Answer:
E. All information systems support businesses.
Explanation:
All information systems do not support businesses because it's there's many types of information systems such as Executive Support Systems , Management Information Systems (MIS), Decision Support Systems , Knowledge Management Systems , Transaction Processing Systems and Office Automation Systems and it depends on the purpose of that information system in particular, whether it supports businesses or not
Answer:
D) budgets are a total amount and standards are a unit amount.
Explanation:
For each given choice in the question explanation is provided below as to why its or its not the correct answer.
A) only budgets contribute to management planning and control.
Both budgets and standards contribute in the planning and control are of the company. Therefore, this option is incorrect.
B) budgets but not standards may be used in valuing inventories.
Once gain both are used for valuing inventory, this is due to the fact that budget contains details gathered in standard costing. Therefore, this option is incorrect.
C) budgets but not standards may be journalized and posted.
Both the budget and standard are journalized and posted in the accounting system. Therefore, this option is incorrect.
D) budgets are a total amount and standards are a unit amount.
As standards are unit amounts which contributes in preparing the budget which are total amounts.
Hence, option D is correct.
Answer:
The separate-entity assumption
Explanation:
The separate-entity assumption is a principal in accounting according to which the financial transactions of a business and the personal expenses of the owners is to kept separate from each other. The expenses derived solely for the business is only to be counted under the expenses of the company. Inclusion of any personal expenses of the owner or any partner of the business is prohibited under this principal.
In the given excerpt, the owner of Shady Grove Company had violated the separate-entity assumption by including the expenses of his personal items under the name of the Company.
Answer:
Cultural Myopia
Explanation:
Myopia in general refers to short sightedness.
A Cultural myopia refers to the belief that one's own culture is better suited and apt in all situations and circumstances and applies to all people.
In business context, this conveys the inability of a firm to adopt or modify it's product strategies as per the market conditions of a foreign nation, thereby providing standardized or same products and services as it provides in it's own domestic market.
For instance, Heinz provides different variants of it's ketchups across the globe, incorporating changes and modifications in ingredients as would better suit a market and better cater to it's needs. The company for instance provides ketchup without onion and garlic as ingredients to suit Indian market requirements.
In the given case, the chemical company applied the same French ethnocentric policies in international markets and followed the same domestic marketing policies internationally. Thus, it's expansion move failed miserably since it failed to adapt to the requirements of global markets and could not cater to them effectively.