What are the determinants of culture and what are some examples of each?
What will be an ideal response?
Answer: Some determinants of culture are religion, political philosophy, economic philosophy, education, language, and social structure. Religion impacts a majority of the country, from its moral code to its manners, but the easiest example is that of Christianity and how it affects America and European countries, or Islam and how it affects Middle Eastern countries. Political philosophy includes beliefs on how a country should be run, such as democratically or parliamentary. An example of economic philosophy would be an opinion on how a country should be economically developed, such as capitalism or communism. Education, language, and social structure can all be shown in the American school system with the beliefs on how to educate, speak, and how children should interact with each other growing up, as well as training them on how to act in the business world.
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Information pertaining to Yekstop Corp.'s sales revenue is presented below:
November December JanuaryCash sales$96,000 $125,000 $78,000 Credit sales 288,000 450,000 234,000 Total sales$384,000 $575,000 $312,000 Management estimates that 4% of credit sales are eventually uncollectible. Of the collectible credit sales, 65% are likely to be collected in the month of sale and the remainder in the month following the month of sale. The company desires to begin each month with an inventory equal to 75% of the sales projected for the month. All purchases of inventory are on open account; 30% will be paid in the month of purchase, and the remainder paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling prices.Total budgeted inventory purchases in November by Yekstop Corp. are:
The lower-of-cost-or-market method is used for inventory despite being less conservative than valuing inventory at market value.
a. true b. false