1. What is Labor Economics and Why is it Important?
2. Discuss the three key actors of labor economics. Give Examples.
3. Distinguish between Positive Economics and Normative Economics. Give Examples.
In: Economics
We can classify a company's control procedures into three major types: preventive controls, detective controls, and corrective controls.
What is the difference between prventive controls, detective controls and corrective controls?
In: Accounting
1. Explain the difference between C-3 and C-4 plants in relation to primary carboxylation (carbon fixation)
2. Give three examples of each including the common name and binomial nomenclature.
In: Biology
a) Two methods of measuring economies of scale ( 20 marks)
b) Three factors that determine the degree of market concentration ( 20 marks)
c) The relationship between concentration and market performance ( 20 marks)
In: Economics
The appendix of the textbook provides a grid of Relevant Professional Auditing Standards. Please research three of the given topics and discuss the differences between U.S. auditing standards (PCAOB and AICPA) and international standards (IASB).
In: Accounting
In: Operations Management
The Best Clothing Company, a retail corporation, had the following post closing trial balance, December 31, 2016 (in thousands of dollars).
ACCOUNT
NUMBER NAME OF ACCOUNT DEBIT CREDIT
10 CASH 30
20 ACCOUNTS RECEIVABLE 91
34 NOTES RECEIVABLE, CURRENT 100
35 ACCRUED INTEREST RECEIVABLE 16
40 MERCHANDISE INVENTORY 160
52 PREPAID FIRE INSURANCE 3
62 NOTES RECEIVABLE LONG TERM 100
74 EQUIPMENT 120
74A ACCUMULATED DEPREC. EQUIP. 76
100 ACCOUNTS PAYABLE 90
111 ACCRUED WAGES PAYABLE 8
123 ACCRUED INCOME TAXES PAYABLE 4
137 UNEARNED SALES REVENUE 10
200 PAID IN CAPITAL 110
230 RETAINED INCOME ___ 322
620 620
The following summarized transactions occurred during 2017 and are shown in thousands of dollars.
a. Merchandise inventory purchased on open account was $480.
b. Total sales were $890, of which 80% were on credit.
c. The sales in (b) were exclusive of the deliveries of goods to customers who had paid in advance as of December 31, 2016. See account # 137 on the above trial balance. All of those goods ordered in advance were all delivered in 2017.
d. The cost of goods sold including those in (c), was $440.
e. Collections from credit customers were $682.
f. The notes receivable are from a major supplier of belts. Interest on all notes was collected on May 1, 2017. The rate is 12% per annum. The accounting system provides for cash collections of interest to be credited first to existing accrued interest receivable (see account #35) carried over from the preceding period.
g. The principal of the current notes receivable was collected on May 1, 2017. The principal of the remaining notes is payable on May 1, 2018 (see entry [r]).
h. As of December 31, 2017, customers had made a total of $7 in advance cash payments for "layaway"plans and for merchandise not yet in stock. These payments were exclusive of any other transactions described above.
CASH DISBURSEMENTS WERE:
i. To trade creditors for accounts payable, $470.
j. To employees for wages, $193. The accounting system for wages is to debit any existing accrued payables (see account #111) first and debit any remainder of a disbursement to wage expense.
k. For miscellaneous expenses such as store rents, advertising, utilities, and suppliers, which were paid in cash, $189. It is not necessary to establish separate accounts for these items.
l. New equipment was acquired on July 1, 2017 for $74.
m. A new fire insurance policy for 36 months was secured and paid in full on September 1, 2017. The effective date of the policy was September 1, 2017 and the cost is $36.
n. Income taxes were paid to the Federal and State governments in the amount of $19. Only $15 of the $19 was debited to income tax expense because the company pays taxes on a quarterly basis (see account #123).
o. The board of directors declared a cash dividend of $26 on December 15, 2017 to stockholders of record, January 5, 2018 and payable January 26, 2018. This company uses an account called DIVIDENDS DECLARED to record the declaration of dividends. This means that your debit would be to Dividends Declared. Do not debit retained earnings.
