List the steps in the accounting cycle.
What will be an ideal response?
The accounting cycle consists of ten steps: (1) analyze transactions, (2) journalize, (3) post, (4) prepare unadjusted trial balance, (5) adjust, (6) prepare an adjusted trial balance, (7) prepare financial statements, (8) close the temporary accounts, (9) prepare a post-closing trial balance, and (10) prepare reversing entries (optional).
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The market skimming pricing objective is appropriate when customers are not very sensitive to
price. Indicate whether the statement is true or false
A firm’s operations strategy ______.
a. guides a firm in using its operational resources effectively to help it achieve a competitive advantage b. provides a road map for decisions regarding business acquisitions or divestitures that the firm’s operations managers make c. Is directly influenced by a firm’s corporate strategy d. Directly influences a firm’s corporate strategy
Otomo Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its budgets on two measures of activity (i.e., cost drivers), namely guests and jeeps. One vehicle used in one tour on one day counts as a jeep. Each jeep has one tour guide. The company uses the following data in its budgeting: Fixed elementper monthVariable elementper guestVariable element per jeepRevenue$0 $134 $0 Tour guide wages$0 $0 $117 Vehicle expenses$4,700 $13 $65 Administrative expenses$2,200 $1 $0 ?In July, the company budgeted for 389 guests and 180 jeeps. The company's income statement showing the actual results for the month appears below:Otomo Jeep ToursIncome StatementFor the Month Ended July 31Actual guests 394Actual jeeps 175Revenue$53,986Expenses: Tour guide
wages 20,435Vehicle expenses 21,247Administrative expenses 2,544Total expense 44,226Net operating income$9,760?Required:?Prepare a report showing the company's activity variances for July. Label each variance as favorable (F) or unfavorable (U). What will be an ideal response?
For a maximization problem, the conservative approach often is referred to as the __________ approach
a. maximin b. maximax c. minimax d. minimin