Answer:
To find how close her campaign is from potential ideal results
Explanation:
Organisations use the optimisation score to know how the Google ads account they set up would likely perform. The scoring is between 0% to 100%, and when the account attains the 100% mark, it would likely perform optimally.
The scores are usually put together with a list of recommendations an organisation can pick from and in each of the recommendations, the organisation can see how their optimisation score would be affected should they decide to apply that recommendation.
Carlota has opened a small business. She is selling a bottled hot sauce made from locally grown peppers using a formula passed down in her family. The product is sold via eBay and Amazon and is delivered by FedEx. So far, no promotion other than word-of-mouth on social media has been needed. For only $9.95, you can buy a quart bottle. The preceding describes the _________ for Samantha’s company.a. Marketing mix
b. Perfect strategy
c. Organizational strategy
d. Strategic objective
e. Strategic tactic
Answer:
a. Marketing mix
Explanation:
Marketing mix describes the place, promotion, price, and product that is unique to a particular business. Each of these is selected in such a way that iteets the business goals and objectives.
For Carlota's business the product is bottled hot sauce, the place the product is sold is via eBay, the price is $9.95, and promotion is by word of mouth.
Answer:
A) Marketing mix
Explanation:
Carlota or Samantha are following a very short marketing mix strategy, she is basically focusing on the product (hot sauce + family recipe + locally grown peppers), the place (Ebay and Amazon + FedEx), and the price 8(she probably just decided to sell it at $9.95).
But she is lacking promotion or real marketing efforts like advertisement, publicity, sales promotions, etc. Word of mouth is probably the most effective tool in marketing, but it is also a very limited tool. The advantage of online sales is that you don't need a huge office with tens of people working besides you, you only need google ads for online advertising.
Which of the following statements concerning the procurement process are TRUE?a. Vendor billing is one of the steps.b. Only one FI document is created.c. Goods receipt is one of the steps.d. The send payment step involves creation of an FI document.e. Two material documents are created.
Answer:
a. Vendor billing is one of the steps.
c. Goods receipt is one of the steps
d. The send payment step involves creation of an FI document
Explanation:
The procurement includes the billing of the vendor, that is to negociate with suppliers for the price and accept the agrements made. Then we are going to receive the goods and check if they fulfil the quantity and quality requested.
Finally, the procurement department will pay the supplier. The FI document stands for the accounting entry to record transactions into the accounting
Which of the following BEST embodies the qualities of a scientific theory?
1. Squirrels in central Illinois prefer to build their nests in oak trees instead of hickory trees.
2. All gases, liquids, and solids consist of atoms.
3. Prairies that have larges herds of bison show greater plant diversity than prairies without bison.
4. Dangerous wildfires in California could be avoided by better fire prevention strategies.
5. Students who study for their environmental science exams will perform better on those exams than those who do not.
Answer and Explanation:
3. Prairies that have larges herds of bison show greater plant diversity than prairies without bison.
Final answer:
The best example of a scientific theory from the choices given is the statement that all gases, liquids, and solids consist of atoms, as it is falsifiable, logically consistent, predictively powerful, and offers a superior explanation compared to alternatives.
Explanation:
The statement that BEST embodies the qualities of a scientific theory among the provided options is number 2: All gases, liquids, and solids consist of atoms. This statement is a fundamental component of the atomic theory, which is a well-established scientific theory describing the nature of matter. It illustrates several key characteristics that a theory must possess to be scientific.
A scientific theory must be falsifiable—it must be possible to conceive an observation or an experiment that could prove it wrong. Additionally, a theory must be logically consistent, provide adequate predictive ability, and offer a better explanation than alternative hypotheses. The statement about matter being composed of atoms fulfills these requirements because it has undergone repeated testing, has consistently agreed with observations, has been used to predict the behavior of various substances, and integrates many hypotheses about matter. Other examples of strong scientific theories include the theory of evolution, the theory of relativity, and the germ theory of disease.
In order for an economy to be successful, there must be some form of organization. Firms produce products that are marketed and sold. There must be people who desire to purchase and consume the products that are produced by the firms. This group of individuals that consumes the products that are produced in a market economy are known as households.
Answer:
TRUE
Explanation:
What generally happens in an economy in order to strike a balance and achieve success, is the interdependence of Firm and household
Firms use households to pay factor incomes which is rent, wages, interest and profit.
1. Household supply factors of production to firms
2. Firms pay factor incomes to Households for the supply of factors of production in the form of rent, wages, interest and dividends.
