Define the term “systems.” Discuss the three categories of systems examined in this chapter.
What will be an ideal response?
The term systems refers to management systems, which include any of the formally organized procedures that pervade a business. The three categories of systems are execution systems, monitoring systems, and control systems.
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A trial balance should be prepared
a. daily; b. weekly; c. monthly; d. yearly; e. whenever desired.
A net income of $10,000 means that the business received $10,000 more in cash from its customers than it spent to run the business
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Electronic versions of SDS are acceptable, as long as there are no barriers to immediate access on the worksite. 2. Willful violations are violations in which the employer knows that the hazardous condition existed but made no effort to eliminate the hazard. 3. Failure to abate means that the employer has not corrected a previous violation for a citation which was issued and the settlement date has passed. 4. NIOSH works with worldwide government health laboratories to identify workplace illnesses and to track diseases that can be passed from one person to another in the work environment. 5. EAP services are not confidential because the employer pays in advance for the services provided to the employee.
________ is a situation in which a creditor agrees to extend credit only if the purchaser pledges some personal property as collateral for the loan
A) Floating lien B) Attachment C) Mortgage D) Secured credit