Explain the possible results of this differentiation

Assignment Help Accounting Basics
Reference no: EM13988638

QUESTION1.

You are the owner of Lobster's Unlimited. You have no trouble catching lobsters, but you have difficulty in selling all that you catch. The problem is that all lobsters from all vendors look the same. You do catch high-quality lobsters, but you need to be able to tell your customers that your lobsters are better than those sold by other vendors.

Required:

a. What are some possible ways of distinguishing your lobster from those of other vendors?

b. Explain the possible results of this differentiation.

QUESTION 2.

Scott takes many business trips throughout the year. All of his expenses are paid by his company. Last week he traveled to Rio De Janeiro, Brazil, and stayed there on business for five days. He is allowed a maximum of $50 per day for food and $150 per day for lodging. To his surprise, the food and accommodations in Brazil were much less than he expected. Being upset about traveling last week and having to sacrifice tickets he'd purchased to a Red Sox baseball game, he decided to inflate his expenses a bit. He increased his lodging expense from $75 per day to $100 per day and his food purchased from $30 per day to $40 per day. Therefore, for the five-day trip, he overstated his expenses by $175 total. After all, the allowance was higher than the amount he spent.

Required:

Assume that the company would never find out that he had actually spent less. Are Scott's actions ethical? Are they acceptable?

Reference no: EM13988638

Questions Cloud

What are the benefits of the two methods : Which method would lead to the best decision when a competitor is submitting a lower bid for your product?
When should one investigate budget variances : What factors would you consider when deciding whether to investigate a variance?
Determine the radius of the cornea for this patient : For a patient, with an illuminated object placed 9 cm in front of the cornea, the magnification by the corneal surface is measured to be 0.046. Determine the radius of the cornea for this patient.
Identify the data collection methods used in that research : Identify the data collection methods used in that research. Analyze that data, evaluate its validity, and then draw conclusions from it in the form of a summary.
Explain the possible results of this differentiation : You are the owner of Lobster's Unlimited. You have no trouble catching lobsters, but you have difficulty in selling all that you catch. The problem is that all lobsters from all vendors look the same. You do catch high-quality lobsters, but you ne..
A firm should stop expanding output : If large and small firms operate in the same industry, we must have constant returns to scale.
Determining the particular demographic group : Suppose a random sample of 10 individuals from that particular demographic group are examined. What is the probability that six of their blood pressures will be in the first group, three in the second, and one in the third?
What is the effective length of the instrument : The actual fundamental frequency of the contrabassoon is 27.5 Hz , which should be different from your answer in part A. This means the model of the instrument as an open-closed tube is a bit too simple. But if you insist on using that model, what..
Advantages and disadvantages of price control laws : From the questions and answer above, what do you conclude in general about the advantages and disadvantages of price control laws that set price ceilings and price floors for any and all goods and services?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Haft construction company determines that 27000 pounds of

haft construction company determines that 27000 pounds of direct materials are needed for production in july. there are

  Determine the amount of depreciation expense for the years

waldum company purchased packaging equipment on january 5 2012 for 135000. the equipment was expected to have a useful

  Suppose the standard for a given cost during a period was

suppose the standard for a given cost during a period was 80000. the actual cost for the period was 72000. under what

  Define managerial accounting

Define managerial accounting. Describe the role of managerial accounting and the management accountant in a business or organization

  Example of a payroll tax expense

Both companies will have the same net income. Which of the following is an example of a payroll tax expense incurred by the employer?

  Orange corporation purchased bonds basis of 350000 of its

orange corporation purchased bonds basis of 350000 of its wholly owned subsidiary green corporation at a discount. upon

  The pixton company has budgeted production of 4000 units

the pixton company has budgeted production of 4000 units in march. each unit requires 1.5 hours of labor. the standard

  Prepare calculations to prove that the selling price

Refer to the information in RE14-7. Thunderball Corporation uses the effective interest method to amortize the premium.

  Analyze the accounting equation effects of the transactions

Analyze the accounting equation effects of the transactions in M2- 17 using the format shown in the chapter and compute total assets, total liabilities, and total stockholders' equity. a. Ordered and received $ 12,000 worth of cotton candy machines f..

  Xyz company has the following product costs for its line of

xyz company has the following product costs for its line of product a direct materials 10 direct labor 8 variable

  Prepare journal entries for common stock issued

Prepare journal entries for common stock issued above par value and draw up a Balance Sheet showing how these entries are reflected therein. Please explain in a word document and should be 1 page minimum.

  If the company allocated each months factory overhead

if the company allocated each months factory overhead costs to the products made in that month what would be the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd