A social contract is different from a business contract because a social contract is a ________
A) written set of general social expectations accepted by the citizens
B) foundation for deciding what is right and wrong behavior
C) collection of legally binding rules that constrain the behavior of the people
D) collection of rules that are contradictory to the minimum requirements of the law
E) condition of limited freedom provided to a particular state
B
You might also like to view...
Lewis, Inc uses the indirect method to prepare its statement of cash flows
Refer to the following portion of the comparative balance sheet: Lewis, Inc Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase (Decrease) Cash $42,000 $36,000 $6,000 Accounts Receivable 62,000 70,000 (8,000 ) Merchandise Inventory 106,000 50,000 56,000 PP&E, net 240,000 180,000 60,000 Total Assets $450,000 $336,000 $114,000 Additional information provided by the company includes the following: Equipment costing $104,000 was purchased for cash. Equipment with a net book value of $20,000 was sold for $28,000. Depreciation Expense of $24,000 was recorded during the year. Use the T-account format and evaluate the transactions affecting Property, Plant, and Equipment, net. What will be an ideal response
Under the absorption-cost approach, all of the following are included in the cost base except
a) direct materials. b) fixed manufacturing overhead. c) selling and administrative costs. d) variable manufacturing overhead.