According to Hofstede, Societies That Accept Strong Hierarchical Boss-Subordinate Relationships

question 71

Multiple Choice

According to Hofstede, societies that accept strong hierarchical boss-subordinate relationships are high on ________.

• A)uncertainty avoidance
• B)collectivism
• C)individualism
• D)power distance

Identify the appropriate journal for recording specific types of transactions.

Recognize the role and function of the general journal in the accounting cycle.

Understand how special journals are used to streamline the accounting process.

Grasp the concept of a subsidiary ledger and its relationship with the general ledger.

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Definitions:

Perpetual Inventory System

Definition: An accounting system that continuously updates inventory records for each purchase and sale transaction.

LIFO

Last In, First Out, an accounting method where the most recently produced items are recorded as sold first.

Ending Inventory

The valuation of goods available for sale at the end of an accounting period; part of the calculation of cost of goods sold.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made on a periodic basis, rather than being updated continuously.