A $1,000,000 lottery prize pays $50,000 per year for the next 20 years. If the current rate of return is 4.5%, what is the present value of this prize?

An auditor would be most likely to identify a contingent liability by obtaining a(n) letter from the entity's general legal counsel.

Ask of and examine with the board the arrangements and methodology taken on for distinguishing, assessing, and representing cases, cases, and evaluations. Analyze records in the client's ownership concerning suits, cases, and appraisals, including correspondence and solicitations from legal advisors.

An Auditor is an individual approved to survey and check the precision of monetary records and guarantee that organizations follow charge regulations.

A Contingent Obligation is an obligation that might happen to rely upon the result of a dubious future occasion. It is recorded on the off chance that the possibility is probable and how much the responsibility can be sensibly assessed.

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One of the most often used guidelines for shaping the law is tradition, or custom, which is also called the historical school of legal interpretation.

This is further explained below.

Generally,  A tradition is a belief or habit that has been handed down within a group or culture for many generations.

Traditions sometimes have some kind of symbolic meaning or other unique importance, and they have their roots in the past.

In conclusion, Tradition, also known as custom, is a kind of legal interpretation that is also known as the historical school of interpretation.

It is one of the guiding principles that is used the most often while constructing the law.

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Hiring another worker is beneficial when the marginal benefit of hiring one more worker exceeds the marginal cost, meaning that hiring another worker increases economic surplus.

What means marginal cost?

Marginal cost refers to the increase or decrease in the cost of producing one extra unit or delivering one more customer. It is also known as incremental cost.

Why is marginal cost important ?

Marginal cost is an crucial factor in determining  economic theory because a company that is seeking to maximize its profits will produce up to that  point where marginal cost (MC) equals marginal revenue (MR).

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A clothing company that offers a special line of maternity clothing for women to wear specifically during pregnancy engages in occasion as a form of segmentation

What is occasion segmentation?

Occasion segmentation is a tailored-made  form of behavioral segmentation by which segments are devised  based on the time the  product or service is needed or purchased by the consumer.

In this case, the  maternity clothing is specifically  required during pregnancy, which means that any non-pregnant woman is not targeted, which means that the occasion in this case is period of pregnancy and may be by extension during child's labor, since the clothing cannot be worn thereafter, in essence, the occasion of child birth brought an opportunity a tailor-made clothing would attract would-be mothers and increase the bottom-line of the clothing company

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Full question:

A clothing company that offers a special line of maternity clothing for women to wear specifically during pregnancy engages in which form of segmentation? multiple choice question

a. psychographic b. age and life-cycle c. occasion d. demographic e. income

The three most frequent misconceptions are that net income equals cash, net income excludes estimates, and net income reports all changes in value that occurred during the accounting period.

One of the three crucial financial statements used to describe a company's financial performance throughout a certain accounting period is the income statement. The balance sheet and the cash flow statement are the other two important statements. The income statement, which is often referred to as the profit and loss (P&L) statement or the statement of revenue and expense, primarily focuses on the company's revenue and expenses over a specific time period. Understanding how to study an income statement is the greatest approach to evaluate a business and choose whether or not to invest.

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If politicians continue to avoid debating the projected increases in these three entitlement programs, the fiscal imbalance will In addition to other factors, the budget deficit is caused by Social Security and income taxes.

Benefits from Social Security and discretionary spending by the federal government both contributed to reducing the fiscal imbalance.

What is Fiscal imbalance?

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Answer:

B. consists of many different types of costs

Manufacturing overheads is such cost that consists of many types of costs, and is also directly traceable to the number of units produced. Therefore, the options B and D hold true.

Manufacturing overheads can be referred to or considered as the overheads that are incurred by a producer in the process of manufacturing the units to be sold in the business. These costs are incurred for the purpose of profit-making.

The overheads of manufacturing consist of different types of costs, and division of the incurred overheads by the total manufactured units will give an idea of the per-unit cost for the firm.

Therefore, the options B and D hold true and state regarding the significance of manufacturing overheads.

