Universalism is widespread and objective sets of ethical guidelines exist across countries

An audit is an examination of a company’s financial records. The independent accountants then issue an opinion that states whether or not the financial statements give a fair picture of the company’s financial situation.

The excess of the current assets of a business over its current liabilities is called net working capital (NWC). The net working capital is often used in evaluating a company’s ability to meet currently maturing debts. Net working capital is the difference between current assets and current liabilities.

Lean production is the production of goods using less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product.

MRP is concerned with both production scheduling and inventory control. It is a material control system that attempts to keep adequate inventory levels to assure that required materials are available when needed. MRP is applicable in situations of multiple items with complex bills of materials. MRP is not useful for job shops or for continuous processes that are tightly linked. MRP was pioneered in the 1970’s with the work of Orlicky. Later evolved or became part of integrated to Manufacturing Resource Planning systems (or MRPII).

Final step of the accounting process is closing the books. The correct answer is D.

• Operating decisions
Employing the resources of the business to efficiently generate profits.

The tools of communication available for marketers are: (1) advertising, (2) sales promotions, (3) public relations and publicity, and (4) personal sales.

The effectiveness of management information depends on four characteristics:
1. Quality: The information must be accurate and reliable. If not, the solution of the problems will generate new problems.
2. Completeness: The information must be enough to allow the decision maker to make the right decision but not so much as to confuse the issue. Today, having excessive information rather than too little is a significant problem for business managers.
3. Timeliness: Managers can reach the information rapidly and on time. E-mail, instant messaging, and other social media tools make it possible for companies to hear about a problem immediately.
4. Relevance: Every decision maker needs a different variety of information. However, the problem is to have too much data by information systems.  ecision makers must be careful about the questions they ask to get the answers they need.

CFROI metric is rooted on the discounted cash flow valuation (Madden, 1999).19 Thus:
1. More cash is preferred to less.
2. Cash has a time value.
3. Sooner is preferred to late.
4. Less uncertainty is better

Differentiation refers to offering extra value in addition to the basic features offered in the product.

Marketing is typically defined as the creation, promotion, and delivery of goods and services directed towards consumers and businesses.

Psychographics enable marketers to closely “know” consumers and understand their psychological and social predispositions.The most useful approach in segmenting consumers is on the basis of psychographic information. With psychographics, marketers become able to closely “know” consumers and understand their psychological and social predispositions. The correct answer is C.

The main purposes of managerial accounting information are:

• Planning
• Decision making
• Control

The correct answer is C.