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Solved: FIN 512 Week 4 Quiz

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Question 1

  1. “What type of audit report indicates that the financial statements present fairly the financial position, results of operations and the cash flows for the accounting period?”
   

A disclaimer of opinion.

   

An unqualified report.

   

A qualified report.

   

An adverse opinion.

5 points  

Question 2

  1. Which of the following items would not be discussed in the management discussion and analysis?
   

Commitments for capital expenditures.

   

The internal and external sources of liquidity.

   

The market value of all assets.

   

A breakdown of sales increases into price and volume components.

5 points  

Question 3

  1. What is a Form 10-K?
   

The annual report of a publicly held company which must be filed with the SEC.

   

The quarterly report of a publicly held company which must be filed with the SEC.

   

The bankruptcy report of a publicly held company which must be filed with the SEC.

   

The form required to report a change of auditor.

5 points  

Question 4

  1. What was one of the major impacts of the Sarbanes-Oxley Act of 2002 on external auditors?
   

External auditors are now required to establish and maintain an adequate internal control structure for their clients.

   

External auditors are now required to audit the internal control assessment of a client firm.

   

External auditors are now required to state their responsibility for the internal control structure of their clients.

   

None of the above.

5 points  

Question 5

  1. Which of the following statements is true?
   

GAAP-based financial statements are prepared according to the cash rather than the accrual basis of accounting.

   

Accounting choices and estimates can have a significant impact on the outcome of financial statement numbers.

   

The accrual method means that the expense is recognized after the cash is paid out.

   

The purpose of the accrual method is to attempt to match assets with liabilities in appropriate accounting periods.

5 points  

Question 6

  1. What types of information cannot be found in the financial statements?
   

“Reputation of the firm, morale of employees and prestige in the community.”

   

Nature and terms of off-balance sheet financing arrangements.

   

Disclosures about segments of an enterprise.

   

Disclosures about the fair value of financial instruments.

5 points  

Question 7

  1. What item is probably the least useful when analyzing financial statements?
   

Management discussion and analysis.

   

Public relations materials.

   

The statement of cash flows.

   

The notes to the financial statements.

5 points  

Question 8

  1. Which item below does not describe a balance sheet?
   

Assets = Liabilities + Stockholders’ Equity.

   

Financial position at a point in time.

   

Assets Liabilities = Stockholders’ Equity.

   

Assets + Liabilities = Stockholders’ Equity.

5 points  

Question 9

  1. Which of the following statements is false?
   

Annual reports must include three-year audited balance sheets and two-year audited income statements.

   

The balance sheet is prepared on a particular date.

   

Interim statements are generally prepared quarterly.

   

“When a parent company owns more than 50% of the voting stock of a subsidiary, the financial statements are consolidated for both entities.”

5 points  

Question 10

  1. What are current assets?
   

Assets purchased within the last year.

   

Assets which will be used within the next month.

   

Assets expected to be converted into cash within one year or operating cycle.

   

Assets are the net working capital of the firm.

5 points  

Question 11

  1. “Which of the following items could be included in the account “”cash and cash equivalents””?”
   

US Treasury bills.

   

Certificates of deposit.

   

Commercial paper.

   

All of the above.

5 points  

Question 12

  1. How are marketable securities valued on the balance sheet?
   

Historical cost.

   

At cost or fair value depending on how the securities are classified.

   

Market value.

   

At fair value with the difference between cost and fair value reported as revenue.

5 points  

Question 13

  1. How is accounts receivable reported on the balance sheet?
   

At their net realizable value.

   

At the actual amount less an allowance for doubtful accounts.

   

At the actual amount plus an allowance for doubtful accounts.

   

Both (a) and (b).

5 points  

Question 14

  1. The inventory of a retail company is comparable to which type of inventory of a manufacturing company?
   

Finished goods.

   

Work in process.

   

Supplies.

   

Raw materials.

5 points  

Question 15

  1. Which type of firm would carry little or no inventory?
   

A manufacturing firm.

   

A retail firm.

   

A service firm.

   

A wholesale firm.

