between states and/or international organizations with the objective of reducing trade barriers, promoting investment, and increasing trade flows between the parties.
In this context, the following terms play a crucial role in shaping the terms of these agreements:
Offer is a proposal made by one party (offeror) to another (offeree) with the intention of creating a legally binding agreement. It represents the willingness of the offeror to be bound by the terms and conditions stated in the offer.
Acceptance refers to the offeree's assent to the terms and conditions of the offer, which, once communicated to the offeror, creates a binding contract between the parties. Acceptance can be communicated in writing, orally, or by conduct.
Consideration refers to the exchange of something of value between the parties to the agreement. It can be in the form of money, goods, or services, and it must be sufficient to make the contract legally binding.
Due Diligence is the process of investigating and verifying the information provided by the other party to the agreement.
International Negotiation Tactics and Strategies refer to the methods used by the parties to the agreement to achieve their objectives. These can include win-win negotiation, distributive bargaining, and integrative bargaining.
In conclusion, these are the main terms involved in the trade agreements based on international trade law, which should be thoroughly analyzed before engaging in any negotiation or agreement.
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Jose now has $500. How much would he have after 6 years if he leaves it invested at 6.2 % with annual compounding? O a. $717.33 O b.$602.55 O c. $638.42 Od. $738.85 Oe. $710.15
Jose would have approximately $709.26 after 6 years if he leaves it at 6.2% interest rate with annual compounding. Option (e) $710.15 is the closest value.
Future value refers to the value of an investment or an amount of money at a specified future date, assuming a certain interest rate or rate of return. It represents the accumulated amount that an investment will grow to over time, taking into account compounding.
When we invest money, it earns interest or experiences growth over time. The future value is the total amount you will have at the end of a given period, considering the initial investment and the interest or returns earned on it.
To calculate the future value of an investment with annual compounding, we can use the formula:
[tex]Future Value = Present Value \times (1 + Interest Rate)^{Number of Periods[/tex]
In this case, the present value is $500, the interest rate is 6.2% (or 0.062), and the number of periods is 6 years. Let's calculate the future value:
Future Value = $500 × (1 + 0.062)⁶
Future Value = $500 × (1.062)⁶
Future Value ≈ $500 × 1.418519
Future Value ≈ $709.26
Jose would have approximately $709.26 after 6 years. None of the provided answer choices match this amount exactly. However, option (e) $710.15 is the closest value, so that would be the best choice among the given options.
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North American Dyson Vacuum has had a tremendous growth for the past 4 years in their Cordless Vacuum sales and opened two other branches in 2018. Year Operations Sales (S Amal Number of Employees required 202052.850 120 2021 53,250 125 212253650 202354,150 202454,730 151 2025 $5,000 202685,610 167 202756,050 172 Scenario planning: Build a scenario on future organization state for North America Dyson Vacuum based on the data provided and forecasted; predicting the amount of sales on Cordless Vacuum for the next 10 years (2022 to 2032), example: will the level of sales increase or decrease based on changes to the actual cordless vacuums, their technology, make...? With your team, write down all the factors that you can think of that might influence the move toward increasing or decreasing the manufacturing of the Dyson Cordless Vacuums. Write each factor on a separate sticky note. Think of how political, economic, environmental, social, technological, demographic, and legal/regulatory issues could influence the move toward or away from sales over the next ten years. Write each factor down as you think of it, and do not critically examine the factors yet. Generate list of factors that influence the outcome in questions. Factor Clutres Funding Economic factors Environmental Social: Teechnological!! Demographic Legal regulatory Look at your factors, and move the sticky notes into groups of factors that form natural clusters. Give each cluster a title. Select the two clusters that you think have the potential to have the most impact on the decision to increase the sales and that are also unpredictable. (Example: Changes; from its normal weight to lighter or to more compact and second factor, the power generated by different types and size of cordless vacuums) Now stretch these two clusters out. Place the two extremes of the first cluster at either end of the horizontal axis, and the two extremes of the second cluster at each end of the vertical axis. This will leave you with four quadrants: the top right quadrant will represent a world in which both clusters are at the extreme positive end of their scales. The bottom right quadrant will represent a world in which the horizontally placed cluster is at the top end of its scale, but the vertically placed cluster is at the negative end of its scale, and so on. Look at the world that is represented by each quadrant and describe what each world would be like. How does technology of cordless vacuums fit into this world? Give each a world its own representative name. Describe the types of strategies, resources, and activities that would be necessary for your product to be successful in each of these worlds. (Include all of these to each quadrant.) Look at the strategies, resources, and activities that are common to all four worlds. Any attributes that are common to all four worlds are likely to lead to success in any outcome that is close to what your scenario planning model presents. Therefore, these are the attributes that North American Dyson Vacuum should be focusing on today so that they can be successful in developing the best cordless vacuum to consumers in the near future. Follow the general process of scenario planning in chapter 5 and use figure 5.7 as a sample. Be creative but realistic.
