Answer: The question that starts with "On a scale from 1-5..." Is a closed ended question. A closed ended question is usually a yes or no question but in this case its a question that requires a simple, precise, answer.  All of the other questions would require a long response.

## Related Questions

A company began its fiscal year with inventory of \$186,000. Purchases and cost of goods sold for the year were \$945,000 and \$982,000, respectively. What was the amount of ending inventory?

\$149,000

Explanation:

Data provided as per the question below

Cost of goods sold = \$982,000

Inventory = \$186,000

Purchase = \$945,000

The computation of amount of ending inventory is shown below:-

Cost of goods sold = Inventory + Purchase - Ending inventory

= \$982,000 = \$186,000 + \$945,000 - Ending inventory

= \$982,000 = \$1,131,000 - Ending inventory

= \$149,000

9. Which of the following is true regarding the Comprehensive Annual Financial Report (CAFR)? A) The CAFR has three main sections: introductory, financial, and statistical. B) Required supplementary Information includes a Budgetary Comparison Schedule for the General Fund and all major special revenue funds that have a legally adopted annual budget

The correct answer is Both of the above (A and B).

Explanation:

The CAFR is made up of a group of financial statements that must be reported to local authorities and are reviewed by AICPA certified auditors. This document contains all the budget information from previous years and those that are projected to be completed within the following year, using simple language in order to achieve an easy understanding of the principles applied in its construction.

The answer is option A) The CAFR has three main sections: introductory, financial, and statistical.

Explanation:

The purpose of the Comprehensive Annual Financial Report (CAFR) is to provide accurate and meaningful information concerning the City's financial condition and performance.

The CAFR consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report. The Financial section presents the entity's basic financial statements as well as notes to the statements and the independent auditors' report.

The best cost system to use for a company producing a continuous stream of similar items would be a: Group of answer choices Production costing system. Job order system. No cost system is required when jobs are similar. Process costing system.

The Best Cost System is the "Process Costing System"

Explanation:

A Process Costing System amasses costs when an enormous number of indistinguishable units are being created. Right now, is generally proficient to collect expenses at a total level for an enormous group of items and afterward dispense them to the individual units delivered. The supposition that will be that the expense of every unit is equivalent to that of some other unit, so there is no compelling reason to follow data at an individual unit level. The great case of a procedure costing condition is an oil treatment facility, where it is difficult to follow the expense of a particular unit of oil as it travels through the processing plant.

Explanation: A process costing system used in the manufacturing industry that accumulates the costs of producing a continuous stream of similar items.

It is calculated thus:

Cost per unit = cost of unit/ expected output in unit.

Using process costing method is very efficient to accumulate costs at an aggregate level for a large batch of products and then allocate the cost to the individual units produced.

There are three types of process costing and they are:

1. Weighted Average Cost

2. FIFO - First In First Out

3. Standard Cost

Paula, a human resource executive, is setting up a mentoring program at her company. Which action will best help the program succeed

making sure the performance management system rewards managers for employee development

Explanation:

It is very important that the management system supports the program by using rewards to managers as a means of enhancing employee developments.

A reward system is very important in human resources management. It makes people to put in their best. It also attract talented people as well as improving organizational values. Through this system, the mentoring program would be most likely to succeed.

The owner of an Italian restaurant has just been notified by her landlord that the monthly lease on the building in which the restaurant operates will increase by 20% at the beginning of the year. Her current prices are competitive with nearby restaurants of similar quality. However, she is now considering raising her prices by 20 percent to offset the increase in her monthly rent. Would you recommend that she raise prices?

No

Explanation:

In a competitive market, price should be a function of variable/marginal costs not fixed costs.

Retain the small predictable layers of risk and transfer the unpredictable catastrophic layer of risk. Does this statement promote appropriate risk financing decision making