An Account in the Chart of Accounts Has the Number

question 55

Multiple Choice

An account in the chart of accounts has the number 7111. Which of the following does the 7 likely represent?

• A) Revenues
• B) sales region
• C) merchandise sales
• D) golf merchandise sales

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Definitions:

Social Responsibility

The obligation of an organization or individual to act for the benefit of society at large, balancing profit-making activities with activities that benefit the community.

Defensive Strategy

A business approach aimed at protecting an organization's current market share, products, and services from competitors.

Discretionary Responsibilities

Voluntary activities and behaviors that go beyond the basic requirements of the job, intended to benefit the organization or its stakeholders.

Social Responsibility

An ethical framework suggesting that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large.