Describe the dimensions of organizational culture.
What will be an ideal response?
There are four dimensions that characterize organizational culture and its associated norms and values. Order and consistency refer to adherence to rules and procedures, an emphasis on stability, and top-down command-and-control. Achievement focuses on being the best, aggressive action, competitiveness, and an emphasis on personal initiative. Clan refers to an emphasis on building consensus and teamwork, equal status, and having a friendly or “family” environment. Adaptability emphasizes experimentation, innovation, creativity, and risk-taking. A firm could emphasize one or have several or even all of the elements present. The key is that there should be an alignment between the dimension(s) that is emphasized in a firm’s culture and the pursuit of competitive advantage.
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Amounts in the special columns of the combination journal are posted as totals
Indicate whether the statement is true or false
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory240 units @ $19 5Purchase265 units @ $21 10Sales 185 units @ $2915Purchase145 units @ $22 24Sales 135 units @ $30
A. $9300 B. $4350 C. $7900 D. $4843 E. $6450
Which of the following is not a primary concern of internal control?
a. Efficiency of company operations b. Fairness of financial statements c. Accuracy of accounting records d. Safeguarding assets
Separate customer accounts receivable are called subsidiary accounts
Indicate whether the statement is true or false