Identify the different departments in a company and why they must work together to achieve success.
What will be an ideal response?
Companies are typically organized by department or functional area such as accounting, finance, human resources, marketing, operations management, and sales. Although each department has its own focus and own data, none can work independently if the company is to operate as a whole. It is easy to see how a business decision made by one department can affect other departments. Functional areas are anything but independent in a business. In fact, functional areas are interdependent. Sales must rely on information from operations to understand inventory, place orders, calculate transportation costs, and gain insight into product availability based on production schedules. For an organization to succeed, every department or functional area must work together sharing common information and not be a "silo." Information technology can enable departments to more efficiently and effectively perform their business operations.
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Financial and managerial accounting both provide useful information, but each has a different emphasis. Briefly distinguish between financial and managerial accounting as they relate to the 1) primary users, 2) purpose of information, and 3) focus and time dimension of the information.
What will be an ideal response?
The entry to record patent amortization of $4,500 embedded in a product is as follows:
a. Work-in-Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 Patent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 b. Finished Goods Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 Patent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 c. Work-in-Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 Allowance for Amortization of Patent . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 d. Finished Goods Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 Allowance for Amortization of Patent . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 e. none of the above
What type of print resource provides excellent in-depth, historical data?
A) Periodicals B) Bibliographic indexes C) Databases D) Books
Transformational leaders are generally thought to need to be ________.
a. Pedants b. Charismatic c. Transactional d. All of the above