3. Firms will use factors of production provided by household to produce output in the form of goods and services.
4. The output of Firm are supplied to Household in the form of goods and services and household pays for these purchases.
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large___________________________
Answer and Explanation:
marketing
Consider a production possibilities boundary showing the quantity of military goods and the qumdity of civlian goods on the two axes. A movement along the production possibilities boundary could be caused by A) the employment of previously idle resources. B) the reallocation of resources between military and civilian goods. C) the growth of productive capacity. D) an increase in the labour supply E) technological progress.
Answer:
B) the reallocation of resources between military and civilian goods.
Explanation:
PPC is the graphical representation of product combinations that an economy can produce, given resources & technology.
Given same resources & technology, the two goods are inversely related - one good's quantity can be increased by decreasing the quantity of other good.
PPC is based on the assumption that resources are efficiently utilised & all points on PPC denote product combinations efficiently utilising resources.
So, movement along the PPC boundary means production level intact at full efficiency level & just reallocation of resources between good 1 to good 2, i.e here b/w military & civilian goods.
Correctly complete the following sentence. Concurrent engineering is
A. a sequential attempt among functional disciplines to design new products.
B. a cross-functional approach to introduce new products to market.
C. an approach to new product introduction that requires participation of one single functional discipline at a time, thereby reducing new product development costs.
D. an approach to new product development that has resulted in a large number of prototype build and testing iterations.
Answer:
B. a cross-functional approach to introduce new products to market.
Explanation:
Concurrent engineering -
It is a long term business strategy .
In this method the products designed and developed in different steps , is referred to as concurrent engineering .
The method is used to reduce the development time of the product and the marketing time of the product , which in turn increases an improves the productivity as well as decreases the cost .
Hence , the correct option is B.
Final answer:
The correct completion for the sentence on concurrent engineering is B. It signifies a cross-functional approach to rapidly introducing new products to market by having multiple disciplinary teams work together in parallel.
Explanation:
Correctly completing the sentence about concurrent engineering, the answer is B. a cross-functional approach to introduce new products to market. Concurrent engineering involves an integrated approach where different functional disciplines work together in parallel to develop a product. This method contrasts with sequential development, where each department works separately and one after another, often leading to delays and increased time to market.
In the context of the engineering design process, concurrent engineering allows for different stages such as design, analysis, and production to be conducted simultaneously. This collaboration aims to speed up the product development process, reduce costs, and improve product quality by identifying issues early. An effective concurrent engineering process benefits from the use of math and science to support decision-making and optimize resources.
International experience is valuable for mid-career individuals who aspire to higher positions and greater responsibility, but not for students seeking their first job beyond university.
a. true
b. false
Answer:
FALSE
Explanation:
In a way unlike ever before, international experience brings you closer to other cultures, thoughts, ideals, beliefs and religions. This creates opportunities for tension, development and growth and for a global community that is more collaborative.
Building a successful experience in international work requires adjusting to various languages and traditions. The ability to work throughout cultures will become incredibly important as many companies and organisations are opening up to international markets and working to address global issues.
Thus, from the above we can conclude that the given statement is false.
Casper was asked to run a customer survey and analyze its results for his company. After presenting the results to the marketing team, they struck upon a marketing solution to an identified customer problem. Casper and his marketing team have just completed what marketing process?
Answer:
marketing research
Explanation:
Marketing research -
It refers to the method of collecting , interpreting and analyzing the information about the goods and services in the market , is referred to as the marketing research .
All information about the past of the products is considered , the target of the company is also considered along .
The method helps for the prediction of the future of the company .
Hence , from the given scenario of the question ,
The correct term is marketing research .
Casper and his team performed the marketing research process, which started with the preparation and execution of a customer survey. The data collected led to the analysis and identification of a marketing solution for a customer problem, representing the three stages of this process: strategy, solution, and significance.
Explanation:Casper and his marketing team have just completed a process known as Marketing Research. This is an organized effort to gather and interpret information about a customer problem. In this scenario, the initial step was running a customer survey. To further understand the subject, one exemplification can be a marketing manager for an electronics chain store seeking customer data. They collected information from randomly selected customers with questionnaires asking for variables of interest like age.
After data acquisition, the analysis was conducted and presented to the marketing team. Upon analysis, they found a solution to a particular customer problem, thus completing a three-stage process which can be broken down into strategy (formulating a plan to collect data), solution (analyzing the data and coming to a conclusion), and significance (applying the conclusion to solve a problem).
