In: Operations Management
1. Nineteenth century liberalism included the idea of all of the following except
a. property qualifications for voting.
b. women's suffrage.
c. a government of limited powers.
d. protection of basic civil rights.
e. a constitutional state or government.
2. The so-called "scramble" for Africa occurred
a. between 1815 and 1850.
b. during the French Revolution.
c. between the 1880s and 1900.
d. in the 1500s.
e. in the 1600s.
3. Woodrow Wilson's peace goals included all of the following except
a. punishment of Germany for starting the war.
b. open covenants of peace instead of secret diplomacy.
c. reduction of national armaments.
d. self-determination.
e. a general association of nation to guarantee territorial integrity.
4. The Suez Canal is in what nation?
a. Panama.
b. Italy.
c. Germany.
d. Egypt.
e. Great Britain.
5. Economically, colonies were important in
a. providing markets for manufacturing items produced in the mother
country.
b. producing manufactured goods to be sold in the mother country.
c. providing soldiers for the colonial armies.
d. purchasing raw materials from the mother country.
e. investing financial resources in the mother country.
In: Economics
1. For the following list, decide how each item affects the calculation of GDP for Macro States in 2015.
Please also justify your reasoning as part of your answer.
a. A new house is constructed in Macro States during 2015.
b. The government purchases new textbooks for the schools of Macro States during 2015.
c. Macro States sells 100,000 pounds of beef to Neverlandia during 2015.
d. Judy teaches Ellen’s children in exchange for Ellen driving the children’s carpool three days a week throughout 2015.
2. For the following list, what spending components of GDP (C, I, G, X or M) would each of the following transactions affect.
a. A family buys a new refrigerator.
b. Aunt Jane buys a new house.
c. Ford sells a Mustang from its inventory.
d. You buy a pizza.
e. The state of California repaves Highway 101.
f. Your parents buy a bottle of French wine. (Two answers).
g. Honda expands and creates a factory in Marysville, OH.
5. GDP does not include the value of used goods that are resold. Why would including such transactions make GDP a less informative measure of economic well-being?
6. A U.S. citizen buys a pair of shoes made in Italy. How do the U.S. national income accounts treat this transaction? (hint: what happens to our equation and to GDP?)
7. Which of the following transactions will be included in GDP for the United States? Circle responses. If no, please briefly explain why.
a. Coca - Cola builds a new bottling plant in the United States.
b. Delta sells one of its existing airplanes to Korean Air.
c. Ms. Moneybags buys an existing share of Disney stock.
d. A California winery produces a bottle of Chardonnay and sells it to a customer in Montreal, Canada.
e. An American buys a bottle of French perfume in Paris.
f. A book publisher produces too many copies of a new book; the books don’t sell this year, so the publisher adds the surplus books to inventories.
In: Economics
In: Operations Management
3. Vacation Island has only one hotel on the entire island. The demand schedule to rent a room for a-night at the hotel is given bellow. Price per night Quantity demanded $150 0 $130 1 $110 2 $90 3 $70 4 $50 5 $30 6 a) Calculate the hotel’s total revenue and its marginal revenue. Fill in the table below. Price Quantity Total Revenue Marginal Revenue $150 0 - $130 1 $110 2 $90 3 $70 4 $50 5 $30 6 b) The marginal costs are listed in the table below. What price will the hotel charge to maximize its profit? Explain. Quantity Marginal Cost 0 - 1 $40 2 $43 3 $50 4 $61 5 $76 6 $95 c) How many rooms will be rented, when the hotel maximizes its profit? Explain.
In: Economics
R& V Hotel is consistently incurring losses for the past 2
years though the sales clerk receives customer orders, raises sales
invoices at a higher price and processes payments for customers.
Hotel customers have contracted prices, however online trade prices
automatically loaded in to the system but the Brenda clerk used to
amend manually. Mr. Zakariya an internal auditor found some
deficiencies, who has taken some necessary actions to cross check
those invoices and employees responsibilities and suggested the
management immediately to prevent from loss of customers and good
will of the hotel.
Based on the above scenario:
1. How the internal audit for R and V hotel can be helpful in
resolving the issues they are confronting at the moment? Justify
your answer practically
2. If you were Mr. Zakariya, prepare doable audit plan that Mr.
Zakariya that you can use for the company and provide
recommendations on how to overcome the deficiencies cited in the
case?
