Which of the following statements is true of members of society as stakeholders of an organization?
A) Members of society are external stakeholders, and are therefore not affected by corporate activities.
B) Collaboration between members of civil society, the private sector, and the public sector can lead to intractable and complex global problems.
C) Members of society have become powerful catalysts and can use modern communication technology to form protest alliances.
D) Members of society do not have the power to force businesses to contribute to change.
C
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Router Inc lends $70,000 on a 120-day, 9% promissory note. The total interest that Router will receive at maturity is
a. $6,300 b. $2,100 c. $525 d. $1,890
At the end of 2016, Clock Products, Inc determined that one of its patents was worthless. The patent had a cost of $300,000 . The patent had been amortized for 5 years of its estimated 15-year legal life. Which of the following statements is correct?
a. Clock Products must continue to amortize the patent over its remaining 10 years of life. b. The patent must be reduced to 5/15, or 33.3% of its original cost and amortized over the remaining 10 years. c. The remaining unamortized cost must be removed from the accounting records and treated as a loss on the income statement. d. Clock Products must correct its financial statements for the past five years, so that the entire cost is allocated to that five-year period.
Which of the following would not be debited to the Machinery account?
a. Installation costs b. Electricity used by the machine c. Freight charges d. Cost of trial runs
_____ refers to converting a noncash item to cash, for example, collecting an account receivable
a. Actualization b. Recognition c. Realization d. Materialization e. Transformation