Discuss how value chain activities are related to accounting transaction cycles
What will be an ideal response?
The value chain facilitates coordination of activities with suppliers and customers, including purchasing and sales transactions.
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All of the following costs should be charged against revenue in the period in which costs are incurred except for
a. manufacturing overhead costs for a product manufactured and sold in the same accounting period. b. costs which will not benefit any future period. c. costs from idle manufacturing capacity resulting from an unexpected plant shutdown. d. costs of normal shrinkage and scrap incurred for the manufacture of a product in ending inventory.
According to your textbook, the ideal social audit would involve ________
A) presenting an inventory list of socially responsible activities B) calculating socially relevant expenditures C) determining the true benefits to society of any socially oriented business activity D) adding terms and definitions to the lexicon of socially responsible behavior