The traceable path of a transaction from source documents or data input to the final output, such as financial statements, is known as an **audit trail**.
An audit trail is a systematic record of the steps taken during a transactional process, including the documentation and evidence supporting each step. It provides a clear and verifiable path that allows for the tracking and verification of transactions from their origin to their ultimate destination. In a manual accounting system, this may involve physical documents, such as invoices, receipts, and ledgers, while in a computerized accounting information system (AIS), it includes electronic records and data entries. The audit trail serves as an important tool for internal controls, financial analysis, and auditing purposes, ensuring transparency, accuracy, and accountability in the recording and reporting of financial information.
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The price elasticity of demand for tickets to local baseball games is estimated to be equal to 0.89. In order to boost ticket revenues, an economist would advise:
Based on the fact that the price elasticity of demand is 0.89, an economist would advise increasing the price of the ticket.
Why should ticket prices be raised?When the price elasticity of demand is less than 1, it means that demand is inelastic.
This allows one to increase the price of the service or good because demand will decrease less than the revenue will increase which would lead to more profit.
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The third step in the organization development process is ______
The third step in the organization development process is evaluation.
Organizational development is the research and implementation of practices, systems, and technologies that influence organizational change aimed at transforming organizational performance and culture. Organizational changes are typically initiated by group stakeholders.
Organization Development (OD) is an effort focused on empowering an organization through the coordination of strategy, structure, people, rewards, metrics, and management processes.
Organizational development, often abbreviated as OD, improves existing processes and creates new ones. The idea is to understand how to maximize the effectiveness, potential, and capabilities of people and organizations. The science of OD is a combination of work/organization and adult developmental psychology
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What's the primary difference between an informational interview and a job interview?
The informational interview is different than an activity interview, because the verbal exchange isn't always approximately hiring for a specific position, and in this example, you're the man or woman asking questions about the industry, a profession course, or a business enterprise. at the identical time, the professional learns about your man or woman and pursuits.
The aim of an informational interview isn't always to get an activity. Instead, the motive is to gather records about industries, jobs, or businesses you might like – to peer if they match your pursuits and personality.
An informational interview is a meeting to learn about the real-life revel of a person operating in a field or corporation that interests you. it is not a job interview, so it is essential to keep targeted on getting information, now not a task provided.
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Investors seeking a diversified, professional manged portoio of escurities can purchase shares of:_____.
A) preferred stock.
B) convertible securities.
C) insurance policies.
D) unit trust.
Investors seeking a diversified, professionally managed portfolio of securities can purchase shares of insurance policies.
An insurance policy is a contract between an insurance company and a policyholder that sets out the claims that the insurance company is legally obligated to pay. In exchange for the first payment, called the premium, the insurance company promises to pay for the losses caused by the risks covered by the contract language.
An insurance contract is a legal contract between an insurance company (insurer) and an insured person, company, or entity (insured person). By reading the policy, you can ensure that it meets your needs and that you understand the insurance company's responsibilities in the event of a claim.
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Which aspect of decision-making focuses on the tangible costs and benefits associated with each available option?
The aspect of decision-making focuses on the tangible costs and benefits associated with each available option is cost-benefit analysis.
What is cost-benefit analysis?It should be noted that cost-benefit analysis simply means the decision making process that's used by comparing the cost and benefits of each entity.
In this case, the aspect of decision-making focuses on the tangible costs and benefits associated with each available option is cost-benefit analysis.
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A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to be
A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to be real state.
Plants and trees that grow on the ground are considered equipment included in the sale of real estate because they are connected to the ground by roots. However, the seller had the right to remove these rose bushes. The rose bush was quite large, but it was still in a large pot.
Real estate consists of land and everything that is permanently attached to the land. As with legal rights to land. Land ownership includes not only the surface of the earth but also the area from the surface to the center of the earth and the area from the surface to infinity.
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A trader sold a cash-secured put hoping to build a stock position. When the stock was trading at $98.50, he sold the 95 put for $2.30. Not including commissions and fees, what would the outcome of the trade be if the stock closed at $92.70 at expiration
$1.53 the outcome of the trade be if the stock closed at $92.70 at expiration.
