The marketing concept says that a business firm should aim all its efforts at
A. making a profit selling to satisfied customers.
B. producing products at the lowest cost.
C. selling what the company produces efficiently.
D. satisfying customers regardless of profitability.
E. doing more advertising and selling than competitors.
Answer: A
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When a company makes a change in an estimate that it has used in its financial statements, it should account for the change by
a. retroactively restating all prior financial statements b. treat the change as a cumulative effect change in accounting estimate c. spread the effect of the change over the current and future periods d. companies are not allowed to make changes to estimates
In allocating variable costs to products,
a. a volume-based cost driver should be used. b. direct labor hours should always be used as the allocation base. c. a company should use the same allocation base that it uses for fixed costs. d. a company should never use more than one cost driver.
Discuss any ethical issues raised by the following actions. General Hospital is subject to a constraint in its short-term borrowing agreement with its bank. General Hospital must have a year-end current ratio that is greater than 1.5 . On December 30 of
the current year, it projects that its current ratio will be only 1.4 as of the close of business on December 31 . General Hospital has a long-term loan outstanding to its chief executive officer (CEO) that is not due for ten more years. The CEO writes a check on December 30 payable to the General Hospital in an amount such that the current ratio on December 31 will be 1.65 . General Hospital renews the loan to the CEO on January 5 of the next year.
Today's labor movement can best be described as a movement dominated by:
A. craft unions. B. industrial unions. C. general unions. D. professional unions.