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2 years ago

Which of the following is a good rule for avoiding unethical behavior?

Business

1 answer:

scoundrel [369]2 years ago

6 0

Answer:

b. If it feels wrong, don’t do it

Explanation:

Ethics is about doing what is morally right. This may vary from one person to another as what may be right to one may be wrong to another based on culture and other influential factors.

A good rule for avoiding unethical behavior would therefore be " If it feels wrong, don’t do it"

The right option is b.

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On July 1, 2018, Fred City ordered $1,500 of office supplies.They were to be paid for out of the general fund. Entry under:

mel-nik [20]

Answer:

A) Dr. Encumbrances – Office supplies No entry

Cr. Encumbrances outstanding

Explanation:

The journal entry is given below;

For Governmental fund financial statements

Encumbrances-Office Supplies $1,500

To Encumbrances Outstanding $1,500

(Being Office Supplies ordered is recorded)

For Government-wide financial statements

No journal entry is required as under the accrual accounting, no entry should be recorded until the transaction does not arise

Therefore the option a is correct

6 0

1 year ago

Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest). (First mean high

Firlakuza [10]

Answer:

Ahmed's ranking is Third (Lowest Taxable Income)

Baker's ranking is Second

Chin's ranking is First (Highest Taxable Income)

Explanation:

In order to determine the rankings, lets compute each taxpayer's taxable income by making the necessary deductions as applicable. Taxable income calculated for each taxpayer below in serial order. Before we calculate, lets have an idea of how deductions are made.

AGI is defined as the adjusted gross income which is calculated as an individual's gross income minus the expenses that qualify as deductible. These expenses include the likes of contributions to the IRA, payment of interest on student loans, alimony payments, contributions to self-employment insurance, moving expenses, some business related expenses pertaining to educators, artists etc, and some rental expenses associated with a business activity. Therefore, intuitively, we can see that a taxpayer with the highest amount of deductions for AGI would benefit the most when calculating taxable income.

Itemized deductions are expenses that a taxpayer can incorporate to lower their taxable income by reducing their adjusted gross income (AGI). These include certain medical expenses, markup on house loans and charities. Taxpayer's can chose between either opting to deduct itemized expenses or standard deductions which is a fixed deduction allowed under tax law. Obviously, a taxpayer would go for the deduction amount which is the highest. Standard deduction is $ 5,950. Therefore, among the taxpayer's, the one with the highest amount of itemized deductions would benefit the most.

Lets calculate taxable income now.

(1) Ahmed

Gross Income: 80,000

Less Deduction for AGI: (8,000)

Adjusted Gross Income: 72,000

Less higher of itemized deduction or standard deduction: (5,950)

Taxable Income: 66,050

(2) Baker:

Gross Income: 80,000

Less Deduction for AGI: (4,000)

Adjusted Gross Income: 76,000

Less higher of itemized deduction or standard deduction: (5,950)

Taxable Income: 70,050

(3) Chin:

Gross Income: 80,000

Less Deduction for AGI: (0)

Adjust Gross Income: 80,000

Less higher of itemized deduction of standard deduction: (8,000)

Taxable Income: 72,000

As we can see from the above, since Ahmed has the highest deductions for AGI he has the lowed adjusted gross income. He can then take use of the fact that he can deduct a standard deduction of 5,950 (while not having any itemized deductions) to further lower his taxable income.

Chin did not have an deductions for AGI which made his taxable income the highest.

Note: Taxpayers can also deduct personal and dependency deductions but these have been excluded in the context of the question based on the assumption that these deductions have either not been made or would be equal for all three taxpayers. The answer would not be affected in either case.

5 0

1 year ago

Senath Company's annual report reveals net credit sales of $240,000 and average accounts receivable of $20,000. The report also

kirill115 [55]

Answer:

b. the average number of days to collect receivables is 31.

Explanation:

The calculation of average number of days is shown below:-

Accounts receivable turnover = Net credit sales ÷ Average accounts receivable

$240,000 ÷ $20,000

= 12

Average number of days to collect receivable = Number of days in a year ÷ Accounts receivable turnover

= 365 ÷ 12

= 31 days

Therefore for computing the average number of days to collect receivable we simply divide accounts receivable turnover by number of days in a year.

7 0

2 years ago

1. Describe Village Volvo's service package.

Novay_Z [31]

Answer:

See the explanation for the answer.

Explanation:

1. Village Volvo’s service package involves following 5 service package:-

a) Implicit Service:-Mechanics of Volvo provides very friendly environment with positive attitude. They acts as helping hand to customers by providing them advice/consultancy.

b) Explicit Service:-Volvo provide high quality of repair services with a reasonable price thereby ensuring that all Volvo vehicles are running smoothly with no problems.

c) Facilitating goods:-They provide good waiting area for their customers with services such as TV, coffee, soft drink machine newspaper.

d) Supporting facility: - They occupy new building and keep it neat and clean. This building include all facilities as per requirement.

e) Information:-Mechanic understand vehicle’s problem first, analyze solution and notify customer with estimated cost and time required.

2. Distinctive characteristics of a service firm illustrated by Village Volvo are:-

a) Trust

b) Customer comfort and satisfaction

c) Respect

3. Village Volvo can manages its back office like a factory by adoption framework of quality management i.e

a) Giving more importance to safety of its employees.

b) Stressing more on security of its employees

c) Create friendly environment for employees to work in and provide employee satisfaction.

d) Provide a sustainable growth.

4. Village Volvo can differentiate itself from Volvo dealers from following ways:-

a) Sustainable customer touch points.

b) Professional mechanics/agents

c) Through service excellence, village Volvo can create a differentiation.

3 0

1 year ago

Morris is a software engineer for a manufacturer. He wrote a program for the accounting department. During the testing phase, he

Lyrx [107]

Answer:

The principle of the Software Engineering Code of Ethics that Morris has violated is:

the Product principle.

Explanation:

The Product principle requires that Morris' program (product and related modifications) should meet the highest professional standards. Staying within budget and rationalizing an error as minor are not requirements of the Software Engineering Code of Ethics that Morris subscribed to.

Other requirements of the code include acting in the best interest of the public, client, and employer; maintaining high product standards; integrity and independence in professional judgment; using an ethical approach; maintaining professional integrity and independence; being fair and supportive to colleagues; and ensuring participation in lifelong learning.

5 0

1 year ago