What is the purpose of an adjusted trial balance? What type(s) of error does it detect? What type(s) of error does it not detect?
The purpose of an adjusted trial balance is to make sure that debits equal credits before financial statements are prepared. If a debit is incorrectly posted as a credit or vice versa, the error will be detected. Likewise, if the debit(s) and credit(s) for a posted transaction do not equal, that error will be detected. Errors that will not be detected include omitting a required adjusting entry or posting a debit or credit for the correct amount to the wrong account.
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Harrison Inc has computed direct labor standards for the manufacture of its product to be 4 hours of labor per product at a cost of $15 per hour. During March, Harrison produced 45 products in 190 hours and incurred direct labor costs of $2,720. Harrison's direct labor efficiency variance was
A) $150 (F). B) $130 (U). C) $150 (U). D) $130 (F).
Millennials tend to value ______ much more than Gen Z does.
A. individualism and competitiveness B. pay and job security C. stability D. teamwork
When determining the right bargaining structure for a given set of negotiations, labor and management negotiators face a tradeoff between:
A. Equity and efficiency B. Responsiveness and employee voice C. Power and political influence D. Power and responsiveness to local needs
Brandon Production is a small firm focused on the assembly and sale of custom computers. The firm is facing stiff competition from low-priced alternatives, and is looking at various solutions to remain competitive and profitable
Current financials for the firm are shown in the table below. In the first option, marketing will increase sales by 50%. The next option is Vendor (Supplier) changes, which would result in a decrease of 10% in the cost of inputs. Finally, there is an OM option, which would reduce production costs by 25%. Which of the options would you recommend to the firm if it can only pursue one option? In addition, comment on the feasibility of each option. Business Function Current Value Cost of Inputs $50,000 Production Costs $25,000 Revenue $80,000