Define philanthropy and explain why some marketing experts call philanthropy "the fifth P," and why it is important to entrepreneurs.
What will be an ideal response?
Philanthropy is the giving of money, time, or advice in an effort to help solve a social or environmental problem such as homelessness, pollution, or cruelty to animals.
Many philanthropic foundations in this country were established by entrepreneurs. Business owners have a responsibility to help the communities they serve. Philanthropy may also generate positive publicity, because a business can choose to promote the giving that you do. For this reason, marketing experts sometimes consider philanthropy "the fifth P." Many entrepreneurs also feel that philanthropy helps to make a successful and fulfilling life.
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Firms may meet earnings benchmarks via operational excellence or by taking real actions to maintain accounting appearances. Explain why the latter approach may be detrimental to a firm's stockholders.
What will be an ideal response?
Assuming that the performance obligation is satisfied over time, Construction in Progress represents inventory that is valued at
A) accrued cost. B) incurred cost. C) lower of cost or market. D) net realizable value.
Carriveau Corporation has two divisions: Consumer Division and Business Division. The following data are for the most recent operating period: Consumer DivisionBusiness Division Sales$331,000$245,000 Variable expenses$102,610$58,800 Traceable fixed expenses$149,000$139,000 The company's common fixed expenses total $63,360.The Business Division's break-even sales is closest to: (Round your intermediate calculations to 2 decimal places.)
A. $182,895 B. $266,263 C. $488,153 D. $218,355
For merchandising firms, inventory items are valued at acquisition cost which includes
a. invoice price less any cash discounts taken for prompt payment. b. cost of transporting, receiving, unpacking, inspecting, and shelving. c. costs to record the purchases in the accounts. d. all of the above e. none of the above