Discuss both the Gordon method and Forced Relationship creative problem solving techniques.
What will be an ideal response?
A. Gordon method-unlike many other creative problem-solving techniques, begins with group members not knowing the exact nature of the problem. This ensures that the solution is not clouded by preconceived ideas and behavioral patterns. The entrepreneur starts by mentioning a general concept associated with the problem. The group responds by expressing a number of ideas. Then a concept is developed, followed by related concepts, through guidance by the entrepreneur. The actual problem is then revealed later, enabling the group to make suggestions for implementation or refinement of the final solution.
B. Forced relationships-is the process of forcing relationships among some product combinations. It asks questions about objects or ideas in an effort to develop a new idea. The new combination and concept is developed through a five-step process:
1. Isolate the elements of the problem.
2. Find the relationships between these elements.
3. Record the relationships in an orderly form.
4. Analyze the resulting relationships to find ideas or patterns.
5. Develop new ideas from these patterns.
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In preparing the financial statements for December 31, 2016, an accountant improperly classified the payment of prepaid rent as rent expense. Which of the following amounts would not be affected by this improper classification?
a. Retained earnings, January 1, 2016 b. Retained earnings, December 31, 2016 c. Net income d. Total assets
If the gross amount of an invoice is $2,500 and a trade discount of 20% is allowed, the amount of the trade discount would be
a. $500; b. $250; c. $50; d. $25; e. none of these.
Morris Company makes one product, and it expects to incur a total of $600,000 in indirect (overhead) costs during the current year. Production of the product for the year is expected to be:
Required:1) Calculate a predetermined overhead rate based on the number of units of product expected to be made during the current year.2) Assuming that direct materials and direct labor costs are $10 and $15, respectively, determine the total cost per unit using the overhead rate you calculated in part (1).
What will be an ideal response?
Which of the following types of mechanisms is most likely used by McDonald's for operating on international level?