AICPA
Adapted
Sometimes a business entity may change its method of accounting for certain items. It may classify the change as a change in accounting principle, a change in accounting estimate, or a change in reporting entity. The following are three situations faced by Hyde Company relating to accounting changes.
Situation I
Hyde determined that the depreciable lives of its fixed assets are presently too long to fairly match the cost of the fixed assets with the revenue produced. Hyde decided at the beginning of the current year to reduce the depreciable lives of all of its existing fixed assets by 5 years.
Situation II
On December 31, 2012, Hyde owned 51% of Patten Company, at which time Hyde reported its investment using the cost method, owing to political uncertainties in the country in which Patten was located. On January 2, 2013, the management of Hyde was satisfied that the political uncertainties were resolved and the assets of the company were in no danger of nationalization. Accordingly, Hyde will prepare consolidated financial statements for Hyde and Patten for the year ended December 31, 2013.
Situation III
Hyde decides in January 2013 to adopt the straight-line method of depreciation for equipment. The straight-line method will be used for new acquisitions, as well as for previously acquired equipment for which depreciation had been provided on an accelerated basis.
Directions
For each of the preceding situations, research the related generally accepted accounting principles and prepare a short memo to the president that explains the following: type of accounting change; manner of reporting the change under current generally accepted accounting principles, including a discussion, where applicable, of how amounts are computed; effect of the change on the balance sheet and income statement; and note disclosures that would be necessary. Cite your references and applicable paragraph numbers.
Answers
The type of accounting change in this situation is a change in depreciation method from accelerated basis to straight-line method. According to the AICPA (American Institute of Certified Public Accountants), the change should be reported as a change in accounting estimate.
Under current generally accepted accounting principles (GAAP), the effect of the change on the balance sheet is not required to be reported retrospectively, but it should be reported prospectively. The change in depreciation method will affect the accumulated depreciation and the carrying amount of the equipment on the balance sheet. It will also impact the depreciation expense on the income statement.
According to the AICPA, the amounts for depreciation expense and accumulated depreciation should be computed based on the straight-line method for both new acquisitions and previously acquired equipment. The change in depreciation method will result in a lower depreciation expense in the future compared to the accelerated basis. Note disclosures should be included in the financial statements to explain the change in accounting estimate and its impact on the financial statements. References: AICPA Accounting Standards Codification (ASC) 250-10-45-2 and 250-10-45-3.
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Related Questions
Write a paragraph (5-8 sentences) that compares and contrasts grants, scholarships, and loans. Be sure to include the pros and cons of each.
Answers
Answer:
he lets talk on here pls
Explanation:
Which kind of map would be most helpful to use when studying watersheds?a road mapa political mapa topographic map
Answers
Answer:
Topographic map
Explanation:
Topographic maps show the arrangement of the physical features of an area of the Earth; Such as mountains, valleys, plains, and bodies of water ( above sea level).
You have three separate accounts with your bank that you can manipulate with online banking. Account "A" is a checking account with a $5,245.50 balance, Account "B" is a personal savings account with a $12,850.25 balance, and account "C" is a joint college savings account with your 12-year-old son. You move $2,500 from account "B" to account "A" to cover an unexpected bill. You also move 1.5% of the remaining balance in account "B" to account "C". What is left in account "B" after these transfers? A) $10,195 B) $10,350 C) $15,550 D) $25,000
Answers
Answer:
A) $10,195
Explanation:
This can be calculated as follows:
Amount in Account "B" = $12,850.25
Remaining balance after moving $2,500 from Account "B" to account "A" = Amount in Account "B" - $2,500 = $12,850.25 - $2,500 = $10,350.25
Amount moved from account "B" to account "C" = Remaining balance after moving $2,500 from Account "B" to account "A" * 1.5% = $10,350.25 * 1.5% = $155.25
Balance after moving 1.5% of the remaining balance in account "B" to account "C" = Remaining balance after moving $2,500 from Account "B" to account "A" - Amount moved from account "B" to account "C" = $10,350.25 - $155.25 = $10,195
Therefore, the correct option is A) $10,195.
give four reason as to why being an entrepreneur is beneficial than a doing a job
Answers
Answer:
Hope this helps!
