What is the third phase of elicitation?

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Answer 1

Given that the terms "requirements collection" and "requirements elicitation" are frequently used interchangeably, you might be wondering how the two processes vary.

It is a valid query, and you are free to casually switch them. When addressing the mechanics of the requirements elicitation procedure, it is important to note that there is a small distinction between gathering requirements and requirements elicitation. The act of "eliciting" information from a source is known as "b," whereas the act of "gathering" is known as the act of gathering from dispersed sources. Both actions demand knowledge to carry out correctly and are crucial to the whole requirements elicitation process.

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Related Questions

What happens if economic growth is too high?

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A fast-growing economy is desirable as long as its growth rate is sustainable. However, the economy can also grow rapidly. In economics, this is called "overheating."

Overheating occurs when an economy reaches the limits of its ability to meet the combined demands of individuals, businesses and governments. High economic growth leads to improved profitability for companies and allows them to sustainable more on research and development. This could lead to technological breakthroughs such as improved healthcare and greener technologies. Furthermore, sustainable economic growth boosts confidence and encourages businesses to take risks and innovate. GDP growth in the fourth quarter was fully driven by higher inventory investment and higher service spending.

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companies often use more than one capital budgeting method to determine which capital investment to make. t or f

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When deciding which capital investments to make, businesses frequently combine many capital budgeting methods. This assertion is false.

According to generally accepted accounting standards, management needs to know which investment choice will have an impact on the financial statements' bottom line.

The average yearly rate of return from using the asset over the course of its full life is measured using the accounting rate of return technique of capital budgeting decision analysis.

The procedure is examining the cash flows into and out of a project to ascertain whether the anticipated return reaches a predetermined standard. Discounted cash flow, payback, and throughput assessments are three of the main capital budgeting techniques.

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what price would you pay today for a stock if you require a rate of return of 13%, the dividend growth rate is 3.6%, and the firm is projecting dividend next year to be 2.59? a. $31.37 b. $26.60 c. $30.28 d. $27.55

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The price that one would pay $27.55 for a stock today when the required rate of return is 13%, the dividend growth rate if 3.6%, and the projected dividend is $2.59 per share. Therefore, the option D holds true.

The computation of the stock price can be done using the values from the provided information into the generalized formula, as below,

Stock Price = Projected Dividend / (Required Return – Growth)

Stock Price = 2.59 / (13.36% – 3.6%)

Stock Price = 2.59 / 9.76%

Stock Price = 27.55

Therefore, the price of the stock to be paid would be $27.55 in the conditions given above.

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a monopoly can be formed by a bandwagon effect. which of the following products would most closely match the bandwagon effect? a) the chevrolet corvette b) the dell computer c) the apple watch d) the atlanta braves baseball club

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A monopoly can be formed by a bandwagon effect , the dell computer would most closely match the bandwagon effect.

A multiplayer board game with an economics focus is called Monopoly. By rolling two dice, players move around the game board to acquire, exchange, and develop real estate including houses and hotels. Players collect rent from their rivals in an effort to bankrupt them. There are extra ways to gain or lose money, including Tax squares, Chance cards, and Community Chest cards. Players receive a reward for each "Go" they pass. Additionally, they have the option of being imprisoned and barred from release until one of three conditions is met. House rules, multiple spin-offs, countless editions, and related media are all present. Monopoly has absorbed into international popular culture, with local license in more than 103 countries and printing in more than 37 languages.

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Credit card accountability, responsibility and disclosure, or credit card, act of 2009

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A federal law known as the Credit Card Accountability, Responsibility, and Disclosure Act of 2009 was created to safeguard cardholders from unfair lending practises by card issuers. The main objectives of this law, also referred to as the CARD Act, are to decrease surprise fees and enhance the disclosure of charges and penalties.

The Credit Card Accountability, Responsibility, and Disclosure Act was passed by the US Congress in May 2009, and shortly after that, President Barack Obama signed it into law. It became active in 2010. The CARD Act was created to safeguard consumers from the unethical tactics of credit card issuers, building on the Truth in Lending Act (TILA). It intends to reduce or eliminate some credit card costs, lessen the manipulation of younger clients, and provide all users more information about fees.