Trader sold a cash-secured put hoping to build a stock position?A trader sold a cash-secured put hoping to build a stock position. When the stock was trading at $98.50, he sold the 95 put for $2.30. Not including commissions and fees.
The outcome of the trade be if the stock closed at $92.70 at expiration:
The original price is raised by $1 and the delta is added, making $1.40 plus 16 equal to $1.56. Additionally, because theta has a value, it must be added, making.
$1.56 + -.03 = $1.53.
For options, intrinsic value refers to the value that is "in the money." As a result, if an option is "out of the money," it has no intrinsic value.
Before the option is exercised, the buyer is required to sell the underlying. If an option is executed, the owner of a call and the writer of a put will buy shares. Put buyers have the right to sell, and put sellers have the obligation to buy; call buyers have the right to buy, and call sellers have to sell.
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In an online survey, Urban Feel, an existing clothing brand, asked its consumers to compare the brand to a musician. The idea behind this is that the musician chosen by a consumer will reflect that consumer's perception of the brand. This kind of research exemplifies
The idea behind this is that the musician chosen by a consumer will reflect that consumer's perception of the brand. This kind of research exemplifies "projective technique".
What is projective technique?A form of personality testing known as projective approaches involves giving the subject of the test a straightforward, unstructured task with the intention of revealing personality traits.
The most well-known though contentious psychometric psychological testing method is frequently the projective methodology.
Key features of projective technique are-
Respondents can project their real or subjective ideas and beliefs onto other persons or even inanimate things using projective techniques. From what the respondent says about other people, one might therefore infer the respondent's true feelings. Typically, projective techniques are applied in one-on-one or small-group interviews.To know more about projective technique, here
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These are selected 2022 transactions for Wyle Corporation. Jan. 1 Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000. Sept. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite
The copyright purchased will be amortized over 6 years useful life.
$120,000 / 6 years = $20,000/annum
The patent purchased will be amortized over the useful life of 4 years
$54,000 / 4 years = $13,500 / annum
Goodwill is not amortized. But rather is checked for impairments.
What is Amortization?Amortization is the systematic allocation of costs over the useful life of asset. The asset may be an intangible, if it is a tangible it is depreciated.
The life over which the asset is amortized is lower of useful and legal life, in both the cases the useful life was lower than the legal life.
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The practice of buying goods and services now and paying for them later is termed:______
The practice of buying goods and services now and paying for them later is termed is Bartering.
A barter is a transaction in which two or more parties exchange products or services without exchanging cash or other forms of payment like credit cards.
In its simplest form, bartering entails the exchange of one party's good or service for another party's good or service.
A carpenter who constructs a fence for a farmer is a straightforward illustration of a barter transaction.
The farmer might compensate the carpenter with $1,000 worth of crops or groceries rather than paying the builder $1,000 in cash for labor and supplies.
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Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)
The appropriate journal entry is: Debit Insurance expense $7; Credit Prepaid Insurance $7.
Journal entriesDebit Insurance expense $7
Credit Prepaid Insurance $7
(To record insurance expired)
Debit Depreciation expense $6
Credit Accumulated depreciation $6
(To record depreciation expense)
Debit Salaries and wages expense $9
Credit Salaries and wages payable $9
(To record salaries and wages payable)
Debit Income tax expense $11
Credit Income tax payable $11
(To record income tax payable)
Therefore the appropriate journal entry is: Debit Insurance expense $7; Credit Prepaid Insurance $7.
The complete question is:
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)
Account Titles
Debits:
Cash$52
Accounts Receivable 14
Prepaid Insurance 9
Equipment 108
Insurance Expense 0
Salaries and Wages Expense 24
Supplies Expense 40
=$247
Credits:
Accounts Payable 14
Common Stock 104
Retained Earnings 17
Sales Revenue 112
=$247
Journal entry worksheet:
Record the entry for insurance expired during the year, $7.
