Answer:
b. It clarifies the problem, the process and the customer of the process prior to data collection
Explanation:
DMAIC is an acronym for various phases in carrying out projects and they are Define, Measure, Analyze, Improve, Control.
The Define phase is widely known as the primary phase of DMAIC which is characterized by the project agreement, customer demands and requirements, and process operation strategy.
Hence, the importance of the Define Phase in terms of its placement in the DMAIC method is that " it clarifies the problem, the process and the customer of the process prior to data collection"
Answer:
The correct answer is B: U.S. tourists' expenditures in foreign countries.
Explanation:
To be listed as a surplus in the U.S. balance of payments, it needs to be an entry of money to the economy. The option B is the only one that does not meet the requirements. U.S. tourists' expenditures in foreign countries mean an exist of money to other countries.
Answer:
A) Dr. Encumbrances – Office supplies No entry
Cr. Encumbrances outstanding
Explanation:
The journal entry is given below;
For Governmental fund financial statements
Encumbrances-Office Supplies $1,500
To Encumbrances Outstanding $1,500
(Being Office Supplies ordered is recorded)
For Government-wide financial statements
No journal entry is required as under the accrual accounting, no entry should be recorded until the transaction does not arise
Therefore the option a is correct
Answer: Prior period adjustment resulting from the correction of an error.
Explanation:
The Cash basis method is not acceptable under both IFRS and U.S. GAAP accounting principles and these are the principles followed by the majority of the world so Lore Co. was using the cash basis in violation of both conventions which means that their accounting records before the change are considered wrong and full of errors.
In changing to the acceptable principles, they are correcting that error and need to adjust prior periods for that error as well.
