The view of managers as omnipotent is consistent with the stereotypical picture of the take-charge business executive who can overcome any obstacle in carrying out the organization's objectives.
Answer the following statement true (T) or false (F)
True
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The entry to close Cost of Goods Sold includes
a. debiting Income summary and crediting Cost of Goods Sold. b. debiting Cost of Goods Sold and crediting Income Summary. c. debiting Retained Earnings and crediting Cost of Goods Sold. d. debiting Cost of Goods Sold and crediting Retained Earnings.
Answer the following statements true (T) or false (F)
1. A common challenge to strategy implementation is resistance by people within the organization. 2. One of the ways to keep a strategic plan on track is to make it very comprehensive, covering as many scenarios for the future as you can. 3. The primary purpose of competitive intelligence is to challenge the thinking of employees to make them better equipped to produce novel ideas for business. 4. SWOT analysis helps management to develop a realistic understanding of the organization in relation to internal and external environments.
Firms occasionally issue stock options in order to
a. compensate employees. b. compensate managers. c. motivate employees to take actions that will increase the market value of the firm's common shares. d. conserve cash. e. all of the above
Bonkowski Corporation makes one product and has provided the following information to help prepare the master budget for the next four months of operations: Budgeted selling price per unit$97Budgeted unit sales (all on credit): January 10,000February 12,000March 13,300April 15,200? Raw materials requirement per unit of output 4poundsRaw materials cost$1.00per poundDirect labor requirement per unit of output 2.5direct labor-hoursDirect labor wage rate$23.00per direct labor-hourPredetermined overhead rate (all variable)$9.00per direct labor-hourVariable selling and administrative expense$3.10per unit soldFixed selling and administrative expense$70,000per month?Credit sales are collected: 30% in the month of the sale 70% in the following month?Raw materials
purchases are paid: 30% in the month of purchase 70% in the following month?The ending finished goods inventory should equal 30% of the following month's sales. The ending raw materials inventory should equal 10% of the following month's raw materials production needs.?The estimated unit product cost is closest to: A. $61.50 B. $84.00 C. $22.50 D. $70.50