Scenario planning is a strategic planning method that is used to make flexible long-term plans by creating different scenarios. In this scenario planning exercise, we will build a scenario on the future organizational state for North America Dyson Vacuum based on the data provided and forecasted.
We will predict the amount of sales on Cordless Vacuum for the next 10 years (2022 to 2032). We will think of all the factors that might influence the move toward increasing or decreasing the manufacturing of the Dyson Cordless Vacuums. We will write each factor on a separate sticky note, including political, economic, environmental, social, technological, demographic, and legal/regulatory issues.
Factors that influence the outcome in question:
Funding Cluster
• Increasing costs of raw materials
• Shortage of skilled labor
• Inflation
• Governmental regulations for funding
Economic factors Cluster
• Changing income levels
• Fluctuating currency rates
• Changes in the cost of production
• Economic policies and government regulations
Environmental Cluster
• Sustainable business practices
• Ecological concerns
• Waste management and disposal practices
• Availability of resources
Social Cluster
• Consumer preferences and behavior
• Demographic shifts
• Social and cultural values
• Health and safety concerns
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Prepare an unadjusted trial balance FOR ACCIUNTING. Evaluate net profit margin, but beware of income statement limitations.
An unadjusted trial balance is the list of accounts from the accounting records that are utilized to prepare financial statements. It is the initial step in the accounting process, and it is utilized to guarantee that the aggregate of all debits is equal to the aggregate of all credits.
Here is an example of an unadjusted trial balance for accounting:
| Account Name | Debit | Credit |
| :------------- | :----------: | -----------: |
| Cash | $15,000.00 | |
| Accounts Receivable | $25,000.00 | |
| Supplies | $1,000.00 | |
| Equipment | $20,000.00 | |
| Accounts Payable | | $18,000.00 |
| Wages Payable | | $5,000.00 |
| Interest Payable | | $2,500.00 |
| Capital Stock | | $10,000.00 |
| Retained Earnings | | $27,500.00 |
Net profit margin is the ratio of a company's net income to its net sales. This percentage indicates how much net income was made per dollar of sales made during the period in question. The higher the net profit margin, the better.
Limitations of the Income Statement:
Income statement limitations include the fact that it does not reflect changes in market values. It is frequently based on a system of accrual accounting, which can lead to non-cash income and expense entries, as well as the deferral of cash entries. It also includes items that are not income or expenses, such as gains or losses on the sale of assets. Furthermore, the income statement is only useful for a single period, making it difficult to compare across time frames.
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Which decisions does the board not have the right to take (but
must be taken by the general meeting)?
The board of directors cannot make decisions that are reserved for the general meeting of shareholders, such as changes to bylaws, election/removal of board members, approval of financial statements, major corporate actions, and declaration of dividends. These decisions require shareholder participation and approval.
The board of directors in a company is responsible for making important decisions and overseeing its operations. However, there are certain decisions that are reserved for the general meeting of shareholders and cannot be made by the board alone. These decisions typically involve matters of significant importance and have a direct impact on the company and its shareholders.
Examples of such decisions include changes to the company's bylaws, which define its structure and governance, the election or removal of board members, as shareholders have the right to vote on who represents them on the board. Approval of financial statements, appointment of auditors to ensure transparency and accuracy in financial reporting, and declaration of dividends are also decisions that require the participation and approval of shareholders in the general meeting.
Additionally, major corporate actions like mergers, acquisitions, or other significant transactions that could potentially alter the company's ownership or strategic direction must be approved by the general meeting. These decisions are considered fundamental and involve the rights and interests of shareholders, so their participation and consent are necessary.
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Assume the average selling price for houses in a certain county is $314,000 with a standard deviation of $26,000. a) Determine the coefficient of variation. b) Caculate the z-score for a house that sells for $329,000. c) Using the Empirical Rule, determine the range of prices that includes 95% of the homes around the mean. d) Using Chebychev's Theorem, determine the range of prices that includes at least 87% of the homes around the mean a) Determine the coefficient of variation. CV=% (Round to one decimal place as needed.)
The coefficient of variation is 12.31%, the z-score for a house is -0.38 40000, the range of prices (245000, 405000), and in Chebyshev’s Theorem, the price range that covers at least 94% of the median priced residences is ($161800–$488200).
Let, X- be the selling price of houses:
Given: u= 325000, σ = 40000
A) For Coefficient of variation:
C.V. = σ/ IuI × 100
= 40000 / I 325000 I × 100%
= 12.31%
B) Calculate Z-score=?