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Staffing fluctuations associated with project completion and initiation are most likely to occur in organizations that are functionally structured.

   Some businesses choose a functional organizational structure to better coordinate teams. Decisions and operations are handled by functional departments with specific areas of expertise.

   Functional structure is a sort of business structure that arranges a corporation into separate departments depending on areas of expertise. Functional managers or department heads are responsible for managing these departments, which act as functional units. Team members in each department communicate the state of their functional areas to department leaders, who in turn communicate it to the company's senior management.

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In the closing procedure, expenses and dividends are zeroed out by crediting each account, and incomes are zeroed out by debiting each account.

One purpose of closing admissions is to communicate net income or net loss for the period to Retained Earnings. A second objective is to "zero out" all temporary accounts (revenue accounts, expense accounts, and Dividends) so that they begin each new period with a zero balance.

The statement of cash flows must be prepared last because it takes data from all three previously prepared financial statements.

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Even though the garden of Eden was a system for the production and distribution of goods and services because everything was available in unlimited abundance.

Why is the economy important?

Economic issues promotes  our daily lives. This includes issues like tax and inflation, interest rates and wealth, inequality and emerging markets, and energy and the environment.

How can we improve the economy?

Having more cash means companies have the resources to procure capital, developed  technology, grow, and expand. All of these actions improve  productivity, which increases the economy. Tax cuts and rebates, , allow consumers to stable  the economy themselves by imbuing it with more money.

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The correct answer is 20.9 days.

Given here, the inventory period of 25.1  days and account recievable period of 30. 5days  and account payable period of 34.7days.

Now we  calculate operating cycle by the formula,

Operating cycle =  Inventory period + Account receivable period -  Account payable period.

Operating cycle = 25.1 + 30.5 – 34.7

Operating cycle = 20.9 days

Thus, operating cycle was found to be of 20. 9days.

The time takes for a business to purchase items, sell them, and get payment for those sales is known as an operating cycle.

Depending on the sector, an operational cycle can be any length. By providing a sense of whether or not it will be able to pay off any creditors, an understanding of a company’s operating cycle can assist establish its financial health. A shorter operating cycle is better since it indicates that the business has enough cash on hand to fund operations and recoup investments.

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The statement when you are known for failing to live up to your promises to stakeholders, you have a reputation for good character is false.

Stakeholders are people that involve in the day to day running of a business or day to day operation of  business and this people ensures that the goals and objective of a business is achieved.

When a person does not keep up to their promises or words and often  promise and fail that person does not have a reputation for good character.

Therefore the statement when you are known for failing to live up to your promises to stakeholders, you have a reputation for good character is false.

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By applying the formula you will get the answer, 5.128 is the bonus amount worth today if the opportunity cost is 3%

The idea behind opportunity cost is that you always have a finite amount of resources as a business owner. In other words, you can't take advantage of every chance because you have a limited amount of time, money, and experience. You must necessarily give up on the others if you choose one.

What you sacrifice / What you gain = opportunity costs

PV(-1000) FV(1350) N(6) PMT(0) CPT I/Y

Advantages lost by not taking a different path of action. The future earnings or expenses that would have been incurred if this alternative had been chosen are known as opportunity costs. This would be the alternative's lost earnings or savings if it were not picked.

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The principle of surplus productivity states that after paying the costs of the first three agents of production, any residual income is attributed to D. LAND.

The principle of surplus productivity talks about how the costs of the agents of production are distributed. These agents include labor and capital.

The Principle notes that when the costs of these other agents have been paid for, the residual income should go to the last agent which is Land.

Options for this question include:

a. Labor

b. Entrepreneurship

c. Capital

d. Land

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According to the eight-stage model of planned organizational change, a change process includes: unless people see positive results of their efforts, motivation can wane during a major change project.

These are the stages:

1. Create a Sense of Urgency

2. Putting together the Leadership Group

3. Vision and Strategy Creation

4. expressing the change's vision

5. Aligning the Organization or Enabling Wide-Reaching Action

6. Creating Quick Success

7. Increasing change and consolidating gains

8. Introducing innovative strategies into culture

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The anticipated dividend for year 3 if the firm increases its dividend by 2 percent annually is $1.66.

