Which of the following is one of the five major characteristics of good mission statements?
A) They focus on a large number of goals.
B) They expand the range of individual employee discretion.
C) They define the major competitive spheres within which the company will operate.
D) They take a short-term view.
E) They are long and comprehensive to ensure that all critical concepts are included.
C
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Sales less sales discounts, less sales returns and allowances equals:
A. Net purchases. B. Net income. C. Gross profit. D. Cost of goods sold. E. Net sales.
Sunk costs are not relevant for decisions based on incremental analysis
Indicate whether the statement is true or false
A loss on the sale of machinery in the ordinary course of business should be presented in a statement of cash flows (indirect method) as
a. an addition to net income. b. a deduction from net income. c. an inflow and outflow of cash. d. an outflow of cash.
Carlos conveys his property "to Noah for life, then to Maxie." Noah has a life estate and Maxie has a remainder
a. True b. False Indicate whether the statement is true or false