Provide a Short Answer to Each of These Questions

question 38

Essay

Provide a short answer to each of these questions.Be sure to fully explain your answer.
The authors of the textbook say that,at a general level,they will be discussing the role of business in society.What do they mean by "the role of business in society?"

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Definitions:

Merchandise Inventory

Goods or products that a retailer, wholesaler, or distributor holds for the purpose of selling to customers.

Gain on Realization

Profit recognized from selling an asset for more than its book value.

Loss or Gain

The financial result from business transactions, investments or other financial events, indicating a profit (gain) or a deficit (loss).

Realization Account

An account used in the process of dissolving a partnership or corporation, where the assets are converted into cash and liabilities are paid off.