When X=$310000
Z - score = X - u/ σ
310000 – 325000/ 40000
= -0.38 40000
C) Empirical rule:
The range of prices that collects 95% of the homes near the mean is,
(u ± 2×0) = (325000 ± 2 × 40000
(325000 ± 80000)
(325000 – 80000, 325000 + 80000)
(245000, 405000)
The required range is ($245000, $405000)
P(245000 < X < 405000) = 0.95
D) Given: u= 325000, σ = 40000
Firstly, determine the value of k as follows;
1 - 1/ k² = 0.94
k= 4.08
According to Chebyshev’s Theorem:
Lower Limit = u-k × σ
= 325000 – 4.08 × 40000 - 161800
Upper Limit = u + k × σ
=325000 + 4.08 × 40000
=488200
The price range that covers at least 94% of the median priced residences is ($161800–$488200).
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The followings are not the ways organisations reduce costs except.
Group of answer choices
Offshoring
Access and Egress point
Roll Call
Promotion
The answer is "Promotion." Promotion is not a method typically used by organizations to reduce costs. Instead, promotion is a marketing activity aimed at increasing awareness, visibility, and sales of products or services.
On the other hand, the other options mentioned can be ways organizations reduce costs:
1. Offshoring: Organizations may choose to move certain operations or processes to countries with lower labor costs to reduce expenses.
2. Access and Egress point: This refers to optimizing the entry and exit points of a facility or location to improve efficiency and reduce costs associated with transportation and logistics.
3. Roll Call: Roll call is a method used to track attendance or account for individuals in a group, which is not directly related to cost reduction but rather organizational processes or management.
Therefore, the correct answer is "Promotion."
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As an entrepreneur, you are creating a start-up business venture. Explain in detail how each facet of the cultural framework will impact strategic business decision-making in your short and long-term planning
( please respond in detail, with open-ended lengthier responses )
As an entrepreneur, creating a start-up business venture can be a daunting task. The cultural framework plays a crucial role in the business and influences the strategic decision-making process. Cultural framework is the set of beliefs, values, customs, behaviors, and artifacts that characterize a group or society.
Understanding the cultural framework of your business environment can help you plan and implement effective strategies that cater to your target market.
1. Social Factors: Social factors are the characteristics of a culture that affect consumer behavior and business operations.
2. Economic Factors: Economic factors refer to the overall economic environment, including factors such as inflation, interest rates, employment, and income levels.
3. Technological Factors: Technological factors refer to the rate of technological change and the impact of technology on the business environment.
Conclusion
The cultural framework plays a significant role in strategic business decision-making in short and long-term planning. Entrepreneurs must understand the social, economic, political and legal, and technological factors that influence their business environment.
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8. At what annual interest rate will \( \$ 1000 \) invested today be worth \( \$ 2000 \) in 10 years? a. \( 6.5 \% \) b. \( 7.2 \% \) c. \( 9.3 \% \) d. \( 10.3 \% \)
The annual interest rate at which $1000 invested today will be worth $2000 in 10 years is approximately 41.42%.
Future Value = Present Value * (1 + r)^n
Where:
Future Value = $2000
Present Value = $1000
r = Annual interest rate
n = Number of years
Plugging in the values, we have:
$2000 = $1000 * (1 + r)^10
Dividing both sides by $1000, we get:
2 = (1 + r)^10
Taking the 10th root of both sides, we get:
(1 + r) = √2
Subtracting 1 from both sides, we have:
r = √2 - 1
Calculating the value, we find:
r ≈ 0.4142
Converting this to a percentage, we have:
r ≈ 41.42%
Therefore, the annual interest rate at which $1000 invested today will be worth $2000 in 10 years is approximately 41.42%.
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in an IT product user acceptance testing, you want to find if there is a relation between literacy of the users and users satisfaction, which of the following tools would you use?
If you want to find whether there is a relationship between the literacy of users and user satisfaction in an IT product user acceptance testing, you would use Correlation Analysis.
Correlation analysis is a statistical technique that investigates the connection between two variables. It is used to find the degree of association between two variables.
Correlation analysis assesses how two variables change together, if at all. The aim is to assess whether and to what extent the variables are linked and, if so, how they are linked.
Therefore, in this case, correlation analysis would be the most suitable tool to use in an IT product user acceptance testing to determine whether there is a relationship between the literacy of users and user satisfaction.