5 points  

Question

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Microeconomic Laws of Demand and Supply

$2.99 EsssaysECONeconomicsEconomics assignment

In this chapter we introduce the “Laws” of demand and supply. But we must recognize that economics is not an exact science. As Alfred Marshall (Principles of Economics: An Introductory Volume, 1890) explained: “The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty.”

The demand and supply theory we discuss in this chapter is microeconomic rather than macroeconomic. Macroeconomic demand and supply curves, which we cover later in this course, are derived very differently for a number of reasons. For example, in microeconomics we are talking about a specific good or service while in macroeconomics we discuss demand and supply in terms of all goods and services exchanged. You can’t simply add up the microeconomic demand or supply curves for the many different goods and services to arrive at macroeconomic demand and supply curves. Microeconomic demand and supply curves depend on differences in =&0=& prices – the price of one good relative to another good or all other goods and services. If the price of DVD movies declines (DVD movies are put on “sale”), the price of DVDs has fallen relative to the prices of VHS movies, clothes, cars, and cameras. Consumers switch their purchases from other good such as VHS movies to the now cheaper DVDs. In macroeconomics, however, when you switch from purchasing a VHS movie to a DVD movie your total spending doesn’t change. In macroeconomics we generally don’t deal with relative prices between goods and services but only with the “average” price of all goods and services.

In the first two chapters we discussed the reality of scarcity and the need to make choices and mentioned that in modern economies prices serve to allocate scarce resources among unlimited wants. But we never explained how prices are determined. We will attempt to resolve that little oversight in his chapter.

1. Markets and the Role of Prices

Recall that we said a good was scarce as long as the quantity demanded exceeded the quantity supplied at a zero price. When there are more consumers than there are items available freely in nature there must be some way to determine who gets to consume the good and who doesn’t. Scarce resources must somehow be rationed among the many competing needs. In primitive societies it was survival of the fittest. Once humans recognized the benefits of cooperative behavior two competing systems evolved: government dictate and the market system.

When it rests upon a government or benevolent dictator to determine how much is produced and and for whom there has generally been consistent failure. There are many reasons for the inefficiency of governments in allocating scarce resources but such a discussion is beyond the scope of this course. We focus on the market economy, which is the dominant system in the world today. Even dictatorial, communist and socialist governments today rely on markets to reveal scarcity, desires, and needs.

A market is a collections of suppliers and consumers engaged in trade. A market in economics represents a process rather than a specific product or geographic location. A competitive free market refers to many suppliers and many consumers (competitive) engaged in trade without interference from government (free).

 


Competitive Free Market – many suppliers and many consumers (competitive) engaged in trade without interference from government (free).

The market system provides a means for suppliers to reveal scarcity and consumers to reveal their desires. The communication between suppliers and consumers takes place through prices. For example, an increase in price may be a signal to producers that consumer demand for a good has increased. Producers react to the new wants of consumers by reallocating scarce resources such as raw materials and labor from some other good to produce more of the desired good. An increase in price may also be a signal to consumers that the supply of a good has become more scarce. For example, severe cold weather in Florida may destroy an orange crop. The price of oranges rises, which motivates consumers to switch their purchases to another product.

How are prices determined? That’s the topic of this chapter. In a competitive free market, price is determined by demand and supply.

2. Microeconomic Demand and Supply

  • The Law of Demand

The Law of Demand is something you are likely very familiar with but never realized its full role in economic science. If I were to say the average price of DVD movies was $25 each you might be able to make some estimate of how many DVDs you would want and could afford to buy each month. At a lower average price of $15 you might increase your estimate of how many you would purchase. At $10 you would probably be willing to buy even more.

The Law of Demand simply proposes that as the price of a good declines the quantity you would be willing and able to purchase during some period of time increases, given that everything else remains unchanged.

The Law of Demand probably strikes you intuitively as one of those obvious facts of life that needs no elaboration or justification. But in economics we learn never to take anything for granted. The theory behind the Law of Demand is rigorous and complex (called consumer utility maximization). Demand is derived from consumers’ tastes and preferences as constrained by available resources and income. In this course we will not get into those details and leave that for a good microeconomics course. What we are interested in here is how the Law of Demand relates to the behavior of markets.