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Chris has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned because the commissions she is earning on her sales are lower than she had hoped. Her colleague Pete, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions. Pete's approach is based on:A. transaction-oriented marketing.B. premium pricing.C. his seniority at the firm.D. special incentives from tour operators.E.value co-creation.
Answer:
Option E
Explanation:
Co-creation of value refers to the business strategy, one that facilitates and supports the active involvement of the consumer in the creation of goods on demand and made to order. Consumers get just what they want with co-creation, and have a hand in making it happen.
Co-creation grants total freedom for customers to operate with assets provided by the company to produce their own significance products. The continued involvement of engaged customers in the manufacturing in their own use as well as exchange value inverts the company's longstanding marketing ideology as the value arbiter.
During a discussion about the budget for a project, the discussion gets personal between two managers of trion llc. they digress from the topic and start venting their anger on each other. in this scenario, the managers have _____ conflict.
a) intellectual
b) cognitive
c) c-type
d) a-type
Answer:
d) a-type
Explanation:
it is referred to those conflicts that are based on disagreement over individual matter and it can be very detrimental to the performance of the team.
In this type of conflict, the individual suffered from himself. A person is struggling against two desires, out of which one is evil and one is good. sometimes this type of conflict is difficult to solve.
Final answer:
The two managers of Trion LLC are experiencing an A-type conflict, which involves personal attacks and is generally counterproductive. It's crucial to handle such conflict by refocusing on the problem and avoiding personal issues to maintain a constructive work environment. Option d is correct.
Explanation:
In the scenario where two managers from Trion LLC shift from a project budget discussion to personal attacks against each other, they are experiencing an A-type conflict or affective conflict. A-type conflict is characterized by interpersonal issues and is often counterproductive to teamwork as it focuses on emotions and personal issues rather than tasks or problems at hand. This is in contrast to C-type conflict or cognitive conflict, which is associated with differences in perspectives or ideas and can potentially be constructive if managed properly by focusing on the facts and issues without getting personal, as seen in Intel Corporation's approach to constructive confrontation.
An effective way to handle such conflict is to use critical thinking and address the problem rather than the individuals. This can involve refocusing the discussion, setting aside personal differences, and working collaboratively to find solutions that align with the project's goals. Option d is correct.
You are working to improve the quality score of a Google Search ad by increasing your eCTR. Your goal is to have more users click on the ad and ultimately visit your website. What might increase the number of clicks your ad receives?
1. Decreasing the bid for the ad.
2. Adding more specifics to the ad.
3. Tweaking the speed of your website.
4. Cloning the ad multiple times.
Answer:
Adding more specifics to the ad.
Explanation:
You are working to improve the quality score of a Google Search ad by increasing your eCTR. Your goal is to have more users click on the ad and ultimately visit your website. Adding more specifics to the ad will increase the number of clicks your ad receives
Answer:
I think it’s B adding more specific to the ad.
Explanation:
Adding more specifics to the ad will increase the number of clicks your ad receive.
Jennifer is a salesperson for a business insurance company. Recently she told several of her customers about new legislation that may adversely affect their businesses. Jennifer is earning trust because her customers will perceive her as ____.
a. Likeable
b. Candid
c. Dependable
d. Customer-Oriented
e. Concerned
Answer: Customer oriented.
Explanation:
The customers would see Jennifer as a customer oriented salesperson, who has the best motives for her customers. A customer oriented salesperson is very interested in making sure their customers succeed in achieving their goals.
Edgar is a chef and the kitchen manager in an upscale restaurant. He is very knowledgeable in both the culinary and restaurant management fields. Because he possesses these technical skills, Edgar can be considered a(n) ________ worker.A) cognitive
B) focused
C) top-rated
D) MBO
E) knowledge
Answer:
Edgar is a chef and the kitchen manager in an upscale restaurant. He is very knowledgeable in both the culinary and restaurant management fields. Because he possesses these technical skills, Edgar can be considered an Management by objectives (MBO)
Explanation:
Management by Objectives (MBO) has to do with management of organization in terms of their goals and ensure maximum performance is recorded. Edgar used MBO as a result helps the restaurant to harness their resources and manage it efficiently.
In a SWOT Analysis, the primary objective of managers participating in this exercise is to:a. identify strategies that exploit external opportunities, counter threats, build on strengths, and eradicate weaknesses. b. utilize a consultant group to gain an outside perspective on how the company's strategies can be improved. c. impress the CEO and other leaders in the organization with their knowledge and strategic decision making. d. define at least two future states of the company and build strategies that address those specific scenarios.
