What does society owe business?
A) education and health care opportunities
B) profit to stabilize the nation's economy
C) low taxes
D) increased standards of living
E) stability and functionality
Answer: E
Explanation: Companies cannot hope to operate profitably without the many benefits provided by a stable, functioning society: talented and healthy employees, a legal framework in which to pursue commerce, a dependable transportation infrastructure, opportunities to raise money, and customers with the ability to pay for goods and services, to name just some of them.
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For work done during August, Footprints Company incurred direct materials costs of $104,000 and conversion costs of $260,000. The company employs a just-in-time operating philosophy and backflush costing. At the end of August, it was determined that the Work in Process Inventory account had been assigned $1,080 of costs, and the ending balance of the Finished Goods Inventory account was $1,220
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When standard costs are used in applying the cost-plus approach to product pricing, the standards should be based upon normal levels of performance
Indicate whether the statement is true or false
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