1. Demand Schedule

We can represent a single person’s decision about how many DVD movies to purchase over a year in a table called a =&1=&. The DVD demand schedule in Table 3-1 shows that as the price of DVDs declines, the quantity purchased by a consumer increases (or, as the price rises the quantity demanded falls).

 

Table 3-1. Single Consumer Demand Schedule

Average Price
of DVD Movies
Quantity
Purchased

$25 0
$20 2
$15 4
$10 6
$5 8

2. Market Demand Schedule

The demand schedule we presented above is for one individual consumer. But what we are really interested in is the total demand for a particular good or service for all the consumers in an economy. To derive a market demand schedule we add up all the individual demand schedules. If the demand schedules for each consumer conform the the Law of Demand then the market demand schedule will also conform to the Law of Demand.

For example, let’s assume we have a market that has only three consumers: Sting, Morrissey, and Ice Cube. We create a market demand schedule in Table 3-2 by adding up the quantities demanded at each price by each consumer.

 

Table 3-2. Market Demand Schedule for DVD Movies

Quantity Purchased
Average Price
of DVD Movies

  Sting   Ice Cube   Morrissey   Total

$25 0 1 0 1
$20 2 2 1 5
$15 4 3 2 9
$10 6 4 3 13
$5 8 5 4 17

The market demand schedule applies to a specific population and to a specific period of time. The number of DVDs demanded by the students at George Mason University will certainly be less that the number demanded by the entire population of the United States. Similarly, the number demanded over the period of a month will be less than for an entire year. But, we usually don’t worry about the details of population or time period when talking about demand and supply theory in this course.

 

3. Demand Curve

The =&3=& is a graphic representation of the market demand schedule and the Law of Demand. The demand curve represents the quantities of a good or service that consumers are willing and able to purchase at various prices.

By tradition, the demand curve is drawn with prices on the vertical or y-axis and quantities demanded on the horizontal or x-axis. The demand curve slopes down to right based on the Law of Demand. As the price of a good increases, consumers switch purchases to other goods, reducing the quantity demanded.

Using our market demand schedule for DVD movies in Table 3-2 above, we can draw a demand curve with price on the vertical axis (y-axis) and quantity demanded on the horizontal axis (x-axis), as shown in Figure 3-1.

Market Demand Curve for DVD Movies

 

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CPMGT 300 WEEK 2 Project Proposal Approval Phase

$2.99 EsssaysCheap EssaysCourseCPMGT

=&0=&Week 3 Individual Assignment instructions

=&1=& the Week 3 Individual Assignment instructions.

=&2=& an idea for a project that your current or past employer could benefit from for the Week 3 Individual Assignment.

=&3=&a 350- to 700-word project proposal summary:

  • Describe the project.
  • Describe the stakeholders and how they will benefit from the project.
  • Include an outline of the Project Charter for proposed project.

CPMGT 300 WEEK 2 Project Proposal Approval Phase

CPMGT 300 WEEK 2 Project Proposal Approval Phase

CPMGT 300 WEEK 2 Project Proposal Approval Phase

CPMGT 300 WEEK 2 Project Proposal Approval Phase

=&0=&Week 3 Individual Assignment instructions

=&1=& the Week 3 Individual Assignment instructions.

=&2=& an idea for a project that your current or past employer could benefit from for the Week 3 Individual Assignment.

=&3=&a 350- to 700-word project proposal summary:

  • Describe the project.
  • Describe the stakeholders and how they will benefit from the project.
  • Include an outline of the Project Charter for proposed project.

CPMGT 300 WEEK 2 Project Proposal Approval Phase

CPMGT 300 WEEK 2 Project Proposal Approval Phase VIEW SOLUTION

COM 705 WEEK 2 Annotated Bibliography

$2.99 EsssaysCheap EssaysEssay SamplesCOM 705

Resources: Annotated Bibliography Formatting Sample An annotated bibliography is a reference list in which each entry is followed by an annotation or description of the source.

For the Annotated Bibliography assignment, you must:

  • Follow the formatting as outlined in the Annotated Bibliography Formatting Sample in the Week Two Materials section of the COM/705 course page. You may lose points for failing to the use the correct format.
  • Include an APA-formatted title page.
  • Include four sources (one from each database listed below).