Record the entry for depreciation expense for the year, $6.
Record the entry for salaries and wages payable of $9.
Record the entry for income tax payable of $11.
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If a monopoly firm suddenly lost its barriers to entry and faced new competition, yet consumers thought that the former monopoly’s products were somewhat different than its new competitors, then?
If a monopoly firm suddenly lost its barriers to entry and faced new competition, yet consumers thought that the former monopoly’s products were somewhat different than its new competitors, then the industry has probably become a monopolistically competitive industry.
As given that the former monopoly’s products were somewhat different than its new competitors, thus it is clear that supernormal profits in the case of the monopoly has attracted various other firms in the market. Thus product differentiation has led to the entry of new firms in the market and the industry has probably become a monopolistically competitive industry. Also free entry and free exit are also indicative of the monopolistically competitive industry
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Seller Vincent decided to let the listing agreement he had with broker Bob expire and sell the property himself. Prospective buyers who looked at Vincent's farm twice while Bob had the listing remained interested in the property, and they want to buy the farm from Vincent directly. Does Bob retain any interest in this transaction
Yes, Bob does retain interest in this transaction as he registered under safeguard terms. because the protection clause suggest:-
A former agent is additionally obligated to the buyer registered under the protection provision in the listing agreement if the seller is shown the property by an agent within the listing term as the listing expires. The seller will still be required to pay the agent's fee if a protected buyer tries to make a direct purchase from them while the protection period is still in effect.
What is the purpose of a protection clause?A safety protection provision is intended to guarantee that a broker gets paid fairly for their services and to prohibit buyers' and sellers' collusion. A contingency known as a broker protection clause, sometimes known as a safety clause or extension clause, is present in listing agent contracts. This provision states that in some circumstances, even if the house sells after their listing has expired, the seller will pay the listing agent commission fees.To know more about protection clause, check the given links.
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Stephen Chemical produces chemicals that are sold to consumer product manufacturerers, such as Procter and Gamble, as raw materials in the manufacturing processes to create shampoos and detergents. Stephan's chemicals are known as ______________ products.
Stephen Chemical produces chemicals that are sold to consumer product manufacturers, such as Procter and Gamble, as raw materials in the manufacturing processes to create shampoos and detergents. Stephan's chemicals are known as Business products.
What are Business Products?Business products are goods and services that businesses buy to run their operations or to manufacture their own goods. Business products are categorized differently than consumer goods because they are used rather than based on consumer purchasing patterns.Business products, in other words, are the things and services that people wish to purchase in order to outfit their homes, operate their own enterprises, sate their needs for supplies in their churches, schools, stadiums, and factories, as well as to generally keep the world moving ahead.The provision of raw materials, which are directly extracted from the environment, marks the start of the manufacturing process.Raw materials, machinery, accessories, supplies, and commercial services are a few examples of business products. Companies utilize business software to assist essential company operations.To learn more about Business Products refer to:
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When blood that is low in oxygen is pumped out of the right ventricle, what is the order of vessels in its path
When blood that is low in oxygen is pumped out of the right ventricle
Begins its journey in the pulmonary trunk Begins its journey in one of the two pulmonary arteries on the left or right.Begins arterioles, enter capillariesBegins venules, enter veinsenters left atriumThis is further explained below.
What is the right ventricle?Generally, When blood that is deficient in oxygen is pushed out of the right ventricle, this condition is known as hypoxemia.
In conclusion, It all starts in the pulmonary trunk, where it travels across the body. It starts off in either the left or the right of the two pulmonary arteries that are present in the body. Begins arterioles, enter capillaries Begins venules, enter veins enters left atrium
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In the opening case of target's erp implementation, what were the bad managerial decisions made that led to a failed outcome?
There can be many bad managerial decisions that led to failed outcomes.
What were the bad managerial decisions made that led to a failed outcome?
The top management decided to pursue a quick and aggressive implementation schedule.To predict the sales demand in Canada, mid-managers populated the ERP system with benchmark data from US operations.The system's auto-replenishment feature is disabled by store managers because there are insufficient checks and balances.What is the critical issue in ERP implementation?
