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Indicate whether the statement is true or false
TRUE
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Answer the following statements true (T) or false (F)
1) A merchandiser's statement of retained earnings looks exactly like that of a service business. 2) The balance sheet of a merchandiser looks the same as the balance sheet of a retailer, except merchandisers have the following additional current liability accounts: Estimated Returns Inventory and Refunds Payable. 3) The gross profit percentage measures the profitability of each sales dollar above the cost of goods sold. 4) A small increase in the gross profit percentage may indicate an important rise in income. 5) Gross profit percentage reflects a business's ability to raise selling prices.
Generally, recognition criteria are met and revenues are recognized
a. at the point of sale. b. when cause and effect are associated. c. at the point of cash collection. d. at appropriate points throughout the operating cycle.
______ is responsible for setting federal safety and health standards and promulgating those standards to employers.
A. Affordable Care Administration B. Workers’ Compensation Administration C. Occupational Safety and Health Administration D. Social Security Administration
The highest rates of urbanization are occurring in
A. heavily populated nations. B. post-industrial nations. C. high-income countries. D. thinly populated nations. E. low- and middle-income nations.