Prior to the act's passage, the language in credit card agreements was frequently extremely cryptic and challenging to read; crucial terms were buried beneath mountains of legalese, and the information provided varied between different issuers, making it challenging for customers to compare products. Both in the initial card agreements and monthly statements, the language, terms, and disclosure of penalties and fees are now much more transparent thanks to the act.

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amy decides to fund her startup with $100,000 of her personal money, and makes her business profitable in a year with no outside funding. this is an example of:

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amy decides to fund her startup with $100,000 of her personal money, and makes her business profitable in a year with no outside funding. this is an example of Bootstrapping.

When a business person establishes a company with little to no assets, this is known as bootstrapping. As opposed to beginning a business by first securing funding from angel investors or venture capital firms. Instead, to succeed, bootstrapped companies rely on their own money, labor, efficient operations, quick inventory turnover, and a cash runway. For instance, a bootstrapped business may accept preorders for its product, using the money raised from the sales to construct and ship the actual product.

Bootstrapping has advantages over venture finance since the entrepreneur retains total control over all business choices. The negative of this type of funding is that it could expose the entrepreneur to needless financial risk.Additionally, bootstrapping can not generate enough capital for the business to grow successfully at a fair rate.

Bootstrapping is a technique used in investment finance to create a spot rate curve for a zero-coupon bond. This strategy is mainly used to close the yield gaps in Treasury coupon strips or Treasury securities. For instance, the bootstrapping approach is used to fill in the missing data to create the yield curve because the government's T-bills are not available for every time period. The yields on Treasury zero-coupon securities with different maturities are calculated using interpolation in the bootstrap approach.

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Which of the following considerations generally goes into determining employee compensation?

A. Employee's financial needs
B. Average industry compensation
C. Compensation in other countries
D. Compensation in other industries

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The factor that goes in determining employee compensation is  Compensation in other industries. Oprtion D

What is meant by employee compensation?

The total remuneration, whether in cash or in kind, that an organization pays an employee in exchange for labor performed by the latter during the accounting period is referred to as employee compensation.

The total remuneration, in cash or in kind, that an employer pays to an employee in exchange for labor performed by the latter during an accounting period is known as compensation of employees (D.1) in national accounts.

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ryder supplies has its stock currently selling at $63.25. the company is expected to grow at a constant rate of 7 percent. if the appropriate discount rate is 17 percent, what is the expected dividend, a year from now? (round the answer to two decimal places.)

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The expected dividend, a year from now is 6.33

P0 = $63.25; g = 7%; R = 17% P0 = D1/R-g=6.325

A dividend refers to praise, cash or otherwise, that an enterprise gives to its shareholders. Dividends can be issued in diverse bureaucracies, inclusive of cash fees, shares, or any other shape. A business enterprise's dividend is decided by using its board of directors and it requires the shareholders' approval.

Dividends are regular earnings-sharing payments made between an organization and its investors. A business enterprise's board of administrators determines the charge in line with share, whilst and how often dividend payments are made. Dividend shares can offer a stream of earnings, which can be especially valuable during inflationary periods.

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Which defines room and board?
O housing and meals that are often provided at additional cost
O monetary support that is used to help pay educational costs
O an educational institution or establishment, in particular one providing higher education
O a school that provides training in a specific skill or trade

Answers

Room and board are defined as educational institutions or establishments, particularly ones providing higher education. Thus the correct option is C.

What is the definition?

A definition of any word is a detailed description defining the accurate meaning to the reader in order to gain information and understand the meaning to utilize in vocabulary and used in any sentence.

Education and knowledge are not equivalent. Education is the means by which you acquire knowledge, which is what you already know. Knowledge is any truth or piece of information that you can retain and apply. We discover new things through education.

Therefore, option C is appropriate.

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Personal Finance- Education and Training Costs Quick Check

1. Which defines room and board?

housing and meals that are often provided at additional cost

2. What is the definition of a college?

an educational institution or establishment, in particular one providing higher education

3. Which describes financial aid?

monetary support that is used to help pay educational costs

4. Which defines continuing education?

the formal classes that focus on a specific area of study, not usually taken for credit

5. What is post-secondary education?

the education level that follows the successful completion of high school

4/20/2023

How many types of bank account are there?

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Current accounts and savings accounts are the two main categories of bank accounts. Both offer readily accessible cash, are simple to open with your ID, and pay little or no interest. They also have a significant operational capacity, though.

