Which of the following is true of the process of organizing?
A. A supervisor or other manager should begin the process of organizing by identifying which resources are needed for the particular areas being organized.
B. The process of organizing is a seven-step approach that leads to a structure that supports the goals of an organization.
C. In the second step of the organizing process, a supervisor groups the necessary activities and assigns work to the appropriate employees.
D. To ensure that all the necessary responsibilities are assigned, a supervisor can involve employees in the final step of the organizing process.
Answer: D
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In the current year, Borden Corporation had sales of $2,160,000 and cost of goods sold of $1,280,000. Borden expects returns in the following year to equal 7% of sales. The unadjusted balance in Inventory Returns Estimated is a debit of $22,000, and the unadjusted balance in Sales Refund Payable is a credit of $26,000. The adjusting entry or entries to record the expected sales returns is (are):
A.
| Sales Returns and Allowances | 125,200? | |
| Sales Refund Payable | 125,200? | |
| Inventory Returns Estimated | 67,600? | |
| Cost of Goods Sold | 67,600? |
B.
| Sales Refund Payable | 125,200? | |
| Accounts Receivable | 125,200? |
C.
| Sales Returns and Allowances | 125,200? | |
| Sales | 125,200? | |
| Cost of Goods Sold | 67,600? | |
| Inventory Returns Estimated | 67,600? |
D.
| Sales | 2,160,000? | |
| Sales Refund Payable | 151,200? | |
| Accounts Receivable | 2,008,800? |
E.
| Accounts Receivable | 2,160,000? | |
| Sales | 2,160,000? |
The weighted average method is thought by some accountants to be inferior to the FIFO method because it
a. is more difficult to apply. b. only considers the last units worked on. c. ignores work performed in subsequent periods. d. commingles costs of two periods.
Imitation by rivals is most challenging when
A. capabilities reflect a high level of social complexity and causal ambiguity. B. resources are primarily intangible. C. resources are unique. D. resources and capabilities require a high level of capital investment. E. resources must be built over time.
Technological uncertainty:
A. only occurs in emerging markets. B. can be avoided by early entrants with superior technology. C. is a result of uncertainty about customer demand. D. occurs because an alternative technology could be introduced by competitors.