Social Responsibilities Go Far Beyond a Firm's Relationships with Customers

question 69

Multiple Choice

Social responsibilities go far beyond a firm's relationships with customers, and typically include diverse areas such as

• A) protection of the environment.
• B) educational activism.
• C) consumer protection for all business dealings within the community.
• D) protection of religious liberties.

---

Definitions:

Wages Expense

This is the total amount of wages a company pays to its employees, which is considered an expense on the income statement.

Accrued Wages

Refers to wages earned by employees but not yet paid by the employer.

Reversing Entry

An accounting entry that is made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous period.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made at the end of the previous period.