What is the difference between a subculture and a microculture?
What will be an ideal response?
A subculture is broader than a microculture. A subculture is a group within a larger culture whose members share a distinctive set of beliefs or characteristics, while a microculture is a smaller group whose members identify with a specific activity or art form.
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In 2015, Boone, Inc sold 1,000 carpets for $50 each. The carpets carry a 2-year warranty for repairs. Boone estimates that repair costs will average 2% of the total selling price. What is the amount that would be recorded in the warranty liability account as a result of selling the carpets during 2015?
a. $1,000 b. $ 500 c. $ 20 d. No liability should be recorded until the carpets are returned for repairs.
When forces for global integration are high and forces for national responsiveness are weak, which of the following strategies makes most sense?
A) segment consumers on a regional basis B) tailor the product on a city-by-city basis C) treat the world as a heterogeneous market D) treat the world as a single market E) treat the world as a portfolio of national opportunities
Independence is the avoidance of all relationships that impair or appear to impair the objectivity of the accountant
Indicate whether the statement is true or false
Describe the accrual basis of accounting