Answer:
a. identify strategies that exploit external opportunities, counter threats, build on strengths, and eradicate weaknesses.
Explanation:
SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats.
It is used to assess an organization's competitive strength and to devise strategies accordingly.
Strengths relate to an organization's specialization which provides a competitive edge to it.
Weaknesses refer to shortcomings or limitations of an organization. Weaknesses could be inherent.
Opportunities refer to favorable situations available at the disposal of the organization which it must seize immediately.
Threats relate to dangers arising out of changes in the business environment.
The aim of SWOT analysis activity is to come up with those strategies which make the most out of available opportunities, overcome threats, further build up strengths and eliminate weaknesses.
The correct option is: a) identify strategies that exploit external opportunities, counter threats, build on strengths, and eradicate weaknesses. The primary objective of managers conducting a SWOT Analysis is to identify strategies that utilize the company's internal strengths and weaknesses while responding to external opportunities and threats to enhance performance and ensure future success.
The primary objective of managers participating in a SWOT Analysis is to identify strategies that exploit external opportunities, counter threats, build on strengths, and eradicate weaknesses. This is because the components of SWOT—strengths, weaknesses, opportunities, and threats—are essential for understanding both the internal and external factors that can impact a company's performance. Strengths and weaknesses are internal factors within the organization's control, such as resources and capabilities, whereas opportunities and threats are external factors beyond the company's control that arise from the market or environment. In practical application, when a manager utilizes a SWOT Analysis, they often focus on a specific aspect that is deemed most critical for the company's success. For instance, if a company like Hewden is facing significant external economic threats, a manager might prioritize those threats in the analysis and develop strategies to mitigate them indirectly, for example, by cutting costs or leveraging brand strength. The goal is not just to impress leadership with knowledge but to create actionable insights that could secure the firm's future. In the context of coursework, students need to first comprehend and then apply SWOT analysis on a specific company, like Company X, in order to make persuasive arguments about the priorities the company should focus on.
An attractive industry is one that is characterized by high entry barriers, suppliers and buyers with strong bargaining power, low threats from substitute products, and low rivalry among firms.?
Explanation:
An attractive industry should be characterized by
high entry barrierssuppliers and buyers with less bargaining power low threats from substitute productslow rivalry among firmsOnly the above listed characteristics can provide the best profit and make the industry attractive.
If the suppliers and buyers have strong bargaining power, then the industry will have only very less profit, since the bargaining power is more. Even if either a buyer or a supplier is strong enough to bargain it will lead to less profit only or in simple terms a loss to the industry.Crane Music Store borrowed $30,600 from the bank signing a 10%, 3-month note on September 1. Principal and interest are payable to the bank on December 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30, would be _________.
Answer:
Dr. Cr.
Interest Expense $255
Interest Payable $255
Explanation:
Interset Accrue on September 30 = 30,600 x 10% x 1/12 = $255
Only Interest expense of one month is payable on September 30 the principal will be paid on December 1. So, the accrual entry of the interest expense will be recorded on September 30 as monthly statement is being prepared.
Most organizations spend more time and money on the systems ________ phase than on any of the other phases. Group of answer choices maintenance design development analysis
Answer:
maintenance phase
Explanation:
Maintenance phase -
It refers to the phase of making the changes in the software , hardware and documentation to improve the operations effectively , is referred to as the maintenance phase .
The phase is important , as it enhances the efficiency and corrects the problem .
The company or the organisation tries to invest the maximum amount in the maintenance phase .
Hence , from the given statement of the question,
The correct option is maintenance phase .
Ingente Corp. and Ventruni Corp. will be combining their resources to build the largest railway system in the world. Both companies will equally share costs and profits from this venture. This form of global business is an example of a _____.
Answer:
Strategic Alliance.
Explanation:
Strategic alliances are agreements between two or more independent companies to cooperate in the manufacturing, development, or sale of products and services or other business objectives.
Tara is using Search Audiences to reach her most valuable customers. Which direct benefit might she obtain by using Search Audience?
A. Receiving automatically-generated keyword and ad content suggestions
B. Delivering a customized message to the right user at the correct bid
C. Learning granular insights regarding her search network performance
D. Getting suggestions on the best automated bid strategies for her campaigns
Answer:
option B
Explanation:
Whenever a customer examines online sites and content, signals are produced that can be captured and understood while preserving the identity of the user. These regular web-wide experiences, including searching, reading material, watching videos, and engaging with social media, help one understand and categories audiences.
