Homework Help is Here – Start Your Trial Now!
Business
Accounting
The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society? Multiple Choice Conversion agent Regulatory agency Consumer

The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society? Multiple Choice Conversion agent Regulatory agency Consumer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Answer only please
### Understanding Business Roles in Society #### Question 6: **The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society?** **Multiple Choice Options:** - Conversion agent - Regulatory agency - Consumer - Resource owner **Explanation of Multiple Choice Options:** 1. **Conversion agent:** A company that converts raw materials or inputs into finished goods or services. In the case of The Heritage Company, being a manufacturer of office furniture, this term likely reflects their role in society, transforming resources into usable products. 2. **Regulatory agency:** An organization that oversees and enforces laws and regulations within an industry. This does not apply to The Heritage Company, as they are a business entity, not a governing body. 3. **Consumer:** An individual or group that purchases and uses goods or services. While The Heritage Company might consume raw materials in their manufacturing process, their primary role is not as a consumer but as a manufacturer. 4. **Resource owner:** An entity that owns and controls resources, such as land, labor, or capital, used in production. Although The Heritage Company may own resources, this term does not entirely capture their role as a manufacturer. Based on the given options, the term "Conversion agent" best describes The Heritage Company's role in society. This information aims to help learners identify the roles different business entities play within the economy and understand the functions they serve.
Transcribed Image Text:### Understanding Business Roles in Society #### Question 6: **The Heritage Company is a manufacturer of office furniture. Which term best describes Heritage's role in society?** **Multiple Choice Options:** - Conversion agent - Regulatory agency - Consumer - Resource owner **Explanation of Multiple Choice Options:** 1. **Conversion agent:** A company that converts raw materials or inputs into finished goods or services. In the case of The Heritage Company, being a manufacturer of office furniture, this term likely reflects their role in society, transforming resources into usable products. 2. **Regulatory agency:** An organization that oversees and enforces laws and regulations within an industry. This does not apply to The Heritage Company, as they are a business entity, not a governing body. 3. **Consumer:** An individual or group that purchases and uses goods or services. While The Heritage Company might consume raw materials in their manufacturing process, their primary role is not as a consumer but as a manufacturer. 4. **Resource owner:** An entity that owns and controls resources, such as land, labor, or capital, used in production. Although The Heritage Company may own resources, this term does not entirely capture their role as a manufacturer. Based on the given options, the term "Conversion agent" best describes The Heritage Company's role in society. This information aims to help learners identify the roles different business entities play within the economy and understand the functions they serve.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Market Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS