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Scenario 4-1 You Have Recently Been Hired as the HRM

question 53

Multiple Choice

Scenario 4-1 You have recently been hired as the HRM for Scribe Engineering, a Canadian software development company.Scribe's product is information systems.The company's environment is competitive and constantly changing.There continues to be an increased demand for customized computer systems that improve the flow of information in a wide range of small Canadian businesses.Due to Scribe's growth in sales, the company is anticipating the need for an increase from 150 to 200 employees.The company requires highly skilled software designers, computer programmers, sales professionals, and support staff.The majority of employees, from younger technical support staff to senior management, stated that work-life balance is important to them and that they want more flexibility in how and when their work gets done.Job demands are changing constantly because of the dynamic environment.There are concerns of sex, age, and family status discrimination with the office administration employees.The CEO has stated that Scribe has a few outdated job advertisements, but that the company never had time to write job descriptions.Managers have expressed concerns that job descriptions are of limited value because positions need to adapt to the high speed of change and that they limit their flexibility in supervising employees' tasks.
-Refer to Scenario 4-1.What major strategic focus in employee selection could distinguish Scribe Engineering as a high-performing organization rather than an underperformer

Prepare and understand journal entries for the issuance of direct materials into production.

Compute direct labor rate and efficiency variances, and interpret their implications.

Understand and apply the concept of budgeting in cost management; compute the difference between actual and budgeted performance.

Calculate and interpret controllable variances in overhead costs.

Definitions:

Contingent Liability

Contingent liability is a potential financial obligation that may arise in the future, dependent on the outcome of a specific event.

Financial Statements

Structured reports that convey the financial activities and condition of a business or individual, including balance sheets, income statements, and statements of cash flows.

Warranty Liability

An obligation companies assume when they provide a promise to repair, replace, or refund products that fail to perform as expected.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the appropriate period.