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ou want to be able to withdraw $50,000 each year for 15 years. Your account earns 10% interest. a) How much do you need in your account at the beginning? b) How much total money will you pull out of the account? c) How much of that money is interest?
a) Initial amount needed: $403,150
b) Total withdrawal over 15 years: $750,000
c) Interest earned: $346,850
a) To determine the amount you need in your account at the beginning, you can use the formula for the present value of an annuity:
Present Value = Annual Withdrawal Amount * (1 - (1 + Interest Rate)^(-Number of Years)) / Interest Rate
Plugging in the values, we have:
Present Value = $50,000 * (1 - (1 + 0.10)^(-15)) / 0.10
Present Value = $50,000 * (1 - 0.1937) / 0.10
Present Value = $50,000 * 0.8063 / 0.10
Present Value = $403,150
Therefore, you would need $403,150 in your account at the beginning.
b) To calculate the total amount of money you will pull out of the account, you can multiply the annual withdrawal amount by the number of years:
Total Withdrawal = Annual Withdrawal Amount * Number of Years
Total Withdrawal = $50,000 * 15
Total Withdrawal = $750,000
You will pull out a total of $750,000 from the account.
c) To determine the amount of that money that is interest, you can subtract the initial amount you put in from the total withdrawal:
Interest Amount = Total Withdrawal - Present Value
Interest Amount = $750,000 - $403,150
Interest Amount = $346,850
Therefore, $346,850 of the total money pulled out is interest.
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Puan Osnita is the owner of Kinross Enterprise. The financial year end of the business is on 31 December annually. You are required to determine the Gross profits using:
(a) the FIFO,
(b) the LIFO and
(c) the average methods
(a) FIFO Method:
The gross profit using the FIFO method is determined by valuing the cost of goods sold (COGS) using the cost of the oldest inventory first, resulting in a higher gross profit.
The FIFO (First-In, First-Out) method assumes that the first goods purchased are the first goods sold. To determine the COGS, the cost of the oldest inventory is used. The formula to calculate gross profit using the FIFO method is:
Gross Profit = Net Sales - COGS
To calculate the COGS using FIFO, we need the opening inventory, purchases, and closing inventory values. Let's assume that information is available as follows:
Opening Inventory: $50,000
Purchases: $100,000
Closing Inventory: $30,000
Net Sales: $200,000
COGS = Opening Inventory + Purchases - Closing Inventory
COGS = $50,000 + $100,000 - $30,000
COGS = $120,000
Gross Profit = Net Sales - COGS
Gross Profit = $200,000 - $120,000
Gross Profit = $80,000
Using the FIFO method, the gross profit for Kinross Enterprise is $80,000. This method assumes that the oldest inventory is sold first, resulting in a higher gross profit due to the lower cost of goods.
(b) LIFO Method:
Direct answer: The gross profit using the LIFO method is determined by valuing the cost of goods sold (COGS) using the cost of the most recent inventory first, resulting in a lower gross profit compared to FIFO.
The LIFO (Last-In, First-Out) method assumes that the last goods purchased are the first goods sold. The COGS is calculated using the cost of the most recent inventory. The formula to calculate gross profit using the LIFO method is the same as for FIFO:
Gross Profit = Net Sales - COGS
Using the same values as before, the COGS calculation using LIFO would be:
COGS = Opening Inventory + Purchases - Closing Inventory
COGS = $50,000 + $100,000 - $30,000
COGS = $120,000
Gross Profit = Net Sales - COGS
Gross Profit = $200,000 - $120,000
Gross Profit = $80,000
Using the LIFO method, the gross profit for Kinross Enterprise is $80,000. This method assumes that the most recent inventory is sold first, resulting in a lower gross profit due to the higher cost of goods.
(c) Average Method:
Direct answer: The gross profit using the average method is determined by valuing the cost of goods sold (COGS) using the average cost of all inventory items, resulting in a moderate gross profit.
The average method calculates the COGS using the average cost of all inventory items. The formula to calculate gross profit using the average method is the same as for FIFO and LIFO:
Gross Profit = Net Sales - COGS
To calculate the COGS using the average method, we need the average cost per unit and the number of units sold. Let's assume that information is available as follows:
Average Cost per Unit: $10
Number of Units Sold: 10,000
COGS = Average Cost per Unit * Number of Units Sold
COGS = $10 * 10,000
COGS = $100,000
Gross Profit = Net Sales - COGS
Gross Profit = $200,000 - $100,000
Gross Profit = $100,000
Using the average method, the gross profit for Kin
ross Enterprise is $100,000. This method assumes that the cost of goods sold is based on the average cost per unit, resulting in a moderate gross profit between FIFO and LIFO.
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1)"When prices rise, the real value of a future payment will be lower than the nominal value." Is this statement true or false? A)True B)False 2)At the end of 2013, Diane estimated the inflation rate for 2014 would 2.3%. At the end of 2014 , Diane received the following data: In 2013, the CPI was 233. In 2014, the CPI was 237. Which of the following statements is TRUE based on this information? a)Diane's initial estimate of 2.3% was greater than the actual inflation rate. b)Diane's initial estimate of 2.3% was less than the actual inflation rate. c)Diane's initial estimate of 2.3% equalled the actual inflation rate.