To benefit from an ERP solution, a significant amount of change must be carefully managed after an ERP implementation. Top management's commitment, process reengineering, the ERP's integration with other business information systems, the choice and management of consultants and employees, and employee training on the new system are crucial factors that must be carefully taken into account to ensure successful implementation.
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A higher residual value will result in a(n)____depreciation expense per year and a(n) net income.
A higher residual value will result in a lower depreciation expense per year and a higher net income.
Income is an opportunity for consumption and savings that a company earns within a specific time frame and is usually expressed in monetary terms. Income is difficult to define conceptually, and definitions vary by region.
The term "income" generally refers to the transfer of money, property, and other values received over a period of time in exchange for a service or product. There is no single standard definition. Income is defined according to the context in which the concept is used.
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Academic calendars, setting of budget and tax rates, approval of textbooks, determination of course offerings, student handbooks, employment contracts, and school zoning are all decisions that are the responsibility of which part of school district leadership
Academic calendars, setting of budget and tax rates, approval of textbooks, determination of course offerings, student handbooks, employment contracts, and school zoning are all decisions that are the responsibility of board of trustees school district leadership.
What is board of trustees?Board of trustees can be defined as a person who responsibilities has be vested and has been chosen or selected to plan, control, manage and be in charge of the activities of an organization.
Hence, Academic calendars, setting of budget and tax rates, approval of textbooks, determination of course offerings, student handbooks, employment contracts, and school zoning are all decisions that are the responsibility of board of trustees school district leadership.
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Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserve ratio is 20%. Bob, a client of First Main Street Bank, deposits $1,500,000 into his checking account at First Main Street Bank.
The following would be changes in Bob's Account :-
Assets: Reserves $1,500,000
Liabilities: Deposits $1,500,000
SOLUTION:-
Bob's deposit of $1,500,000 into First Main Street Bank results in the bank having both an asset and a debt.
The bank's reserves are increased by $1,500,000 on the T-asset account's side. Some of these extra reserves may be used by the bank to provide loans to other borrowers.
The $1,500,000 is shown as a demand deposit on the liability side of the T-account because Bob has the right to get his deposit back at any time by visiting the bank and asking for it, writing a check, or using a debit card.
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In an operating lease in which the asset’s economic life and lease term are different:________
In an operating lease in which the asset's economic life and lease term are different: The lessee depreciates the asset over its economic life.
What makes a lease an operating lease?
An operating lease is a legal arrangement that allows the use of property without changing who owns it. Operating lease accounting is governed by GAAP guidelines. All leases with terms longer than 12 months must be recorded on the balance sheet, according to a new FASB regulation that took effect on December 15, 2018.
Which lease is a long term that is not cancellable and its life often matches the useful life of the asset?
When a lessor agrees to transfer ownership rights to the lessee once the lease term is over, this is known as a capital lease. Long-term and irrevocable are the characteristics of capital or finance lease.
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Listed below are the actions one would take when reconciling a bank statement. Drag each action into the order in which it is performed.
The actions that one would take when reconciling a bank statement are:
Identify the bank statement balance of the cash account.Identify and list any unrecorded deposits and any bank errors understating the bank balance.Add them to the bank balance. Identify and list any outstanding checks and any bank errors overstating the bank balance.What is a bank statement?A bank statement is a list of all transactions for a bank account over a set period.
The statement includes deposits, charges, withdrawals, at the beginning and ending balance for the period.
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Assume that the government places a $4 tax on each slice of cheesecake and that the new equilibrium price is $9. What is Regina's consumer surplus from cheesecake
Regina's consumer surplus from cheesecake is $1.
