Describe the steps in the negotiation process.
What will be an ideal response?
Preparation: Doing one’s homework to have all of the facts and possible options
researched prior to negotiation. Building the relationship: An exchange of personal
greetings prior to the actual bargaining process. Next, the process of gathering and
using information follows. Bidding: Offers and counteroffers are extended until a
mutually agreeable solution is attained. Implementation: the execution of a contract.
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Hofstede's measures and methodology are increasingly criticized for Western cultural bias
Indicate whether the statement is true or false
Describe the primary goal of lean manufacturing?
Answer the following statements true (T) or false (F)
1. The cash payments journal is a special journal used to record cash payments by currency but not by check. 2. The cash payments journal has two debit columns - one for Accounts Payable and one for Merchandise Inventory. 3. After posting from the cash payments journal, the posting reference is printed in the general journal. 4. The cash disbursements journal is also called the check register. 5. Entries in the cash payments journal are posted daily to the accounts payable subsidiary ledger and monthly to the general ledger.
Malcolm Corporation purchased an insurance policy for three years beginning January 1, Year 2, and recorded the $6,000 premium in the Prepaid Insurance account. What adjusting entry is required to reflect the proper balances, in the insurance-related accounts at year-end, on December 31, Year 2?
a. Insurance Expense 2,000 Prepaid Insurance 2,000 b. Prepaid Insurance 2,000 Insurance Expense 2,000 c. Insurance Expense 4,000 Prepaid Insurance 4,000 d. Prepaid Insurance 4,000 Insurance Expense 4,000 e. Insurance Expense 6,000 Prepaid Insurance 6,000