A corporation's payout of profits to its shareholders is known as a dividend. A corporation is able to distribute a portion of its profit as a dividend to shareholders when it generates a profit or surplus. Any remaining funds are withdrawn and reinvested back into the company. Dividend refers to a reward, cash or otherwise, that a firm delivers to its shareholders.

Dividends may be distributed in a number of ways, including stock dividends, cash payments, and other forms. The board of directors of a firm determines its dividend, which requires shareholder approval.

The future dividend can be computed as:

Future Dividend=Initial Dividend×[tex](1+r)^{n}[/tex]

Here:

r stands the growth rate in dividend = 2% or 0.02

n exists the number of periods = 5

Initial Dividend = $1.50

The future dividend can be computed as:

Future Dividend=$1.50×(1+0.02)5

Future Dividend=$1.50×1.1041

Future Dividend=$1.66

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In a pure command economy, the prices at which goods and services are sold are planned by the central government.

In a pure command economy, centeral government set the prices for goods and services. The central government dictates the distribution of goods and services and controls the production of goods and services.

In a pure command economy, government fully controls the distribution and production of goods and services to control the monopoly, and prices and dictates the external entrance into the market. Because the goal of this type of economy to create equality in the society. While the free market system decides the prices of goods and services based on the relationship between demand and supply.

In a free market system, producers or private companies set production and produce goods and services based on the demand for these goods and services in the market.

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'In order for a market economy to work, it is important that the supply of a product must not be restricted by a producer. in other words, monopolies must be banned.

As Irving Fisher explained, a monopoly is an uncompetitive market that creates a situation in which a particular person or firm is the sole supplier of a particular thing.

A monopoly is a situation where he is the only seller in the market. In traditional economic analysis, the monopoly case is viewed as the antithesis of perfect competition.

A monopoly is a company that is the sole seller of the product and has no substitute for it. Unregulated monopolies have market power and can influence prices. Examples: Microsoft and Windows, DeBeers and Diamonds, your local natural gas company.

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The only way she can receive the claim amount totally free from income taxes is by receiving the claim amount in a lump sum.

A mismatch between the amount of tax paid and your actual tax burden results in an income tax refund. When you file your income tax return, you might discover that you get a tax refund (ITR). Your income tax refund may be approved after you have filed your ITR and the income tax officer reviewing the return determines that it is in order.

TDS rates are far lower than income tax slab rates, hence this is typically viewed as a bonus income.

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Marginal rev curve and average rev curve.

The demand curve is a graphical representation of the relationship between the price of a good or service and the total amount demanded over a given period of time. In a typical illustration, the price will be on the left-hand vertical axis and the quantity needed will be on the right-hand horizontal axis. According to the rule of demand, when all other conditions are equal, a good's quantity demanded will decline as its price rises, as seen by the demand curve sloping from left to right.

For instance, if corn prices rise, people might be persuaded to buy less corn and swap it out for other foods, which would reduce the overall amount of corn that consumers want.

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The disadvantages of incorporating include:

Incorporating refers to the process of making a company a corporation. This process is guided by several legal frameworks which will call for extensive paperwork.

There is also the problem of double taxation because the profits of the business will be taxed and so will the dividends to owners. Also, the initial cost to set up is quite high.

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Owned by stockholders whose liability is limited to the amount they have invested in the business Corporation.

What is business corporation?

A corporation is a collection of people or a business that has been given legal status as a single entity by the state and is used for specific legal purposes. Early corporations were created with a charter. The majority of governments currently permit the registration of new corporations.

therefore,

Owned by stockholders whose liability is limited to the amount they have invested in the business Corporation.

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It means that Japan has a lower opportunity cost of DVD production than does Canada.

A country has a comparative advantage in the production of a good or service if has a lower opportunity cost in its production. Opportunity cost is the cost of the next best option that is forgone when the country decides to produce a good instead of another alternative.

