Explain how the relationship between England's class structure and consumption has recently begun to change
What will be an ideal response?
England has traditionally been an extremely class-conscious country, with inherited position and family background largely predetermining consumption patterns. Members of the upper class attended elite schools such as Eton and Oxford and spoke with an accent distinct from that heard from members of the middle and lower classes. However, the supremacy of inherited wealth has recently faded in England as British entrepreneurs redefine the economy. The recession has also brought about a new emphasis on frugality, altering the consumption patterns across all classes.
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An expression of the amount of each item in a statement as a percentage of some designated total for comparative purposes is called
a. vertical analysis. b. return on total assets. c. earnings per share. d. horizontal analysis.
Which of the following would not be a basis for estimating the useful life of a piece of equipment?
A) Potential production in units B) Potential hours of service C) Historical cost D) Years of service
The specific meaning of goodwill in accounting is:
A. Rights granted an entity to deliver a product or service under specified conditions. B. The cost of developing, maintaining, or enhancing the value of a trademark. C. Long term assets held as investment. D. The support of the board of directors for the operating decisions of management. E. The amount by which a company's value exceeds the value of its individual assets and liabilities.
Filmore Enterprises The following information is from Filmore's 2012 accounting records. Sales $182,000 Beginning inventory 28,800 Purchases 126,500 Gross profit percentage 40% Refer to the information provided for Filmore Enterprises. Using the gross profit method, estimate Filmore's ending inventory at year end
A) $41,600 B) $53,700 C) $72,800 D) $46,100