Answer the following statements true (T) or false (F)
1. Common-information bias is the inclination to overemphasize information held by the
majority of group members while failing to consider other perspectives held by the
minority.
2. Confirmation bias is the propensity to over-rely on information recollected from
memory when making a decision.
3. Innovation is the generation of meaningful ideas by individuals or teams and creativity
is the creation and development of a new product or service.
4. As stated in the textbook, creativity and innovation are the lifeblood of successful
organizations.
1. true
2. false
3. false
4. true
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Radley and Smithers share income and losses in a 2:1 ratio after allowing for salaries to Radley of $24,000 and $30,000 to Smithers. Net income for the partnership is $48,000. Income should be divided as follows:
A) Radley, $24,000; Smithers, $24,000 B) Radley, $21,000; Smithers, $27,000 C) Radley, $32,000; Smithers, $16,000 D) Radley, $20,000; Smithers, $28,000
Legitimate ethical issues rarely impact the managerial accountant.
Answer the following statement true (T) or false (F)
Liquidated damages are usually determined by the parties to a contract in the contract itself
a. True b. False Indicate whether the statement is true or false
The wholesale cost of a video game is $459.45. The original markup was 51% based on selling price. Find the final sale price after the following series of price changes: a markup of 24%, a markup of 17%, and a markdown of 10%. (Round each selling price to the nearest cent)
A) $2,224.31 B) $510.45 C) $1,224.31 D) $1,259.73