______ Is Based on the Belief That Organizations Have Some

question 44

Multiple Choice

______ is based on the belief that organizations have some responsibilities to society beyond that of making profits for the shareholders.

• A) Sustainability
• B) Corporate social responsibility
• C) Accountability
• D) Authority

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Definitions:

Net Markdowns

Net markdowns represent the reduction in the selling price of goods or products, often reflecting changes in market demand or stock clearance needs, net of any markdown cancellations.

Ending Inventory's Valuation

The process of assigning value to the inventory that is still on hand at the end of an accounting period.

Retail Inventory Method

An accounting method used by retailers to estimate their inventory's ending value by using a cost to retail price ratio.

Cost Flow Assumptions

An accounting method that determines the cost of goods sold and ending inventory based on the presumed flow of inventory costs.