The Environmental Study (Scenario)You have just been challenged by your supervisor to study and report your findings on approaches that organizations use when dealing with the environment and when pursuing the goal of going green. Your boss tells you to study the four major approaches, differentiate among them, and report to him in a week.What approach deals with an organization responding to the environment because of the preferences of its customers?
A. stakeholder approach
B. market approach
C. legal approach
D. activist approach
Answer: B
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Companies should continuously collect marketing intelligence data
Indicate whether the statement is true or false
Which of the following is an illustration of the classification issue?
A) At what amount should land be shown on the balance sheet? B) At what point should the payment of salaries to employees be recorded? C) Should supplies be recorded as an asset or as an expense? D) At what point should a bill be paid for the purchase of an item?
If each purchase and sale of merchandise is recorded in the inventory and the cost of merchandise sold accounts, the method of accounting for merchandise inventory is the ________ method
a. periodic b. perpetual c. administrative d. gross profit
Warren Corporation's balance sheet reports equipment that originally cost $65,000. The accumulated depreciation for the equipment is $24,400. Warren sells the equipment for $36,400. What would the effect be on its income statement and statement of cash flows?Income StatementCash Flows
A.
| Gain: $36,400 | Investing + $36,400 |
B.
| Loss: $40,600 | Operating + $36,400 |
C.
| Loss: $4200 | Investing + $36,400 |
D.
| Gain: $4200 | Operating ? $4200 |