When a firm develops a knowledge asset, such as a process, pays for it and reuses it over and over at a very low cost, this adds ________ for the firm.
A. little value
B. a competitive advantage
C. tacit knowledge
D. a recoverable loss
Answer: B
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Carrington & Co rented office space to a tenant on January 31 and received a total of $9,000 for the first three months of rent. The amount was recorded as Rent Collected in Advance when received. Adjustments are recorded only at the end of every quarter. What effect does the adjustment at March 31 have on Carrington's net income for the quarter ending March 31?
a. Increase by $9,000 b. Decrease by $6,000 c. Decrease by $3,000 d. Increase by $6,000
Which of the following terms can be defined as "the shared experiences, stories, beliefs, and norms that characterize an organization"?
A) organizational dynamics B) a business mission C) an ethical/value statement D) customer relationships E) corporate culture
Two methods of accounting for uncollectible accounts are the
A) direct write-off method and the allowance method. B) allowance method and the accrual method. C) allowance method and the net realizable method. D) direct write-off method and the accrual method.
The three cost elements ordinarily included in product costs are direct materials, direct labor, and manufacturing overhead.
Answer the following statement true (T) or false (F)