A savings bank account is a type of deposit account that can be held by a bank, building society, or other financial institution. You can make one-time or monthly deposits into your savings account, and you will earn interest on the remaining balance. There are several types of accounts, and some have limitations on deposits and withdrawals. You can open a savings account and deposit funds into it at a bank or credit union. The bank will then add interest to your balance. You can continue to add money to your savings using one or more of the following strategies, depending on the bank: ATM check or cash deposits.

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Why is low inflation good for the economy?

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Almost all economists recommend minimizing inflation. Low inflation helps sustain global competitiveness by encouraging saving, investment, and economic growth.

Economic stability also promotes economic growth. Typically, governments aim for an inflation rate of 2% or less. The optimum compromise between avoiding the expenses of inflation and also avoiding the costs of deflation when prices decline is thought to be this moderate but low rate of inflation. Regular consumers can profit from inflation in the following three scenarios, which show how the economy might gain from a consistent, moderate level of inflation is the word that economists use to describe the gradual rise in prices throughout an economy.

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The price of a bond is equal to the face amount payable at maturity, plus the periodic interest payments.a. True
b. False

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The statement 'the price of a bond is equal to the face amount payable at maturity, plus the periodic interest payments' is false.

The price of a bond is equal to the present value of the face amount payable at maturity, plus the present value of the periodic interest payments.

Bond price is the present discounted value of future cash stream generated by a bond. It refers to the sum of the present values of all likely coupon payments plus the present value of the par value at maturity. To calculate the bond price, one has to simply discount the known future cash flows.

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the degree to which a product meets pre-established standards is known as group of answer choices none of these answer choices is correct. conformance. performance. reliability.

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The degree to which a product meets pre-established standards is known conformance.

A product is an object provided on the market. A product may be a service or an item. it is able to be physical or in virtual or cyber shape. each product is made at a fee and each is offered at a charge. The price that may be charged depends on the market, the pleasant, the advertising, and the section this is focused on.

A product is any item or provider you promote to serve a consumer's wants or needs. They may be bodily or virtual. bodily merchandise consists of long-lasting items (like motors, furnishings, and computer systems) and nondurable items (like food and beverages).styles of merchandise – 3 most important kinds: client products, commercial services, and products. There are a number of useful ways of classifying products.

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During last month, your beginning inventory was $19,500, your ending inventory was $14,063. If there were no additional purchases, what percent of inventory was sold?.

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Inventory was sold at 28% if no more purchases were made.

What is the difference between beginning inventory plus acquisitions and ending inventory?

Beginning inventory plus net purchases minus COGS equals ending inventory, according to the basic formula. The ending inventory of the previous period is your starting inventory. The products you have purchased and added to your inventory count are the net purchases.

Net acquisitions added to beginning inventory is what?

An sum referred to as the cost of products available for sale is equal to the cost of beginning inventory plus the cost of net purchases for the period. Net purchases are the total cost of the items plus the cost of shipping less any discounts, allowances, and returns.

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a company issued 5-year, 7% bonds with a par value of $95,000. the company received $92,947 for the bonds. using the straight-line method, the amount of interest expense for the first semiannual interest period is:

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A) $3,530.3

B)Debit Cash $200,000; debit Premium on Bonds Payable $8,531; savings Bonds Payable $208,531.

C) Debit Bond Interest Expense $13,808.00; debit Premium on Bonds Payable $1,042.00; credit score Cash $14,850.00.

Explanation:

discount:

95,000 - 92,947 = 2,053

This quantity is distribute equally among all interest pay money:

2,053 / 10 charge = 205.3

cash outlay + amortization on bargain = activity expense

95,000 x 7% x 1/2 + 205.3 = $3,530.3

B)debit the money received

we credit the bond payable for their face value

we alter the use of top class when lower and top rate when higher

C) we calculate the premium and divide oer whole payment to get the amortization:

280,420 - 270,000 = 10,420 / 10 = 1,042

cash outlay - amortization on top class = activity expense

270,000 x 11% x 1/2 - 1,042 = 13,808

What is semiannually interest?

Interest compounded semiannually ability that the compound hobby fee is calculated on the bases of the important brought with the results of the compound activity price from the previous term's calculation, and this will happen twice a year.

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people working in teams are more effective in part due to , which is the enhancement to performance that comes simply from working with other people instead of by oneself.