In: Accounting
Question 2
You are an auditor on the BLUE Limited (BLUE) audit engagement for the financial year ending 30 September 2019. BLUE is a large hotel company with more than 1000 hotels in Australia and Asia under a range of hotel brands. You are in the process of undertaking audit planning procedures for the BLUE audit. You have noted a number of significant risks outlined below.
BLUE’s revenue is made up of management fees earned from hotels managed by BLUE under long-term contracts with hotel owners, and from the rental of rooms and food and beverage sales from hotels owned and leased by the company directly. In hotels owned and leased directly by BLUE, the company’s practice is to confirm hotel bookings by taking credit card details and collecting payment for accommodation and incidentals at the end of a customer’s stay. You have noted an increasing incidence of corporate clients prepaying for their employees’ accommodation. These have been recorded as revenue when payment has been received.
It has also come to your attention that there have been a growing number of disputes with hotel owners in relation to the amount of management fees being charged. Management fees included a base fee, a percentage of hotel revenue, and an incentive fee based on the hotel’s profitability. Individual contracts negotiated with hotel owners include provisions for percentage increases of the base fee either annually or biannually to take effect at specific dates. Based on your initial review of the correspondence, it appears that BLUE has been applying percentage increases to the base fee charged to hotel owners prior to their effective date as contained in the contracts with individual hotel owners.
BLUE runs a hotel loyalty program which enables members of the program to earn points for every dollar spent on accommodation, food and beverages at BLUE branded hotels. These points may be redeemed at a later date for free accommodation or other benefits. BLUE records a loyalty program future redemption liability on the basis of the number of points expected to be redeemed prior to their expiry multiplied by redemption cost per point. An announcement was made on 30 May 2017 that points earned under the loyalty program would now expire in two years rather than five years from the time they are earned. BLUE’s management subsequently reduced the amount provided in the loyalty program future redemption liability by $80 million based on their estimate of the revised amount required to meet the liability given the impact of the change.
BLUE has embarked on a large-scale software development project in the current year to internally develop improved guest reservation and hotel management systems. An amount of $37 million for the year has been capitalised as software development during the year. Your initial review has revealed that this amount includes repairs and maintenance of a range of BLUE’s hardware incurred during a year.
Required
(a) Considering the information provided, determine the four key account balances and related assertions at risk. Briefly justify your answer. (4 X 5 Marks = 20 Marks)
b) Recommend one audit procedure in relation to each of the assertions identified above (4 X 2.5 Marks = 10 Marks)
In: Accounting
Apply the following facts to the next two questions.
The publication of the original UCC in 1952 sparked an expansion of the statute of frauds in the United States to cover sales of goods of $500 or more. At about the same time (in 1954), the British Parliament repealed its longstanding statute of frauds as applied to sales of goods. Some have argued that we should scrap UCC §2-201 on the grounds that it encourages misdealing as much as it prevents fraud. Consider the following two hypotheticals:
(In the United States) Johnny is looking at a used Chevy Tahoe. He knows that the $7,000 price is a good one, but he wants to go online and see if he can find an even better deal. In the 20 minutes he has been with the car’s current owner, the owner has received three phone calls about the car. Johnny wants to make sure that no one else buys the car while he is thinking the deal over, so he makes a verbal agreement to buy the car and shakes the seller’s hand. He knows that because of the statute of frauds and the fact that nothing is in writing, he does not yet have any enforceable obligation to buy the car.
(In the United Kingdom) Nigel sells used Peugeots in Liverpool. When he senses interest from customers, he aggressively badgers them until they verbally commit to buy. If the customers later get cold feet and try to back out of the deal, he holds them to the verbal contracts. Because there is no longer a UCC-style statute of frauds in Britain, the buyers are stuck
In: Computer Science
The opera theater manager calculates that 11% of the opera tickets for tonight's show have been sold. If the manager is correct, what is the probability that the proportion of tickets sold in a sample of 703 tickets would be less than 13%? Round your answer to four decimal places.
In: Statistics and Probability
Explain how a revenue journal might to modified for the following specific business(choose 1). Discuss the process of posting from revenue journal to general ledger.
- Dunbar Auto Repair Business
- Dunbar Movie Theater.
- Mifflin Hut Snack Bar, Restaurant, and Lounge.
In: Accounting