THE FOLLOWING ADJUSTMENTS WERE MADE ON DECEMBER 31, 2016:
p. For the interest on notes receivable.
q. For current fire insurance policy and the prepaid insurance of December 31, 2016, has expired too. See account # 52 on the opening trial balance.
r. For reclassification of the note receivable. This is necessary because the notes become payable the following year.
s. For depreciation: depreciation expense for the year is $30.
t. Wages earned but UNPAID, at December 31, 2017, $15.
u. Total income tax expense for 2017is $20, computed as 40% of pretax income of $50. Note: part of the 2016 income tax has already been recorded and paid, as indicated by transaction [n]. This is a MAJOR HINT: You must arrive at $50 as your Net Income before Income Tax Expense, if you DO NOT, there is a problem with your journal entries and/or postings.
You are the unfortunate accountant who must record all of the transactions listed above because the bookkeeper was fired for stealing from the store. Therefore, you must do the following to close the books:
Post all balances as shown on the trial balance of 12/31/16 to T ACCOUNTS and indicate that they are opening balances for 1/1/17. Then journalize all of the transactions from a. to u. For any accounts not shown in the trial balance establish new accounts and USE ACCOUNT NUMBERS IN THE 300 SERIES.
Post all transactions that you have journalized to the T ACCOUNTS. All postings must contain posting references to the transaction codes, i.e., the letters a. - u.
Prepare a trial balance as of December 31, 2017.
Journalize and post the closing entries to CLOSE THE BOOKS
Prepare a multi step income statement as of December 31, 2017.
Prepare a statement of retained earnings as of December 31, 2017.
Prepare a classified comparative balance sheet for December 31, 2016 and December 31, 2017.
In: Accounting
Read the following articles and answer the questions that come after
HOW CRM SOFTWARE INCREASES PRODUCTIVITY AND PROFITS IN RETAIL SALES
By Matt Goldman, 2017
The ‘R’ in Customer Relationship Management is where the magic of lies: the customer relationship. In today’s world of over-crowdedness and overstimulation, relationships are the key to connecting with retail customers in a meaningful way. Research reveals —as does intuition—that retail customers now desire more personalized care in the marketplace, from the sales floor to social media platforms. Everyone wants to be treated as uniquely individual, not merely as a statistic or a consumer with money to spend. Once a company focuses on building client relationships, they can expand their trust and loyalty factor. CRM software allows retail companies to be all the more attentive to their customers’ needs from the moment they first walk in the door. CRM software makes personalization simple, thus providing customers with a good feeling about the brand. The integration of online and offline services creates a whole brand experience that makes customers feel welcome. CRM software also increases productivity on the sales floor, getting employees to train faster, respond smarter, and sell easier. CRM retail software allows employees to collect valuable client information and integrate a company’s marketing efforts into the checkout process. Social media and mobile platforms can be drawn into the system as well to target potential customers right where they’re at—through their phones and computers.
How CRM Software Increases Productivity
CRM software makes the process of selling easier from the sales floor all the way up to the corporate offices and out to the supplier warehouses. Recording all client and merchandise data in one system makes everyone better at their jobs and saves time; it helps automate processes from email marketing to checkout to text message marketing, and everything in between. Retail CRM software:
1. Personalizes customer care: by keeping track of their regular customers’ tastes and contact information, retail sales teams can respond to their customers’ particular needs in a much more personalized way. In fact, 73% of consumers say they’d rather purchase from companies that use their personal information to make their shopping experience more relevant. For bigger-ticket sales, when greater care
and more touch points are required, CRM allows one salesperson to take over where another left off, so no one has to start the sales process from scratch again—a potential nuisance and buying deterrent.
2. Facilitates list segmentation: CRM software allows retail companies to filter customers through their email list by interest, life stage, demographics, or other factors right inside their system. By segmenting their email list this way, they can target relevant populations in specific areas with their marketing efforts. For example, retail stores might find it useful to target clients in the northern US with outerwear promotions as the seasons grow colder, whereas sending the same promotion to clients in tropical locations would be a waste of resources.
3. Streamlines the sales process: CRM software can be used to track customers’ original intents for coming into a store as well as all their purchases. This allows employees to pick up the conversation where they left off and equips them with the information, they need to offer complementary items or upsells. If a customer recently purchased a washing machine, employees can suggest a matching dryer or ironing board based on the information available to them in the system.
4. Reduces employee training time: CRM retail software makes it easier to train new employees. By having all processes integrated into a single software system makes workers feel far more efficient at their jobs, increasing confidence on both sides of the transaction. Less time spent at the checkout counter creates more time for engaging with customers and learning more about the product.