The statement "When prices rise, the real value of a future payment will be lower than the nominal value" is true. (A) True. The statement "Diane's initial estimate of 2.3% was less than the real inflation rate" is true. So, the correct option is B.
When prices rise, we experience inflation. Inflation erodes the purchasing power of money over time. Therefore, a future payment with a fixed nominal value will have a lower absolute value because the same amount of money will buy fewer goods and services due to inflation. Diane's initial estimate of 2.3% was less than the actual inflation rate. (B) Diane's initial estimate of 2.3% was less than the real inflation rate. We compare the Consumer Price Index (CPI) between two periods to determine the inflation rate. The CPI measures the average price level of goods and services. In this case, the CPI increased from 233 in 2013 to 237 in 2014. To calculate the inflation rate, we use the formula: Inflation Rate = (CPI in 2014 - CPI in 2013) / CPI in 2013, Substituting the values, we get: Inflation Rate = (237 - 233) / 233 ≈ 0.0171 or 1.71%. Diane's initial estimate of 2.3% was higher than the actual inflation rate of 1.71%. Therefore, option (B) is correct. Diane's initial assessment was lower than the real inflation rate.
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The Edge, in Amsterdam, is the testing ground for a highly connected new way of working, where employees have no set workspaces and can dial in their individual climate and lighting preferences via an app. This allows Deloitte to have considerably larger workforce than the available sphice. From the perspective of shared value, this would be an example of creating shared value through: Logistics Distribution Procurement Resources
From the perspective of shared value, the scenario at the Edge in Amsterdam, which allows Deloitte to have a larger workforce than the available space through a highly connected new way of working, would be an example of creating shared value through resources.
Creating shared value is an approach where companies seek to achieve both economic success and social progress simultaneously. In other words, creating shared value is about developing businesses that aim to make a positive impact on society while also generating profits.
Resources refer to all the inputs that are used in the production of goods and services. They can include both tangible goods (e.g. raw materials, machines, buildings) and intangible assets (e.g. human capital, intellectual property).The scenario at the Edge in Amsterdam is an example of creating shared value through resources because it involves utilizing the resources available (such as the physical space and technology) in a way that allows
Deloitte to optimize its workforce and increase productivity. By creating a flexible working environment that meets the needs and preferences of employees, Deloitte is able to attract and retain talent while also generating value for its clients.
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______________________ is a hypothetical description of the type
of company that would reap the most benefit from your product or
solution. These companies tend to have the quickest, most
successful s
In the world of business, it is important to identify the target market. This process involves identifying the ideal customer who would benefit the most from a product or solution.
This ideal customer is known as a buyer persona. It is a hypothetical description of the type of company that would reap the most benefit from the product or solution. These companies tend to have the quickest, most successful sales. The buyer persona is created by analyzing market research and customer data. It is a detailed representation of the ideal customer, including their age, gender, job title, industry, income, interests, and pain points.
The buyer persona helps businesses to tailor their marketing efforts to reach the right people. It enables businesses to create targeted messaging and offers that resonate with the buyer persona. By focusing on the buyer persona, businesses can attract high-quality leads and close more sales. Overall, the buyer persona is an essential tool for businesses looking to drive growth and increase revenue.
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Automotive Products designs and produces automotive parts. In Time left 0:20:16 costing system allocates variable manufacturing overhead to its three customers X, Y, and Z based on machine-hours. Three main departments that consume overhead resources: design, production, and engineering. Given: Usage of cost driver Dept. Cost driver Overhead costs X Y Z Design design hours 29,000 110 200 100 Production Machine hours 250,000 200 2,000 1200 Dept. Cost driver Overhead costs X Y Design design hours 29,000 110 200 100 Production Machine hours 250,000 200 2,000 1200 Engineering Engineering hours 39,000 70 50 230 Production Machine hours 250,000 200 2,000 1200 Engineering Engineering hours 39,000 70 50 230 1- Compute the manufacturing overhead allocated to customer Y using the simple costing system. 2- Compute the manufacturing overhead allocated to customer Z using the ABC costing system.
The total overhead cost that was allocated based on machine hours was $4,200.00. The overhead cost per machine hour for Y is calculated using the formula below:$4,200/2,000 machine-hours = $2.10 per machine hour
Therefore, the overhead cost for customer Y is calculated as follows: Overhead cost for customer Y = $2.10 × 1,200 machine hours = $2,520.002) In ABC system, engineering and design departments have been identified as overhead cost pools, and the production department is considered to be the cost driver for each of these two cost pools. To calculate the overhead allocated to customer Z, we need to determine the cost driver rates for each department. The cost driver rates for the two departments are computed below: Design overhead cost pool rate = $29,000/410 design hours = $70.73 per design hour Engineering overhead cost pool rate = $39,000/350 engineering hours = $111.43 per engineering hour To determine the overhead allocated to customer Z, we need to determine the number of cost drivers consumed by customer Z and multiply it by the cost driver rate for each cost pool.
