The Raw Materials Inventory Account Is

question 148

Multiple Choice

The Raw Materials Inventory account is

• A)a subsidiary account.
• B)increased for invoice costs and freight costs chargeable to the purchaser.
• C)increased for purchase discounts taken.
• D)increased for purchase returns and allowances.

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Definitions:

Social Responsibility

The obligation of a business to have a positive effect on society on four levels—economic, legal, ethical, and philanthropic.

Business's Obligation

The responsibilities and commitments a business has, including legal, financial, and ethical duties to its stakeholders.

Community

A group of people living in the same place or having a particular characteristic in common, often sharing a sense of belonging or community spirit.

Control Systems

The means to monitor input, transformation, and output so as to identify problems.