How to calculate Consumer Surplus?Consumer surplus = 1/2 x Demand at equilibrium x (Maximum price the buyer is willing to pay)
Without tax:
Regina is willing to pay = $8 - $5 equilibrium price = $3
With taxes:
Regina is willing to pay $8 - $7 equilibrium price = $1
What is consumer surplus?Consumers' surplus is a measure of consumer welfare and is defined as the excess of social valuation of product over the price actually paid. It is measured by the area of a triangle below a demand curve and above the observed price.
t is positive when what the consumer is willing to pay for the commodity is greater than the actual price. Consumer surplus is infinite when the demand curve is inelastic and zero in case of a perfectly elastic demand curve.
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Like personal selling, direct marketing makes use of Blank______ communication, allowing the seller to adapt messages according to the particular customer. Multiple choice question.
Like personal selling, direct marketing makes use of interactive communication, allowing the seller to adapt messages according to the particular customer.
Effective Interactive conversation is key to ensuring effective interactive verbal exchanges with others and is important to assembly the CRA 's commercial enterprise targets. It requires lively listening, information on others' points of view, and being capable of responding verbally in the correct way.
This capability to form a court and correctly speak with another character through communication calls for a variety of competencies, which includes suggesting, developing subjects, thinking, paying attention to and linking facts, participating, and negotiating outcome.
One of the essential blessings of interactive communique is that it lets in the area for body language or different physical cues (at the least if it is introduced in individual or thru video convention). Interactive communique can also be first-class when relaying sensitive or extreme information because it tends to be greater than non-public.
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How are progressive taxes and regressive taxes similar?
• Both charge high-income individuals more.
• Both are considered flat taxes.
•
Both are determined based on income.
• Both are types of indirect taxes.
Progressive taxes and regressive taxes are similar because A. Both charge high-income individuals more.
How are progressive taxes similar?
Income taxes can be both progressive or proportional. Progressive taxes charge low tax rates on low-income earners and higher speeds on those with higher incomes, while individuals are assigned the same tax rate however of how much income they make.
What is progressive tax and regressive tax?A progressive tax is represented by a more than proportional rise in the tax disadvantage relative to the increase in income, and a regressive tax is characterized by a less than proportionate rise in the comparative burden.
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Game theory can help us understand why Xerox did not successfully exploit the opportunity it had in IT. If Xerox commercializes PC technology and its rivals do not Xerox payoff is expected to be
If Xerox commercializes PC technology and its rivals do not Xerox payoff is expected to be $250m, whereas the competitors’ payoff is $75m.
What is game theory?This is the game strategy that involves two players where each of the players have to pick the most favorable choice based on the choice of the other person.
Here it would be best for Xerox to pick option B because this is where they would be able to get the most advantage.
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Complete questionGame theory can help us understand why Xerox did not successfully exploit the opportunity it had inIT. If both Xerox and competitors continue with old technology the payoff for XeroxSelect one:a.
is $150m, whereas the competitors’ payoff is $325m.
b. is $2
50m, whereas the competitors’ payoff is $75m.
c.
is $75m, whereas the competitors’ payoff is $250m.
d.
is $325m, whereas the competitors’ payoff is $150m.
The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with _____.
The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with receipt of cash.
What is a merchandise?Any form of items, including those used for personal or professional purposes, as well as goods sold to the general public (retail) or other enterprises, are referred to as merchandise (wholesale). 'Freebies', or promotional things like the bespoke drink bottles in this example that are given away or not charged for, can also be referred to as merchandise. Calendars, magnets, wall art, stationery, greeting cards, textiles, badges, and a wide variety of other goods may be included in this category. A T-shirt with a slogan or logo that a political party distributes to voters during an election campaign or a calendar with a logo that a supplier offers its clients at the end of each year are two examples of freebie products.Buying merchandise can be done with cash or on credit. The accounts involved in the transaction are the purchases account and the cash account if goods are paid for in cash. It debits the purchases account and credits the cash account.
