Who are the three distinct types of participants in the market for business resources? Briefly describe the role of each group of participants.
What will be an ideal response?
Markets include consumers, conversion agents, and resource owners. Consumers use resources. Conversion agents are businesses that convert resources to the form that consumers want. Resource owners control the distribution of resources to conversion agents.
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A general principle of disclosure is that material related-party transactions should be disclosed. As the auditor of the Clarence Company, you have noted the following transactions entered into by Clarence during the past fiscal year: I. Clarence borrowed $1,000,000 from the Southwest Bank issuing a noninterest-bearing note. II. Clarence borrowed $2,000,000 from BH Savings at a rate significantly
above the market rate prevailing at that time for such a borrowing. III. Clarence borrowed $500,000 from First Bank with no scheduled terms for how or when funds will be repaid. Assuming all of the above transactions are material, which transaction or transactions above most likely would be a related party transaction requiring disclosure in Clarence's financial statements? a. Only I above. b. Both II and III above. c. Both I and III above. d. Only III above.
Setting organizational goals and objectives and preparing a budget are aspects of control
a. during an event. b. before an event. c. after an event. d. before, during, and after an event.
Long quotations typically have quotation marks around them.x
a. true b. false
In the workplace ______ has been characterized as lazy and disloyal, but others have emphasized this is inaccurate stereotypes that arise from conflicts they experience with poor management.
a. Baby Boomer b. Traditionalist c. Gen 2020 d. Gen X