4 reasons:
Explanation:
1) Being an entrepreneur is beneficial because it helps you get to know yourself better. You get to be your own boss.
2) Entrepreneurs get to make their own schedule. You can work for flexible hours.
3) You get to be more independent. Taking entrepreneurship will grant you freedom.
4) Choosing to be an entrepreneur is a big risk. This means your taking a challenge in your life. You'll make yourself stronger!
The best part though? It is a big satisfaction when you succeed, yeah and you'll definitely be proud of yourself.
Journalize the entries for the following adjustments at January 31, the end of the accounting period: a. Amortization, $6,000. b. Prepaid insurance used, $500. c. Interest expense accrued, $650. d. Employee salaries owed for Monday through Thursday of a five-day workweek, the weekly payroll is $8,000 e. Unearned service revenue that becomes earned, $1,000 a. Record the amortization (Record debits first, then credits
Answers
This journal entries reflects the recognition of previously unearned service revenue that has now been earned. The unearned service revenue account is debited to reduce the liability, and the service revenue account is credited to record the revenue earned.
a. Amortization, $6,000:
Amortization Expense $6,000
Accumulated Amortization $6,000
This entry records the amortization expense for the accounting period. The amortization expense is debited, and the accumulated amortization account is credited to reflect the reduction in the carrying value of the asset.
b. Prepaid insurance used, $500:
Insurance Expense $500
Prepaid Insurance $500
This entry recognizes the portion of prepaid insurance that has been consumed during the accounting period. The insurance expense is debited, and the prepaid insurance account is credited to reflect the reduction in the prepaid amount.
c. Interest expense accrued, $650:
Interest Expense $650
Interest Payable $650
This entry records the accrued interest expense that has been incurred but not yet paid. The interest expense is debited, and the interest payable account is credited to recognize the liability for the accrued interest.
d. Employee salaries owed for Monday through Thursday of a five-day workweek, the weekly payroll is $8,000:
Salary Expense $6,400
Salaries Payable $6,400
This entry recognizes the accrued salaries for the days worked by employees but not yet paid. The salary expense is debited, and the salaries payable account is credited to recognize the liability for the unpaid salaries.
e. Unearned service revenue that becomes earned, $1,000:
Unearned Service Revenue $1,000
Service Revenue $1,000
These journal entries capture the necessary adjustments at the end of the accounting period to ensure accurate financial reporting.
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Which of the following describes interest compound on the principle, excluding previously earned interest?
a- future value
b- present value
c- simple interest
d- compunding
Answers
Answer:
c- simple interest
Explanation:
Simple interest is the interest attained on the principal amount only. It is expressed as a percentage of the principal amount. Because the principal amount does not change, and the interest rate remains constant, the simple interest amount is a constant figure throughout the investment life.
Simple interest contrast compound interest that earns interest on previously earned interest.
PRO Engineering is considering whether to purchase or lease a piece of earthmoving equipment. The data associated with the purchase are as follows Initial cost = $150,000 Residual value = $12,000 Maintenance cost = $1,800/per year Operator cost per day = $300/day If the equipment is rented, the operator cost is incurred, at the rate of $300 per day and $100 for the daily rental of the equipment. Determine the minimum number of days per year the equipment must be used to justify the purchase. Use an interest rate of 7%.
Answers
The minimum number of days is 335.18 days or 336 days to justify the buying option.
Given data,
R = 7%
n = 10 years
The annualized cost of purchase price = 150000*(A/P, 7%, 10) = 150000*0.1424
The annualized cost of purchase price = $21360
Annualized salvage benefits = 12000*(A/F, 7%, 10) = 12000*.0724 = $868
Total annual cost when purchased = (($21360 + $1800 + $300 )* $365) - $868 (One year = 365 days)
Total annual cost when purchased = $131792
If leasing takes place,
The total cost per day = $300+$100 = $400 per day
The minimum number of days per year the equipment must be used to justify the purchase:
Minimum days of operations required = $131792/$400
Minimum days of operations required = 329.48 days or 330 days.
