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Chapter One Matching
The primary difference between the income statement for a merchandising company and a manufacturing company is the _____________ section.
cost of goods sold
E- commerce
updating the company's website to promote online sales transactions
Which of the following items appears only in a manufacturing company's financial statements?
Cost of goods manufactured
Products that have been completed and are ready to be sold by the manufacturer are called
finished goods inventory
sales activities
selling and storing finished products
Which of the following is not a characteristic of all fraud
can be intentional or unintentional
Merchandising companies
buy goods ready for sale
Characteristics of fraud include:
Employer has a loss of assets Benefits the employee Hidden from the employer
An Opportunity cost is
a cost of potential benefit lost.
Which of the following are the variable costs relative to number of units produced and sold?
Materials used in production Insurance premiums commissions based on sales
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