Our Audience Solutions will bring your content to the right people at the moments that matter, taking into account details such as age and gender or specific passions and interests. And we can offer these targeted advertisements across networks — search, display, web, and video — to your audience.
Thus from the above we can conclude that the correct option is B .
The shape of China's production possibilities frontier (PPF) should reflect the fact that as China produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone ------
Answer:
Remain same
Explanation:
In this situation, China makes tablets and smartphones only. The equipment used to manufacture these two products is nearly the same, the same collection of tools is equally useful in manufacturing both smartphones and tablets. So there is the constant opportunity cost of both commodities.
Resources are similarly appropriate for the manufacturing of two varied goods at a constant opportunity cost.
Therefore, the opportunity costs for additional smartphone remains the same.
In economics, the PPF reflects the combinations of goods a country can produce. As China produces more smartphones and fewer tablets, the opportunity cost of each additional smartphone increases, according to the Law of Increasing Opportunity Cost. This means as more of any good is produced, the cost of foregone production of the next best alternative good increases.
Explanation:The production possibilities frontier (PPF) in economics symbolizes the different combinations of goods a country can generate given its resources. As China decides to make more smartphones and fewer tablets, the opportunity cost of each additional smartphone increases, which is called the Law of Increasing Opportunity Cost. This law suggests that as you produce more of any good, the opportunity cost (i.e., the cost of foregone production of the next best alternative good) will increase.
For example, if China can produce either 1000 smartphones or 2000 tablets, and chooses to produce 200 more smartphones, they may have to give up production of 300 tablets. This means that the opportunity cost of each additional smartphone (in terms of tablets foregone) is increasing.
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In the year, 2005 Janice Quinn sells a five-year-old car to Used Car, Inc. for $3,000. In the same year, Used Car, Inc. resells the car to Ima Goner for $3,500. What is the contribution of this transaction to GDP in the year 2005?
A. $0
B. $500
C. $3,000
D. $6,500
6. Calculating a country's population growth rate takes into account all of the
following except
A the number of births in a given year
B the number of people who marry in a given year
OC the number of people who move to a country in a given year
D the number of deaths in a given year
Answer:
The answer is B. the number of people who marry in a given year
Explanation:
Population growth rate is an important indicator that is required when it comes to long term political and economic strategies of a nation. These could be in areas such as employment, elections and taxation.
Total births, deaths and the migration and immigration are considered when calculating this amount yet the number of marriages in a country has no effect on this.
The Krakozhian fashion market has many brands that sell clothing. However, each brand sells clothing designed for different niches in the market. In this scenario, the market structure prevalent in the Krakozhian fashion market is _________.
Final answer:
The Krakozhian fashion market, with many brands offering niche clothing designs, exemplifies a monopolistic competition market structure.
Explanation:
The market structure prevalent in the Krakozhian fashion market is monopolistic competition. This type of market is characterized by having a large number of firms that sell clothing designed for different niches, which results in similar but varied products. There are few barriers to entry, allowing for many producers to supply these differentiated products to the market. For instance, the Mall of America, a real-world example, features a variety of stores each offering distinctive clothing styles catering to different customer preferences, which is a hallmark of monopolistic competition.
Humbert believes that he is in control of his own destiny. If he works hard and keeps on working hard, he will be able to overcome any obstacle he encounters/ Humbert has a _____ locus of control.
Explanation:
Let us understand the term internal locus of control.
Internal locus is having a high belief on oneself. The term can be explained in deeper saying, a person belief himself that he is sole responsible for the result which is derived from his own action.
For eg:
Every person would be expecting his school results. So depending on the result like pass or fail, a person with high internal locus believe that, he has done well so he got pass, or he has not prepared properly so he failed.
Choose the correct statement(s) below regarding A. the direct write-off method for calculating bad debt expense. B. It is not normally consistent with GAAP and accrual accounting. C. Its use tends to result in an overstatement of accounts receivable on the balance sheet. D. Under this method, bad debt expense is recognized when a specific account is determined to be uncollectible.
Answer: The correct answer is "B, C, and D".
Explanation: All of these are corrects statements regarding the direct write-off method for calculating bad debt expense.
