What is the difference between key business functions and industry-specific knowledge?
What will be an ideal response?
There are certain fundamental activities that all businesses must perform, which are called the key business functions, and include sales, operations (also called production), accounting, finance, and human resources. Getting organized and registered-which creates the boundary-is an example of an operations activity. There is also industry-specific knowledge. A restaurant really is different from a mechanic's shop or a computer store or a portrait studio. Each requires you to understand a particular industry and market, and each requires a very particular kind of skill.
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Treasury stock that was purchased for $3,000 is sold for $3,500 . As a result of these two transactions combined
a. income will be increased by $500 b. stockholders' equity will be increased by $3,500 c. stockholders' equity will be increased by $500 d. stockholders' equity will not change
If receipts from cash sales of $7,500 were recorded incorrectly as $5,700 in the company's books, then this item would be included on the bank reconciliation as a(n)
a. deduction from the balance per company's records b. addition to the balance per bank statement c. deduction from the balance per bank statement d. addition to the balance per company's records
________ is a probability sampling technique that uses a two-step process to partition the population into subpopulations, or strata. Elements are selected from each stratum by a random procedure
A) Stratified sampling B) Simple random sampling C) Systematic sampling D) Cluster sampling
Budgets identify potential constraints before they become problems
Indicate whether the statement is true or false