Porter and Kramer view the value chain as__________________, and define it as incorporating “all of the activities a company engages in while doing business.”
a. looking from society and supplier perspectives
b. looking from inside the company outward
c. problematic yet key
d. only part of the equation
b. looking from inside the company outward
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Which method assigns the cost of the most recent items purchased to cost of goods sold?
a. Specific identification b. Weighted average cost c. FIFO d. LIFO
Wisconsin Farm Equipment Company sold equipment for cash. The income statement shows a loss on the sale of $7000. The net book value of the asset was $28,900. Which of the following statements describes the cash effect of the transaction?
A) positive cash flow of $35,900 from financing activities B) negative cash flow of $21,900 for operating activities C) negative cash flow of $21,900 for financing activities D) positive cash flow of $21,900 from investing activities
Land improvements are:
A. Also called basket purchases. B. Assets that increase the usefulness of land, but that have a limited useful life and are subject to depreciation. C. Included in the cost of the land account. D. Assets that increase the usefulness of land, and like land, are not depreciated. E. Expensed in the period incurred.
Uncollectable accounts receivable can be written off by small businesses to decrease business income tax liability.
Answer the following statement true (T) or false (F)