The Following Value Orientation Places Primary Value on the Utility

question 9

Multiple Choice

The following value orientation places primary value on the utility of things and practical uses of knowledge:

• A) Theoretical
• B) Economic
• C) Aesthetic
• D) Social

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Definitions:

Other Expenses

Non-operating expenses that do not relate to the main operating activities of the business; they appear in a separate section on the income statement. One example given in the text is Interest Expense, interest owed on money borrowed by the company.

Income Statement

A financial statement that shows a company's revenues, expenses, and net income over a specific period.

Supplies Used

The cost of consumables used in the operation of a business during an accounting period.

Total Liability

The combined amount of debts and obligations that a company owes to outside parties.