The Most Successful Global Businesses in Coming Years Will Be

question 49

Multiple Choice

The most successful global businesses in coming years will be those companies that:

• A) Develop short-term partnerships between companies in developing countries to transfer environmental technologies.
• B) Recognize the imperative for sustainable development as an opportunity both for competitive advantage and ethical action.
• C) Avoid fully accounting environmental costs in calculating measures of production such as the gross domestic product (GDP).
• D) Produce products with a limited useful life.

Understand the principles and importance of internal control in accounting.

Recognize the purposes and components of a voucher system in accounting practices.

Identify the roles of various documentation and files within the voucher system.

Understand the accounting treatment of purchases under the periodic system.

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Definitions:

Financial Situation

An individual's or organization's current status in terms of finances, including income, expenses, debts, and assets, determining financial health and stability.

Income Statement

Financial record of a company’s revenues, expenses, and profits over a period of time.

Balance Sheet

Statement of a company’s financial position—what it owns and claims against its assets—at a particular point in time.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.