Answer:
An accountant is a professional who is responsible for keeping and interpreting financial records. Most accountants are responsible for a wide range of finance-related tasks, either for individual clients or for larger businesses and organizations employing them
Explanation:
2015 150,000 overstated
P uses the periodic inventory system to ascertain year-end quantities that are converted to dollar amounts using the FIFO cost method. Prior to any adjustments for these errors and ignoring income taxes, P's retained earnings at January 1, 2016, would be:
Answer:
$150,000 overstated
Explanation:
Given
2014 $120,000 understated
2015 150,000 overstated
Using the FIFO cost method, the retained earnings would be $150,000 overstated.
The understated earnings of $120,000 would affect the earnings of 2014 cost of goods sold to be entered as overstated. At the same time, this would understate the net income and the retained earnings.
Having mentioned the above, this would also affect the beginning Inventory of 2015 cost of goods sold to be understated. By the same virtue, this would overstate the net income and the retained earnings by the same amount the net income and retained earnings is understated, effectively correcting the balance of the retained earnings.
Lastly, The $150,000 overstated ending inventory would then affect the 2015 cost of goods sold to beunderstated; this would overstate the Net Income and Retained Earnings.
Answer:
P's retained earnings are overstated by $150,000.
Explanation:
First of all, the $120,000 inventory understatement would cause the 2014 cost of goods sold to be overstated. In other words, profits and consequently retained earnings were understated because COGS were too high.
Because the 2014 ending inventory was understated, the beginning inventory in 2015 would be understated also. Since the initial inventory was understated, the COGS would be too low during 2015, which would end up correcting the previous error during 2015 (both profits and retained earnings should level up).
By the end of 2015, an error happened again and this time the ending inventory was overstated by $150,000, which understates COGS and overstates profits (and retained earnings). This should also be corrected during 2016, but since we are asked about January 1, 2016, then the correction hasn't occurred yet.
The problem with a periodic inventory system is that COGS is determined at the end of the accounting period, unlike a perpetual inventory system that records COGS immediately. Any variation in final inventory will change profits and directly affect retained earnings.
The answers is False
(b) Service organisations
(c) Social organisations
(d) All of the above
Answer:
I'm not 100% sure but I think its D
The correct answer is D (i.e. all the above)
For the concept of Management, it is said that It is all-pervasive.
Here Pervasive means spread out and affecting all parts of something.
Management is all pervasive means it is required in all types of organizations whether it is social, service, NPO(i.e.non-profit organization), or any other business organization, And either it is big or small because it helps and directs various efforts towards a definite purpose.
Management is the process of work done by others. whenever there is the involvement of more than one person, Management is required.
Therefore, Management is essential for an organization which is a non-profit organization, also service organization, and also social organization.
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This represents "Corporate-Level Strategy." The President, CFO, and COO discuss the company's product offerings and new products, which affect the overall direction and scope of the organization.
This process signifies the highest level of strategic management, known as "Corporate-Level Strategy." The annual meeting involving Jensen Mfg.'s President, Chief Financial Officer (CFO), and Chief Operating Officer (COO) addresses fundamental decisions that shape the entire organization. They deliberate on product offerings, both existing and new, making choices with enterprise-wide implications. Corporate strategy involves determining the company's overarching direction, diversification, market expansion or contraction, and resource allocation among different business units.
These decisions profoundly impact the company's long-term prospects and success. By engaging in such discussions, the leadership team ensures that the organization's strategic direction aligns with its vision and goals, contributing to its overall competitiveness and sustainability in the marketplace.
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The annual meeting of top executives at Jensen Mfg represents the corporate level of strategic management where decisions that will affect the entire organization are made. These decisions can include what new products to launch or what existing products to continue or stop, which will have long-term effects on the organization.
The annual meeting of the president, chief financial officer, and chief operating officer at Jensen Mfg, where they discuss the company's direction, product offering, and potential new products, represents the corporate level of strategic management. At this level, executives make decisions that affect the entire organization. These decisions help shape the long-term overall direction of the company and are often based on consideration of external and internal environments.
Corporate level strategy entails making decisions that are strategic in nature, meaning they will have long-term effects on the organization. Such decisions can include what new products to launch, what existing products to continue or discontinue, market strategies, and investment in new businesses or assets. Therefore, the decisions made by the president, chief financial officer, and chief operating officer during their annual meetings at Jensen Mfg are definitely representing corporate level strategic management.
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