5. Simplifies stock management: Integrated CRM software that allows employees to check stock levels improves the customer experience. When an employee has access to stock levels at other stores or warehouses, they can do everything possible to obtain what their customers want. This also makes it easier for managers and corporate employees to manage stock from afar.
6. Syncs with other programs: CRM for retail often syncs with other programs such as payment processing systems, email providers, and accounting software. These integrations make all employees more productive by giving them immediate access to the information they need.
7. Integrates mobile and social platforms: Integrating mobile and social platforms into the sales process with CRM software increases the productivity of salespeople by an estimated 11-14%. By expanding the reach of their marketing beyond the walls of the store, retail businesses can boost their marketing productivity and increase their returns.
How CRM Software Increases Profits
Retail stores that utilize CRM software correctly will:
1. Increase leads: CRM software allows retail sales teams to capture contact information and email addresses as a normal part of the checkout process. Consumers are typically receptive to giving out their email addresses in exchange for deals sent straight to their inboxes and expedited shopping experiences. When salespeople collect contact information, they increase their customer databases and increase their marketing reach.
2. Enhance loyalty: Customers return to stores where they’re known and offers are customized to their needs. CRM software helps retail stores enhance this loyalty factor by getting to know their customers. For example, collecting birth dates allows companies to send their customers incentives on their birthdays, bringing customers back into their stores by showing their human side. Recruiting customers into loyalty programs through retail CRM platforms also creates repeat customers. VIP options further enhance relationships once a high level of loyalty has been reached. CRM for retail can help companies identify and engage with their most valuable customers.
3. Automate marketing: Automation applies particularly to digital marketing. Segmented email lists, for one, allow companies to send the right promotions to the right audiences at the right time. Say a company collects due dates from all expectant moms that purchase items or set up a registry in their store. With their CRM software, they can automatically send promotions for baby items at a defined stage in their development. This automated marketing system increases sales by reaching people at the right time without any extra work needing to be done.
4. Increase ROI: Using the data collected from their CRM, retail stores can figure out which marketing strategies were the most profitable and which were undesirable, so they can tweak and reconfigure those strategies and make them more effective. As they hone their strategies, retail stores can gauge their effectiveness and secure a greater return on investment.
5. Online/offline integration: Integrating online and offline sales strategies streamlines the entire selling process. It enables companies to reach customers while they’re not in their stores—and to do so in a direct way. Retail owners have a choice; they can either hope their customers will come into their store during a particularly exciting sale, or they can reach directly into their customers’ inboxes—even those belonging to customers who weren’t considering shopping—to make them aware of the sale and entice them in.
6. Increase referral rates: Happy customers are the best brand ambassadors. They will often refer their friends and sing a brand’s praises on social media. Implementing a customer referral program into your CRM sales program is a great way to take advantage of that tell-a-friend factor and increase profits. Rewarding customers through a referral program gives them an incentive to send their family and friends to the store.
The End Game
Increasing productivity and profits are two of the major objectives of retail companies. Integrating CRM software into their sales processes is one effective way retail stores can boost those two big P’s and build lasting customer relationships in the process. CRM software equips sales and marketing teams to do their jobs with greater efficiency and serve their customers better. It streamlines employees’ jobs so they can spend their work hours on more important tasks, such as attentive customer care.
Questions to answer (each question counts 25%)
Write details as much as possible
In: Operations Management
The Germans are highly satisfied with their health care system. It offers high quality health care and most are able to access necessary care without impediments. Yet, we spend roughly 80% more per capita on health care in the U.S. than Germany does and we have 30% more preventable deaths per 100,000 than in Germany.
Describe three things that are similar between the U.S. health care system and the German system. Describe three things that are different between the U.S. health care system and the German system. If your objective were to make the U.S. system more like the German system, what reforms would you propose for the U.S. health care system?
In: Nursing
Find the critical z value for a confidence level of
94%.
Critical Value= round answer to 2 decimal places)
Out of 300 people sampled, 246 had kids. Based on this,
construct a 99% confidence interval for the true population
proportion of people with kids.
Give your answers as decimals, to three places
I am 99% confident that the proportion of people who have kids is
between and
Out of 300 people sampled, 255 had kids. Based on this,
construct a 95% confidence interval for the true population
proportion of people with kids.
Give your answers as decimals, to three places
I am 95% confident that the proportion of people who have kids is
between and
In: Statistics and Probability