Answer:
d. profit oriented, sales oriented, and status quo
Explanation:
Pricing objectives are the philosophies that guides a business in setting prices of products and services for its customers.
Pricing objective is affected by marketing strategy, financial, and product goals.
For easy classification pricing objectives can be classified into profit oriented, sales oriented, and status quo.
Profit oriented objective is driven by the need for the business to turnover a profit. Sales volume may not be a priority so far the price means profit is generated.
Sales oriented objective is concerned mainly with sales volume of the product.
While status quo reflects the normal pricing of the product in the given market.
Answer:
<h2>In this case,the answer would be option a. or upward-sloping and has decreasing slope.</h2>
Explanation:
- Diminishing marginal utility of wealth implies that with acquisition of each monetary unit of wealth,the overall satisfaction,happiness or utility obtained by any individual increases but at a decreasing rate.
- In other words,the additional or incremental satisfaction,happiness or utility derived by any individual from obtaining one more or additional monetary unit of wealth decreases progressively.
- Such trend in the utility level of any individual obtained from wealth acquisition or accumulation basically explains the shape of the utility function of wealth in this instance.
- Due to diminishing marginal utility of wealth,its utility function will slope upward as the total utility increases until a certain point.However,as the marginal utility obtained from acquiring one more unit of wealth decreases,its slope will be decreasing progressively and at one point it will become 0 implying that the total utility of wealth is not increasing anymore.This is the point where the utility function of wealth will reach its highest or maximum level.
Answer:
is a potential liability that has arisen because of a past event or transaction.
Explanation:
A contingent liability is a potential liability that has arisen because of a past event or transaction.
Some of the characteristics of contingent liabilities includes being remote, probable, estimable, and reasonably possible.
In order to record a contingent liability as a liability on a company's balance sheet, it must be probable (likely to occur) and subject to estimate.
Hence, companies are advised to record the contingent liabilities so as to meet the Generally Accepted Accounting Principles (GAAP) and IFRS requirements.
Answer:
Correct option is (B)
Explanation:
SWOT is the abbreviation for strength, weakness, opportunity and threats that helps in formulating business strategies. Strengths are positive factors such as competency of employees and business assets.
Weaknesses are factors that are negative which can be controlled or improved by the organization. Some examples of weakness are gaps in communication between teams and improvements required in certain processes.
Opportunities refer to factors outside the organization that contributes to the success of an enterprise and threats are pose a problem to the enterprise which are beyond control
Weakness does not result when firm has potential advantage over other firms.
Answer:
a. Compare the details of cash receipts with journal entries.
b. Prepare a bank transfer schedule.
c. Confirm the terms of borrowing with the lenders agreement.
d. Send request to confirm the entity's account receivable balance.
e. Inspect payroll data of employees and cross check with the transaction recorded.
f. Obtain cut off bank statement to reconcile the transaction.
g. Examine the selected repair order and physically examine the equipment whether repair work is don or not.
h. Examine the supporting documents for the invoice such as purchase order, goods received note and Purchase requisitions.
i. Inspect the payroll endorsements for similar handwriting.
Explanation:
Audit is mandatory for all the companies. The verified financial statements are considered as reliable because they are rechecked by the auditors and if any error or fraud is found it is immediately corrected and rectified. Audit is a critical process which involves objectivity and integrity of a person. The auditors must be independent and they should not have any familiarity with the business employees or owners.