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a fiasco involving concert ticket sales for which pop singer was the subject of a senate judiciary hearing on ticketmaster this week?
Answers
Hearings commonly consist of oral testimony from witnesses and questioning of the witnesses with the aid of members of Congress. George B. Galloway termed congressional hearings a goldmine of statistics for all the public troubles of the United States.
Where can I watch the Senate hearings live?A schedule of upcoming committee hearings can be discovered in the Daily Digest, on a committee's website, or the Hearings & Meetings area of Senate.gov. Committees furnish get right of entry to to live webcasts of public hearings on their websites
Unlike most other congressional documents, hearings are not handy from the Senate or House Document Rooms. You might also be capable to come across a hearing from the Government Publishing Office's govinfo website, from a committee website, or from a federal depository library.
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https://brainly.com/question/30549846#SPJ4Part of the movement to humanize bureaucracy includes a. more rigid hierarchical structures. b. efforts to reduce the amount of informal activity in the workplace. c. putting organizational needs above competing responsibilities. d. efforts to reduce the number of people in dead-end jobs.
Answers
Part of the movement to humanize bureaucracy includes:
d. efforts to reduce the number of people in dead-end jobs.What is Bureaucracy?This refers to the rigid network through which an organization functions and operates through the use of official channels to accomplish tasks which can be viewed as tiresome and burdensome.
With this in mind, we can see that as part of the efforts to try and humanize bureaucracy, there have been efforts in place to try and reduce the number of people that work dead end jobs.
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According to the U.S. Department of Labor, the average American has had how many jobs before the age of 32?
a.
four
b.
at least eight
c.
three or fewer
d.
one or two
Answers
Answer:
at least eight
Explanation:
Information released by the Bureau of Labor Statistics via different media indicates that by age 32, an average American will have worked an average of 8.2 jobs.
See the extract below.
"--Individuals held an average of 8.2 jobs from ages 18 through 32, with over half of these jobs being held between the ages of 18 and 22".
The major features of the U.S. free enterprise system include:
A. restrictions on the types of available consumer goods.
B. economic decisions made mainly to promote fairness.
C. limited competition between a small number of companies.
D. limits on the government's role in the economy.
ASAP !!!
Answers
Answer:
D. limits on the government's role in the economy.
Explanation:
Free market enterprise refers to the economic model where demand and supply forces determine the products and services in the market and their prices. In this model, sellers have the freedom to select what business they want to start. Buyers have the option of picking their preferred products or services from many competing suppliers.
In a free market enterprise like the USA economy, the government's role is limited to regulation. The government may get involved in the provision of essential services and public goods. To a large extent, the free market economy is in the profit-motivated, private sector.
Answer: D. Limits on the governments role in the economy
Explanation: I just took the test on a pe x
Consider a circle whose equation is x2 + y2 – 2x – 8 = 0. Which statements are true? Select three options. The radius of the circle is 3 units. The center of the circle lies on the x-axis. The center of the circle lies on the y-axis. The standard form of the equation is (x – 1)² + y² = 3. The radius of this circle is the same as the radius of the circle whose equation is x² + y² = 9.
Answers
According to the question of equation, the first statement is true. The second statement is false. The third statement is false. The fourth statement is true. The fifth statement is false.
What is equation?Equation is a mathematical statement that expresses the equality of two expressions by using symbols. It typically consists of an equal sign and two expressions or terms that are linked by the equal sign. These expressions or terms can contain numbers, variables, constants, and mathematical operations such as addition, subtraction, multiplication, and division. Equations are used to describe physical phenomena and solve problems.
The radius of the circle is 3 units because the equation can be rearranged to (x – 1)² + y² = 3, which is the standard form of a circle. The center of the circle lies at the point (1, 0) and does not lie on the x-axis. The center of the circle lies at the point (1, 0) and does not lie on the y-axis. The standard form of the equation is (x – 1)² + y² = 3. The radius of this circle is 3 units, while the radius of the circle whose equation is x² + y² = 9 is 3√2 units, which is not the same as 3.