The total overhead cost for each department will be divided by the total number of cost drivers to determine the cost driver rate.
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3.2 Action Required:
Access the following link and read about Meyer and Zack
Knowledge management cycle given on page number 3 and 4.
.
Meyer and Zack (1996) suggest that knowledge management, or the management of knowledge assets, requires a cycle of four steps.
The knowledge must then be transformed into a format that is usable and accessible to others, such as reports, presentations, or databases. The knowledge can be shared through a variety of channels, such as training programs, knowledge-sharing networks, or online databases. By using knowledge to inform decisions, organizations can improve their efficiency and effectiveness, reducing costs and increasing profitability. By preserving knowledge, organizations can avoid redundancy and duplication of efforts, and ensure that the knowledge is available when needed in the future.
In conclusion, the Meyer and Zack knowledge management cycle is a framework that can be used to manage knowledge assets in organizations. By creating, distributing, using, and preserving knowledge, organizations can enhance their competitiveness and improve their performance. The cycle provides a systematic approach to knowledge management, enabling organizations to leverage their knowledge assets for strategic advantage.
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Latitude Longitude: Decide where: choose a place and get the latitude and longitude of the place (see how-to illustration), enter the latitude and longitude to the relevant cells on the excel worksheet Solar Declination: Solar declination is the latitude with 90 ∘
sun angle at noon on a given day. It affects the sun angle at other locations. For September 8 , we will use 6 ∘
for solar declination (the sun directly hit at 6 ∘
latitude at noon on Sept. 8). For other dates, use the table linked here. Round it to the nearest degree and enter the declination to the relevant cell on the excel worksheet Time and Hour Angle: pick 3 times between 8 am to 6 pm and enter the times to the relevant cells on the excel worksheet and decide the Hour Angle based on the following method: - Hour angle (h) is one of the variables affects the sun angle - Hour angle (h) changes during a day as the sun's positions change in the sky - We will use a simplified method of derive the hour angle for our class: - Hour angle is zero (h=0 ∘
) at local noon (12 pm local time) - Hour angle increases 15 degrees for every hour away from the noon - For examples: - 3 pm local time is 3 hours away from noon, h=15 ∘
×3=45 ∘
- 10 am local time is 2 hours away from noon, h=15 ∘
×2=30 ∘
Derive the three hour angles associated with the three times you picked You should now have all the values needed to calculate the sun angles with the equation below: Equation (all units are in degrees): cos(z)=sin(∅)sin(δ)+cos(∅)cos(δ)cos(h)
z=cos −1
(cos(z))
a=90 ∘
−z
a- Solar Altitude (Sun Angle) in degrees z - Solar Zenith Angle in degrees ø: Latitude of the place in degrees δ : solar declination angle in degrees h. hour angle, his zero at local noon, and increases by 15 ∘
every hour before or after noon. Calculation Use the equation and a scientific calculator (available on most of the phones. Also available online. Calculate the sun angle for the three times you selected and enter your results to the relevant cells on the excel worksheet. Use demo videos to guide you through the process if you are not familiar with derive values with equations or how to use a scientific calculator. Capture the support materials for submission: If you use a calculator on the computer to do the calculation, make screen captures for each calculation; if you use a scratch paper and a phone or a handheld calculator to do the calculation, take photos of your scratch paper or device screen that show your work. Insert the photos or screen captures to a word file, organize them clearly and save as a pdf file for submission along with the excel file. Use this worksheet to see an example of Sun Angle Calculation. If you need, you can watch the example demo videos below on using the calculator to obtain the sun angle. Table of the Sun's Declination Mean Value for the Four Years of a Leap Year Cycle
Let's assume the selected place is New York, USA. The latitude of New York is 40.7128° N, and the longitude of New York is 74.0060° W. So, the latitude of the place is 40.7128°N, and the longitude of the place is 74.0060°W.
1.For September 8, the solar declination angle is 6°. We will round it to the nearest degree and enter it into the relevant cell on the excel worksheet as 6°.For 8 am, the hour angle will be 15° × (8 - 12) = -60°.For noon (12 pm), the hour angle will be 15° × (12 - 12) = 0°.For 4 pm, the hour angle will be 15° × (16 - 12) = 60°.
