Which of the following is true of store retailers?
A) A hard-discount store offers a wider merchandise mix than discount stores at higher prices.
B) A discount store offers leftover goods, overruns, and irregular merchandise sold at less than retail.
C) A specialty store generally stocks a very narrow product line.
D) An extreme value store generally has a broad selection of high-markup, brand-name goods.
E) A catalog showroom is a large, low-cost, low-margin, high-volume, self-service store.
C
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When a stock dividend is distributed, the account to be debited would be
a. Retained Earnings. b. Stock Dividends Distributable. c. Paid-In Capital in Excess of Par. d. Capital Stock.
The testing of individual program modules is a part of
a. software acquisition costs b. systems design costs c. data conversion costs d. programming costs
Which of the following is not true regarding the FASB’s conceptual framework?
a. It is supposed to embody a system of interrelated objectives. b. It is an attempt to provide a metatheoretical structure for financial accounting. c. It establishes generally accepted accounting principles. d. It includes seven statements of financial accounting concepts.
Which of the following is an exception to the privity rule?
A) rights of a plaintiff to sue an employer when their employee causes damages B) rights of a plaintiff to sue a parent for damages their child caused C) rights of a beneficiary of a life insurance policy to sue an insurance company if they are not paid D) rights of a lender to sue a wife for the debts of her husband E) all of the above illustrate the privity rule