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Income tax that is payable to the federal government is collected by the
.
who ever anwer is marked brainlist
Answers
Answer:
Guy above is 100% correct, I put IRS and got 5/5!
Explanation:
Lula’s got a pet dog, for whom she bought an accident and illness pet insurance policy three months ago. The dog steps on a mouse trap set out by neighbors and needs his first vet services of the year, totaling $800. Lula’s deductible is $1000, her reimbursement rate is 75%, and her coverage limit is $15,000. How much does lula pay, and how much does the insurance pay?.
Answers
Lula pays $800, the insurance pays $0. A policy that represents an insurance contract provides the policyholder with financial protection or payment from an insurance firm against losses.
In order to make payments to the insured more manageable, the firm combines the risks of its clients. The majority of people have some kind of insurance, whether it is for their life, their property, their automobile, or their health.
Insurance plans provide protection from monetary losses brought on by mishaps, injuries, or property damage. Additionally, insurance aids in defraying expenses related to liability (legal duty) for harm or damage done to a third party.There are many different types of insurance policies available, and almost any person or organization may find an insurance company that will insure them for a fee.
Therefore, Lula pays $800, the insurance pays $0.
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A child-tax credit (deduction) would
show up on which form?
A. 1040
B. 1099
C. 19
Answers
Answer:
see the answer
Explanation:
I think It is A
PLEASE
what is lean production? in details (GCSE) keywords.
Answers
Answer:
actually I am very sorry I didn't learn this I don't take business
Explanation:
Sorry would there be anything else I can help u with
In the registration statement filed with the SEC, DrugsUSA stated that it had three different medicines approved by the Food and Drug Administration (FDA). In reality, DrugsUSA had filed applications for approval with the FDA that were still pending. The SEC approved the sale of DrugsUSA stock, and Marilyn purchased $100,000 worth of stock. Two months later, all three of DrugsUSA's applications were denied by the FDA. The stock price plummeted, reducing the value of Marilyn's shares to a total of $2,000. What, if anything, can Marilyn recover
Answers
Answer:
In the given case, the default is done by the FDA and not the producing company, hence, the company in loss is eligible for the loss they have occurred. As per the laws in United states, any entity losing any profits or incurring any loss due to actions of some government entity will be eligible to that extent of loss or reduce in value. Therefore, Marilyn is eligible to recover the loss in value, that is $98000, from food and drug administration.
during the second quarter, wilson woolen mills decides to leave all budget values the same as in the first quarter, which is shown below. its direct labor costs decrease to $70,000 but all other costs are identical to the first quarter costs. how will this change impact wilson in the second quarter?
Answers
It will remove the adverse variance in direct labor costs and reduce the unfavorable variance in overall costs.
What exactly are direct labor costs?The total costs paid by the firm for paying salaries and other benefits to the company's workers in return for work performed that is directly related to the production of the company's product or the supply of services are referred to as direct labor expenditures. If your firm manufactures bicycles, the workers are considered direct labor. Direct laborers include assemblers, welders, painters, and machinists.
The direct labor cost formula is a straightforward calculation for calculating direct labor cost. The direct labor cost is calculated by multiplying the pay rate by the time spent working on the project, or Direct Labor Cost= Pay Rate × Project Time.
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In some ways, a debit card is more vulnerable to theft than cash or a checkbook. Explain how this is so. << Read Less
Answers
A debit card is more vulnerable because its contained value are sometimes high.
A debit card is a card issue to a bank account owner to enable easy access to money.
This card works by deducting money directly from the owners checking account with a bank.A debit card can also be termed a money because its contains value and can be used pay for transaction at any point of sales.The debit card are more vulnerable because the value therein may be large, so, fraudsters target stealing the card rather than stealing cash or checkbook.Learn more about Debit Card here
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1. Canada is considering imposing a tax on imports of Chinese solar panels. This action would be best described as a:
a. subsidy
b. quota
c. voluntary export restraint
d. tariff
2. In general, which of the following is most likely to occur as a result of the proposed tax on imported solar panels?
a. Canadian workers in solar panel manufacturing will be laid off.
b. Solar panel producers in Canada will face more competition.
c. Canadian consumers will benefit from cheaper solar panels.
d. Consumers in Canada will face higher prices for solar panels.
