_____ is a cultural orientation in which people belong to loose social frameworks and their primary concern is for themselves and their families.
A. Collectivism
B. Individualism
C. Communitarianism
D. Socialism
Answer: B
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On February 12, Addison, Inc purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. On August 22, Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee. The journal entry to record the purchase would include a
a. debit to Investments for $132,000 b. credit to Cash for $132,000 c. debit to Investments for $132,240 d. credit to Investments for $240
GAAP stands for General Accepted Accounting Protocols
Indicate whether the statement is true or false
Kristin's Boutiques has identified the following items for possible inclusion in its December 31, 2010 inventory. Which of the following would not be included in the year end inventory?
A) Merchandise purchased FOB shipping point was picked up by the freight company but had still not arrived at Kristin's Boutique as of December 31, 2010. B) Kristin has in its warehouse merchandise on consignment from Abby Co. C) Kristin has sent merchandise to various retailers on a consignment basis D) Kristin has merchandise on hand which has been returned by customers because of wrong size.
A contract requires an offer and an acceptance
Indicate whether the statement is true or false