Caitlin Is a Member of a Buddhist Group That Helps

question 74

Multiple Choice

Caitlin is a member of a Buddhist group that helps educate underprivileged children. Most of the members of the group have full-time jobs and volunteer to conduct classes for these children on weekends. This group is an example of a _____.

• A) utilitarian organization
• B) remunerative organization
• C) coercive organization
• D) virtual organization
• E) normative organization

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Definitions:

Goodwill

An intangible asset that arises when a business is acquired for more than the fair value of its identifiable net assets, representing future economic benefits from assets not separately identified.

Reversed

In accounting, this refers to the action of undoing or negating a journal entry that was previously made, often because it was an error.

Change In Estimate

An adjustment made to the accounting records to reflect new information or subsequent changes in judgments regarding financial statement estimates.

Depreciation Expense

The systematic allocation of the depreciable amount of an asset over its useful life, reflecting the asset's consumption, wear and tear, or obsolescence.