Describe how to account for a piece of factory equipment from the date of purchase to the end of its useful life
What will be an ideal response?
Equipment is recorded at cost in accordance with the cost principle, which requires that all costs reasonable and necessary to place an asset in a working condition be capitalized into an asset account. Once the asset use begins, it will be depreciated over an estimated useful life using an acceptable method such as the straight-line method. When the asset is sold it will be removed from the accounting records, along with the related accumulated depreciation account, and a gain or loss will be recognized equal to the difference between the sales proceeds and the carrying value.
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Explain how customers are an important element of the service encounter
What will be an ideal response?
When making a high-consequence work-oriented decision, if the decision you need to make will have significant impacts on the team and you risk loosing their trust and goodwill without getting their input, then:
(a) make an autocratic decision, (b) used the group decision making model, (c) use consultative decision making, (d) use any one of the three decision making processes but be prepared to defend your decision accordingly.