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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Purchase equipment for $48,000 in cash 3. Receive payment of $13,000 owed by a customer 4. Issue $70,000 in stock 5. Borrow $65,000 from a bank 6. Pay $5,000 owed to a supplier 7. Purchase equipment for $42,000 in cash What is the net change in Total Liabilities
1. An evaluation of the following transactions' effect on assets, liabilities, and equity is as follows:
Assets = Liabilities + Equity
+$15,000 +$15,000 + $0 $0 $0 +$70,000 +$0 + $70,000 +$65,000 +$65,000 -$5,000 -$5,000 $0Total $145,000 = $75,000 + $70,0002. The net change in total liabilities is $75,000 (a reduction of $5,000).
Transaction Analysis:Raw Materials Inventory $15,000 Accounts Payable $15,000Equipment $48,000 Cash $48,000Cash $13,000 Accounts Receivable $13,000Cash $70,000 Common stock $70,000Cash $65,000 Bank Payable $65,000Accounts Payable $5,000 Cash $5,000Equipment $42,000 Cash $42,000Total Liabilities:Accounts Payable $15,000
Bank Payable $65,000
Accounts Payable ($5,000)
Net change = $75,000
Thus, the evaluation shows that with each transaction, the assets are always equal to liabilities and equity.
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The Net change in Total Liabilities is $75,000.
Net change in Total Liabilities1. Buy $15,000 worth of manufacturing supplies on credit
Assets increase by $15,000Liabilities increase by $15,000No effect on equity2. Purchase equipment for $48,000 in cash
No effect on assetNo effect on liabilityNo effect on equity3. Receive payment of $13,000 owed by a customer
No effect on assetNo effect on liabilityNo effect on equity4. Issue $70,000 in stock
Assets increase by $70,000No effect on liabilityEquity increases by $70,0005. Borrow $65,000 from a bank
Assets increase by $65,000Liabilities increase by $65,000No effect on equity6. Pay $5,000 owed to a supplier
Assets decrease by $5,000Liabilities decrease by $5,000No effect on equity6. Purchase equipment for $42,000 in cash
No effect on assetNo effect on liabilityNo effect on equityNet change in Liabilities:
Net change in liabilities =$15,000 +$65,000 -$5,000
Net change in liabilities= $75,000
Therefore the Net change in Total Liabilities is $75,000.
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As a manager applying reinforcement theory, what methods would you use to reduce the frequency of an undesired behavior?
If you are a manager employing the idea of reinforcement, you can choose to ignore the undesirable behavior entirely and work to modify it as a result of the lack of reward it gets. This is further explained below.
What is reinforcement theory?Generally, A psychological concept known as the reinforcement theory proposes that individual behaviors may be altered via the use of reward, punishment, or extinction. This theory is based on the idea that actions are molded by the consequences they produce.
In conclusion, If you are a manager adopting the idea of reinforcement, you can choose to entirely ignore the undesirable behavior and cut it down since it is not receiving any reward.
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Given that many new businesses fail in the first few years after they are established, how should an entrepreneur think about the risk of failure associated with a new business? From what you have learned in this chapter, what can an entrepreneur do to increase the chance of success?
Businesses Fail by Entrepreneur - You start your business for the wrong reasons
There’s No Market or Too Small of a Market
Poor Management
Insufficient Capital
The Wrong Location
Lack of Planning
An entrepreneur can do these things to increase the chance of success Study the competition
Conserve cash no matter how good business is
Research new products and services
Don't tackle huge markets at first
Listen to customer feedback and adapt
Make proper strategy
Target the Customers Your Competitors Leave Behind
Invest in Learning New Skills
Stay Positive
Create a Budget and Stick to It
Focus on Sustainable Growth
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What will be required for service providers to compete in the future?
Maintaining close relationships with the suppliers will be required for service providers to compete in the future.
A business that offers both consumers and businesses web access is known as an Internet service provider (ISP).
Additionally, ISPs might offer services like email, domain registration, web hosting, and browsers.
A provider of information services, storage services, Internet network service providers (INSPs), or a combination of all of them, is referred to as an ISP.
The use of the internet has changed from being restricted to people with government or academic accounts to almost everyone having access, whether it be for a fee or for free.
Hence, Maintaining close relationships with the suppliers will be required for service providers to compete in the future.
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