According to Simon (1977), most human decision making, whether organizational or individual, involves a willingness to settle for a satisfactory solution, "something less than the best." This is called satisficing
How does a decision maker go about satisficing?
When satisficing, the decision maker sets up an aspiration, a goal, or a desired level of performance and then searches the alternatives until one is found that achieves this level.
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Because failure to record a liability generally leads to failure to record an expense, it usually results in an overstatement of income
Indicate whether the statement is true or false
Most firms report the amounts in their financial statements using _____
a. Euro's b. United States Dollars c. Japanese Yen d. currency of the country where they are incorporated and conduct most of their business activities e. Swiss Francs
Owner equity is the excess of all assets over all liabilities.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A) Generally, the franchisor can terminate the franchisee's agreement at will, but only if the contract so provides. B) Generally, the franchisor can terminate the franchisee's agreement at will. C) The federal government has enacted laws requiring "just cause" before any franchise agreement can be terminated. D) Most state governments have enacted laws requiring "just cause" before any franchise agreement can be terminated. E) Generally, the franchisor can terminate the franchisee's agreement only for a legitimate cause.