Fischer Consulting Paid $18,000 on December 1, 2010 for a Three-Year

question 48

Multiple Choice

Fischer Consulting paid $18,000 on December 1, 2010 for a three-year insurance policy (December 1, 2010 to November 30, 2013) and recorded the entire amount as prepaid insurance.The December 31, 2010 adjustment should be recorded as follows:

• A)debit prepaid insurance and credit insurance expense $500.
• B)debit insurance expense and credit prepaid insurance $500.
• C)debit insurance expense and credit prepaid insurance $17,500.
• D)debit prepaid insurance and credit insurance expense $17,500.

Comprehend the guidelines for granting adjustments and handling customer complaints.

Know how to deliver bad news within routine responses professionally.

Identify the characteristics and importance of internal operational messages within an organization.

Outline the process for organizing direct claim messages.

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Definitions:

Organizational Culture

Organizational Culture encompasses the values, beliefs, behaviors, and practices that characterize the social and psychological environment of an organization.

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

Teamwork

Involves individuals working together in a cooperative manner to achieve shared objectives, leveraging diverse skills and perspectives.

Team Spirit

The sense of camaraderie and unity among members of a group, motivating collaboration towards common goals.