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People working in teams are more effective in part due to social facilitation, which is the enhancement to performance that comes simply from working with other people instead of by onesel.

Social facilitation is the finding by researchers, shows that people somehow produce an increased level of effort as a result of the real, imagined, or implie presence of others. Social facilitation consists of 2 types of effect: co-action effects and audience effects.

Social facilitation occurs in the presence of a co-actor. This condition is called as co-action effect. Co-action effect is a phenomenon where someone's task performance increases and comes about by the mere presence of others doing the same task.

Social facilitation also occurs in the presence of a passive spectator or audience. This is known as audience effect. Audience effect occurs when an individual's performance is influenced by the presence of others (audiences), which causes an individual's dominant response to occur.

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teams that meet face-to-face . group of answer choices are more effective than virtual teams. often encounter more interpersonal issues than virtual teams. are less effective than virtual teams. can be equally effective as virtual teams.

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Teams that meet face-to-face can be equally effective as virtual teams. The correct option is C.

Why face to face is better than online classes?

The "real world" examples and experiences of your classmates and teachers will help you understand concepts better. You acquire new knowledge and abilities while studying in person, alongside other students, and in a real-world setting. Since you're all learning the same things, it's simpler to understand one another and share knowledge.

The good news is that virtual meetings can be just as effective as in-person meetings with the right tools and some advanced preparation. This is due to the fact that virtual meetings are excellent for fostering more personal connections between people.

Thus, the ideal selection is option C.

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Which types of controls are recommended for a global MNC versus a multi-domestic MNC?

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Global MNCs must exercise strict control over their subsidiaries. They don't choose to diversify their product range to cut costs because they concentrate on a small number of product lines.

They also use centralized planning for their strategy. Multi-domestic MNCs require less sway over their divisions.

While expansionary fiscal policy should increase output today, it will also cause output to grow at a slower rate than it would have otherwise. Similar to inflationary fiscal policy, contractionary fiscal policy will result in higher output down the road despite temporarily depressing output levels.

Whenever a central bank employs expansionary monetary policy, it helps to boost the economy. This boosts the availability of money, brings down interest rates, and raises demand. It promotes economic expansion.

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in sales contracts, the complete agreement need not be in writing, but there must be some evidence of the:

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Although there is no requirement for a written agreement in sales contracts, there must be some evidence of the parties' intentions.

An agreement may be signed anywhere on the document, but it must be signed at the bottom. Furthermore, in the absence of a signature, initials will suffice.

The essential terms of the contract only need to be written down: the names of the parties, the subject, the amount, and the payment.

The kind of contract in question determines whether price is an essential term.

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strong rob's sandwich shop offers frequent buyer points to its customers through a punch card program. strong rob's is engaging in:

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Dad's Sandwich Shop has a punch card program that rewards regular customers with frequent shopper points. Dad's is promoting its products for sales.

What are advertising sales?

A sales promotion is a type of marketing activity intended to boost sales, foster client loyalty, or raise brand awareness. It typically entails providing a discount or some other incentive to encourage clients to purchase your goods or interact with your business.

What kinds of sales promotions are there?

1) Promotional discounts. The most traditional form of advertising is a discount, Tiered Promotions 2 (Buy More, Save More) According to tier discounts, buyers receive a bigger percentage off the more they really spend. Private sales, flash sales, free gifts with purchases, and giveaways are the next three options.

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in liquidity preference theory, an increase in the interest rate, other things the same, decreases the quantity of money demanded, but does not shift the money demand curve. a. true b. false

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The answer to the given statement about the Liquidity Preference Theory is True. Increase in the interest rate does not shift or affect the money demand curve.

The demand for money is liquid according to the notion of liquidity preferences. People hold assets that earn interest rather than money when the interest rate is higher because there is a decreased demand for cash. The demand for money, on the other hand, rises when the interest rate drops.

Keynes' book The General Theory of Employment, Interest, and Money contained the introduction to the liquidity preference theory. Keynes breaks down the idea into three factors that influence the demand for liquid assets:

According to the transactions motive, people seek liquidity because it ensures that they will always have enough money on hand to cover their essential daily demands. To put it another way, stakeholders have a strong demand for liquidity to meet their short-term responsibilities, such as paying their rent or mortgage or for groceries. Higher living expenses translate into a greater requirement for cash and liquidity to cover those daily necessities.

