It is given that the company failed to record $3,700 of insurance coverage that had expired and accrued salaries expense of $2,250. It means the company has failed to record the total expenses of (3700+2250) = $5,950. This understatement of the expenses shall result in an overstatement of the income in the Income statement. Further, it will also result in the overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250.
As a result of these two oversights, the financial statements for the reporting period will show overstatement of the income by $5,950 in the Income statement and overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250 in the balance sheet.
Answer:
The correct answer is letter "B": Program.
Explanation:
A program collects the sets of ideas, projects, and plans companies come up with to pursue and accomplish their objectives. Programs tend to be reviewed periodically to verify if the progress of the goals is made according to what is expected or if there are delays to be adjusted.
Answer:
B. Strategic alliance
Explanation:
Strategic alliance is the agreement between two or more players (companies) to share resources or knowledge in such a way that it benefits all parties involved.
It is an agreement for cooperation among two or more independent firms to work together to achieve a common goal which is usually profit making. The example asked in the question is a form of strategic outsourcing relationship where the Soccer to the masses shared their products with the Japanese company in exchange for the Japanese company offering manufacturing and wilder distribution of the products.
All parties involved hopes for a synergy where everyone benefits more from the alliance rather than if they stood alone.
Answer:
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