IKEA's Founder Ingvar Kamprad's Frugal Ways Also Applied to the Company's

question 47

True/False

IKEA's founder Ingvar Kamprad's frugal ways also applied to the company's finances.To minimize tax liabilities,he split the company into two parts: Inter Ikea owns the brand and the concept,while Ikea Group runs the retailing operations.

---

Definitions:

Internal Report

Documents generated within an organization for the purpose of informing internal stakeholders about business performance and operations.

Debit Balances

Financial account balances resulting from total debits exceeding total credits, common in asset and expense accounts.

Credit Balances

Amounts of money in financial accounts that indicates the institution owes the account holder; in accounting, it can indicate a surplus in a particular account.

Ledger

A comprehensive collection of all accounts and transactions for a company, used in the double-entry bookkeeping system.