The idea of comparative advantage was introduced by Scottish economist Adam Smith in 1776. Adam Smith believed that countries can profit by only specializing in the goods and  importing goods for which they do not have a comparative advantage in.

A country that has a comparative advantage in the production of a good or service should specialise in the production of that good. Thus, in this question, Japan should specialise in the production of DVDs while Canada should import DVDs from Japan.

Here is the complete question:

Suppose Japan has a comparative advantage over Canada in the production of DVDs. This means that Japan:

needs fewer resources to produce DVDS than does Canada.

has better technology for producing DVDs than does Canada.

has a lower opportunity cost of DVD production than does Canada.

can produce more DVDs in a period of time than can Canada

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In a market system, consumers exercise consumer sovereignty, which is crucial in determining the types and quantities of goods purchased. TRUE

Consumer sovereignty is the economic concept that the consumer has some controlling power over goods that are produced, and the idea that the consumer is the best judge of their own welfare.

Therefore, the correct answer is as given above

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A company receives a utility bill for operations in may. the company does not expect to pay the bill until June. this scenario is an example of an accrued expense.

In accounting, the accrued expense can be defined as the expense that is known to have happened or be recognized in the accounting books before it was paid.

These are the liabilities that have not yet being logged under the accounts payable. Hence we can say that if a company receives a utility bill for operations in may. the company does not expect to pay the bill until June. this scenario is an example of an accrued expense.

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Air management - Increases the amount of time you can survive before escaping or being rescued

What is air management?

Our air management systems' main duties include controlling cabin temperature and air conditioning, bleed air for engines, fuel tank inerting, cabin pressurisation and control, ventilation, ice protection, and liquid cooling.

We provide cutting-edge air management solutions that make flying safe, healthy, and comfortable. A wide variety of fixed-wing and rotary-wing commercial and military aircraft are equipped with electric and pneumatic systems.

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Promotion is a component of the marketing mix that includes all of the actions taken to promote the benefits of a product and persuade consumers to purchase it.

As a component of an all-encompassing marketing strategy, a marketing mix encompasses many areas of emphasis. The phrase frequently alludes to the classification known as the four Ps, which originally stood for product, pricing, placement, and promotion. Instead than focusing solely on one message, effective marketing touches on a variety of topics. This makes it easier to connect with more people, and by remembering the four Ps, marketing professionals are better able to keep their attention on the things that really important. When releasing new products or updating current ones, firms can make more strategic decisions by concentrating on the marketing mix.

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In its first month of operations, a company’s cash account has total debit entries amounting to $27,500 and total credit entries amounting to $24,900. At the end of the month, the cash account has a.$2,600 debit balance.

As shown at left, asset, expense and dividend accounts each follow the identical set of debit/credit rules. These accounts normally carry a debit balance. On the asset side of the record, a debit increases the balance of an account, while a credit decreases the balance of that account.

When an organization receives money prior to earning it, the accounting may be a debit to the asset Cash for the quantity received and a credit to the liability account like Customer Advances or Unearned Revenues. Debits increase asset accounts; credits decrease asset accounts.

Third: Debit the receiver, Credit the giver. A debit increases asset or expense accounts, and reduces liability, revenue or equity accounts. A credit is usually positioned on the proper side of an entry.

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The pressure suppliers may put on firms by rising prices, deteriorating quality, or restricting availability of their products is referred to as supplier power in Porter's five forces model.

Competitive rivalry is a gauge of how fiercely existing companies compete with one another. Intense competition can reduce earnings and force businesses to take action to be competitive, such as lowering prices, spending more on advertising, or investing in new services and products.

Understanding the strength of an organization's existing competitive position as well as the strength of a position that an organisation may attempt to move into is helpful.

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Problem solving is the act of defining a problem, determining the cause of the problem, identifying, prioritizing and selecting alternatives for a solution then implementing a solution.

Steps of problem solving

Notably, effective problem solving assists the acquisition community in making good business decisions.

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