2. calculate the sun angles for the selected times using the formula :cos(z) = sin(ø)sin(δ) + cos(ø)cos(δ)cos(h)For 8 am: sin(ø) = sin(40.7128°)sin(6°) + cos(40.7128°)cos(6°)cos(-60°) = -0.9305cos(z) = cos⁻¹(cos(z)) = 21.64°Solar altitude = 90° - z = 68.36°For noon (12 pm):sin(ø) = sin(40.7128°)sin(6°) + cos(40.7128°)cos(6°)cos(0°) = 0.9482cos(z) = cos⁻¹(cos(z)) = 19.24°Solar altitude = 90° - z = 70.76°For 4 pm: sin(ø) = sin(40.7128°)sin(6°) + cos(40.7128°)cos(6°)cos(60°) = 0.9752cos(z) = cos⁻¹(cos(z)) = 12.67°Solar altitude = 90° - z = 77.33°.
3.Therefore, the sun angles for the selected times are: For 8 am: Solar altitude (sun angle) = 68.36° and solar zenith angle = 21.64°For noon (12 pm): Solar altitude (sun angle) = 70.76° and solar zenith angle = 19.24°For 4 pm: Solar altitude (sun angle) = 77.33° and solar zenith angle = 12.67°.
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Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. ror each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "O" wherever required. A negative answer should be indicated by a minus sign.)
To determine the change in an account during 2021 and whether it was a source or use of cash, you would typically compare the account balances between the two years (2020 and 2021). If the account balance increased from 2020 to 2021, it would represent a source of cash. Conversely, if the account balance decreased, it would indicate a use of cash.
What is balance sheet ?A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, typically at the end of an accounting period such as a month, quarter, or year.
Here's a general example to illustrate the concept:
Account: Cash
2020 Balance: $50,000
2021 Balance: $60,000
Change in Account: $60,000 - $50,000 = $10,000 (Increase)
Source or Use of Cash: Source of Cash
In this example, the cash account increased by $10,000 during 2021, indicating a source of cash for the company.
You can apply the same analysis to other balance sheet accounts by comparing their respective balances between the two years.
Please provide the specific account balances for 2020 and 2021 if you would like assistance with calculating the changes and determining the source or use of cash for each account.
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The following table shows the actual demand observed over the last 11 years: This exercise contains only parts b,c, and d. b) Using the 3 -year moving average, provide the forecast from periods 4 through 12 (round your responses fo one decimai place). c) Using the 3-year weighted moving average with weights 0.15,0.35, and 0.50, using 0.50 for the most recent period, provide the forecast from periods 4 through 12 (round your responses to two decimal places). d) Mean absolute deviation for the forecast developed using the 3-year moving average is 2.14 and for the 3-year weighted moving therage is 2.33. Based on this information, the better forecast is achieved using the approach
b) The table showing actual demand observed over the last 11 years is not given in the question and it is required to use the 3-year moving average method to provide the forecast from periods 4 through 12.
Forecast for period 4 = (0.15 x Actual demand for period 1) + (0.35 x Actual demand for period 2) + (0.50 x Actual demand for period 3)Forecast for period 5 = (0.15 x Actual demand for period 2) + (0.35 x Actual demand for period 3) + (0.50 x Forecast for period 4)Similarly, we can calculate the forecast for periods 6 through 12. We can round the responses to two decimal places. d) Mean absolute deviation (MAD) is a measure of forecast accuracy that measures the average deviation of the forecasts from the actual values.
We have been given the MAD for the forecast developed using the 3-year moving average as 2.14 and for the 3-year weighted moving average as 2.33. The smaller the MAD, the better the forecast. Therefore, the better forecast is achieved using the approach of 3-year moving average as it has a smaller MAD value of 2.14 compared to 3-year weighted moving average which has a MAD value of 2.33.
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rbitrageurs (people who engage in arbitrage) decide to practice their craft in the market for corn. Which of the following will happen? Corn will become less expensive during the harvest season than in previous harvest seasons. Corn will become less expensive during the offseason than in previous offseasons. Seasonal price fluctuations of corn will increase. The offseason price of corn will be consistently less than the harvest season price.
Arbitrageurs (individuals who are engaged in arbitrage) deciding to practice their craft in the market for corn is likely to have an impact on seasonal price fluctuations of corn, which will most likely increase. Arbitrage is the process of purchasing and selling the same asset in different markets or locations to gain profit from price differences.
Which is why arbitrageurs are always seeking to purchase the asset at a lower price and sell it at a higher price in a different location. As a result, the price differences between the harvest season and offseason prices of corn will diminish, making seasonal price fluctuations more pronounced. In other words, during the harvest season, the arbitrageurs may purchase corn in bulk at the current low prices to sell it at a higher price in the offseason.
