Which of the following contributes to a blame-free environment?
a. clear lines of distinction between founders and employees
b. treating everyone in the company as equal members
c. not noticing mistakes when they happen
d. allowing the same mistakes to reoccur several times before addressing them
b. treating everyone in the company as equal members
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When comparing the lower of cost to market rule under any of the methods
A) the appropriate market value is determined before comparing it to the cost. B) the purpose of the ceiling is to ensure that the write-down is sufficient to cover all expected gains. C) the purpose of the floor is to prevent an excessive gain from being recognized in the future. D) the process is consistent with the principle of conservatism because the goal is to limit excessive swings in gross margin.
The American Marketing Association (AMA) has created a code of ethics that includes all of the following ethical values EXCEPT ________
A) honesty B) fairness C) openness D) competitiveness E) responsibility
When inventory costs are declining, __________ generally results in a lower amount of reported cost of goods sold.
What will be an ideal response?
Riverboat Adventures pays $310,000 plus $15,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $35,000, a building appraised at $105,000, and paddleboats appraised at $210,000. Compute the cost that should be allocated to the land.
A. $140,000. B. $97,500. C. $32,500. D. $93,000. E. $31,000.