The answer to the question above is FALSE. It is not Fraud by Enticement but rather, Fraud by Concealment. This happens when one party takes a certain action to hide or conceal a material fact from another party. For example, when one company decides to purchase a material from the other and that the first company decides not to show all of the details of the product, which would then later on discovered that it is not brand new or have been repaired several times, they can sued for fraud by concealment.
Note:
I wasn't able to access the Chester Income Statement but I successfully accessed a similar question Digby.
The Complete Question is as under:
Refer to the HR Reports in the Inquirer. Through past investments in recruiting and training Digby has obtained a productivity index of 109.6%. This means that Digby's labor costs would be increased by 9.6% if it did not have these productivity improvements. This is a competitive advantage that Digby can sustain or even widen further if its competitors have no HR initiatives. Now, refer to the Income Statement in Digby's Annual Report. How much did Digby's productivity improvements save it in direct labor costs (in thousands) last year?
A. $766
B. $29818
C. $3137
D. $3211
Answer:
Option D. $3,137
Explanation:
The Productivity Index of 9.6% shows that if the improvement plan is implemented then the efficiency gains would result in saving of 9.6% of total direct cost. So if we total the direct cost for the year for all of the four products then we have an amount of $32,680 which is given at the second last column.
The amount saved last year would be:
Savings = $32,680 * 9.6% = $3,137
Hence the option C is correct here.
I will create a combination of functional and project-based organizational structures. I have selected the combination due to the following rationale.
- There are different types and categories of iPhone applications. So, the development of each application is a project. Accordingly, competent professionals will be used and they will move from one project to another project.
- Selling of applications as well as taking care of HR operational aspects of the business will require people with expertise in these functional areas also. So, getting good sales as well as HR retention is the top priority for the business.
- A combination of these two structures will create a mix of back end and front end without any departmental inclination. So, the company will succeed.
Opting for other structures will either focus on applications or sales. But, it will be ineffective as sales will not happen without applications and applications alone cannot generate good sales without proper marketing.
Besides, there can be role confusion and conflict of interest with other organizational structure such as line only or staff only structures. Even, the selection of project-only or functional-only organizational structures will create problems and employee turnover will also increase.
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Answer: Differential cost is $5 per unit
Explanation:
Differential cost is the extra cost that the company would incur if they made the product themselves versus if they bought it from an outside supplier.
Differential cost is therefore:
= Cost to produce internally - Cost from supplier
= 23 - 18
= $5
<em>likely</em>
Answer:
1. False
2. False
3. False
4. True
5. True
Explanation:
1.
Sarbanes-Oxley Act was a federal law that was established by congress to sweep auditing and financial statements for public companies. The main aim for this was to improve the investor confidence by improving reliability in accounting statements. Errors in the financial statements for the public companies were to be minimized following this law especially in the wake of numerous cases of corporate crime. This law was never passed to ensure that investors only invest in companies that will be profitable, since the choice of which company to invest in is exclusively left to the investor. So the above statement is false.
2.
Ethics can be defined as a set of rules and regulation that govern the moral behavior of someone. Ethical standards vary from one region to another since they are majorly cultural, for example; a behavior in the United States can be considered as appropriate while the same behavior in a different place can be inappropriate. Ethical standards are either right or wrong, and the actions are judged on these terms. Ethics don't measure whether a actions are loyal or disloyal, thus the statement is false.
3.
The primary accounting standard setting body in the United States is Financial Accounting Standards Board (FASB). This body is charged with regulating and setting the best standard of accounting practice. The FASB usually constitutes a board whose officials are rigorously assessed. The board members have to be professionals in the field of accounting. Securities and Exchange Commission on the other hand is an independent federal agency with the authority to enforce federal security laws. Thus the statement above is false.
4.
The historical cost principle suggests that the companies record assets cost at their original cost and continue to report them at their original cost over the time the asset is held. The historical cost principle is a generally accepted accounting principle that has been in use for a long time. The definition about the historical cost principle in the question above is therefor true.
5.
The monetary unit assumption dictates that business related activities be converted to monetary units. There are some business transactions that are however quite difficult to convert into monetary units, therefor the accountant in using this principle is only obliged to record only the transactions that can be measured in money terms. The statement about monetary units in the question above is thus true.
