Which of the Following Statements About Accounting for Changes in Fixed

question 11

Multiple Choice

Which of the following statements about accounting for changes in fixed assets is NOT true?

• A) When a firm is not operating at full capacity, sales may be increased without adding any new fixed assets.
• B) Since it requires time to get new assets operational, they are added in small discrete quantities.
• C) Fixed assets are added in large discrete units called lumpy assets.
• D) All of these

Understand the requirement of an Employer Identification Number (EIN) for hiring employees.

Comprehend the extent of patent protection and the role of international trade agreements.

Analyze the liability issues in partnership business structures.

Know the laws regarding discrimination in employment based on sexual orientation.

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Definitions:

Ethics

A branch of philosophy that deals with questions about what is morally right and wrong, good and bad, fair and unfair.

Social Responsibility

The concept that businesses should balance profit-making activities with activities that benefit society; it involves developing businesses with a positive relationship to the society in which they operate.

Fiduciaries

Individuals or organizations that are entrusted to manage assets or wealth on behalf of another party and are required to act in the best interests of the beneficiary.

Duty of Care

The legal obligation to ensure the safety or well-being of others by taking reasonable precautions or actions to avoid acts of negligence.