The Macro Level of Legitimacy Refers to the Achievement and Maintenance

question 15

Multiple Choice

The macro level of legitimacy refers to the achievement and maintenance of legitimacy by

• A) government.
• B) private/public partnerships.
• C) business as a whole.
• D) individual businesses.

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Definitions:

Note Payable

A financial liability representing a written promissory note to pay a specific sum of money to another entity on a specific future date or on demand.

Debit/Credit

Accounting terms where a debit increases asset or expense accounts, and decreases liability, revenue or equity accounts; a credit does the opposite.

Adjusting Entry

An accounting entry made into a journal at the end of an accounting period to allocate income and expenditure to the appropriate periods.

Interest Payable

A liability account showing the amount of interest expense that has been incurred but not yet paid.