Explain the role of accounting in the information age.
What will be an ideal response?
Accounting is an information and measurement system. It identifies, records, and communicates relevant, reliable and comparable information about business activities. Accounting also includes the crucial process of analysis and interpretation. It is part of our everyday lives, through such activities as banking, paying taxes, and receiving payroll checks. Technology plays a major role in accounting by reducing the time effort and cost or recordkeeping while improving clerical accuracy.
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Alton is 60-years-old and plans to fully retire in ten years. He has contributed to a traditional IRA for several years, and it now has a $150,000 balance. All of his contributions were deductible. Alton is considering converting the traditional IRA to a Roth IRA. He will pay any taxes due from a money market account he holds outside the IRA. The money market account earns a 5% after-tax rate of return. The IRA earns an 8% before-tax rate of return. Assume Alton's marginal tax rate is currently, and will remain at, 20%. He plans to withdraw the full balance from the IRA in ten years to buy a new house. Calculate the after-tax accumulation assuming he (1) retains the existing traditional IRA and (2) converts to the Roth IRA.
What will be an ideal response?
The Storage Bin Warehouse has reported a number of break-ins in the past few weeks. As a salesperson for No-Doubt Security Products, you believe your extensive line of alarm systems and locks could greatly benefit the retailer. You make an appointment with the Storage Bin manager for early next week. During your preparation for the sales call you learn the warehouse currently uses poor quality locks and has no security system. You plan to offer the manager a security package consisting of 150 Sure-Bolt locks at a price of $10 each and a new alarm system costing $5,000. The terms of the sale are 2/10 net 30. Assuming the Storage Bin manager purchases your suggested order and pays for it in one week, what would be the total cost?
A. $6,500 B. $6,776 C. $6,630 D. $6,237 E. $6,370
A one-point charge will generate a fee of _____ on a loan of $10,000
a. $1,000 b. $100 c. $10 d. $1
Doctors’ offices, attorneys, hospitals, and the like typically use a(n) ______ to manage customer demand for services.
a. reservation system b. prioritization system c. appointment system d. capacity utilization system