Life Is Good No Longer Encloses Its Apparel in Individual

question 102

Multiple Choice

Life is good no longer encloses its apparel in individual poly-bags when shipping to customers because the management feels it harms the environment.This is an example of a _____ orientation.

• A) societal marketing
• B) sales
• C) reciprocal exchange
• D) production
• E) product

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Definitions:

GAAP

Generally Accepted Accounting Principles; the common set of accounting standards and procedures used in the U.S.

Accrual Basis

The accrual basis of accounting records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.

Cash Basis

An accounting method where revenues are recognized when cash is received, and expenses are recorded when cash is paid.

Debit Portion

The side of an accounting entry that increases asset or expense accounts or decreases liability, equity, or revenue accounts.