Discuss collectivism. What ideals does the philosophy support? Where did the philosophy start? How does collectivism exist in the modern world?
What will be an ideal response?
Answer: Collectivism refers to a political system that stresses the primacy of collective goals over individual goals. When collectivism is what is emphasized, the needs of society as a whole are generally viewed as being more important than individual freedoms. Rights may be restricted because they may run counter to "the good of society" or to "the common good." Collectivism can be traced to Plate (427-357 B.C.) who argued that individual rights should be sacrificed for the good of the majority and that property should be owned in common. Collectivism exists today in the form of socialism, which has split into two camps, communists and social democrats.
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Mickelson Company acquired an 80% interest in Footjoy on January 1, Year 1, for $1,200,000. The book value of Footjoy's identifiable net assets at that date was $900,000. One depreciable asset (10-year life) had a fair value that exceeded its book value by $100,000. Footjoy reported $60,000 of net income in Year 1 and paid $40,000 in dividends. What was the noncontrolling interest in NET ASSETS as of the date of DDEC 31, Year 1?
a. $242,000 b. $302,000 c. $304,000 d. $310,000
When auditing a client who uses a database management system, the auditor is principally aware of elevated risk due to the fact that
A) multiple users can access and update data files. B) the accounting information is only in one place. C) the database administrator may lack appropriate accounting knowledge. D) multiple users could all access the data simultaneously causing a system shutdown.