Define values, and discuss the element of corporate culture in detail.
What will be an ideal response?
In general, values were earlier thought of as those beliefs that incline us to act or to choose one way rather than another.
A company's core values, for example, are those beliefs and principles that provide the ultimate guide in its decision making. Individuals can have their own personal values and, importantly, institutions also have values. A corporation's "culture" is a way of saying that a corporation has a set of identifiable values that establish the expectations for what is "normal" within that firm. These norms guide employees, implicitly more often than not, to behave in ways that the firm values and finds worthy. One important implication of this is that an individual or a corporation's set of values may lead to either ethical or unethical result. The corporate culture at Enron, for example, seems to have been committed to pushing the envelope of legality as far as possible in order to get away with as much as possible in pursuit of as much money as possible.
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Elder Corporation decided to change its depreciation policy by (1) changing from double-declining-balance depreciation, and (2) changing the estimated useful life on all automobiles used in the business from five years to four years. Which of the following is correct concerning these two changes?
a. Both are changes in accounting principle. b. Both are changes in accounting estimate. c. One is an error correction, and one is change in accounting principle. d. One is a change in estimate effected through a change in accounting principle, and one is a change in estimate.
__________ is used most effectively to measure a company against other companies in the same industry and to denote trends within the companyis
Fill in the blank(s) with the appropriate word(s).
David, a partner in the Speedy Delivery partnership, negligently drove his delivery truck onto the curb during a rush-hour package delivery. Marlene was injured. Against whom can Marlene collect?
a. Only David. b. Only the other partners. c. Speedy Delivery Partnership. d. Any partner. e. Both Speedy Delivery Partnership and any partner.
________ reduce costs and maintain low prices by buying opportunistically from manufacturers with excess inventory, offering limited assortments of household goods and groceries, as well as health and beauty aids.
A. Convenience stores B. Extreme-value retailers C. Factory outlets D. Specialty stores E. Category killers