Answers
The situation you've described, where Canada is considering imposing a tax on imports of Chinese solar panels, can be best classified as a "tariff." The correct option is d.
A tariff is a tax imposed on imported goods, which is intended to protect domestic industries and encourage local production. By implementing a tariff on Chinese solar panels, Canada aims to make them more expensive, thereby promoting the use of domestically produced solar panels instead. This action can help support local businesses and potentially create more jobs within the country.
In contrast, a subsidy is financial assistance provided by the government to support a particular industry, making their products more affordable and competitive. A quota refers to a limit on the quantity of a specific product that can be imported or exported. Lastly, a voluntary export restraint is an agreement between two countries in which the exporting country voluntarily limits the number of goods it exports to the other country.
In summary, the proposed action by Canada to impose a tax on imports of Chinese solar panels would be best described as a tariff.
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the main responsibility of a central bank is: group of answer choices monetary but not fiscal policy fiscal but not monetary policy both monetary and fiscal policy neither monetary or fiscal policy
Answers
The main responsibility of a central bank is both monetary and fiscal policy.
central bankA central bank, reserve bank, or monetary authority is an entity that handles a country's or monetary union's currency and monetary policy, as well as its commercial banking system. A central bank, unlike a commercial bank, has a monopoly on growing the monetary base. Most central banks also have supervisory and regulatory authorities to maintain the stability of member institutions, prevent bank runs, and deter member banks from engaging in irresponsible or fraudulent activities.
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Which is broadly defined as the effect of politics on markets?.
Answers
The broadly defined term for the effect of politics on markets is political risk.
Political risk refers to the uncertainty and potential negative impact on financial, economic, or business operations caused by political decisions or events.
Political risk can arise from a wide range of factors, such as changes in government policies, regulations, trade agreements, social unrest, wars, or natural disasters. These factors can impact financial markets, investment decisions, business operations, and economic growth.
Investors and businesses need to take political risk into account when making decisions and planning for the future. Political risk can affect currency exchange rates, interest rates, stock prices, and other financial indicators. For example, a sudden change in government policies or regulations could lead to a drop in stock prices or increase the cost of doing business.
Overall, political risk is an important factor that investors and businesses need to consider in order to make informed decisions and manage potential risks to their financial and economic interests.
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The foundation of a marketing plan.
Answers
Answer:
Every marketing plan should include a clear explanation of the market segmentation, target market focus, and a market forecast. To develop an effective plan based on your customers' needs and nature.
why is the standard of living in the united states higher than that of japan or germany, although their workers make more on the average?
Answers
Answer:
The standard of living in the US is higher than that of Japan or Germany due to factors such as a larger economy, lower taxes, and lower cost of living in some areas.
Explanation:
The standard of living in a country is determined by various factors, including average income, cost of living, availability of goods and services, access to healthcare and education, and the overall state of the economy. The United States has a larger economy than Japan or Germany, which means that there is a higher availability of goods and services, and a greater variety of job opportunities. Additionally, the US has lower taxes, which allows individuals to keep more of their income, and in some areas, the cost of living is lower, which contributes to a higher standard of living. While workers in Japan and Germany may make more on average, the cost of living in these countries is also higher, which means that their purchasing power may not be as great as that of workers in the US.
Hope this helps
Using the amount of his current paycheck, Miguel created a series of financial goals and strategies. Which type of financial risk might this cause for him in the future?
✅income risk
- interest rate risk
- personal risk
- inflation risk
Answers
The Inflation risk is the financial risk might affect Miguel in the future.
The financial risk are risk that pose the possibility of losing one's money on an investment or business venture.
Here, it is obvious Miguel financial goals and strategies may involve investment with his Current paycheck say $1,000,000.
