As illustrated in State Oil Co v. Khan, where a gasoline distributor controlled the maximum gas sales markup that its gas station dealers could charge (maximum price fixing), the Supreme Court has held that:
a. vertical price fixing is always legal b. vertical price fixing is never legal
c. vertical price fixing is acceptable under the rule of reason if it benefits consumers d. vertical price fixing is acceptable under the rule of reason if it benefits industry
e. vertical price fixing is acceptable per se if it benefits the industry
c
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Which of the following concepts is important to accrual accounting?
a. Time period, because accrual accounting divides earnings into time periods b. Monetary unit, because inflation is a big factor in the environment c. Cash basis, because if cash is not received, revenue is not accrued d. Entity concept, because personal transactions must be separated from business transactions
The following set of items describes activities completed by a company in purchasing and paying for merchandise. For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. All documents attached to an invoice approval form are canceled before a check is signed
a. Adheres to sound internal control procedures b. Violates sound internal control procedures c. Neither strengthens nor violates internal control
An individual's listening ability has implications concerning
a. the effectiveness of productivity. b. teamwork. c. the overall organization. d. all of the above
A cost that does not change between the alternatives is known as a differential cost
Indicate whether the statement is true or false