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.

The person who consumes the final product is called a Consumer. The person or entity who converted…

Answered: The Heritage Company is a manufacturer…

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

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter5: Product And Service Costing: Job-order System

Section: Chapter Questions

Problem 6E

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In The Trouble with Outsourcing, a Schumpeter column in The Economist, there is a statement of advice to companies, who outsource products or services: they need to think harder about what is their core business, and what is peripheral. What types of problems do you think they are talking about? In your answer, present at least five (5) problems that companies should consider when outsourcing products or services.
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CASE STUDY: INTRODUCING KBC DECORATING CO. Henri Martin and Wes Corbett have decided to go into business together and have chosen the name KBC Decorating Co. Their business will have two main divisions: a retail department to sell paint, wallpaper, and related interior decorating supplies; and a service department to do painting and decorating of office buildings, apartment blocks, and private homes. Martin and Corbett were previously in this same type of work but operated separate businesses. KBC Decorating Co. is located in Paris, Ontario, about an hour from Toronto. Martin and Corbett found a suitable location from which to operate their business, renting half of a warehouse building owned by Frank Bailes. Their space includes an office, retail space, and warehouse space. Your job is to keep the books for KBC Decorating Co. for the first calendar year (January to December). As you progress through these chapters, you will learn and do. Each chapter will introduce new concepts that…
CASE STUDY: INTRODUCING KBC DECORATING CO. Henri Martin and Wes Corbett have decided to go into business together and have chosen the name KBC Decorating Co. Their business will have two main divisions: a retail department to sell paint, wallpaper, and related interior decorating supplies; and a service department to do painting and decorating of office buildings, apartment blocks, and private homes. Martin and Corbett were previously in this same type of work but operated separate businesses. KBC Decorating Co. is located in Paris, Ontario, about an hour from Toronto. Martin and Corbett found a suitable location from which to operate their business, renting half of a warehouse building owned by Frank Bailes. Their space includes an office, retail space, and warehouse space. Your job is to keep the books for KBC Decorating Co. for the first calendar year (January to December). As you progress through these chapters, you will learn and do. Each chapter will introduce new concepts…
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Computer-Aided Design and Computer-Aided Manufacturing The face of production changed significantly in recent years. IT systems of conversion processes changed how businesses design their current business structure and operations. Select a small business (not large corporations) of your choice. Introduce computer-aided design (CAD) and computer-aided manufacturing (CAM) to the operations of the small business. How would you implement this change? Be sure to respond to at least one of your classmates' posts.
Cost Accounting 2 Case StudyThe Effect of Standards on Product and Service QualitySetting standards in an organization may be primarily to assist in the calculation of a standard cost for the product or service for management accounting purposes. Standards are also relevant for operational and customer service managers as they may affect the manufacture of the product or the quality of the service. Take McDonald's, Burger King or Coca-Cola for example. All three companies produce products that adhere to standard ingredients, albeit with some minimal regional variation. A BigMac or Whopper, for example, will contain a beef pattie that is manufactured to an exact uncooked weight. Similarly, every bottle of Coca-Cola will contain a similar amount of cola concentrate. As the ingredients are standardized according to 'recipes', a standard cost can be readily calculated and used for cost control and performance reporting. Perhaps more importantly, the customer is confident of getting a…
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In this assignment, you are asked to consider impacts of COVID-19 by looking-up a company/firm of your choosing and thinking through the following questions to include in your post to this discussion topic: 1) Name of the company/firm. Identify as the title of your post (click "reply" to this discussion). 2) Identify the industry or company type (i.e. manufacturing; merchandising; service). 3) Which costs do you think would be impacted and why? Be specific with your examples (i.e. variable, fixed, materials, labor, overhead, non manufacturing…). 4) What kind of variances would you expect to see when compared to the budgets created prior to COVID-19 (favorable or unfavorable) and why? Be specific with your examples. Keep in mind not all industries were seeing declines in net operating income due to Covid-19. Some industries turned to increased hiring and showed increases in revenues (for instance, grocery stores).