A relatively high level of short sales is an indicator of a current bull market
Indicate whether the statement is true or false.
Answer: FALSE
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Trade discounts represent a reduction in the price of the merchandise but are not entered in the accounts of either the seller or the buyer
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1) Lower-of-cost-or-market (LCM) requires that merchandise inventory be reported in the financial statements at the lower of the historical cost or the current selling price of the inventory. 2) If the historical cost of inventory is less than its current replacement cost, the business must adjust the inventory value. 3) In computing the lower-of-cost-or-market, current replacement cost is the cost to replace the inventory on hand. 4) In computing the lower-of-cost-or-market, market value generally means the selling price. 5) In computing the lower-of-cost-or-market, under IFRS, the market value is defined as the net realizable value, which is essentially the sales price.
What term is used for a detailed description of activities coordinated in pursuit of achieving an objective including staff and managerial responsibilities and required resources?
A) positioning statement B) facilitation report C) statement of tactics D) circulation impression E) marketing concept
The purpose of patent law is to
A. give an author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work. B. provide incentives for increased competition and lower prices by limiting the granting of patents. C. level the playing field between inventors who work for large corporations and those who work on their own. D. guarantee the quality and safety of any product produced or distributed in the United States. E. give inventors of new and novel products the right to exclude others from making, using, or selling products that infringe the patented invention.