What is the basic premise underlying the learning curve?
What will be an ideal response?
The basic premise underlying the learning curve is that people and organizations become better at their tasks as the tasks are repeated.
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Client Acceptance Newburg Company is in an industry in the early development stage, where there are minimal barriers to entry to the client's business model. Newburg Company's audit committee decided to put their 2014 audit out for bids. One of the Big
Four CPA firms had performed their audits from 2011-2013, and although happy with the previous auditor, the audit committee believed they should rotate to another firm. On the last audit, the Big Four's audit fees were $500,000 . Barnaby, CPAs, came in as the low bidder, making a proposal to Newburg Company regarding audit fees for 2014 . Their proposed audit fee was $250,000. Required: (1) Based on this scenario, describe the ethical decisions that an auditor must make during portfolio management decisions such as the client acceptance and client continuance decision. What is the relationship between ethics and high audit quality? (2) What issues should the client's audit committee consider before going with the lowest bid?
J&J, LLC, was in its third year of operations when J&J decided to expand the number of members from two, A and B, with equal profits and capital interests, to three members, A, B, and C. The third member, C, will contribute her financial expertise to the LLC in exchange for a one-third capital interest in J&J. Given the balance sheet below reflecting the financial position of J&J on the date member C is admitted, what are the tax consequences to members A, B, and C, and to J&J, when C receives her capital interest? If, instead, member C receives a one-third profits interest, what would be the tax consequences to members A, B, and C, and to J&J?J&J Limited Liability CompanyBalance Sheet? BasisFMV BasisFMVCash$20,000$20,000Account Payable$7,000$7,000Inventory5,0005,000Mortgage
Payable20,00020,000Equipment10,00017,000 Building30,00045,000A-Capital22,00030,000 B-Capital16,00030,000Total Assets$65,000$87,000Total Liab. and OE$65,000$87,000 What will be an ideal response?
Indicate the correct form of the adjective or adverb in parentheses. Use more or most, when appropriate, instead of less or least. Jarrod is always (hungry)
The expense for warranty costs is recorded in the period ________
A) when the product is sold B) when the product is repaired or replaced C) when cash is paid to repair or replace the product D) when cash is collected from the sale of the product