Globalization has changed the nature of work. To communicate effectively in a global marketplace, you must understand the basic dimensions of culture: individualism, formality, communication style, and time orientation. The following examples describe a dimension of culture. Identify which dimension is described in each case. In North America, people value individual action and personal responsibility. Individualism Power distance Communication style Time orientation In North America, keeping people waiting for a business appointment is considered rude. Communication style Context Time orientation Individualism

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale. required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse. b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this. c. explain the difference between sale of receivables with recourse as oppose to without recourse.