Which of the following statements is true of business-to-consumer e-commerce?
A. A customerusually does careful multiple research and compares vendors before making a purchase.
B. A customer usually buys a standard product and pays the listed price.
C. Buyers and sellers often develop close and long-lasting relationships.
D. The size of a typical individual transaction is potentially very large.
Answer: B
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Which of the following items would not be used in the calculation of the cost-to-retail ratio if the FIFO retail inventory method were used to determine the ending inventory?
A) net markdowns B) purchases C) beginning inventory D) freight-in charges
________ are common forms of non-cash expenses for a firm
A) Depreciation and amortization B) Depreciation and interest C) Depreciation and dividends D) All of the above
Which one of the following special loss limitations applies to an S corporation?
A) at-risk rules B) passive activity limitation rules C) hobby loss rules D) All of the above apply.
One of the requirements that must be met in order to defer recognition of income for advance payments for goods is
A) the taxpayer's method of accounting for the sale for tax purposes is the same as the method used for financial reporting purposes. B) the goods are on the taxpayer's premises on the last day of the tax year. C) the goods are produced in the United States. D) the amount received is more than the taxpayer's cost of the goods.