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COM 295 Ethics & Credibility in Business Communications

$2.99 EsssaysCheap EssaysEssay SamplesCOM 295

COM 295 Ethics & Credibility in Business Communications =&0=& a 350- to 700-word paper (not including title and reference page) on the event you have chosen in the Learning Team Collaboration Activity according to the following criteria:

  • Explain the situation of the event.
  • Describe the company’s ethical obligation in their communications to the public.
  • Answer the following questions:

·         Did you find any evidence of communications to the general public?

·         How effective was the communication in terms of establishing credibility?

·         If not, what approach would you suggest the company take to communicate to the public to gain credibility?

  • Cite and reference at least two sources.

=&1=& your paper consistent with APA guidelines. Use one of the templates for APA papers provided in the Center for Writing Excellence.

=&2=& the Assignment Files tab to submit your assignment.

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COM 100 WEEK 2 Conflict Resolution Paper

$2.99 EsssaysFree EssaysCOM 100

Write a 350- to 700-word summary about the stages of conflict management. What steps will a team take to resolve conflict? What are the consequences of exhibiting behavior that could have a negative effect on the team?

Explain how you would handle the following situations:

  • A team member who does not submit his or her portion of an assignment
  • A team member who does not meet deadlines
  • A team member who wants to control the completion of all assignments
  • A team member who submits work that is below team standards
  • A team member

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COM 100 WEEK 2 Nonverbal Interpersonal and Textual Communication Worksheet

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COM 100 WEEK 2 Nonverbal Interpersonal and Textual Communication Worksheet

Complete the Material: Nonverbal, Interpersonal, and Textual Communication Worksheet. Nonverbal communication plays an essential role in any conversation. Individuals who are aware of nonverbal actions during conversations can more effectively interpret what is being communicated.

Part 1 

Look at the interactions between the individuals in the following photos and interpret what you think is being expressed through nonverbal communication. Please describe the nonverbal cues that lead you to these interpretations.

What is being said nonverbally by each person?

If he is waiting for a job interview, what impression do you think he is going to make?

What is the interviewer (the woman on the right) communicating with her nonverbal positioning?

  1. Which of the images demonstrates an interpersonal communication exchange? How can you tell?

Compose responses to each of the following questions.

  1. What types of interpersonal communication are being displayed in the images? Why?

Part 3

Textual communication, or content that is read or viewed, also plays a role in communicating with others. Textual information may gain deeper meaning when the text is spoken or viewed in a specific context versus when it is read.

Read the following quotes and write a 50- to 100-word interpretation of what you think is being expressed for each quote. Discuss textual communication VS spoken. Does this quote have a stronger meaning in written form or if it was spoken?

  • “Maybe all one can do is hope to end up with the right regrets.” (The Ride down Mount Morgan, Act I)

— Arthur Miller
Response:

  • “Human history becomes more and more a race between education and catastrophe.” (The Outline of History, Ch. 41)

—H. G. Wells

Response:

  • “The world is very different now. For man holds in

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COM 100 WEEK 3 Small Team and Group Assignment

$2.99 EsssaysBlogCheap EssaysEssay SamplesCOM 100

Read the instructions in the University of Phoenix Material and select one option to complete the assignment. You can choose from the following options:

  • Option 1: Small Team or Group Paper
  • Option 2: Small Team Training Presenation

Two or more sources must be used in either option. One of the sources should be from your texts.

COM 100 WEEK 3 Small Team and Group Assignment

Read the instructions in the University of Phoenix Material and select one option to complete the assignment. You can choose from the following options:

  • Option 1: Small Team or Group Paper
  • Option 2: Small Team Training Presenation

Two or more sources must be used in either option. One of the sources should be from your texts.

COM 100 WEEK 3 Small Team and Group Assignment

Read the instructions in the University of Phoenix Material and select one option to complete the assignment. You can choose from the following options:

  • Option 1: Small Team or Group Paper
  • Option 2: Small Team Training Presenation

Two or more sources must be used in either option. One of the sources should be from your texts. VIEW SOLUTION