In January 2000 Ecuador officially replaced its national currency, the Ecuadorian sucre, with the U.S. dollar. This practice is known as:
A) bi-currencyism.
B) securitization
C) a Yankee bailout.
D) dollarization.
Answer: D
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Which of the following is not a supertrend shaping the future of business?
A. more niche products B. information becoming a competitive advantage C. traditional companies struggling with radically innovative change D. offshore suppliers affecting U.S. business E. faster speed-to-market
At Radiant Company, the sales department is also responsible for recording cash transactions as it does not have a separate accounting department. Which internal control procedure needs strengthening?
A) assignment of responsibilities B) competent, reliable, and ethical personnel C) separation of duties D) documents
GrowHealthy, a manufacturer of vegetarian food options had the following results from its Subunit A:
Requirements:
1. Complete the performance evaluation report for this subunit (round to two decimal places).
2. Based on the data presented and your knowledge of the company, what type of responsibility center is this subunit?
3. Which items should be investigated if management's decision criteria is to investigate all variances equal to or exceeding $9,000 and 10% (both criteria must be met)?
4. Is it possible that the variances are due to a higher-than-expected sales volume?
5. Which balanced scorecard perspective is being addressed by this performance report? Is it a lead or lag indicator?
Angler Fish Co. factored $540,000 of its accounts receivable to Gause Finance Co. Gause Finance advanced 85% of the factored receivables and charged a 10% commission on the gross amount of the receivables. All conditions for a sale have been met.Required:Prepare the journal entries necessary to record the following: a.The sale of the receivables.b.Sales Returns and Allowances of $2,200 on a factored account.c.The conclusion of the sale agreement when Angler would collect any balance remaining.
What will be an ideal response?