Alex Reagent, owner of Delectable Candy Company, understands that accounting systems are important for success. Explain how Alex can use the accounting system to assess business operations.
What will be an ideal response?
The accounting system can be used to measure, track, and report on operations. It collects and processes data from transactions and events and organizes them in useful reports to be used in decision making. Knowledge gained through the system can give Alex a competitive edge and enable him to make more informed decisions and to better balance the risks and returns of different strategies.
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On January 1, 2015, Danville Corporation acquired a machine at a cost of $60,000. The machine's service life was estimated to be ten years and its residual value to be $6,000. The straight-line method was used for depreciation. On January 1, 2020, the machine was no longer useful and was sold for $3,000. For 2020, in regard to this machine, how much of a loss should Danville record?
A) $27,000 B) $30,000 C) $3,000 D) $60,000
One way to create and communicate clear expectations about what is and is not acceptable in an organization is:
a. having separate, nonintegrated personnel and operating policies. b. creating an expectation of punishment. c. following a reactive management style. d. to have a clearly defined code of conduct in place.
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.
According to utilitarian reasoning, an action is ethically preferred when its benefits outweigh its costs.
Answer the following statement true (T) or false (F)