This method is generally not consistent with GAAP and accrual accounting.Using this method generally causes an over estimate of accounts receivable in the company's balance sheet.One of the peculiarities of this method is that it only recognizes the expense for bad debts when a specific account is determined uncollectible.John Carter, the CEO of Carter Steels, is concerned about the sudden rise in employee attrition in his organization. He asks Walter, the human resources manager, to provide him with the last quarter's report showing the rate of attrition. Walter, however, sends the salary details of the new hires for the last quarter. This report is of no use to Carter as it is ________.
Answer:
irrelevant
Explanation:
From the word "attrition" which refers to employees attrition in this context refers to the process by which employee leaves a company for their own reasons such as resignation or retirement. So therefore the salary report sent is irrelevant to the reason for employee leaving the company.
What is the best way to promote fusion between two related populations of mosquitofish, one of which lives in a predator-rich pond, and the other of which lives in a predator-poor pond?
Final answer:
To promote fusion between mosquitofish populations from different ponds, interbreeding can be facilitated by creating shared habitats or increasing connectivity, allowing gene exchange and selection of advantageous traits. Pollution-related color recognition issues and selective fishing may also affect the genetic makeup and fusion of populations.
Explanation:
The best way to promote fusion between the two related populations of mosquitofish from predator-rich and predator-poor ponds is to encourage interbreeding that would lead to the sharing of genetic material and traits beneficial for survival in both environments. Selective pressures such as predation, competition for resources, and environmental factors would naturally select traits that are advantageous for both populations. To initiate this process, researchers could artificially create shared habitats or increase the connectivity between the separate environments, thus enabling the dispersal of mosquitofish from both populations.
In the example of sympatric speciation, if the females are unable to identify males of their own species due to pollution in the lake which makes it hard to distinguish colors, interbreeding may occur, leading to gene flow between the two species. This phenomenon could eventually lead to the fusion of the populations. The introduction of new predators or selective fishing practices, as seen with the example of colorful fish being selected by fishermen, could also alter the genetic makeup of the populations, potentially breaking down reproductive barriers and leading to fusion.
Which of the following will allow managers to create graphical presentations of how brands relate to other brands, including those of competitors? A. Reverse engineering B. Syndicated research C. Statistical modeling D. Multidimensional scaling E. Data visualization
Answer:
D. Multidimensional scaling
Explanation:
Multidimensional scaling is a method used to visualize the similarity between different individual data sets, in the case of brands, multidimensional scaling helps visualize the position of one brand with respect to others in that cartesian space.
Identify the accounting concept that was violated in each of the following situations.
1. Astro Turf Company recognizes an expense, cost of goods sold, in the period the product is manufactured.
2. McCloud Drug Company owns a patent that it purchased three years ago for $2 million.
3. The controller recently revalued the patent to its approximate market value of $8 million.
4. Philips Company pays the monthly mortgage on the home of its president, Larry Crosswhite, and charges the expenditure to miscellaneous expense.
Answer:
Expense Recognition
The Historical Cost (original transaction value) Principle
The Economic Entity Assumption
Explanation:
The principle of expense recognition is a fundamental part of the accounting accrual scale, which maintains that income is identified when earned and expenditures when consumed.
The theory of historical cost specifies that firms must report and account for most financial assets and liabilities at either purchase or lease price.
The business entity principle is an accounting principle claiming that all business financial records should be recorded separately from his holders.
The violated accounting concepts are:
1) Matching Principle
2) Historical Cost Principle
3) Conservatism Principle
4) Business Entity Concept
The accounting concept violated in this situation is the matching principle. The matching principle states that expenses should be recognized in the same period as the revenues they help to generate.
In the case of Astro Turf Company, recognizing the cost of goods sold when the product is manufactured does not match the expense with the revenue it will generate when the product is sold.
Instead, it should be recognized as an expense when the product is sold, aligning with the revenue recognition principle.
The accounting concept violated here is the historical cost principle. The historical cost principle dictates that assets should be initially recorded on the balance sheet at their original cost.
McCloud Drug Company should have recorded the patent at its purchase price of $2 million and not at its current market value.
The accounting concept violated is the conservatism principle. The conservatism principle suggests that assets should not be overvalued but rather reported at the lower of cost or market value.
Revaluing the patent to $8 million without proper justification or impairment testing violates this principle.
The accounting concept violated in this case is the business entity concept. The business entity concept states that the business's finances should be separate from the personal finances of its owners or executives.
Charging the monthly mortgage of the president's home to miscellaneous expenses blurs the line between personal and business expenses, violating this concept.
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