The theory of business social responsibility that holds that a business owes duties solely to
produce the highest return for its shareholders is:
A) The moral minimum theory.
B) The maximizing profits theory.
C) The stakeholder interest theory.
D) The corporate citizenship theory.
E) The social audit theory.
B
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The two types of accounts receivable systems discussed in the text are the balance-forward and ______________________________ systems
Fill in the blank(s) with correct word
Which of the following is a key element of internal control over cash payments?
A) periodically reconciling the cash account balance on the company's books to the bank statement balance B) making daily bank deposits C) requiring that all petty cash vouchers be approved by two signatures D) authorizing and verifying that all cash received is recorded daily
When an interviewer deliberately creates anxiety to assess your ability to perform under stress, the interviewer is conducting an unstructured interview
Indicate whether the statement is true or false
Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:•Sales are budgeted at $340,000 for November, $320,000 for December, and $310,000 for January. •Collections are expected to be 80% in the month of sale and 20% in the month following the sale. •The cost of goods sold is 75% of sales. •The company would like to maintain ending merchandise inventories equal to 60% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. •Other monthly expenses to be paid in cash are $24,000. •Monthly depreciation is $15,000. •Ignore taxes. Balance SheetOctober 31Assets Cash$20,000Accounts receivable 70,000Merchandise inventory 153,000Property, plant and equipment,
net of $572,000 accumulated depreciation 1,094,000Total assets$ 1,337,000 Liabilities and Stockholders' Equity Accounts payable$254,000Common stock 820,000Retained earnings 263,000Total liabilities and stockholders' equity$ 1,337,000The cost of December merchandise purchases would be: A. $255,000 B. $240,000 C. $139,500 D. $235,500