Wei-Yin Runs a Small,socially Responsible Business in Which She Sells

question 115

Multiple Choice

Wei-Yin runs a small,socially responsible business in which she sells her own watercolor paintings.Wei-Yin has a passion to help aspiring artists in her area achieve their dreams,but so far has assisted only a few of them.Which of the following would MOST likely be a reason for this?

• A) Wei-Yin does not have much time or money to devote to this desire.
• B) Wei-Yin is consumed with making a large profit in her business.
• C) Wei-Yin fears that helping more artists will mean more competition for her company.
• D) Wei-Yin does not have a sound ethical code in place.
• E) Wei-Yin does not wish to engage in corporate philanthropy.

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Definitions:

Cash Payments

Transactions involving the outflow of cash to settle obligations or purchase goods and services.

Control Environment

The overall attitude of management and employees about the importance of controls.

Internal Control Structure

A set of processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Recording Transactions

The systematic process of documenting financial transactions in the accounting records of a business.