Informal institutions work on the principle of
A. what goes round comes round.
B. shared norms and values.
C. group consensus.
D. social guilt.
Answer: B
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A corporation is a separate entity for accounting purposes but not for legal purposes
a. True b. False Indicate whether the statement is true or false
In a direct contact environment, customers interact directly with an organization's representative.
Answer the following statement true (T) or false (F)
A flexible budget is most useful
a. for budgeting and planning purposes. b. when actual output equals budgeted output. c. as a cost control tool to help evaluate performance. d. when a product's cost structure includes variable costs only.
Outlook Department Store's accounts receivable balance after posting net collections from customers for 2012 is $180,000. The customers took advantage of sales discounts of $15,000. Management aged the accounts receivable and estimate for uncollected account percentages as follows: $90,000 Current at 2% $50,000 1-30 days past due at 5% $30,000 31-60 days past due at 10% $10,000 60+ days past due
at 25% The net realizable value of the accounts receivable is: A) $173,200. B) $170,200. C) $172,700. D) $180,000.