Case 11-2 Inheritance Can Be a Tricky Concept to Understand, So You

question 70

Multiple Choice

Case 11-2
Inheritance can be a tricky concept to understand, so you are working with your classmates to come up with some ways to remember how it works.
-Which of the following is NOT an example of a valid base class-subclass relationship that you and your classmates can study as a model?

• A) employee-hourly worker
• B) faculty member-computer science instructor
• C) president-congressman
• D) student-scholarship athlete

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Definitions:

Periodic Method

An inventory accounting system where cost of goods sold is determined at the end of an accounting period, not upon sale.

Cost of Goods Sold

Financial expenditures directly associated with producing the merchandise a company sells, involving costs of materials and labor.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Unadjusted Trial Balance

A list of all the accounts and their balances from the general ledger before any adjusting entries are made.