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question 2 why is it important for a project manager in a matrix organization to clearly define roles and responsibilities? select all that apply.

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The important for a project manager in a matrix organization to clearly define roles and responsibilities are helping the team have what they need to keep the project going, knowing what the project team needs to accomplish and when, Communicating key projects milestones to stay on the task.

What do you mean by the matrix organization?

A matrix organization is a type of workplace where teams have several leaders reporting to them. In a matrix organisation, team members (whether internal or remote) report to both their department head and a project manager.

For instance, a project or task team formed to create a new product might consist of engineers and design experts as well as people with knowledge of marketing, finances, human resources, and production.

Depending on the activities they are required to fulfil, these teams may be temporary or permanent. Each team member may have two managers, the project team leader in addition to their regular functional manager.

Therefore, the important for a project manager in a matrix organization to clearly define roles and responsibilities are helping the team have what they need to keep the project going, knowing what the project team needs to accomplish and when, Communicating key projects milestones to stay on the task.

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the international monetary fnud part 2 a. . b. restricts capital outflows that might threaten international financial stability. c. has effectively eliminated adverse selection and moral hazard problems. d. .

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The best option is the International Monetary Fund, which (b) limits capital outflows that would jeopardize financial stability worldwide.

What are the IMF's three primary responsibilities?

To support the stability of the international monetary system, the IMF performs 3 important tasks: observation, federal loans, and additional support.

How does the International Monetary Fund operate?

By taking out a loan from the IMF, a nation commits to changing its trade reforms in order to address the issues that prompted the request for assistance. These modifications in policy are prerequisites for IMF loans and assure that the nation will be able to pay back the IMF.

What is the role of the International Monetary Fund?

By providing summary lending to nations experiencing equilibrium of payments issues brought on by capital outflows or onerous federal loan obligations, the principal goal is to maintain exchange rate stability.

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kodi company has a debt-equity ratio of .70. return on assets is 7.6 percent, and total equity is $450,000. a. what is the equity multiplier? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. what is the return on equity? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. what is the net income? (do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

Answers

1.70 is the equity multiplier, 13.26% is the return on equity and  $70,278.00 is the net income.

How do you calculate the net income?

Given that,

Debt-equity ratio = 0.70

Return on assets = 7.8%

Total equity = $530,000

Debt = 0.70 × Equity

       = 0.70 × $530,000

       = $371,000

Assets = Debt + Equity

          = $371,000 + $530,000

          = $901,000

(a) Equity multiplier = Assets/equity      

                                = 901,000/530,000

                                = 1.70

(b)  Return on Assets =  Assets × Return on assets percent

                                    =$901,000 × 7.8%

                                    = $70,278.00  

Return on equity = return on assets/ equity

                            = 70,278.00/530,00

                            = 13.26%

(c)  Net income = Return on Assets

                          = $70,278.00  

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Gilliam industries records revenue of $6.4 million for an accounting period. in that same accounting period, they have a beginning balance of $392,000 and an ending balance of $439,000 in the accounts receivable account. how should the cash flows from operating activities be adjusted to account for these items? why? assume gilliam uses the indirect method.

Answers

Using the indirect method, Gilliam will only have to adjust for the change in Accounts Receivable, resulting in a $47,000. The reason is due to decrease in cash flows from operating activities.

What is an indirect method?

Calculation by Gilliam using the indirect method:

Records revenue = $6.4 million

Beginning balance = $392,000

ending balance = $439,000

Cash flow that needs to be adjusted for the items = $47,000

The indirect method refers to one of two accounting treatments used to generate a cash flow statement. This method uses increases and decreases in balance sheet line items. It also modifies the operating section of the cash flow statement from the accrual method to the cash method of accounting.

The indirect method is used in in larger firms.

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before recommending a price, you need to gain an understanding of your client's costs in producing the soap. she gives you the following information: fixed costs (rent, insurance, utilities): $10,000 annually variable costs (raw materials, production, shipping): $2.00 per unit she thinks that she might be able to sell the soaps for $4-$5 and wants to have an idea of how many soaps she would need to sell in order to break even. at a selling price of $5, how many units would your client need to sell in order to break even?

Answers

3,333 many units would the client be needing to sell in order to break even, 10,000/3 = 3,333.

How is break even determined?

