Which of the following is true of companies that are ethical and successful?
A. They are solely concerned about the benefits of the company while making business decisions.
B. The owners most often assume responsibility for the actions of the company rather than the employees.
C. They are less concerned about the interests of the people involved in the business.
D. Their main aim is to maximize profits in all their transactions.
E. They have a sense of purpose and vision that the employees value, and use in their day-to-day work.
Answer: E. They have a sense of purpose and vision that the employees value, and use in their day-to-day work.
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Which of the following equations best describes the accounting identity?
a. Long-term assets = Short-term assets + Equity. b. Assets = Liabilities + Equity. c. Total claims = Liabilities + Equity. d. Short-term assets = Cash + Receivables. e. Long-term liabilities = Notes + Bonds.
The contract Person H accepted states a purchase price "as appraised on May 12, 2016, by M. Morton, MAI." Based on this provision, the contract is
a. void. b. voidable. c. unenforceable. d. enforceable.