Similarly, they may sell corn during the offseason to purchase the asset at a lower price during the harvest season. By doing so, they are reducing the price differences between the harvest and offseason prices, which increases the seasonal price fluctuations of corn in the market. However, the impact of this arbitrage practice on the prices of corn in the market will depend on the magnitude of demand and supply of corn during the harvest and offseason.
Therefore, seasonal price fluctuations of corn will increase when arbitrageurs practice their craft in the market for corn.
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Given the following demand and supply functions: Supply: QS=−18+3p Demand: Qd=94−1p+0.02Y, where Y= Consumer income per month Solve for the following given consumer income is $2,000/ mo. Equilibrium Price =$ (round your calculation to the nearest penny). 4. The supply function is Q=20+1p−40f, and the demand function is Q=240−3p. where r is the rental cost of capital. How do the equilibrium price and quantity vary with r ? The effect of r on the equilibrium price is ∂r∂p= (Enter your resonse as a whole number) The effect of r on the equilibrium quantity is ∂tdQ= (Entor your resonse as a whole number)
Equilibrium price and quantity. The demand function is given as Qd=94−1p+0.02Y, where Y is consumer income per month. To find the effect of r on the equilibrium price, differentiate both functions with respect to p.
Here, Y= $2,000/month. Substitute the value of Y to get, Qd=94−1p+0.02 × $2,000. Substitute Qs=Qd to get,−18+3p = 94−1p+40 Subtracting p from both sides, 4p = 152. Solving for p, the equilibrium price is p = $38. The equilibrium price is $38.The supply and demand function is Q=20+1p−40f and Q=240−3p respectively. Here, r is the rental cost of capital. To find the effect of r on the equilibrium price, differentiate both functions with respect to p. ∂Q∂p=1−3=−2 (Since ∂Qs∂p=1, ∂Qd∂p=−3)Hence, the effect of r on the equilibrium price is ∂r∂p=−2.To find the effect of r on the equilibrium quantity, differentiate both functions with respect to r. ∂Qs∂r=−40∂Qd∂r=0.
Hence, the effect of r on the equilibrium quantity is ∂r∂Q=0. Answer: The effect of r on the equilibrium price is −2. The effect of r on the equilibrium quantity is 0.
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Not yet answered Marked out of 1.00 Flag question Bank deposits are examples of monetary assets in foreign exchange translations. Select one: O True False Question 14 Not yet answered Marked out of 1.00 Flag question Assurance services are not independent professional services usually provided by chartered accountants. Select one: O True O False Question 23 Not yet answered Marked out of 1.00 Flag question Which of the following is not an example of monetary assets in foreign exchange translation ? a. O b. d. Trade receivables Intangible assets None of the above Fixed assets The cost of raw materials plus direct labor is known as: a. O b. C. d. Prime cost Conversion cost Period cost Product cost Question 24 Not yet answered Marked out of 1.00 Flag question The technique that aims at guiding the actual towards the line of target is known as: a. b. C. O d. Cost determination Cost ascertainment Cost control None of the above
The technique that aims at guiding the actual towards the line of the target is known as cost control. Here option C is the correct answer.
Cost control involves implementing measures and strategies to manage and regulate costs within an organization. It focuses on ensuring that actual costs align with the predetermined targets or budgets.
Cost control involves several activities, such as setting cost targets, monitoring actual costs, analyzing variances between actual and target costs, identifying cost-saving opportunities, implementing cost reduction measures, and continuously evaluating and adjusting cost control strategies.
By exercising cost control, organizations can effectively manage their expenses, improve operational efficiency, maximize profitability, and maintain financial stability. It helps in identifying areas where costs can be minimized or eliminated, optimizing resource allocation, and ensuring that resources are utilized efficiently.
Cost control is an essential aspect of financial management and is applicable to various areas within an organization, including production, procurement, inventory management, marketing, and overall business operations.
It requires coordination and collaboration among different departments and stakeholders to achieve the desired cost objectives. Therefore option C is the correct answer.
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Complete question:
Not yet answered Marked out of 1.00 Flag question Bank deposits are examples of monetary assets in foreign exchange translations. Select one: O True False Question 14 Not yet answered Marked out of 1.00 Flag question Assurance services are not independent professional services usually provided by chartered accountants. Select one: O True O False Question 23 Not yet answered Marked out of 1.00 Flag question Which of the following is not an example of monetary assets in foreign exchange translation ? a. O b. d. Trade receivables Intangible assets None of the above Fixed assets The cost of raw materials plus direct labor is known as: a. O b. C. d. Prime cost Conversion cost Period cost Product cost Question 24 Not yet answered Marked out of 1.00 Flag question The technique that aims at guiding the actual towards the line of target is known as:
A - Cost determination
B - Cost ascertainment
C - Cost control
D - None of the above