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1 year ago

The majority of 401 (k) plans are participant directed. a)true b) false

1 answer:

8 0

The plans regarding the contributions made to the 401(k) plans are directed by the participant, who is also known as an employee of the organization.

A 401(k) can be referred to as a feature of a profit-sharing plan that enables the employees to make a partial contribution of their wages to their individual accounts.

An employee is referred to as a participant for the purpose of this plan. It is further to be noted that this plan is as per the voluntary directions of the participant.

Hence, it holds true that majority of the 401(k) plans are participant directed.

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Which are 3 common misconceptions users of an income statement may have?

Mama L [17]

The three most frequent misconceptions are that net income equals cash, net income excludes estimates, and net income reports all changes in value that occurred during the accounting period.

One of the three crucial financial statements used to describe a company's financial performance throughout a certain accounting period is the income statement. The balance sheet and the cash flow statement are the other two important statements. The income statement, which is often referred to as the profit and loss (P&L) statement or the statement of revenue and expense, primarily focuses on the company's revenue and expenses over a specific time period. Understanding how to study an income statement is the greatest approach to evaluate a business and choose whether or not to invest.

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3 0

1 year ago

Which of the following describes a public

Oksana_A [137]

D is correct. Jorge is the only one who is actually an accountant, and he works for a nonprofit, which is set to benefit the public.

4 0

9 months ago

The standard cost of product 777 includes 2.9 units of direct materials at $6.8 per unit. During August, the company bought 29,2

Olegator [25]

Answer:

Total Material Variance = $1,636 Favorable

Material Price Variance = $2,920 Unfavorable

Material Quantity Variance = $4,556 Favorable

Explanation:

Total Material Variance = Standard Cost - Actual Cost

Standard Cost = Standard units $\times$ Standard Price

Standard Units = 10,300 $\times$ 2.9 = 29,870 units

Standard cost = 29,870 $\times$ $6.8 = $203,116

Actual Cost = 29,200 $\times$ $6.90 = $201,480

Total Material Variance = $203,116 - $201,480 = $1,636 Favorable

Material Price Variance = (Standard Rate - Actual Rate) $\times$ Actual Units

= ($6.8 - $6.9) $\times$ 29,200 = - $2,920 Unfavorable

Material Quantity Variance = ( Standard Units - Actual Units) $\times$ Standard Price

= (29,870 - 29,200) $\times$ $6.8

= $4,556 Favorable

Final Answer

Total Material Variance = $1,636 Favorable

Material Price Variance = $2,920 Unfavorable

Material Quantity Variance = $4,556 Favorable

8 0

2 years ago

Arnold is the CEO of Beta Corp. Arnold's responsibilities include making decisions on product development, marketing and other s

Luden [163]

Answer:

Beta Corp.

A. Arnold = Agent (Arnold exercises significant power on behalf of the Beta's Board of Directors).

B. Carol = Agent-Employee (Carol does not exercise significant power on behalf of the principal (the Board of Directors of Beta). Instead, she is subject to Beta's control)

C. Dave = Agent-Employee, just like Carol. He is a mere employee subject to Beta's control.

D. Fred = Independent Contractor because he controls and directs the result of his work, though he does not decide the work or how it should be done.

Explanation:

Principal = a person who assigns the agent to act on her behalf.

Agent = a person who the principal authorizes to exercise significant power on her behalf.

Agent-employee = an employee of a company. The employee does not exercise the right of control and direction of the results of her work.

Independent contractor = a person who exercises the right of control and direction for work result, and not how and what is done.

6 0

2 years ago

A company doing marketing research finds that a 10 percent increase in its product's price would create a 5 percent decrease in

gizmo_the_mogwai [7]

Answer:

a. Inelastic, b. Raise

Explanation:

a. When the price rises by 10%, the quantity demanded falls only by 5%, that is, falls by less than proportionate amount. It is proof that the demand is inelastic.

b. If the company wants to raise its revenue, it must raise its price. It will lead to less than proportionate fall in demand, leading to an increase in total revenue.

7 0

2 years ago