At the level of the firm, service providers offer just services and manufacturers offer just products
Indicate whether the statement is true or false
FALSE
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Which element below is a perceptual distortion in which an individual assesses a person quickly on the basis of the first information encountered?
A. selective attention B. contrast effect C. self-fulfilling prophecy D. primacy effect
A business purchased equipment for $140,000 on January 1, 2017. The equipment will be depreciated over the five years of its estimated useful life using the straight-line depreciation method. The business records depreciation once a year on December 31
Which of the following is the adjusting entry required to record depreciation on equipment for the year 2017? (Assume the residual value of the acquired equipment to be zero.) A) Debit $140,000 to Equipment, and credit $140,000 to Cash. B) Debit $28,000 to Depreciation Expense-Equipment, and credit $140,000 to Accumulated Depreciation-Equipment. C) Debit $28,000 to Depreciation Expense-Equipment, and credit $28,000 to Accumulated Depreciation-Equipment. D) Debit $28,000 to Depreciation Expense, and credit $28,000 to Equipment.
Due to the dominance of Chinese companies in international trade, the Chinese yuan is the most
frequently traded currency. Indicate whether the statement is true or false
The International Students Club at Eastern University recently held an end-of-year dinner and swim party, which the treasurer declared to be a financial success. "Attendance was an all-time high, 60 members, and the results were much better than expected." The treasurer presented the following performance report at the executive board's June meeting:?BudgetActualVarianceRevenue$1,575$2,205$630FFood$675$870$195UBeverages315480165UDisc jockey15017525UFacility rental200200--- Total costs$1,340$1,725$385U Profit$235$480$245FThe budget was based on the assumptions that follow.· Forty-five members would attend at a fixed ticket price of $35.· Food and beverage costs were anticipated to be $15 and $7 per attendee, respectively.· A disc jockey was hired via a written contract at $50 per
hour.Required: A. Briefly evaluate the meaningfulness of the treasurer's performance report.B. Prepare a performance report by using flexible budgeting and determine whether the end-of-year party was as successful as originally reported.C. Based on your answer in requirement "B," present a possible explanation for the variances in revenue, food costs, beverage costs, and the disc jockey. What will be an ideal response?