The break-even point in accounting is determined by dividing the fixed production costs by the price per unit less the variable production costs. The production level at which a product's revenues and manufacturing expenses balance one another is known as the break-even point.

What price plan is the most effective?

The most crucial pricing tactic of all is probably value pricing. This takes into account how valuable, excellent, and significant your clients consider your goods or services to be.

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two members of the kenyan parliament from coffee-growing areas said that no firm should have a monopoly to market kenyan coffee. the retail coffee company tetu coffee has sparked a storm in the industry by promising to earn the country sh400 billion annually if given exclusive licenses to market kenyan coffee. the members of parliament said the coffee bean farmers should be free to sell their beans to the highest bidder. are the farmers in kenya justified in being upset with having a single coffee buyer?

Answers

(Option A) The government prohibits other buyers is something that would create a market with one buyer in the situation described.

What effects do government regulations have on consumers?

They may benefit from consumer protection legislation, but they may also be costly. By raising the cost of producing goods and services, it boosts prices. It also restricts individuals' freedom of choice, some of whom are risk-averse than others.

What impacts might governments have on businesses and individuals?

Governments can implement subsidies, which raise prices and enhance the attraction of domestic goods by taxing the public and giving the money to an industry, or tariffs, which impose additional taxes on imported goods and monopoly. Increased taxes, levies, and restrictions may cripple businesses or entire industries.

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The complete question is:

Two Members of Parliament from coffee growing areas said that no firm should have a monopoly to market Kenyan coffee. Tetu Coffee has sparked a storm in the sector by promising to earn the country Sh400 billion annually if given exclusive licenses to market Kenyan coffee. The MPs .said the coffee sector should instead be liberalized to enable growers to sell their produce wherever prices were better. Maitha said coffee farmers had been exploited for long through poor prices paid for their produce.... (Source: "Coffee Marketing Monopoly Opposed," The East African Standard, Nairobi, Kenya on September 6, 2004). Read the text above to answer this question. What would create a market with one buyer in the situation described?

A. the government prohibits other buyers.

B. there are economies of scale in purchasing coffee.

C. the Tetu coffee has the ability to out-compete other coffee buyers.

D. there are economies of scope.

in order to assess the performance of their firms and their supply chains, what do managers need to do to determine the needs of those customers?

Answers

A performance measurement system offers to integrate strategic planning and operational control of an organization and provides the needed data to the monitor, control, evaluation, and feedback functions on operations management.

Which management is crucial for the construction of an efficient supply chain?

Since it may help businesses achieve a number of objectives, supply chain management is essential. Controlling production processes, for example, can improve product quality while reducing the possibility of recalls and legal action and helping to build a strong customer brand.

How do you define supply chain performance management?

Business process optimization is the aim of supply chain performance management, which is accomplished through the tracking and evaluation of key performance indicators. Businesses may add value to the vast amounts of data that are generated over time by measuring and monitoring metrics against set targets.

Which five metrics best describe a supply chain's performance?

The five essential interconnected operations of plan, source, make, deliver, and return make up a supply chain, according to the SCOR model. To assess the effectiveness of a process, one often considers its reliability, responsiveness, flexibility, cost, and asset.

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Each time a payment is made on an installment note, the portion of the next payment associated with notes payable increases. this statement is

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Each time a payment is made on an installment note, the portion of the next payment associated with notes payable increases. This statement is False.

The amount that a corporation owes its financiers, including banks and other financial institutions as well as alternative funding sources like friends and family, is shown on notes payable, which are long-term liabilities. Since they are repayable after a year, albeit typically within five years, they are considered long-term.

These money may be borrowed by businesses in order to purchase items like tools, equipment, and automobiles that will likely be used up within five years and amortised.

In the event that a note payable's payment obligations are not met, the creditor may have a claim against the borrower's assets under certain notes payable. Repayment terms could be extended if the loan is secured.

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after the restructuring, there are twenty fewer job titles in your organization. what does this reflect?

Answers

After the restructuring, there are twenty fewer job titles in the organization, this reflects that there is division of labor. It helps in improving work efficiency and productivity.

What is the Division of Labor?

The separation of a work process into a number of jobs, each of which is carried out by a different person or group of people, is known as the division of labor.

Division of Labor is the process in which Labor is divided into parts among the workforce in order to enhance productivity and efficiency.

One becomes specialized in the production of those goods for which he or she is best suited.

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