If he invest in a Money market now which pays 10%, Inflation will cause the purchasing power of the amount e invested to reduce in the future.
Thus, the Inflation risk, also called purchasing power risk is the financial risk that might affect Miguel financial goals and strategies.
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Clara has opened up a food truck business to sell lunch items such as tacos, tortillas, and burritos. She is a very motivated, hard worker. There are many existing food truck businesses in her town, but she has set a goal of outperforming her competitors and being the busiest, most profitable one. Clara's problem is that her marketing objective is time specific unrealistic measurable realistic
Answers
Clara's marketing objective is unrealistic. While it is admirable that she aims to outperform her competitors and become the busiest and most profitable food truck in town.
The food truck industry is highly competitive, and success depends on various factors such as location, product quality, pricing, and customer preferences.
To set a realistic marketing objective, Clara should conduct thorough market research to understand the local food truck industry, identify her target audience, and assess the demand for her specific offerings. She can then set measurable and achievable goals based on her findings, such as increasing customer satisfaction ratings, expanding the customer base, or achieving specific sales targets within a reasonable timeframe. By setting realistic objectives, Clara can focus her efforts on strategies that are more likely to lead to success and sustainable growth in her food truck business.
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True or false: Design thinking can help narrow the gap between businesses and customersâ perceptions?
Answers
It is true that Design thinking can help narrow the gap between businesses and customers perceptions
What is Design Thinking?Design thinking refers to procedures use to solve problems or find solutions to problems by placing the customers needs above all.
It is base on observation, how people relate with their environment and use iterative approach to profer solutions to problems.
Therefore,
Design thinking can help narrow the gap between businesses and customers perceptions
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QALYs are short for Quality Adjusted Life Years. These were created in order to give life's quality and quantity a measured value. They were employed to make an attempt at evaluating the worth of various health measures. A long life of decreasing quality may be just as valuable as a brief life of high quality, according to a more recent emphasis on the value of "quantity" above "quality."(T/F).
Answers
False. A long life of declining quality could be just as useful as a short life of high quality, according to the supplied statement, which implies an emphasis on the value of "quantity" above "quality."
The statement is untrue, though. The Quality Adjusted Life Years (QALYs) approach does not place a higher priority on quantity than on quality. In order to evaluate the effectiveness of healthcare interventions, QALYs are a metric used in health economics and outcomes research. They assign weights to various health statuses, combining the quantity and quality of life. Instead than favouring one over the other, QALYs acknowledge that both the length and quality of life are significant criteria in assessing the impact of health policies.
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why was the civilian conservation corps established? * 1 point to aid farmers/agricultural workers to create employment opportunities to protect industrial workers to secure the safety of the banks
Answers
The Civilian Conservation Corps (CCC) was established to create employment opportunities. Although it did not directly focus on industrial workers, banks, or agriculture, its primary goal was to provide jobs and engage in environmental conservation projects during the Great Depression.
The civilian conservation corps was established to aid unemployed young men during the Great Depression. The program aimed to create employment opportunities by focusing on conservation and natural resource management projects. The primary goal was to protect and restore the nation's natural resources while simultaneously providing work for those who were struggling financially. The program did not directly target farmers or agricultural workers, but it did provide employment opportunities for them. The program's primary focus was on improving parks, forests, and other public lands. It did not directly aim to protect industrial workers or secure the safety of banks.
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using data to demonstrate the connections between implemented hr practices and agency performance is
Answers
Using data to demonstrate connections between implemented HR practices and agency performance is referred to as "HR analytics".
The HR analytics involves collecting, analyzing, and interpreting data related to HR practices, employee behavior, and organizational performance to gain insights and make data-driven decisions.
By examining the data, organizations can identify correlations, trends, and patterns that help establish the impact of specific HR practices on agency performance.
This approach enables organizations to measure the effectiveness of their HR strategies, identify areas for improvement, and make informed decisions to optimize HR practices and ultimately enhance agency performance.
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The given question is incomplete, the complete question is
Using data to demonstrate the connections between implemented hr practices and agency performance is called as ?