Fixing a problem will often cost money; to minimize these costs it is best to find and fix the problem-<u> just before we begin the first production operation.</u>
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Explanation:
Before we begin with any operational production function it is necessary to check the proper functioning of the machinery.If the machinery used for the production of the products have any defect then the cost of production increase leading to an overall increase in the production cost of the product.
Thus it is an important mandate to check the operational functionality of the machinery's which are involved in the production .It is advisable to find and fix the problem at the earliest ,so that the cost incurred can be minimized
Hence we can say that Fixing a problem will often cost money; to minimize these costs it is best to find and fix the problem-<u> just before we begin the first production operation.</u>
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Answer:
Explanation:
Evaluation of the listed internal control procedure.
1. Yes
Separating the responsibility for a transaction between two or more individuals or department known as segregation of duties will help to prevent creating of fictitious invoice for the benefit of an individual, As the role of on of these individuals is subjected to review and oversight by other people in that line of action, falsified records and actions can easily be discovered.
2.No
Separation of record keeping of assets from the custody over assets will not increase theft and fraud but rather prevent it . As different individuals are in charge of the records and the custody of the assets , it will be hard for theft and fraud of assets to take place unless there is a collusion between the people involved. If the custodian steals an assets , the record keeper can easily detect it , and a record keeper can not steal an asset as it is not in his custody
3. No
Even though the safe keeping of an asset is part of the objectives of internal control procedures , the primary objectives is not to grow assets but to safeguard the entire organization and ensure its economic, effectiveness and efficiency of its operation towards achieving its performance objectives.
4. Yes.
In as much as this is an internal control procedure to prevent fraud and theft , this can still be bypassed through collusion with employees involved to commit and cover up a fraud . While the custodian of assets release the assets , the record keeper adjusts his record to accommodate the theft of assets.
Answer:
Allocative efficiency is about distributing or allocating resources in the best possible manner. E.g. in order to fight the current pandemic, more resources ($) is allocated to different health care institutions.
Productive efficiency is about how a company or a person uses the resources that it has in order to produce the greatest amount of benefits at the lowest possible cost. E.g. in a hospital, if a doctor is able to treat 15 patients per day, his/her productive efficiency will be higher than another doctor that only treats 10 patients per day.
Answer:
$157,584.
Explanation:
Belotti would record depletion in 2021 = $273,600 * (4,900/36,000)tons
Belotti would record depletion in 2021 = $273,600 * 0.13611
Belotti would record depletion in 2021 = $37,239.70
Depletion per unit = ($273,600-$37,239.70)/14,700 tons
Depletion per unit = $236,360.3 / 14,700 tons
Depletion per unit = $16.08
Belotti would record depletion in 2022 = 9,800 tons * $16.08
Belotti would record depletion in 2022 = $157,584.
Answer:
b) bring the factors of production together and take the risks of producing output.
Explanation:
There are basically four factors of production which are required in order to ensure the manufacturing of output, which are land,labor,capital as well as an entrepreneur.
The role of an entrepreneur is to bring together all factors in order to serve the purpose of creating valued-added output that can be sold at a price higher than the cost price in order to make a profit.
All in all, the role of an entrepreneur is not just to provide capital or control land but bring all factors of production together