The relatively homogeneous and enduring divisions in a society, which are hierarchically ordered and whose members share similar values, interests, and behavior constitute ________
A) a culture
B) a subculture
C) a social class
D) a family
E) a group
C
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Fox Auto sold merchandise to a customer for $3,000 on credit on March 10 . The customer paid Fox Auto the amount due on March 31 . Under the accrual basis of accounting, which of the following statements is true?
a. Fox Auto will recognize the revenue on March 31. b. The March 10th transaction increases revenue, but has no effect on assets because cash has not been received. c. Revenue is recognized after the cost of the merchandise sold has been paid by Fox Auto. d. The March 31st transaction has no effect on total assets under the accrual basis.
Assume the indirect method is used to compute net cash flows from operating activities. For this item extracted from the financial statements-Increase in Prepaid Expenses-indicate the effect on net income in arriving at net cash flows from operating activities by choosing one of the following:
A) Add to net income to arrive at net cash flows from operating activities. B) Subtract from net income to arrive at net cash flows from operating activities. C) Not used to adjust net income to calculate net cash flows from operating activities.
On January 1, a corporation issues for cash $100,000 of 6%, five-year bonds with interest of $3,000 payable semiannually. The market rate of interest at the time the bonds are issued is 5%. Assume the bonds sell for $103,769 . What is the entry to record the issuance of the bonds?
a. Cash 98,203 Discount on Bonds Payable 1,797 Bonds Payable 100,000 b. Bonds Payable 100,000 Cash 100,000 c. Cash 103,769 Bonds Payable 100,000 Premium on Bonds Payable 3,769 d. Cash 100,000 Bonds Payable 100,000
A firm sells two products. Product R sells for $20; its variable cost is $6. Product S sells for $50; its variable cost is $30. Product R accounts for 60 percent of the firm's sales, while S accounts for 40 percent
The firm's fixed costs are $4 million annually. Calculate the firm's break-even point in dollars.